Mobile banking applications are one of the newest and fastest growing consumer access points. These applications are changing the face of transaction banking, making it possible for banks to expand services to a whole new market of consumers, most in emerging countries, that did not have easy access to banking systems before. Imagine what it means to be accessing the banking world for the first time. Think about the ability to handle money totally embedded in mobile. Cool stuff.
The explosion in the number of mobile banking transactions taking place today means banks need to pay more attention to their relationships with telcos. Telcos have become an extension of the banking network, and now play a major role in customer service level delivery. This means things such as transaction volume (Big Data) capacity, transactions by geographic location, multi-channel interactivity, infrastructure connections, and response and request timing information is important stuff to keep a close eye on.
Consumers choosing mobile will not be using a traditional banking model to make these payments, meaning traditional performance management tactics will not work. One of the core operational challenges and capability requirements for executing safe and reliable mobile payments is the ability to monitor these transactions and isolate failures and bottlenecks in real-time. This type of visibility is not only an important part of security regulation, but also a mandatory step in bringing mobile banking into mainstream banking.
INETCO Insight is the first and only vendor-agnostic transaction monitoring solution to provide end-to-end visibility into every consumer transaction initiated through client applications resident on mobile devices, through to their back-end payments processing applications and third party telco service provider connections. INETCO Insight customers report an average 25% reduction in failed transactions and a 65-75% faster mean time to repair.
You can bet mobile banking will be a hot topic at the upcoming ATM, Debit and Prepaid forum happening Oct 20-23rd. So will INETCO Insight. If you are planning to attend, we invite you to join Marc Borbas, VP of Product Marketing at INETCO as he presents as part of Payments Innovation Day (PiD).
PiD will showcase technologies and new ideas that are transforming payments via live demonstrations. Participating companies are both start ups and well established companies, including INETCO, Fiserv and MasterCard. Check out the 9:30-11am session on Monday, October 21st, and vote on your favorite technology!