Mobile telephones and digital organisers are becoming the bank branch of the future. Netlife AG from Hamburg, Germany, leading specialist in the fields of e-brokerage, mobile commerce and Internet payment, has launched Netlife Financial XS Mobile Suite.
According to Altmaar Visser, director of marketing and operations at Netlife SA, Netlife Financial XS Mobile Suite will also be available in SA. He said he expected the new software suite to make "a real" impact on the local subsidiary`s bottom line during the next 12 - 24 months, adding that management believes there is "considerable scope" for the solution in SA.
Visser said this "complete package for financial service providers" provides two new distribution channels for all banking and brokerage business using mobile telephones and Personal Digital Assistants (PDAs). The software will be presented at the CeBIT 2000 trade faire - and will be launched before the end of the first quarter of this year.
Thanks to its modular design, the suite`s components can be installed as individual applications or, preferably, as a complete package. The bank customer thus has total freedom as to the kind of channel to be used for access. "We are about to take the next big step in on-line banking," said Raphael Vaino, CTO of Netlife AG. "More and more people will take advantage of the possibility to do their banking and brokerage using a mobile phone or a personal organiser, independent of where they are." Claus Muller, CEO, added: "With our investments into our new Technology Centre for Mobile Commerce in Leipzig, Germany, we have secured a key position in the market for mobile applications."
In 2005, the number of people using WAP compliant mobile telephones to gain access to the Internet will exceed the number of people using a PC for this purpose, according to Finnish telecommunications company Sonera.
To surf in the global network, further communications platforms are pushing into the market. Mini computers such as sub-Notebooks and Palmtops, Personal Digital Assistants and Handhelds have already secured their place in the pockets of many users.
Highest security standard combined with mobility
Netlife WAP Server 1.0 makes use of WAP technology with its extended functionality: longer messages and higher data transfer rates than current short message functions (SMS).
The use of a WAP server is important in sensitive areas, especially in the world of finance, to guarantee 100% security for all communication between the end customer and his/her bank.
WAP uses 128 bit encoding (WTLS), comparable to the SSL standard established for Internet security. Users will in the short term still have to rely on PIN/TAN authentication. In the mid term, WAP and SIM cards installed in the mobile phone will be able to communicate with each other, allowing for security standards unreachable by other technological solutions. Netlife Financial XS WAP Edition 1.0 is the server application used for WAP banking and WAP brokerage. It converts all data of the Internet banking applications into the WML (Wireless Markup Language) format used by WAP, making the data mobile. The first functions available will be stock orders, money transfer and balances for current accounts and stock depots. On the client side, no software needs to be installed. WAP compliant mobile telephones use their own WML browser which can view all Internet data of this format.
Using Netlife Messenger 3.0, data can be exchanged between the Internet and the mobile phone as SMS messages. Messenger as the server application forms the gateway to any kind of e-business application through the SMS centres of the GSM network operators. Netlife Messenger is especially suited for information exchange using push technology for individual customers.
On Palmtops and PDAs, client software must be installed. Netlife Financial XS Psion Edition 1.0, Netlife Financial XS Palm Edition 1.0 and Netlife Financial XS Windows CE Edition 1.0 open all organisers, handhelds and palmsize PCs on the market for mobile banking and brokerage. The only requirement is a connection to a data enabled mobile telephone, either using a cable or an infrared link. Today, this requirement is already met by about one third of all mobile telephones on the market. WAP compliance is not required. The software is installed using tried and tested methods, either using a diskette or CD or as a download from the Internet.
All-inclusive service through co-operation partnerships
The all-inclusive bundle solution offers easy access to the two new distribution channels for banks and other financial institutions. This is further supported by Netlife`s unique co-operation concept. Similar to the entry level offers of mobile network operators, a bank can present low-price offers to its customers, without the need for any investments.
In co-operation with a third party, a complete offer is made to the customers consisting of hardware and software including service and support. This offer will complement any existing equipment and software at low cost, adapting it to the current state of technology.
Any bank customers not owning any hardware for mobile banking are presented with a choice of end devices. The different partners involved, i.e. banks, mobile network operators or Internet Service Providers, can co-operate to lower the purchase price of the hardware, thus increasing customer acceptance.
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