Banking Technology Has Made It Simple and Efficient to Invest in Good Causes
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- Date Submitted: 01/27/2016 06:53 PM
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“Banking technology has made it simple and efficient to invest in good causes.”
- Mark Skousen, Analyst, Author, Economist, Editor, Professor
*Business in Gulf, July / August 2013
Banking has come a long way from the days of visiting the ATM machines to withdraw cash and to perform payments. Now, customers have a wide variety of channels to perform banking at their own convenience. One of these channels is banking through the mobile phone. There are many platforms for mobile banking in the market. This gives the banks many ways to bring mobile banking to the masses.
However, each platform has its own disadvantages:
• Mobile banking apps are geared towards smartphones only. Thus, basic phone users are unable to access banking services through this platform.
• Any mobile banking application that requires mobile internet connectivity would sideline mobile customers that do not have such facilities.
• Banking via typing of SMS commands would be effective if customers could easily remember the SMS commands.
To bring mobile banking to the masses, our company developed a holistic solution that minimizes development and operational costs.
Our solution is based on a SIM overlay for the SIM card in the customer’s mobile phone. It provides a user-friendly menu-driven interface for entering banking transaction which is turned into encrypted messages and sends it to the bank via a secure connection. It is not internet or Telco dependent and it deploys a 3DES encryption method to provide a high level of security and integrity of the transaction messages.
The benefit to the bank can therefore be summarized into the following:
1. Wide acceptance and simple deployment process to all GSM based mobile phones. The solution’s independence from any network carriers or data network requirement allows the bank to access a large market of customer that owns mobile phones.
2. Highest security standard and design enables secure monetary transactions for either...
- Mark Skousen, Analyst, Author, Economist, Editor, Professor
*Business in Gulf, July / August 2013
Banking has come a long way from the days of visiting the ATM machines to withdraw cash and to perform payments. Now, customers have a wide variety of channels to perform banking at their own convenience. One of these channels is banking through the mobile phone. There are many platforms for mobile banking in the market. This gives the banks many ways to bring mobile banking to the masses.
However, each platform has its own disadvantages:
• Mobile banking apps are geared towards smartphones only. Thus, basic phone users are unable to access banking services through this platform.
• Any mobile banking application that requires mobile internet connectivity would sideline mobile customers that do not have such facilities.
• Banking via typing of SMS commands would be effective if customers could easily remember the SMS commands.
To bring mobile banking to the masses, our company developed a holistic solution that minimizes development and operational costs.
Our solution is based on a SIM overlay for the SIM card in the customer’s mobile phone. It provides a user-friendly menu-driven interface for entering banking transaction which is turned into encrypted messages and sends it to the bank via a secure connection. It is not internet or Telco dependent and it deploys a 3DES encryption method to provide a high level of security and integrity of the transaction messages.
The benefit to the bank can therefore be summarized into the following:
1. Wide acceptance and simple deployment process to all GSM based mobile phones. The solution’s independence from any network carriers or data network requirement allows the bank to access a large market of customer that owns mobile phones.
2. Highest security standard and design enables secure monetary transactions for either...