In developed as well as developing countries, mbanking is becoming inevitable. According to Juniper Research, around 42 billion financial transactions will be performed through mobile phones in 2011. 48% of bank executives consider mobile phone as a full distribution channel, even more important than internet and foresee mobile internet adoption by 2011/2012. A very clear change in behavior towards « mobile banking » is necessary, for account managment (88 % of bankers and 66 % des customers asked) as a payment terminal (80 % of bankers and 70 % of customers asked) (Novametrie, 2009)

Creova mBanking solution offers banking sector players an effective and secure channel, allowing their customers direct access to their services from the mobile device. By linking the customer’s phone number to his/her bank account, our solution transforms the mobile device to a point of sale. It offers its customer a practical and economical tool to send payment instructions remotely without having to stand on line or be dependant on the opening hours of the branch. It gives him/her the possibility to transfer money, to perform withdrawals or deposits as well as paying bills or recharging calling units (top up) via the mobile. Our mBanking solution allows investment and retail banks’ customers to check their balance anytime and manage easily their accounts, thus gaining their trust and loyalty.

Thanks to our solution, banking players will have the opportunity to:

  • Sustain an interactive relationship with their customers while offering a more efficient customer service via the mobile,
  • Reduce their operational costs through the decrease of infrastructure and customer visits
  • Improve data collection reliability through a real time validation and to reduce manual reintroduction of information, which in turn secure the transactions
  • Increase their revenues by offering an alternative way to internet for those customers who don’t have it,
  • Develop a pure service logic to gain notoriety,
  • Benefit from the technological evolution of the mobile device and its high penetration rate and considered by the majority as a natural tool to have.

Aside from the banks, our mBanking solution represents for other financial institutions as the Microfinance a strategic leverage to extend their service to a larger population and to gain in competitiveness through a lower interest rate. These aspects have been put forward by the CGAP (Consulting Group to Assist the Poor) which, through its fifth Focus Note, considered mBanking as a tool to use for the development of their activities (observations subtracted from CGAP studies in terms of technologies and MFIs).