21st century is the age of Information. The world has transformed into one aggressive place where individuals believe in having information at their fingertips. Coupled with the work place pressures it has become abundantly necessary for everyone to have information conveyed by electronic mode. Technology has catapulted the civilization into one Global village where data dissemination is measured and counted in fractions of a second.
In this era people wish to have information while they are mobile and decisions are taken and conveyed over the wireless electronic platform. Time has outweighed all other things. While every other commodity in the market goes for a price Time is an invaluable commodity. With the advent of wireless telephony people have taken to mobile Banking; going a step further on Internet Banking. Now customers wish to have 24x7x365 banking. If computer servers can be kept engaged throughout it gives immense value addition to the Banking sector and the corporate community.
Banking has assumed to be a super quality service industry which can serve anytime, anywhere. With the exponential growth of telecommunications network in India Mobile connectivity has gone beyond the urban masses making inroads into rural India reaching far flung centers where even physical banking has reached only a short while ago. People have adapted to Mobile telephony with great fervor and this helps bring a marked acceptance to SMS Banking.
Messages sent through normal SMS channel do not guarantee any privacy and integrity. Any one who gets access to the mobile handset can view the messages because the inbox does not have any login or password. This only means that if any one loses his mobile device the finder can easily view all the sms’ sent and also can send another sms resulting in fraudulent access of the account and pass a transaction. Mobile phone handsets are lost almost every minute and in the mobile banking scenario there is very limited or no stop-payment privilege for mobile banking transactions. It becomes impossible for the banks to carry out a stop payment instruction in spite of receipt of stop payment instruction as the transactions are completely instantaneous and are incapable of being reversed. Hence, banks offering mobile banking should notify the customers the timeframe and the circumstances in which any stop-payment instructions could be accepted.
FinALERT is a solution which through the medium of SMS alerts helps both the Bankers and the customers. Invitation to avail various facilities offered by the bank and introduction of various deposit and loan schemes of the bank can be put through to almost every mobile phone user and this gives immense scope of business to banks at a very nominal cost as against costly advertisements and hoardings. Such introductions of new facilities by the banks help invite the personal attention of the account holders.
FinALERTis an ideal platform for financial institutions. Most services offered can be classified as transaction based. Some however are classed as information based, and are as much essential. Irrespective of this, FinALERT allows institutions to offer value-added services of a wide variety. SMS banking works on the industry standard of PUSH and PULL Technology. The bank’s customers are sent alerts on specific events relating to account balances, transactions etc.
With FinALERT, it becomes easier than ever to offer services like:
Viewing cheque status
Viewing an account statement
Viewing Account balance details
Request for a new cheque book
Details of new schemes introduced
Make payments towards purchases
Request for last three transaction details
Paying various bills through the wireless platform
FinALERT is a complete solution allowing easy one stop access to customers wherever they might be. A completely reliable and secure solution, FinALERT helps the bank to be in touch with its customers at all times, enriching and empowering the customer’s experience.
With FinALERT in place Banks and financial institution scan use SMS banking to send confidential information like ATM pins and internet banking passwords. Individual credits to the customers account and debits initiated through ATM withdrawal or internet banking towards payment of utility bills can be mapped and informed to the account holder. This facility will help in reducing time and cost significantly as against sending through courier and other conventional methods. SMS Banking can also be used to send alerts to customers like end of week balance in their accounts, margin money requirements, dispatch of cheque book, issuance of new credit card, debits and credits initiated against credit card, info about dispatch of monthly statements, credit card bill details and information about purchase of any item against credit card.
Security Features to the Bank
Secrecy and confidentiality of customers’ accounts is ensured.
Any message emanating from a provider such as a bank or a financial institution gets encrypted and then transmitted. This ensures that the message cannot be misused by anyone who intercepts it during transmission. At the receiver’s end the message is received in a separate mailbox. The receiver can decrypt the message using a PIN. This ensures that the privacy and integrity of the message is maintained and by virtue of encryption-decryption of the message any misuse of the message is barred as the unauthorized person will not be able to read the message.
Another feature of the solution is it sends a digitally signed SMS from the sender’s mobile phone to the receiver which can be a mobile phone or a server. The digital signing begins with the mobile phone of the sender.
Ensures that customers having mobile phones of any network operator be in a position to avail service. The solution is nonrestrictive. It enables maximum reach with maximum flexibility
It ensures that all bank accounts are mapped to the named device before any Mobile Banking facility for those accounts are extended. Ensure services are activated only after proper verification through a stringent registration process. Ensures safety and soundness of the payment system with inbuilt security features like firewall, intruder detection systems (IDS), data file and system integrity checking, surveillance and incident response procedures and containment procedures
Predefined codes and request are sent by users via their service provider and the bank responds to this code with predetined responses based on the information tied to that specific account.
Looking beyond the financial aspects, IT globalization and industry consolidation are some of the major motivators for opting to SMS Banking mode. Banks are shifting from cost reduction to growth. Increased customer demands and pressure of service on request has led banks to feel increasingly limited by the capabilities of their present systems.
SMS Banking works as an enhanced version of internet banking and it delivers enhanced value added service with speed to the customer. With the adoption of SMS Banking facility mobility would be a virtue and not a constraint to the account holder.