Mobile banking is a service provided by bank or financial institution that allows its customers to conduct financial transactions remotely using their mobile devices. With the advent of technology and increasing use of smartphone and tablet based devices, mobile banking technology enables customer connect across entire customer lifecycle much more comprehensively than ever before.
The bank typically has a multi-channel approach to delivering transaction services to its customer base. Its channels include the traditional brick-and-mortar branches, ATMs, POS devices and internet. These channels have gone a long way in extending the banking reach to customers. Mobile banking represents a more cost-efficient channel for the bank, allowing it to charge less for transactions and permitting the consumer to have immediate access to information related to their bank accounts. Mobile banking is seen to be an extension of the existing payment infrastructure of a bank to mobile phones as a channel for the leveraging of the mobile network and its reach, to deliver banking services to consumers.
The delivery of mobile banking services to a customer involves the participation of four primary players: a bank, mobile network operator, a mobile banking technology vendor and the customer.
MAXIMUS FLEXI is a secure mobile banking solution built on open standards and leverages recent technological advances in the mobility space. The intuitive and easy-to-use interfaces make the end-user experience rich, secure and convenient. The mobile service platform integrates seamlessly with the bank’s ISO 8583 host and delivers mobile banking services over GPRS to customers. The downloadable client and browser-accessible website offer unmatched security by implementing both single factor and two factor authentication. Communication over these channels is made secure by implementing end-to-end encryption.Application Features
Bank Host Interface: FLEXI integration gateway interacts with the Bank CBS through the host delivery channel (ISO8583-based) for information access and request authorization. This infrastructure would be available with the bank.
FLEXI Integration Gateway: It plays the key role of authenticating the user, processing transaction requests and interfacing with the bank host interface for information access and authorization.
Request Processor: Listens/receives requests from the mobile client components, validates them for integrity, correctness and forwards them to the gateway for further processing.
mPIN Manager: For generation, management, storage and validation of the customer mobile PIN.
Mobile User Registration: Support for both bank-initiated and customer-initiated registration process as per standard practice.
Activation/Deactivation: Services can be activated/de-activated for individual customers based on customer profile.
Fee Management: Charges can be defined for various services offered under the MBS and generate transaction information relating to the same. Required vouchers for import into backend for automatic entry of the service charges are generated.
Transaction Management, Tracking & Analysis: Bank can configure, enable/disable various transactions and requests through the admin portal. Bank administrators can set up daily/monthly limits for various transactions and for different customer profiles. All transactions initiated through the mobile delivery channel are tracked from initiation to completion. All activity is logged and will be available for monitoring and auditing purposes. This information can be used for transaction pattern analysis, transaction management, such as sending reversals, generating statements and reconciliation purposes.
MIS Reports: Various standard MIS and regular reports are available for admin and back office staff.
FLEXI Client: It is the application that runs on mobile handsets. It communicates with the gateway component over GPRS using https protocol. Provides superior user experience with a menu-driven GUI and can display graphic-rich content, providing a truly intuitive and interactive experience to the customers.
GPRS website: Provides a rich browser-based, HTML-driven UI and communicates to the gateway component over https protocol. Provides a graphics-rich web based UI.