In short and as a catch phase mobile banking can be defined as to “Control your personal finances via your mobile “. Zinek’s Mobile Banking systems are powered by the robust Mobile Message Engine server, which has the scalability and extendibility to fit all the physical demands and characteristics financial institutions can possible throw at it. The feature rich server enables banks to quickly launch services like: Account balance requests, Recent transaction enquiry, Internal account transfer, Stock Exchange Information requests, Alerts and Automatic help desk, while many more customized banking services can be seamlessly launched on top of the extendable plug in architecture.
From the banking institution point of view Mobile Banking holds enormous potential for the future. This convenient method of keypad payment offers the mobile user full control of their finances while on the move – an interesting alternative to paying by cash or by credit card. These Mobile Banking solutions give mobile users a service, which is easy understandable (accessing your account balance becomes as easy as adding a contact into your phonebook) enabling financial business to be carried out irrespective of time and place. Whether by mobile phone using SMS, XHTML or WAP customers can request their account status and movements, or make banking transactions wherever they are, whenever they want.
Secure data transfer and continuous automated system monitoring is of utmost importance. Within the bank’s internal Mobile Message Engine server – all mobile banking communications are routed over secure technology protocols (SOAP, HTTPS) enabling synchronizing of data communication to be pre-configured and defined by the bank. API interfaces, server applets and easy configured database modules enable rapid implementation of the mobile banking system and thus reducing the overall time to market. From the end users’ mobile phone point of view, SMS, XHTML and WAP are enabled using PIN/TAN, which is the same high level of security procedure familiar from Internet banking.
On a daily basis Zinek received numerous requests from banking institutions about which clients the mobile banking service should be launched on and utilized by the end user – from our point of view we don’t intend to push technology on to end users but need to listen to the market and that’s where we will find what fits best. In today’s mobile environment there are many different systems to operate mobile banking through – SMS with simple data transfer, XHTML browsing from the mobile, WAP in terms of web pages access on the mobile, etc – all of which have their benefits and draw backs which need to be evaluated and matched to your clients demands.
SMS (Short Message Service), the distinguishing features of Mobile Banking with SMS are its low cost and convenient use, however with low data throughput. Mobile Banking with SMS enables (almost) every owner of a mobile phone to benefit from mobile banking, worldwide.
XHTML (Extensible Hypertext Markup Language), the successor to WAP and i-mode, is already available. Although XHTML is actually designed to be used with any end user device, a version has been developed specifically for mobile phones, and the first devices with an XHTML browser have already appeared on the market. The main slow down in XHTML browsing is its need for the operators to support it on the SIM card, which today is only a small percentage of the operator market.
WAP (Wireless Application Protocol), the prerequisite for WAP-based Mobile Banking is a mobile phone with WAP capability and a display, which meets the required specifications. Even though WAP applications offer a greater graphical look and feel on current mobile phones with GPRS capability, only a small percentage of the mobile users have WAP enabled mobile devices and from that percentage only a small proportion have the knowledge and know how to use them.
From this simple client synopsis it is proposed that the decision on which client to deploy within the banking network should be based on the clientele which banking institutions aim to target the mobile banking service towards, and while understanding this they will increase the value propositions and overall usage of the new service.
Currently today Zinek sells the Mobile Banking system / Mobile Message Engine server product to service providers, systems integrators, ISP’s and large enterprises, enabling them to launch secure and multiple interactive mobile messaging services into their networks. For further information about Zinek’s Mobile Banking systems or to set up a personal online demonstration please contact us directly.