Amdocs launches Mobile Financial Services Solution to enable accessible and affordable Banking Services

Amdocs-logoBengaluru, India, December 18, 2014: Amdocs, the leading provider of customer experience solutions, today launched the Amdocs Mobile Financial Services solution. The solution enables mobile network operators, banks and other financial institutions to drive adoption of financial services delivered over feature phones or smartphones, addressing the fundamental need of unbanked and under-banked populations worldwide for accessible and affordable banking services.

Building on the financial-grade technology developed by mobile financial services’ pioneer Utiba, a company acquired by Amdocs this March, the Amdocs solution delivers a single mobile wallet from which users can manage and control their finances, and enables a wide selection of highly secure mobile financial services, from money transfer, bill payments and m-commerce, to savings, loans, and insurance, loyalty points and top-up transactions. By combining this technology with a dedicated set of IT and business accelerator services, the Amdocs Mobile Financial Services solution helps network operators and financial institutions roll out and operate the solution with maximum cost efficiencies, quickly offering the services users need the most while ensuring the service is reliable and affordable for low-income households.

Key solution benefits:

  • A single mobile wallet for users to manage and control their finances with a convergent platform that allows users to virtually store and use all their financial assets (salary, welfare, credit and debit cards, coupons, remittance and micro-banking transactions such as loans and insurance, as well as loyalty points and prepaid top ups) for any financial need
  • Fast introduction of new financial services to meet changing requirements of different user segments, markets and regulations with highly configurable services creation capabilities and convergent support across multiple financial services
  • Integrated partner payments and settlements with capabilities for onboarding and managing the extended ecosystem of merchants and business partners (credit card companies, utility providers, employers)
  • Operational peace of mind and cost efficiencies with Amdocs’ Mobile Financial Services Center of Excellence, accountable for overall solution delivery, from technical design and system implementation and integration, to daily operation in a managed services model
  • Dedicated Business Accelerator Practice, focused on design and user adoption of new offerings, from field research and user-based insights, to ideation, prototyping, market- readiness analysis and go-to-market strategies

“According to market research, 2.5 billion people in the world do not have a bank account, yet an estimated 1.7 billion do have access to a mobile phone,” said Patrick McGrory, division president for Amdocs’ emerging offerings. “This represents a huge market opportunity for network operators and banks, and one which does not end with financial inclusion of the unbanked.  The convenience and speed of mobile financial services are attractive to everyone.”

“Utiba’s technology helped introduce several pioneering market offers, including Globe’s GCash mobile money service, and today supports more than 6 million agents serving hundreds of millions of end users around the world,” continued McGrory. “Building on this proven technology, and adding to it a robust set of services and the flexibility to deploy the solution on private or public clouds, or host it at one of Amdocs’ data centers, the Amdocs Mobile Financial Services solution can help network operators and banks capitalize on this very promising revenue stream, while ensuring a low-cost structure and operational peace of mind.”

Utiba’s technology has been leading innovation in mobile financial services since 2001. Additional customers include True Corporation (Thailand) and the Digicel Group (Haiti).

© Technuter.com News Service

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