In a time of mobile banking, internet banking, and any time banking in general, people want information on the go. Decisions are taken and conveyed over the wireless platform. Customers demand 24x7x365 banking; banking is now assumed to be an any time, anywhere service. This leads to the question — and possibility — of SMS banking, but regular SMS do not guarantee privacy and integrity. They carry the inherent possibility of fraudulent account access and transactions. Banks that offer mobile banking solutions need to notify customers about the time frame and the circumstances in which stop-payment instructions can be accepted.
Techno Brain’s solution to secure SMS banking, issues SMS alerts that help banks and customers to securely send invitations to facilities, and introduction of deposit and loan schemes to mobile phones.
The solution offers, via SMS, the following facilities:
- Viewing of cheque status and account statements
- Chequebook requests
- Details of new schemes introduced
- Payments for purchases and bill payments
- Facility to send out confidential information such as PINs and passwords to customers
- Facility to send alerts to customers about end-of-week balances, margin money requirements, credit card issuance, debits and credits initiated against cards, and monthly statements