Many industry business models will be challenged through 2015 as customers continue to adopt an always-connected digital lifestyle. The saturation of mobile usage in Asia also imply an inevitable trend in favour of mobile banking, especially with the increasing smartphone penetration across Asia Pacific. Entrepreneurs.my chats with Tagit’s co-founder and CEO about securing an Industry Leader’s position in the market in Asia and how Tagit got started as a mobile solutions provider for the large clients globally.
According to Gartner, the world’s biggest banks continued to focus most of their announced IT initiatives on mobile financial services (including payments) and online banking in 2Q11. Gartner predicts that businesses across industries will need to adapt to changes in customer expectations brought about by technology innovations.
1) With your inspiring achievements, in the minds of every entrepreneurs lies the Question – How did you get started in your business? How did you get to where you are today?
As in every business, the genesis begins with an idea. In 2004 we started with the premise that mobile would be the next big thing. My partner Shankar and I had just successfully exited from our e-payments venture and we noticed Java phones were already on the market and that Java applications were used in a limited way for accessing web-based content. We saw the potential of creating a value proposition for businesses and consumers by tapping into this new channel. Thus, began our journey. The team to execute the idea was then formed. And finally, a burning desire to succeed propelled us to the point where we are today. Of course there were a number of “lucky breaks” along the way, with divine intervention playing its part at times, but all that would be moot had we not been proactive and passionate about what we were doing, and set out our goal clearly from the beginning.
2) Being an acclaimed mobile banking solutions provider in Singapore, what were the key traits that you as a leader and your business had that have helped you to succeed to such a position?
We developed a highly sought-after mobile platform for banking and commerce by anticipating the market’s needs. In this regard, every entrepreneur needs to have the foresight and eye of what will be the next big thing. We fulfilled customers’ needs by staying close to them and we remained engaged by constantly innovating and improving our products and processes to meet customers’ requirements.
3) In the age of servicing consumers via online or via mobile, what do you think are the key principles that technology developers or start-ups should adopt when innovating for their consumer-centric technology products?
In today’s mobile landscape, consumers do almost everything on their mobile devices. The appeal of the mobile phones as compared to the desktop or other devices is the fact that it is convenient and allows the consumers to do right about anything virtually at anytime and anywhere. This gives brands and businesses an opportunity to connect with their consumers on a more personal level, thus the importance of keeping the application personalized and relevant for the users.
This can come in different forms and features, and one such is in providing value-added services via mobile customised to the specific customers’ preferences and interests. DBS Bank offers the DBS Indulge application on mobile, which is an extended lifestyle service that provides information to DBS mBanking users on promotions and discounts at retail outlets.
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Entrepreneurs.my would like to thank our PR partner in Singapore, Rice Communications and Tagit’s co-founder and CEO, Mr. Navtej Singh for sharing his vision about the future of mobile solutions for banking.
For more information about Tagit and the revolutionary solutions that they offer for businesses, banks and consumers, please visit their website at http://www.tagitmobile.com/
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