mFoundry, the award-winning provider of secure mobile financial solutions, announced today the launch of its multi-mode mobile banking solution for Missouri-based Central Bancompany's (CBC) 13 operating banks.
"Launching a single financial institution always presents its issues," commented mFoundry CEO and Co-Founder Drew Sievers, "But bringing up 13 operating banks in a single hosted instance, in the most cost-effective manner possible, now that's a true challenge."
While it would have been possible to deploy 13 separate software solutions with an equal amount of short codes for the required text support, the cost to do so would have been prohibitive. Instead, CBC and mFoundry worked together to use mFoundry's efficient hosted software solution, deploying all 13 banks within a single software instance that leveraged a shared short code for text messaging. The result was reduced complexity, lower costs, and an accelerated time to market.
"Other vendors had solutions that would have resulted in 13 times the amount of work and cost," commented Philip Baker, Central Bancompany's SVP of Commercial Banking. "Only mFoundry had a multi-mode solution that could support our retail and commercial presence inside of a single hosted solution. The time and cost savings were dramatic."
Since the launch of all 13 operating banks, CBC's proactive polling of customers shows that user satisfaction with the solution is extremely high. Supporting this result is an incredibly low amount of customer support for each operating bank.
"We were pleasantly surprised at how few calls we have received into our customer contact center," added Baker. "The impact was the lowest by far of any new product introduction we have done, with an average of less than 0.02 calls per customer per year. It's fantastic."
"CBC's customer support experience isn't unique for us," noted Sievers. "Not only do we typically find that the customer costs for mobile banking support are low, we also have seen a dramatic ROI for the solution as call center inquiries are deflected into the mobile channel. On average, our customers are seeing the mobile banking channel paying for itself within the first 6 to 9 months of deployment."