Mobile Banking

Mobile Banking Security

Mobile banking security is critical for mass market uptake of the mobile delivery channel. Aradiom QuickBank™ uses industry standard security in conjunction with one-time password (OTP) and other Two Factor Authentication (2FA) solutions to deliver a highly secure framework out of the box. QuickBank™ provides full security against untrusted downloads, malicious key logging, and phishing attempts. The bank controls which applications its clients can download - and the download source. SSL connections are supported and enforceable. QuickBank™ also supports the possibility of embedding Aradiom’s best in class two factor authentication solution (see Aradiom SolidPass ).

Java ME (J2ME)

Aradiom has chosen Java ME (J2ME) as the language for its QuickBank™ solution in order to benefit from “Mobile Java Security," meaning each program runs in its own restrictive "sandbox." This prevents the program from accessing the files or memory of another program or accessing the hardware of the device in the uncontrolled way. Java is supported on all Symbian handsets as well as most Windows Mobile.

Highly Customizable and Rapid to Deploy
With Aradiom QuickBank™ there is no tradeoff between customization and rapid time to market. Our QuickDesign allows non-technical and creative resources to rapidly create highly professional and attractive mobile applications. Deployment is a cinch with QuickDeploy - a one-click deployment mechanism.

Built for and Works on Any Phone
Aradiom QuickBank™ uses a patented phone database with data unique for every model of Java phone. QuickBank™ can auto build and deploy versions for each phone, extending your reach to all of your clients, unlike many other solutions which offer limited handset support.

Updateable and Future Proof
Aradiom QuickBank™ can be updated as new services and functionality come online. Updates to the client are done automatically at your choosing.

The Market:

Mobile banking is quickly becoming a delivery channel which financial institutions cannot ignore. There is a compelling story building both in terms of revenue as well as cost control. On the revenue side, the mobile lifestyle is firmly taking root across all demographics segments, but particularly by those classified as Generation Y, born between the late 1970s to the late 1990s. To effectively market to this prized segment of future customers, a mobile delivery channel is a necessity. Conversely there is a serious business case to be made for a self-service channel which deflects calls away from call centers while providing innovative new ways to minimize fraud through the use of one-time password and two factor authentication technologies. In short the mobile channel is here to stay - how will you take advantage of it?

The Online Banking effect – in the early 1990s online banking was an oddity. It was costly, inefficient, and the realm of the technical geek enthusiast. Around ten years ago it bounded from being a nice-to-have (frequently for a monthly fee) to a must-have; a feature, without which, a bank could not attract clients. Today one cannot imagine a world where a financial institution with any self directed clients does not exude an online presence. There is growing evidence from reports from market research firms like Javelin and Gartner that mobile banking is similarly about to (and should) break out into its own channel.

The Generational Shift – the mobile phone has become the equivalent on the wallet for much of the world. It is the one device that most individuals take with them everywhere. Gen Y has been especially fast on the uptake, literally growing up with the technology. Being connected via smart mobile devices is part of the DNA of this group. A mobile service channel fits in very well as part of any bank’s larger goal of acquiring clients in the Gen Y and Gen X demographic segments via products such as Investor Checking.

Simplicity and Immediacy –the convenience of mobile devices lend themselves particularly well to those transactions which are simple and yet rank highest in terms of requests received.

Infrastructure Changes – there have been profound changes in the mobile infrastructure during the past several years. 3G networks are finally online in most high density population centers providing a speed boost to households, not unlike the jump from phone modems to broadband for computer users a decade ago. There’s been a concerted effort worldwide to standardize wireless networks around a single standard (although US providers still have competing network standards). Finally, new products from companies like Danger (SideKick), RIM (Blackberry) and Apple (the iPhone) deliver a unique and rich user experience bestowing upon them many of the advantages of larger devices with the added benefit of portability.