Amdocs Launches Mobile Financial Services (MFS) Solution, Partners BSNL & State Bank of India to Offer MFS to Unbanked Customers

Amdocs Launches Mobile Financial Services (MFS) Solution, Partners BSNL & State Bank of India to Offer MFS to Unbanked Customers Image Credit: BSNL

Amdocs has launched the Amdocs Mobile Financial Services solution, enabling mobile network operators, banks and other financial institutions to drive the 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 solution builds on the financial-grade technology developed by mobile financial services' pioneer Utiba, a company acquired by Amdocs this March.

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

In another announcement, Amdocs said that it has signed a five year contract with Indian company Triotech, to enable State Bank of India to offer mobile financial services to India's unbanked and under-banked population, using the mobile network of Bharat Sanchar Nigam Limited's (BSNL). 

Patrick McGrory, division president for Amdocs' emerging offerings
According to market research, 2.5 billion people in the world do not have a bank account1, yet an estimated 1.7 billion do have access to a mobile phone2. 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. Utiba's technology helped introduce several pioneering market offers, including Globe's GCash mobile money service, and today supports more than 6 million agents serving hundreds of millions of end users around the world. Building on this proven technology, and adding to it a robust set of services and the flexibility to deploy the solution on private or public clouds, or host it at one of Amdocs' data centers, the Amdocs Mobile Financial Services solution can help network operators and banks capitalize on this very promising revenue stream, while ensuring a low-cost structure and operational peace of mind.

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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