Amdocs delivers a single mobile wallet solution

BANGALORE, INDIA: At the time when PM Narendra Modi has been successful in opening approximately 5.29 crore bank accounts, Amdocs, the provider of customer experience solutions makes it more easy for the consumers by launching the Amdocs Mobile Financial Services solution.

The solution enables mobile network operators, banks and other financial institutions to drive adoption of financial services delivered over feature phones or smartphones, addressing the fundamental need of unbanked and under-banked populations worldwide for accessible and affordable banking services.

The Amdocs solution delivers a single mobile wallet from which users can manage and control their finances, and enables a wide selection of  secure mobile financial services, from money transfer, bill payments and m-commerce, to savings, loans, and insurance, loyalty points and top-up transactions.

Key solution benefits:

· A single mobile wallet for users to manage and control their finances with a convergent platform that allows users to virtually store and use all their financial assets (salary, welfare, credit and debit cards, coupons, remittance and micro-banking transactions such as loans and insurance, as well as loyalty points and prepaid top ups) for any financial need

· Fast introduction of new financial services to meet changing requirements of different user segments, markets and regulations with highly configurable services creation capabilities and convergent support across multiple financial services

· Integrated partner payments and settlements with capabilities for onboarding and managing the extended ecosystem of merchants and business partners (credit card companies, utility providers, employers)

· Operational peace of mind and cost efficiencies with Amdocs’ Mobile Financial Services Center of Excellence, accountable for overall solution delivery, from technical design and system implementation and integration, to daily operation in a managed services model

· Dedicated Business Accelerator Practice, focused on design and user adoption of new offerings, from field research and user-based insights, to ideation, prototyping, market- readiness analysis and go-to-market strategies

“According to market research, 2.5 billion people in the world do not have a bank account, yet an estimated 1.7 billion do have access to a mobile phone,” said Patrick McGrory, division president for Amdocs’ emerging offerings.

“This represents a huge market opportunity for network operators and banks, and one which does not end with financial inclusion of the unbanked. The convenience and speed of mobile financial services are attractive to everyone.”