Mobile in Financial Services

Mobile banking is as inevitable today as internet banking was a few years ago.

The strategic business opportunities are now too big to ignore.  Globally, millions of people already use mobiles to do their banking – a service that is genuinely secure and easy to use.

Customers are demanding better service from their financial service providers and mobile banking is an unquestionable way to achieve that.  The process opens a new communications channel that enables an interactive relationship through which to offer, and fulfil, additional products and services, thereby providing both a better service and a new revenue stream. 

Mobile banking creates significant income opportunities.  Timely, targeted marketing direct to a mobile, increases the sale of value-add products and services, boosting income and profit.  This allows a capitalisation of the unique relationship that the mobile provides.

The mobile channel enables banks to be fully available to customers on a 24/7 basis, no matter where they might be.

Our Offering
We offer the most sophisticated yet intuitive mobile banking product on the market. It is a flexible system that can be tuned to the customer segments that you want to service; and a system that allows your customers to manage their finances how they want, when they want - anywhere, anytime.

Core Benefits

• Full banking services for customers: viewing balance and transaction histories; paying bills and creating internal and external bank transfers; managing loans and investments; trading stocks and shares.
• Improved CRM through up to the minute alerts of current balances, impending bills, or untypical transactions.
• Secure access – built to the highest security standards that meet the demands of both customers and financial institutions, with integrated two-factor authentication, so customers can be certain who they are dealing with.
• Compelling customer experience – full colour, branded screens and an intuitive interface that people will actually want to use.
• Across-the-board compatibility – the service is completely handset and operator agnostic and works on any modern phone, so you can reach the broadest possible market, even when customers are travelling abroad. 

Mobile banking & payments
With ever more transactions being handled via Debit and Credit cards, cash and cheques are becoming increasingly marginalised.

Whilst cash has seen a recent resurgence in use, due - in part - to people's reluctance to extend their credit facilities, the increasing cost of day to day living expenses requires a higher amount of cash than many people feel comfortable carrying around. It is here that mobile payments can have a major, beneficial, impact for both consumers, retailers and banks.
 
For the consumer, paying by mobile eliminates the need to carry cash.

For the retailer costs associated with cash handling (bank charges, transportation, insurance and pilfering) are either reduced or eliminated.

For the banks the removal of cash from circulation reduces their operational costs, and the conversion to electronic payments brings with it increased opportunities for new fee income.

Mobile banking & security
The mobile phone is an excellent device for the provision of Two Factor Authentication (2FA) in Financial Services.

Many banks are distributing card readers to their clients and these are proving to be increasingly unpopular, largely due to the need to keep the device with you wherever you go, in order to access the banks web services.  People do not want to carry around yet another device.

Here the mobile phone based 2FA application is an easy winner.  People already carry their phones with them wherever they go and an extra application does not increase their load.
Logica has a number of 2FA products, each of which fulfils a particular niche in Financial Security.

Mobile banking & industry drivers
The impact of Faster Payments (due for launch in May 2008) will accelerate consumer demand for an easily accessible method for undertaking person-to-person (P2P) and  person-to-business (P2B) transactions.  This is an ideal service that can be placed on a mobile phone.