The Commonwealth Bank’s mobile money app is a great example of content evolution
We’ve brought you news that apps are increasingly being viewed as the next big things in content marketing, and we have explained how mobile money may (or may not) be about to revolutionise daily transactions. But we haven’t pointed out that it is an Australian company that is leading the charge on both counts.
For those of you who haven’t heard of it, we’ve created a cheat sheet to let you in on what the app does, how it works, and what it means for mobile banking.
What is it?
Kaching is an app that allows you to access your social contacts through your email address book, your iPhone contacts list, or even your Facebook friends list. In conjunction with a custom NFC-enabled case called the iCarte ($54.95), it can also be used for contactless payments at any establishment that accepts Mastercard PayPass.
Here’s a video released by the bank that explains it in plain English (albeit a little condescendingly).
What does this mean?
Basically, this iPhone app in conjunction with the custom contactless payment case is ushering in a new era in mobile banking. While this sounds like hyperbole, it’s not – it’s the 2012 equivalent of online banking. While it may take a while to catch on in the mainstream, the fact that Smartphone use is still growing and more people need access to their funds without needing access to cash make Kaching the perfect product for an increasingly online world.
Is it secure?
Commonwealth Bank says: ‘We recognise having appropriate security measures in place is vital for an application like this to be successful, and for our customers to feel comfortable using it. That’s why Commbank Kaching incorporates a range of measures which in combination deliver high standards of security and provide customers with peace of mind when making mobile payments. These include:
- strong customer authentication procedures;
- device-level security controls;
- robust monitoring; and
- the backing of our security guarantee.
‘Our 100% security guarantee means the Bank will cover any losses should someone make an unauthorised transaction on a customer’s account provided customers protect their PIN and password, and immediately notify us of the loss, theft or misuse of their PIN and password and of any suspicious activity on the account.’
At a time when the big banks aren’t getting much by way of public trust or good press, a differentiator like this is surely a smart move. Although the Commonwealth Bank won’t yet divulge its metrics regarding activity on Kaching, it’s surely only a matter of time before the other banks follow suit.
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