The limitless world of Mobile Virtual Banking: The Reality is…… It’s the future!

With the rise and expansion of 5G, Big Data, IOT and FinTech, 2020 has been dubbed the year: The operator strikes back!

Having seen a decline in revenue since the emergence of OTT messaging and calls, new technologies are now allowing operators to reclaim their territory in the rapidly developing world of tech.

Inside telecom attended the Monty Mobile RVS8 event in Dubai, where the team presented an array of new products and services designed to bring the once thriving operator back to life.

Mobile Virtual Banking is just one of these products. It’s a term you may have heard thrown around in tech circles – but what do we really know about it? And how does it differ from traditional online banking?

We spoke to Project Manager at Monty Mobile, Myriam Safa after her presentation on the development of their up and coming Mobile Virtual Banking application.  

‘Many people think that mobile banking is the same as online banking. This is completely wrong. Whereas online banking relies on the internal manual banking systems of that specific bank, mobile banking — controlled by the operator, is designed to work on a real time basis and relies on big data subscription to generate high quality individual consumer behavior patterns. This offers a detailed outlook and analysis on a customer’s digital footprint.’

The idea is that there would be a collaboration, of sorts between Monty Mobile – the developers of the app, the telecoms operator and the bank, who would provide a financial operating license.

The database does not come from the bank but from the operators themselves. An advantage of this is that operators are digitally native to specific countries and consequently have a broader and more relevant outreach. 

Should operators be skeptical of using their data?

Myriam points out that Social Media networks are making billions of dollars using operator’s subscriber data.

‘In reality, operators would just be utilizing their own data efficiently once again. Operators would have full control of the application, as the software would be installed on their servers. The app provides a multi-level secure login function and all processes require user consent. We have also designed the app to follow GDPR guidelines. All of which help to ensure that user information is kept confidential’.

Mobile Virtual Banking is also beneficial for the 2 billion people worldwide that do not currently have bank accounts or access to adequate banking systems. Emerging and poorer economies actually see higher mobile phone utilization than that of banking activities, providing operators with a distinct advantage when it comes to financial marketing.

‘Unlike opening a bank account, the mobile banking app does not require a minimum amount from the customer. It’s even possible to open an account on the app without an actual bank account. Anyone can do it’.

It’s our aim to make the world of banking more equal providing mobile operators with the tools to offer financial services to countries where access to mainstream banking is limited.

The Mobile Virtual Banking App would run in real-time, by incorporating an analytics tool to profile user information quickly. M-analytics which documents user habits, enabling the operator to offer the appropriate services and advice to the consumer. A real time credit checking tool would profile the consumer’s financial history. This enables the app to offer a full spectrum of financial services without relying and waiting for responses from the bank. This includes paying bills, immediate transfers and obtaining a loan at short notice.

‘If someone requests a loan on the application, they receive a response within a very short latency period. The money would be deposited more or less on the spot.’

It’s important to encourage a healthier financial lifestyle to the consumer. Access to immediate financial reports and statistics complimented with advice and suggestions would help to ensure and facilitate this.

The capabilities of the Mobile Virtual Banking app extend far beyond the realms of the financial. It is designed to be compatible with routinely used apps such as Uber and other capabilities such as booking a flight, centralizing all daily necessities and requirements to one main platform.

 ‘it is our intention to encourage operators to jump back in the driving seat and to take advantage of the new technologies and products to provide efficient and groundbreaking services in 2020.’ (Myriam Safa, M-Banking Product Manager, Monty Mobile)