As emerging economies continue to pioneer the adoption of mobile banking, two leading mobile services providers, Clickatell and Fundamo, have partnered to deliver mobile banking solutions to financial services institutions to help fulfill what will become a US$5 billion opportunity in the next three years, according to McKinsey & Company.
The ubiquity of the mobile phone already offers banking customers of all demographics unrivalled convenience and security while also advancing un- and under-banked market by reducing the need for physical branch and even the Internet for online banking. As the number of mobile banking customers continues to skyrocket, banks, other financial services providers as well as operators are already reaping significant rewards.
Together, Clickatell and Fundamo have extensive experience in mobile banking, mobile wallet, and mobile money transfer services to financial services institutions and mobile network operators. Fundamo's technology is used in one third of all mobile banking deployments globally and its customers include MTN, Celpay and Standard Bank. Having a decade of experience with banks, Clickatell works with leading institutions like First National Bank, Standard Bank, MoneyGram, Capitec, Nedbank, Moneybookers, New Heights Microfinance Bank, and others.
All from the convenience of the mobile phone, banking customers can perform a myriad of transactions via SMS including checking balances, transferring funds, approving payments, locating bank branch and ATMs, and receiving SMS "receipts" at the time of purchase to immediately help prevent fraudulent or mistaken transactions. In fact, Clickatell's banking customers have already seen a 40% reduction in fraud simply by offering real-time SMS alerts to customers.
"Research shows that a bank's most profitable clients are those using mobile banking and we believe SMS is core to a bank's portfolio of services. Leading banks are putting together mobile strategies all around the world," commented Pieter de Villiers, Clickatell CEO. "The combined capabilities of Fundamo and Clickatell support the requirements of financial institutions deploying immediate and long term mobile services. Our two companies understand the needs of banks who want to deploy today and grow their mobile service offerings into the future."
"Fundamo envisages a future in which innovative technology and business models bridge the divide between the developed and developing, the digital and physical, and the mobile and financial worlds. Our ultimate goal is to deliver secure access to high quality financial services that have the potential to improve quality of life for everyone," said Hannes van Rensburg, Fundamo CEO. "Fundamo and Clickatell share a commitment to deliver innovative and cost-effective mobile financial services founded upon unrivalled experience in deploying these services in developed and developing markets."