Kony, Inc., the leading enterprise mobility company, today announced the
new Kony Mobile Retail Banking Quick Start, a managed services solution
that enables midsized banks and credit unions to rapidly implement a
new, fully-functional and personalised mobile app for their customers
and members within 100 days.
According to Forrester Research: “Mobile banking is the most important strategic change in retail banking in more than a decade.” It further states that: “mobile banking is displacing online banking” and “technologies like apps let customers perform simple banking tasks more quickly and easily on a smartphone or a tablet than on a PC.” Forrester also states: “Growing numbers of people are mobile-only customers who have either stopped using or significantly reduced their use of other banking touchpoints. Over the coming decade, smartphones, tablets, and other portable devices will become the dashboard through which many customers, both rich and poor, manage their money.”
“A differentiated mobile banking experience is an absolute necessity for banks to stay competitive; however, many mid-sized banks and credit unions struggle to stay ahead and compete with big banks in this new digital era, because they have traditionally lacked the resources or expertise to innovate in the mobile space,” said Dave Shirk, president, Product and Marketing, Kony, Inc. “Unlike many of the packaged mobile banking apps that are offered by traditional core banking providers, which many have found to be too rigid, complex and expensive to deploy, Kony Mobile Retail Banking Quick Start provides clients with an efficient and effective way to quickly jumpstart their mobile strategy. Also, this new managed services solution is built on the Kony platform so it delivers an exceptional user experience, while allowing clients to be agile and keep pace with the rapidly changing mobile landscape.”
The Kony Mobile Retail Banking Quick Start offering is based on Kony’s proven retail banking expertise, serving more than 30 million mobile banking users, across 38 countries. Kony works with some of the leading financial institutions around the globe, including Citibank, BBVA Compass, DBS, Qatar National Bank, Huntington Bank, ORNL Federal Credit Union, Partners Federal Credit Union, Scotiabank, and Suntrust to name a few. Some of Kony’s mid-sized bank clients have realised an ROI of 150 percent over three years, while some have recouped their investments in a Kony mobile solution within approximately 6-8 months.
Kony Mobile Retail Banking Quick Start is a purpose-built managed services solution for the retail banking industry. It combines the retail mobile banking app template, personalisation and integration services, and mobile app platform runtime into a single solution to deliver a simple, configurable and extensible mobile banking app for rapid implementation. Since it is a hosted solution, ongoing support and annual upgrades to the latest versions of mobile operating systems, such as iOS and Android, are included.
Kony Mobile Banking Quick Start extends and integrates with all major core-banking systems that form the backbone of a bank’s operations, while also enabling greater agility and differentiated user experiences. The solution enables a branded, personalised experience for users, with mobile banking functional features that span across 35 key areas, including the following:
• Account and user management
• Payment and transfers
• Person-to-person money transfers
• Mobile deposit
• Self service
• Identity & Security
By delivering a turnkey mobile banking managed services solution, midsize banks can efficiently manage the cost and complexity that comes with managing their mobile app initiative, while achieving the business benefits of delivering a mobile app quickly to meet the demands of their mobile-savvy customers and members. By partnering with Kony, organisations can remain competitive for the long-term.
“At the end of the day, Kony was actually the only vendor that we reviewed that was able to deliver on every item,” said Dawn Brummett, SVP/ chief credit & operations officer, ORNL Federal Credit Union. “What we found is that Kony had very few limitations as it related to connecting to our vendor partners, which allowed us to utilise the same partners and to deliver the experience that we were accustomed to and that our members were accustomed to.”
Kony Mobile Retail Banking Quick Start, which is currently generally available globally, delivers the following key benefits:
• Rapid time-to-market: Reduce time to implement with a secure, pre-defined, configurable, proven solution.
• Greater business agility: Keep pace with mobile innovations with access to the latest features/functionality, device platforms and operating systems through the Kony platform and managed services.
• Personalised, differentiated mobile banking experiences: Retain, attract and engage customers and members – anytime, anywhere
• Targeted campaigns: Drive new revenue streams with customised campaigns based on consumer behavior to offer the right services to the right person at the right time
• Future proofs business investments: Kony ensures mobile app support for new operating systems within 30 business days and new form factors within 90 business days of release.
(Source - Koby Inc Press Release)