Mobile Banking Solutions

In recent years, the scope of banking has extended in many different directions, including telephone and Internet banking. Mobile phones provide yet another channel for banking, making access to financial services quick and secure, anywhere, anytime. Research has shown that, in emerging markets, mobile banking has the potential to become a primary banking channel.

According to Juniper Research, the worldwide number of users of m-banking and related services will grow to 913m in 2014, compared to 20m m-banking users in 2008. One of the findings in a new report of the same source says that mobile financial services are being deployed in a manner that is similar to the ´gold rush´ of the 1990s, when Internet banking services were rapidly rolled out.

According to Wikipedia, mobile phone penetration in some European countries for 2009 is as follows:

Country Penetration
Albania 99,9%
Austria 136,0%
Bosnia and Herzegovina 84,3%
Bulgaria 140,1%
Croatia 133,6%
Czech Republic 133,5%
Estonia 188,2%
Germany 130,4%
Hungary 118,7%
Italy 153,7%
Latvia 98,9%
Lithuania 151,2%
Macedonia 122,6%
Montenegro 183,3%
Poland 117,8%
Romania 135,0%
Russia 132,8%
Serbia 131,7%
Slovakia 106,6%
Slovenia 102,7%
Ukraine 120,5%

This confirms that the mobile phone is the most ubiquitous terminal device today and that mobile business offers a number of new opportunities, each of which has huge potential.
 
ASEBA JiMBA mBanking is a mobile banking solution which enables quick and secure access to financial information and services from mobile devices through the use of leading-edge Java technology and iPhone technology. ASEBA JiMBa mBanking can be easily integrated with existing banking applications and result in a global and highly available network for banking products and services. From the beginning, the strategy was to enable ASEBA JiMBa mBanking to be implemented as in-house solution or outsourced service.
 
ASEBA JiMBa mBanking supports Java and iPhone technologies. Java vs. other technologies:  

  • SMS disadvantages: complex commands, unsecured, high cost of traffic, MNO dependant, no bank brand, used mostly for sending notifications & limited information.
  • USSD disadvantages: unsecured, high cost of traffic, MNO dependant, no bank brand.
  • SIM Toolkit disadvantages: difficult & costly application deployment and upgrades, limited application functionality, strong MNO dependant.
  • Mobile browser disadvantages: speed of use, high cost of traffic, low security without external solution.
  • Java advantages: adjustment to clients needs, increasing of customer satisfaction, acquiring of new customers, enriched product portfolio, higher competitiveness in banking industry, higher revenues.

ASEBA JiMBa mBanking is customizable to a given client bank’s needs with no limit to functionalities (branding, menus, data).

Basic functionalities of ASEBA JiMBa mBanking are:

  •     Bill payment
  •     Payment order
  •     Transaction list statement
  •     Account balance
  •     Account statement
  •     Check list statement
  •     Payment status notification
  •     Income notification
  •     Terms change report
  •     Exchange office and currency calculator
  •     Full integration with Internet banking

 

Screenshots

 

Other functionalities of ASEBA JiMBa mBanking solution are:

  • Automatic log off after a 3 minute period of inactivity
  • Automatic upgrades based on server information
  • Ergonomic GUI – mobile device independent and easy to use graphical user interface
  • Built-in authentication token (application assigns token to the user and eliminates the need for additional devices and user interaction)
  • Powerful system management and back office system
  • Complete statistical service usage reports and client behaviour

 
Business value of ASEBA JiMBa mBanking solution

  • Use of the most pervasive communication channel – speed, simplicity and the penetration of mobile phones as a channel offers new opportunities for expansion of banking services
  • Lower operating costs – ASEBA JiMBa mBanking transactions cost far less than transactions on ATMs or in branch offices
  • New revenue opportunities – because of a low costs, banks can make profits on small transactions/payments
  • Geographic independence related to service use – access is immediate and reduces customer reliance on branch offices or working hours
  • Additional added value – results with increased customer satisfaction, retention of existing and attraction of new customers
  • Improved competitive position – as a new and growing channel, ASEBA JiMBa mBanking establishes competitive differentiation and market leadership

 
Business benefits of ASEBA JiMBa mBanking solution

  • Closer to the customer – There is no place closer than right in your customer’s pocket.
  • Wide implementation of Java technology (unique application runs on a different mobile devices) and iPhone technology
  • Strong authentication – mobile token is integrated part of JavaPhone or iPhone application – no need for additional device
  • Non-repudiation of transactions – basic requirement of every financial transaction is based on strong authentication
  • Simple Over the Air application distribution
  • Secure and reliable service – solution is already successfully implemented in several banks, is tested/certified for more than 120 different mobile devices and verified for more than 500 different mobile devices
  • Mobile network operator independency – no revenue sharing, hidden costs and application conditions (size, distribution models, features)

 
Technical advantages of ASEBA JiMBa mBanking solution

  • Support for different mobile devices – iPhone and 500+ types of Java enabled phones: Nokia, LG, SonyEricsson, Samsung, BlackBerry, Microsoft PPC, etc.
  • Support for different mobile networks – functionality and availability of ASEBA JiMBa mBanking is the same in different operators’ networks as long as there is a connection to the Internet from mobile phone
  • Integration with Internet banking – transfers and all other transactions are done in the same way as in Internet banking
  • Automated upgrades – mandatory upgrades are done automatically and with previous notifications send to the user
  • High availability of the service – mobile technology enables access to financial services anywhere, anytime
  • Security – high level of security, including periods of upgrades, is based on HTTPS encryption, PIN (not stored on mobile phone)
  • Application is assigned to specific user