comScore experts, in their recent survey “2011 State of Online and Mobile Banking”, note that in 2011, online and mobile banking in the US experienced substantial growth. At present, roughly 66% of US citizens pay their bills via the Internet, and 16% of mobile users report using their devices to access financial information, a percentage that is only likely to grow as consumers become more accustomed to using their mobile and tablet devices to perform banking transactions. The growth rate of mobile banking customers now stands stable at about 30% per year. Online banking volumes across the top 10 banks grew to more than 65 million liquid deposit account (LDA) customers, which include users of checking, savings, and money market accounts (excluding certificates of deposit).
Juniper Research experts reported mobile services becoming a fundamental component of banks’ business strategies as they respond to the current financial crisis. It’s expected that mobile banking users worldwide will reach 530 million by 2013, up from just over 300 million in 2011. The most prospective regions for further growth are North America, Eastern Europe, Southeastern Asia, and China.
Russian market holds the ground: Top Russian bank, reported the fourfold growth of its on-line operations in 2011 in comparison to 2010. A CNews analytical survey on remote banking services, conducted in August 2011, shows that this segment of the market is apparently experiencing an upsurge.
For several years, Auriga has been working with Barclays, and several other leading Russian and international banks we cannot name here. We provide Automated Banking System integration, customization, and maintenance services for such systems as Oracle FlexCube and Diasoft, and we have developed a number of our own specialized solutions for financial institutions.
To stay ahead of the changing market, Auriga engineers developed a comprehensive mobile banking application for customers to manage their bank accounts, transactions, and payments. The application was created in close cooperation with banking analysts and experts. It combines the best practices of our core service lines—financial and mobile development. The app is targeted at iOS, Android, Windows Phone 7, RIM (Blackberry), and Bada platforms, and it follows the stringent security standards of private personal and banking information.
The mobile banking app possesses the following functionality:
- ability to make all types of transactions (i.e., between users’ accounts, intrabank and interbank transactions, SWIFT transactions in different currencies, as well as payments to various service providers)
- ability to display information related on card operations and view card and account statements
- security module, including user authorization, permissions check, PIN code check, access lock, and secure storage for important (but not personal or payment) data (e.g., phone directory, messages, etc.) The module monitors suspicious activity and blocks access according to pre-defined rules
The application was presented at the Moscow iFin-2012 International Forum, and it kindled the interest of several Russian banks. Auriga encourages you to try the application by downloading the demo at our website. Russian-speaking subscribers should use the following link. Please contact us with any questions on installing and using the demo.