Imagine the opportunity 100 million mobile users in Pakistan offer to the banking sector that has just above 10 million accounts - it is high time banks capitalise this opportunity to expand their outreach! Mobile banking not only helps the banks in increasing service touch points but also offers a convenient, always-on and secure banking experience to their customers.
In today's competitive financial environment where customers are demanding and loyalty is giving way to convenience and ease of access, retaining and attracting customers can no longer rely on conventional delivery channels only. For the banks to survive and succeed, they have to provide unique value to customers by packaging and integrating product sets that match their individual needs and payment preferences and then delivering them through any channel they prefer free from time and geographical boundaries.
Where ATM was once the forerunner, today technology has transformed alternative banking completely through other convenient and cost-effective channels such as internet and phone banking. Moving forward, mobile banking is emerging in a big way for its convenient, fast, simple and secure means of banking. The banks are now unleashing services on mobile phones to increase financial inclusion and to reach the customers in the remotest areas of the country leaning on the existing country wide GSM network of the telecoms.
Mobile Banking is not a stand-alone application. Like any other delivery channel, banks can integrate mobile channel to its existing transaction switch that dovetails with the banks various back-office systems. This channel enables customers to perform banking services and control their finances beyond the bounds of time and space.
Adopting right implementation strategy for mobile banking helps banks invest in technologies that ensure consumer uptake and retention. Banks usually opt for either Telco agnostic or cell-phone agnostic approach to offer mobile as an additional e-banking channel due the inherent integration and deployment challenges. However, a mix of these approaches is also available offering the entire spectrum of mobile banking technologies in fully integrated mode.
Telco agnostic mobile banking platform relies on mobile Internet. This model helps the banks to provide services to its customers through GPRS enabled mobile phones regardless of their service provider. On the other hand, a cell phone agnostic platform makes use of USSD or SMS technology that is supported in all GSM mobile handsets.
Recently, TPS and Ufone have launched a unique mobile payment service, UPayments. IRIS Mobile, the TPS mobile banking technology for mobile money and banking services is the heart of this service. This platform hosted at Ufone, allows any bank to seamlessly integrate its back-office systems using industry standard message formats. The service initially launched on USSD, enables banks to offer its customers the facility to pay their utility bills, top-up their mobiles and avail various banking services through their mobile sets.
In next phase, while extending the transaction set to include person to person transfers, IBFT and others, TPS and Ufone are also launching mobile Internet based services. Although, TPS is already serving a number of banks in Pakistan and abroad with its mobile Internet solution, this initiative will allow banks to avail unified set of services through the UPayments platform.
About TPS: TPS is a leading provider of switching and payment solutions to financial institutions, card processors and telcos worldwide. With over a decade of experience in the field of e-Banking, TPS successfully empowers the self service infrastructure of over 130 institutions in 32 countries across South Asia, Middle East/ Gulf, Europe and Africa.
Formed in 1996, TPS is positioned as a pioneer in the field of e-Banking in Pakistan and enjoys over 80% market share. TPS provides to its customers a unique combination of technical and business expertise in the area of remote banking services, payment processing, alternate delivery channel management, and consumer e-banking services.
Pakistan's largest interbank shared switch, 1LINK, which connects 31 member banks of the country, making available 4000+ ATMs, located in 700 cities and OMNIBUS, the central interbank ATM switch of Bangladesh are powered by TPS technology. Headquartered in Pakistan, TPS has a strong global distribution and support network through its strong reseller partner program covering over 70 countries worldwide. For more information, please visit http://www.tpsonline.com
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