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Mobile finance solution – Shaping FinTech start-up and bank

Online finance options and mobile banking is in trends as it is set to take over all other banking channels put together. The convenience of banking anywhere anytime has given mobile banking a competitive edge. Nowadays, technologies helping mobile banking to become popular and making it roughly one in four people worldwide. Among other factors, the surge in mobile banking has been driven by convenience and solving pain points.

FinTech
Our Financial Solution can rapidly boost FinTech revenue with the help of advanced digital services like e-wallet management, M-banking, instant transfers, etc.

Bank

Boost your digital services through our Mobile Financial Solution which is scalable and omnichannel agency banking that provides you with a secure payment infrastructure for your customers, merchants, and corporates. As mobile banking technology continues to grow and expand, let us look at the top global mobile finance & banking trends to look out for in 2021.

  1. Customer Service will Improve introducing ML & Bots. 

Offering highly personalized real-time experiences is a key differentiator for financial institutions. Despite 61% of customers making, it known that they would switch banks if serviced poorly, 94% of banks have been unable to deliver on their personalization promise. Introducing machine learning and chatbots will enhance the user experience (UX) with banking and keep customers loyal.

  1. Voice Payments

Voice-activated commands are gaining ground with global consumers. With security being a high concern in Banking, voice recognition is being introduced as one of the methods for two-way authentication. Voice-first technology is also being used to provide access to private banking through smart devices like Alexa or Siri. Some individual banks are allowing customers to conduct money transfers to trusted payees, inquire about transactions, or report stolen cards, using voice only.

  1. Fraud Detection with the help of Big Data.

The risk of security increases for banks and financial institutions with an increase in revenues and services. According to Forbes, card losses alone could surpass $12 billion in 2020. Fortunately, the use of big data engines enables banks to safeguard their resources and protect their customers’ identities. They can extract vast pools of customer data from various sources and improve risk assessment processes. The analysis could help to develop predictive models of fraud detection and also jump ahead of the competition by providing a streamlined customer experience.

  1. Cardless Withdrawals at ATM.

Cardless ATM withdrawals appeal to users for their speed and convenience. There are usually two ways available to withdraw money – through an app-generated code or near-field communication (NFC). The app-generated code needs validating transactions with a QR code. In the use of NFC, the ATM sensor is tapped with the phone to withdraw money, without a card. Cardless withdrawals help to reduce cloned card fraud, as all assets are safe with encrypted transactions.

  1. Debt Payoffs Will Be Made with Paydown Apps. 

With the facility of overspending, debts have been building up. This mobile banking trend offers a fast and easy way to get back on track with finances. Several mobile savings apps and repayment tools help loan holders get a hold of their debt. The round-up apps automatically round up a user’s purchases to the nearest dollar and deposit the difference in the spender’s savings account or toward paying off debt. Other debts lowering solutions help users better manage debt by providing detailed spending breakdowns, tracking debt and interests, and suggesting the optimal, customized payoff strategies.

  1. Blockchain In Banking

Blockchain has evolved into a key enabler of transformation in the banking sector, including mobile. The banking and finance sector is the largest consumer of blockchain technology with high-profile institutions using it to improve efficiency, increase cost-effectiveness, and protect their assets better. In the blockchain, transactions are closely monitored and visible to all participants in real-time, to enable data transparency and fraud reduction. It shortens transaction times and facilitates settlement and reconciliation.

New technologies like artificial intelligence, big data, and blockchain, as well as the rapid expansion of mobile-phone banking, are helping to bring financial services to unbanked communities. These digital technologies can boost financial inclusion by expanding how people financially transact, beyond traditional banking.

Efforts in several specific areas can make a big difference, including identification, internet and electricity, interoperable payment systems, customer relationships, equality of opportunity for women, and remittances, pensions, and insurance. Mobile financial services have great potential to be profitable in the long term but because new technologies and people’s money are involved, it takes time for people to become comfortable and trust the system. Therefore, strong corporate commitment, understanding where the road to growth is, and having a short- and long-term clear vision and roadmap to support it are key drivers to long-term success.

There could be multiple features in a Mobile Financial Solution, some of the packages are listed below:

  1. User App (Customer Solution)

Wallet

Mobile wallet is a platform for FinTech enterprises and banks & financial institutions to extend their services to their customers through mobiles. Moreover, it also acts as a platform to launch digital wallets which are linked with their core system.

  • Easy KYC implementation
  • Seamless subscriber account management
  • Uncomplicated Subscriber beneficiary management
  • Easy integration with OCS systems

Recharge and Bill Payment

This provides the users with a large array of flexible and convenient recharge & Bill payment solutions. With the help of Peer-to-Peer (P2P) Payment Apps, your customers can pay their bills conveniently, swiftly, and securely.

  • Multi-stage payments
  • Service aggregation
  • Transaction reversal
  • Easy & low-cost service rollout.

Loyalty Rewards

It attracts new customers and retains the existing ones by offering lucrative loyalty and reward programs. With our digital financial solution, you can offer a plethora of promos, discounts, cashback, and loyalty offers.

  • Send push notifications with the geofencing feature.
  • Monitor customer loyalty activities.
  • Beacon technology integration
  • Create tiered offers.

Money Transfers
Money is transferred from one person to another, the crux of this system which is peer-to-peer transferring allows costs of transferring to be lower than any other traditional means of transfer. How it works is that when money is being transferred by a person from one country to another, the same money is not transferred, but an equivalent amount of another transfer is made from within the same currency. Users, in this case, are benefiting in terms of both costs and convenience.

Micro Finance

The microfinance solution automates all the processes involved in financial services such as savings and loans at the micro-level where individuals and the organizations have a meager amount of money or in the worst case no money at all.

  • Repayment schedules & interest calculation
  • Integration with CRM, accounting software & self-care
  • Customized workflow
  • Greater customer acquisition

Outward and Inward Remittance

The remittance solution offers easy rollout of both domestic & international remittance services which are fast, secure, and convenient to use. Our remittance solution has a cost effective & cashless model.

  • Flexible operations
  • Integrate MNOs and MVNOs
  • Regulatory compliance
  • Cashless model

Mobile Banking

The banks and financial institutions can extend their services from brick-and-mortar bank branches to customer’s doorsteps. Banks can perform various actions such as editing loans, remittance, government subsidies and many more.

  • Financial inclusion
  • Increasing product availability
  • Advanced risk management
  • Parallel economic development

Crypto Currency

The digital financial solution comes with a crypto currency wallet that can store public and non-public keys that are used for transactions. It also allows your users to monitor, send and receive their crypto currency assets.

  • 2-factor authentication
  • QR-scanner
  • Wallet backup
  • Conversion rates

2. Vendor App (Solution)

The vendor/Merchant solution of our mobile finance system automates the whole distribution network. With our solution, the merchants can allow transactions for all their mobile users. It also allows the reseller to sell products through various channels such as USSD, IVR, POS, and SMS.

  • Merchant incentives
  • Promotions
  • Flexible commission
  • View transactions

Our future finance prepared for facing Fintech revolution

Author, teacher, and Chairman of the FinTech Association of Hong Kong, Henri Arslanian in his TEDx Talk explores how FinTech is revolutionizing the banking industry to create new user-friendly financial services.

While FinTech is revolutionizing the banking industry and giving millions of people access to financial services for the first time, new banking models are emerging with FinTech start-ups and tech firms potentially disrupting the status quo. But business schools and universities are not preparing future bankers for these changes, says FinTech thought leader Henri Arslanian. The need of the hour is to not only educate students in finance but also in how to leverage the power of technology in finance. We need to start building the necessary skills at a young age. This will grow the next generation of financial professionals who are well versed in technology and its potential and who will help propel the industry into the future. To prepare for the future of finance, governments and businesses should invest in domestic talent by partnering with educational institutions to develop FinTech skills. Therefore, incorporating the right education is imperative to ready students for the financial world they will eventually tread into.

However, the only good news is that the millennial generation has already managed to sail through this shift gracefully because most of them have grown up handling smart devices, connected homes, and online learning. But to train the forthcoming generation with the best of the tech skillsets, schools must also adopt a tech-driven pattern of curriculum, especially in finance, to bring them up as the next cutting-edge innovators in finance.

We all know that finance rules the world, but soon technology will rule finance. If you are not aware of how technology is already transforming finance, then you are probably lagging. Moreover, if you are not preparing the next generation of leaders to embrace innovation, you are never going to catch up. As FinTech moves from an upstart movement into the mainstream, readying students for the future of finance is vital. Like Henri Arslanian says, the future generation of bankers may not simply be known as bankers. They need to possess dynamic skills of knowledge and implementation to make a difference in the banking industry. The utmost need of the hour, thus, is to shape their financial careers into being designers, programmers, and creative thinkers. A first-hand theoretical approach to finance might just not be enough.

Having a Mobile Finance app idea?

We have a team of Architects, UI/UX designers, and developers having experience in multi-domain and Mobile Financial solutions or applications who are developing scalable and prominent solutions in iOS and Android of different complexities. Feel free to comment or write us in case of any queries.

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