Finacle mobile banking solution empowers retail and corporate banking customers with access to banking services through SMS and GPRS/WAP-enabled handsets, leveraging a single platform. It offers both mobile commerce (m-commerce) and mobile payments within the DNA of mobile banking, with built-in support for merchant-initiated payments and reversals, in addition to customer-initiated payments and reversals. Leveraging recent technological advances in the mobility space, the mobile banking solution empowers banks with the means to innovate by easily deploying new services, with improved time to market. The end user experience thus created is richer, secure and truly convenient.
Finacle mobile banking solution functions in tandem with disparate host systems, core banking solutions, payment networks and third-party applications. The solution is interfaced with Infosys MConnect, the indigenously developed middleware, which orchestrates mobile transactions between users’ devices and the Finacle universal banking solution. Infosys MConnect handles the multiplicity of form factors and access mechanisms on multiple devices to provide a context-adaptable view to the transaction server. This presents banks with a powerful channel to service customer segments ranging from the mass affluent to the under-banked or unbanked, surmounting the challenge posed by the diversity of mobile devices.
The solution supports synchronization of customers’ own data on their mobiles without re-downloading the application for downloadable client-based mobility. It empowers banks to capitalize on their existing Internet transaction and support capabilities to extend it to the mobile world, in practically real time. This ushers in the advantages of reduced integration by leveraging common interface messages, maintenance and deployment costs.
Key Modules
The mobility banking offering from Finacle is a logical extension of its proven Internet banking solution. All of Finacle’s online capabilities can be translated to the mobile channel, with reduced lead times, ensuring rapid time-to-market for banks.
Customer On-boarding
Finacle enables the bank’s existing customers to be directed to use the mobile channel for banking and payment transactions through the following modes:
- Phone banking leveraging the bank’s telebanking call center
- Mobile banking facility requested by sending SMS request in prescribed format
- Registering for mobile banking through the bank’s Internet banking site
- Browser-based mobile banking
- Downloadable-client based mobile banking
- Manual SMS banking
- Account management and requests
- Local payments, bill payments and transfers
- Transaction approvals for corporate customers
- Merchant payments and reversals for POS, telephonic or internet-based purchase transactions
- Support for administrative tasks like secure mails to relationship manager, approvals, password change, data synchronization and self-audit
Alerts
This module empowers customers to subscribe and receive alerts on multiple channels such as e-mail, SMS, voice, fax and Internet. It enables the customer to subscribe to alerts and choose a delivery channel. The module also allows the customer to set preferences for alerts and configure ‘do not disturb’ timings. The module supports the following:
- Personalized alerts
- Alerts from multiple back-end systems
- Batch or real-time alerts
- Alerts digest
Business Benefits
Robust Inclusivity Framework
Finacle mobile banking solution leverages Infosys MConnect to smoothly hurdle the challenges posed by the multiplicity of form factors and access mechanisms on multiple devices to provide a context-adaptable view to the transaction server. This enables banks to include, through the mobile channel, its various customer segments, ranging from the HNWI to specific unbanked communities, surmounting the complexities of diverse location and dissimilar mobile devices.
Maximize Innovation
Banks can leverage Finacle mobile banking solution’s indigenously developed middleware Infosys MConnect, to configure an unlimited palette of services from any channel, to the mobile space, with ease. The need for development of new back end services is precluded due to the availability of a banking solution behind the mobile interface. Finacle also provides the flexibility to deploy services over the existing online banking platform or through a standalone delivery channel interfaced directly with the relevant host systems. This ensures the rapid delivery of a comprehensive range of financial services, embellished with new innovative features, on mobile devices.
Robust Security
The solution offers extensive application security features like URL encryption, referral URL check and session management to provide a robust security framework. The solution also supports OTP (one time password - MobiToken), which provides a two factor authentication mechanism for users transacting with downloadable mobility client. This enables the bank to offer products that are highly secure and geared to withstand the onslaught of security threats associated with mobile transactions.
Cost Savings
The solution presents banks with the advantages of reduced integration by leveraging common interface messages, maintenance and deployment costs. This translates into significant cost savings without banks having to compromise on features or the range of devices supported. The mobile banking solution is inherently independent of the network service provider, obviating the need to build a business model that involves costs and profits sharing with them.
Customer Delight
Finacle mobile banking solution enables banks to offer the convenience of comprehensive anywhere anytime banking, using GPRS, WAP or SMS. It supports a wide range of mobile devices and mobile browsers. Banking customers can query on account balances and make fund transfers. Banks can also proactively send timely information to customers in a completely secure environment, whenever a customer-defined event occurs. The mobile banking solution’s self-service capabilities empower customers to manage their banking activities better. The solution also addresses data transmission and storage related security concerns adequately, delivering a truly streamlined customer experience.
