Amdocs Mobile Financial Services solution addresses the needs of unbanked population

Amdocs has launched Mobile Financial Services solution that 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 population 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 mobile financial services, from money transfer, bill payments and m-commerce, to savings, loans, and insurance, loyalty points and top-up transactions.

[caption id=“attachment_109736” align=“alignleft” width=“300”]  Representational pic. Reuters[/caption]

The Amdocs Mobile Financial Services solution enables introduction of new financial services to meet changing requirements of different user segments, markets and regulations with configurable services creation capabilities and convergent support across multiple financial services.

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The solutions offers 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).

Amdocs’ Mobile Financial Services Center of Excellence is accountable for overall solution delivery, from technical design and system implementation and integration, to daily operation in a managed services model. A Dedicated Business Accelerator Practice is 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 account1, 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.”