White Paper
Defend and Extend Your Business
Four Critical Elements of a Successful FI Mobile Strategy
Payments Solution
For financial institutions (FIs), the stress on revenue resources has recently intensified due to increased competition for deposits, higher costs to service customers and heightened government scrutiny on fee income, all of which threaten to reduce overall profits. As a result, FIs are facing mounting pressure to both protect their existing revenue streams and to uncover new sources of revenue.
One answer is to extend payments—a revenue source that is already very familiar to FIs— to the mobile channel. Mobile payments offer tremendous revenue potential for FIs. The total value of mobile payment transactions will reach $670 billion worldwide by 2015. Moreover, 84 percent of FI executives said that mobile payments will have significant importance to their business within the next one to four years, and 73 percent suggested that mobile payments would be mainstream within the next four years.
Provide your customers with a complete suite of mobile payment services. Our payments solution includes the following elements:
- Bill Pay: Initiate, schedule, or cancel payments via SMS, mobile web and/or the Smart Client application.
- P2P: Perform person-to-person payments within and across financial institutions – globally.
- Alerting: Enables customers to receive payments-related alerts to conveniently monitor all monetary movements out of accounts. Additionally, customers can set up alerts to receive reminders of payments due and to initiate payment by responding via their mobile devices.
- Integration: Our Payments solution removes the technology risk of hard-wiring to a new set of payment rails by fully integrating mobile payments with mobile banking.
