M-Com Supports Broadest Range of One and Two-Way SMS Alerts
International mobile banking solution provider, M-Com, announced today that it now has reached the milestone of 50 distinct one and two-way SMS (text messaging) alerts live in the market, the broadest range in the industry. M-Com has found that alert capabilities are increasingly in demand by consumers, as they provide relevant and timely information on account activity. “We are delighted to be leading the market when it comes to the breadth and range of one and two-way text message alerts being delivered to consumers by our financial institution customers,” comments M-Com CEO and Founder, Adam Clark. “The research and M-Com’s proof points around the world demonstrate that the demand for such alerts is from both online consumers and those that have limited access to online banking channels.”
“One and two-way SMS alerts enable customers to feel in control over their finances. We are seeing interest not only from online banking consumers, but also business users and other segments that have not to date been active in the mobile channel. Having alerts integrated into the mobile banking user experience delivers retention and risk management to customers and financial institutions alike,” says Nick Holland, Senior Analyst from research firm Aite Group.
One-way alerts are sent from the financial institution to the mobile banking user, and can include alerts triggered by an event specified in advance by the user, such as an account balance dropping below a set amount. Two-way alerts can be initiated by either the financial institution of the user, and are often actionable. For example, a financial institution can send an alert notifying a user that they have received a bill, and the user can then respond with a request to pay the bill.
One and two-way threshold, scheduled and security alerts are a core module of M-Com’s BankAnywhere platform, which is the industry’s most complete and fully integrated mobile banking and payments product. BankAnywhere is the only solution in the US market proven to simultaneously deliver mobile-based biller, point-of-sale, remote merchant, international remittance and domestic person-to-person payments across all three access modes: SMS, Mobile Browser and Downloaded Application.
According to M-Com, the popularity of mobile alerts supports the rapidly growing notion of ‘push banking’. Under the push banking model, it is the financial institution that assumes responsibility for initiating interactions based on criteria customers have determined are important to them.
“As financial pressures mount on the average American and concerns about financial fraud continue to rise, consumers are looking to their bank or credit union to proactively notify them of financial events that are important to them.” Clark continues “The ubiquity of the mobile device and text messaging in particular create the best possible opportunity for financial institutions to deliver control and convenience to their customers. Ultimately, it also helps to make those relationships more profitable”.
In May, M-Com was confirmed by Bank Technology News on its list of “Top 10 Technology Companies to Watch in 2009” and is a leader in the US market in conjunction with its strategic partner, Fiserv. Fiserv, the leading global provider of financial services technology solutions, and M-Com announced their technology partnership in September 2008. Mobile Money™ from Fiserv leverages the M-Com BankAnywhere platform to provide financial institutions with acomplete mobile banking and payments solution that supports consumers on all three mobile access modes, offers online and offline enrollment capabilities and integrates with core banking, online banking and electronic payments systems.
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