Mobile Financial Services


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Smart mobility in the financial sector has helped financial institutions to reach millions of customers through mobile services. Mobility adoption has helped financial industry to provide enhanced services to their customers like mobile banking, mobile money, mobile payment of utility bills, and much more.

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Mobile Financial Services

  1. 1. SolutionsMobile Financial Services
  2. 2. Penetration of mobile services has crossed millions of mobile phone subscribers all over the world. Smart mobility inthe financial sector has helped financial institutions to reach millions of customers through mobile services. Mobilefinancial services (MFS) offerings which have leveraged the services include mobile money, mobile banking andmobile payment of utility bills along with cashless payments. MFS also plays an important role in controlling theoverall load on infrastructure while driving economic growth.Introduction to Mobility in the Financial SectorMobile users are always keen to use safe and secure methods for getting their financial transactions done while on themove. On the other hand, people are also trying to find ways to meet banking needs. MFS is the right answer to theirneeds since the present generation is keen to get a smartphone to get their things done. The surge of mobility throughsmartphones has prompted several ideas being implemented by Mobile network operators (MNOs) in conjunctionwith banks who are exploring multiple channels of revenue and reduced costs of operation. MFS drives users to paytheir utility bills through the mobile with a strong relationship with end customers.
  3. 3. Several vendors who are adept in providing digital security solutions offer a comprehensive suite of MFS solutions tohelp financial institutions with several opportunities. Here are some channels through which financial institutions haveleveraged mobility solutions for their benefit:Mobile Money:Much of the population in the third world countries do not have bank accounts.With millions of mobile phone subscribers adding , banks and MNOscan direct their energies to create additional revenue streams using the conceptof Mobile Money. Mobile Money solutions allow conversion of cash intoelectronic fund through the medium of mobile phones. The electronic fund canthen be used for paying bills, buying tickets, making miscellaneous purchases,adding balance and transferring money through mobile wallets. The mobilemoney concept needs end-user privacy and secure encryption of confidentialtransaction details which requires a strong and safe solution from a reliableto the kittyMobile BankingMobile Banking is good enough for people who want to conduct transactionsfrom the comfort of their home or office without having to stand in queues as pertraditional banking norms. The net banking facilities help users to remotelyaccess and manage their bank accounts in a discreet manner. Secure mobilebanking solutions are implemented by various banks today while mobileplatform-compatible apps are updated simultaneously for those who would like totransact using mobile devices.
  4. 4. Any mobile banking solution needs to blend in with the existing mobile network and infrastructure while opening newavenues and business opportunities for financial institutions.Through mobile banking, financial institutions can bring in brand differentiation and reduce costs by conductingtransactions online. On the other hand, mobile devices can be accessed anytime and anywhere to get complete accessto bank services.Mobile Payment:Mobile payment solutions are required to bundle cards, prepaid value, and different bank accounts within your mobiledevice. This facility is used to secure payments through remote access for digital or physical goods whether doneonline or through a physical store making use of the mobile device. Mobile wallet credentials should be known only tothe user while providing bank authentication without the sensitive card and bank data.There are mobile payment solutions available which can facilitate Peer to Peer (P2P) transfers, internationalremittances and quick card-less payments for consumers, while banks fetch increased revenue with customer loyaltyand tailored services.
  5. 5. Mobile Near Field Communication (NFC):Mobile NFC facilitates devices to communicate and transact over short distances of less than 10 cm. This feature isuseful to facilitate shopping options as well as micropayments especially good for ticketing. Ads can be read throughNFC options and one can secure value deals. The service manager behind the NFC service makes sure that thesensitive data, diverse user credentials and software apps are handled and secured with seamless service delivery.With widespread mobile adoption, these changes are sure to affect the market. Mobile app solution vendors need toutilize end-to-end security encryption in between the banks and the SIM cards in mobile devices.Communicate the general prerequisites for mobility initiatives as per the needs of the financial institutionsEvaluate the right technology to match the requirementsEnhance and boost adoption in the industry for better resultsConsiderations for Mobility Implementation in the Financial Services SectorConvenience in user experienceFreedom to choose bank, operator and assetWide Acceptance and Usability of mobile financial servicesGuide the user through the entire sale cycleService proposition has to offer value back to the relevant sponsorsScalable across several financial service organizationsBranding is important especially in the value chainOpen and non-proprietary tools have to be usedMake use of existing standards if possibleIndependence between banks, operators and smartphonesEnd-to-end security, secure authentication and non-repudiationImplementation costs need to be minimalMeeting the Needs of Customers from the Financial Houses
  6. 6. Remote PaymentsRemote mobile transactions are fast becoming popular with the increase in purchase of ringtones and the likeespecially while browsing online merchant sites. A big part of mobile payments are card-based wherein a realisticmobile solution for payment transactions needs to be facilitated. Comprehensive card-based applications are requiredfor making mobile transactions a success. Importance needs to be given for payment credential provisioning whereinthe information input needs to be simple and uncluttered. Automatic form fill-in can make mobile transactions fast,easy and extremely convenient.The market response for remote mobile payments is good enough. The introduction of SMS-based value addedservices brought about the advent of financial transactions through mobile. New personalization elements and digitalcontent consumed through the mobile channel has brought about a growth in expectations for remote macropayments.About Softweb SolutionsSoftweb Solutions provide exclusive solutions in Mobile Device Integration for all mobile platforms such as iOS,Android, Blackberry, Symbian and Windows. Softweb Solutions have served leading mobile device integrationrequirements with award winning apps. For more information, write to us on or visit us