mobiquity® Banking Suite

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Overview

Comviva’s mobiquity® Banking Suite helps banks and financial institutions to successfully embrace digital banking and payments by enabling them to build, manage, optimize and deliver the omni-channel banking experience, as well as continuously iterate and engage the consumers, through instant configuration capability, personalization and experimentation engine. This empowers banks to deliver a hyper-personalized experience, thereby enhancing the customer’s value, and, subsequently, profitably transition to the digital age. The mobiquity® Banking Suite provides comprehensive digital banking and payments solution to banks that encompasses all factors essential for building a successful digital journey. These factors include:

  • Omni-channel Banking: Enables banks to provide omni-channel banking experience to consumers, including mobile banking, internet banking, and banking on Gen-II channels.
  • API-fication: Allows banks to build, distribute and manage the lifecycle of APIs, and optimizing these banking APIs to cater to channel-specific requirements
  • Ecosystem Enablement: Facilitates banks to leverage the power of API infrastructure to offer banking services and data form a comprehensive ecosystem involving multiple market player
  • Personalized Experiences: Enables banks to provide tailor made experience to individual consumer personas or segments in real time-based on consumer profile, behavior, context, time and location.
  • Rapid Service Launch: Provides extensive banking aware business flows to quickly adapt to changes as well as offers modular, flexible orchestration layer to enable faster service launches.
  • Frictionless Payments: Provides swift, secure and frictionless remote and contactless proximity payments using prepaid wallets, HCE and QR Codes.
  • Experimentation: Facilitates scientific determination of user journeys to eliminate guesswork and optimize digital experience.

Key Features

Experience Automation

  • Personalization engine (segment & context based UI/UX, Localization): Every consumer is unique! Personalize their experiences and cater to their specific needs
  • Experimentation engine (A/B & multi-variate testing): Scientifically determine the experiences that work the best
  • Instant Config: Decouple business decisions from code and deploy in real-time
  • Dynamically control the app presentation layer (UI, UX, functional & data configs)
  • Nurture customers with soft-nudges to complete meaningful actions in the app

Building Great Apps

  • App building capabilities: Native Android, iOS, Responsive Web, Bots, Wearables & Voice
  • Auth Engine: Unified identity, authentication and authorization management across platforms
  • Omni-channel sync: Provide seamless customer experience across devices/platforms
  • Channel Optimizer: Create tailor-made and optimized API end points to fit your front end apps’ needs without being constrained by the back-end systems
  • Offline Handler: Provide seamless experience to your customers even when they are offline

‘Future Proofing’ the Banking Services

  • One digital backend delivering optimized APIs for every front-end channel, while decoupling the dependencies on host APIs
  • Provide Sandbox environment for API testing and verification
  • Support & augment the legacy systems with secured storage, especially for offline use cases

Digitalization of All Services

  • ‘Digitalization’ of all banking services, including digital onboarding - increases adoption & decreases cost of serving consumers
  • Launch new digital channels and provide consistent experience across all channels
  • Digitize all user journeys by interacting with multiple-host systems/micro-services
  • Create custom user journeys facilitated by a digital backend with in-build orchestration capabilities

Open Banking Enablement

  • Create partner ecosystems with control systems in place
  • Transform the existing bank’s/host API to conform to the open banking API standards
  • Be where your customers are. Deliver meaningful consumer experiences beyond conventional boundaries
  • Offer ecosystem partners access to consumer data and banking services in exchange for additional revenue

Tap and Pay (using HCE and Tokenisation)

  • mobiquity® Banking Suite provides swift and secure ‘Tap & Pay’ contactless payment experience to the customers at NFC POS machines, by leveraging HCE and Tokenisation.
  • HCE enables the customer to have a digital version of the credit or debit card in their mobile phone and use it at payWave/payPass certified POS machines.
  • Tokenisation ensures that payments are executed in a secure manner, as unique tokens masks sensitive card details, while the transaction is being processed.
  • mobiquity® is a multi-TSP (Token Service Provider) solution, readily integrated and certified for usage with Visa and Mastercard’s VTS and MDES TSP solutions, and provides support for any other TSP, using a single proprietary SDK, across devices. It supports other schemes like American Express and RuPay, to increase acceptability across more issuers and regions.
  • Banks and card issuers have flexibility to either use existing mobile banking application or create a new application to launch ‘Tap & Pay’ contactless payment

Prepaid wallet

  • Equip consumers with prepaid digital wallet, a virtual stored value account allowing them to:
  • Transfer money using mobile numbers, email id or social handles
  • Pay online merchants and billers remotely anytime anywhere
  • Pay physical merchants by scanning static or dynamic QR Codes
  • Recharge mobile and internet connections on the go
  • Split bill with friends
  • Leverage multi-tiered KYC model to facilitate quick on-boarding of consumers
  • Offer flexibility to add money to prepaid wallets through cards, bank accounts and agents
  • Use flexible Pricing Engine to quickly change and deliver competitive service charges to attract consumers

Building payments ecosystem

  • Facilitate agency banking by equipping agents with virtual stored value account and building an expansive multi-hierarchy agent network
  • Provide agents with float (e-money) to perform last-mile, over the counter transactions such as deposits, withdrawals, money transfer and bill payments
  • Provide a virtual stores value account to billers and merchants facilitating payment collection
  • Enable merchants to pay suppliers, digitizing complete supply chain
  • Facilitate quick and easy agent and merchant on-boarding

Instrument Vault

  • Instrument Vault is a smart digital container that mirrors a physical wallet and stores payment instruments to perform seamless financial transactions
  • It allows consumers to add multiple payment instruments like Credit Cards, Debit Cards and Bank Accounts to the digital payment service. These pre-added instruments can be used to load money into the prepaid wallet or make payments directly
  • Consumers can also set a preferred instrument as delete and delete or block an instrument

Key Benefits

  • Deliver an omni-channel experience, and hands-off across multiple channels including new-generation channels like wearable, voice and bots
  • Faster time-to-market through inbuilt APIs, orchestration capabilities and connectors
  • Decouple UI/UX from code - enable business users to manage the digital experiences in real-time, without relying on engineering teams
  • Realize the true potential of API infrastructure to build an extensible and flexible banking platform that provides new offering, meet consumer needs, build ecosystem and increase revenues
  • Enhance engagement with consumers effectively using personalization and experimentation engine
  • Micro-services driven cloud native architecture
  • Provides swift, secure and frictionless remote and contactless proximity payments using prepaid wallets, HCE and QR Codes.
  • Comviva is a qualified VISA Token Service Provider (TSP) vendor and also listed on the Mastercard Engage Directory for Digital Wallets
  • Recognised by Gartner’s Market Guide for Digital Banking Multichannel Solutions, 2020 and Juniper Research’s Digital Banking trends report, 2020
  • Deployed by 21 banks and financial institutions in 14 Countries

Selected use cases and user stories

1.Deliver the most personalized experience to strengthen customers relationship

Create the best experience for different segments, based on consumer segment, context or location, on the same app, in real-time.

  • Personalized experience based on segment
  • Personalized experience based on context
  • Personalized experience based on locations

2.Upsell and cross-sell banking products more effectively

The digital banking experience platformhelps banks to upsell and cross-sell to right ‘users’ and nudge them on right ‘context’ through right ‘channel’ to buy more products and services. It enables banks to control and automate upsell and cross-sell communication including messaging, where to show, how to show, frequency, on-click actions etc.

3.Maximize conversion rate for key business processes

Consumers often leave business processes incomplete such as abandoning loan application on seeing high disbursal time or interest rate. The digital banking experience platform helps banks to communicate with customer during these ‘moments of truth’ and create real-time alternate journeys. The digital banking experience platformenables last ditch effort to stop customers from abandoning business processes, decrease drop rates and get back lost users.

4.Determine the best experience statistically

Banks design user journey based on their intuition of consumer behavior. But intuition might not always be right. The digital banking experience platform helps to perform AB testing and multi-variant to decide the most optimal experiences, and rollout the winning variant to the wider audience. For example, conducting an experiment to ascertain the right messaging, placement, and theme to promote higher loan applications.

5.Deliver digital experience changes in real-time:

Instrument your app once with relevant configurations (UI, UX, Functional), to control your app experience, without republishing to app stores. For example, on a specific promotion day, disable 2-FA for low-value transactions, and show a promotional banner upon app-launch. (without an app update, in real-time).

6.Powering Mauritania’s first mobile bank:

Banque Populaire de Mauritanie (BPM), one of leading banks in Mauritania, uses Comviva’s mobiquity® Banking Suite to offer country’s first-of-its-kind mobile banking service called Bankily. Bankily launched in January 2020 brings a digital revolution in the banking industry of Mauritania by enabling people to open and manage a bank account, transfer money and make payments using mobile phones. The service is accessible using all mobile phones, smartphone or basic, via the Bankily mobile app or USSD code *888#.

Consumers can open a bank account remotely by downloading the Bankily app from Google Play Store or Apple App Store or by dialling the USSD code and registering using the 10 digit national identification number (NNI) available on national identity card or residence permit. Opening the Bankily account is free and it has no account maintenance fee as well. Bankily users can deposit money into and withdraw money from the Bankily account through Bankily agents, BPM Bank branches and BPM ATM spread across Mauritania. With Bankily, users can easily and instantly do host of financial transactions digitally including transferring money, paying electricity and water bills, buying phone credit; paying merchant, crowd-funding (mobile tontine), ordering a cheque book and bank card, checking account balance, and generating an account statement.

Bankily is an inclusive service. Bankily users can not only transfer money to other Bankily users, BPM bank accounts and other bank accounts in Mauritania, but they can also send money to non-Bankily unbanked consumers using the recipient’s mobile number. Bankily offers diverse ways to make money transfer - using recipient’s mobile number, or selecting recipient from Facebook contact list, or via contactless payments using NFC and QR Code.The recipients receive a notification or message with a transaction code. Non-Bankily users can withdraw the money transfer in cash using the transaction code at Bankily agents, BPM bank branches or BPM ATMs.

Bankily has been designed with complete focus on customers. For example, after first electricity and water bill payment, users are automatically notified about their next invoice. In case of financial emergency, users can request money from their family and friends and instantly receive money once approved by the sender. To enable wider service access, BPM has created extensive Bankily agent network aimed at facilitating last mile transactions such as deposits and withdrawals. Moreover, to boost digital payments at merchants via Bankily, BPM has registered multiple merchants from diverse categories such as supermarkets, grocery stores, pharmacies, fuel stations, travel agencies, hospitals, schools and restaurants. Payments at merchants can be made by scanning the QR Code or entering the merchant code in the mobile phone.

7.‘Tap & Pay’ service in India:

The second largest credit card issuers in India uses mobiquity® Banking Suite to provide swift, seamless and secure contactless mobile payments to its customers. Customer can register their credit card on the card issuer’s mobile application and create a virtual version of the physical card. Hereafter, customers can make payments at merchants by unlocking their mobile phone screen using fingerprints, the screen lock facility or an MPIN and tapping the phone at an NFC POS. This simple HCE-based ‘tap & pay’ process has made contactless mobile payments swifter and more seamless for customers.

Security has remained a priority, whilst designing the service. The service uses Tokenization to convert a customer’s card information into a device-specific digital token. Hence, while executing a transaction, a digital token is shared and the customer’s actual card information is masked, thus securing the transaction. In case the customer’s mobile device is misplaced, details of the card remain secure, as it is stored as digital tokens.

8.Prepaid wallets in Middle East:

In Middle East, Comviva has enabled multiple banks and financial service providers to offer prepaid wallets on mobile phones to their customers. Customers can add money to the prepaid wallets using debit card, mobile banking, internet banking and ATM. Customers can send money to other users using mobile number; make international money transfers and pay merchants using mobile number or static/dynamic QR Code. In dynamic QR Code payments, merchants enter transaction amount in their prepaid wallet mobile application and generate a QR Code which customers scan through their prepaid wallet mobile application to complete the transaction. Customers are also rewarded with bonus and cash-back for using the digital payments. In Oman, Comviva has also enabled interoperability between various prepaid wallets by integrating with Central Bank of Oman’s Mobile clearing and switching system platform (mpClear). The on-boarding and registration process for the prepaid wallets is made completely digital, adding to consumers’ convenience.

9.Payment Banks leveraging prepaid wallet:

mobiquity® Banking Suite offers prepaid wallet that enables Payment Banks to adopt more flexible approach to banking. Customers can be on-boarded quickly and remotely with less or no documentation and provided a prepaid wallet with low transaction limits. The transaction limits can be extended or customers can be upgraded to savings account later, once they do a full KYC with complete documentation. The prepaid wallet allows customer to instantly do various remote and proximity transactions ranging from money transfer to merchant payments as well as receive benefits such as cash-backs and loyalty points, thus effectively combining payments with marketing. Additionally, mobiquity® Banking Suite can help Payment Banks to build a robust last mile agent network. Agents can be equipped with prepaid wallets and provided float (e-money) to perform transactions on behalf of customers. Merchants can also be provided prepaid wallets for accepting payments. This approach not only makes merchant on-boarding easier, but also help to track merchant’s earnings easily and transparently. The high performing merchants can be identified and encouraged to become agents.

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