Sirma Business Consulting: Next-gen Secure Mobile Banking

Peter Alexiev, Head of Mobile Banking, Sirma Business ConsultingPeter Alexiev, Head of Mobile Banking
Convenience and security have for long remained mutually exclusive variables in the mobile banking equation. Having started as a provider of comprehensive SMS-based solutions for financial institutions, Sirma Business Consulting (SirmaBC) has come a long way today to offer a robust portfolio of mobile banking applications that respond to ease-of-use and security at the same time. Through its state-of-the-art mobile phone applications and web solutions for smartphones, SirmaBC offers banks the much-needed innovation and security to win over customers. “For over 20 years, our seasoned teams have been providing banks with innovative technology solutions that embrace top-notch security,” says Peter Alexiev, Head of Mobile Banking team, SirmaBC. As broadly as need be, Alexiev strongly believes that “mobile banking is the future,” as it saves time and enhances consumer experience by a significant degree.

From managing basic functionalities like providing end-to-end account summary and transaction updates to allowing cross-bank fund transactions, backed by an unyielding PIN-based security mechanism, SirmaBC’s mobile banking applications place an entire bank in the user’s palms.

To deal with the advanced requirement of today’s banking system, SirmaBC offers MBank Native Apps channel. Designed to work on any smartphone, tablet or phablet running Android, iOS or Windows Phone, the application leverages geo-location data and navigation technology to enable proactive customer service and banking experience. The highly-secured mobile app provides banking reports through rich user interfaces with high-resolution graphics. “We have also integrated mobile tokens for added security and customized communication that facilitate personal messaging in our mobile solution,” remarks Alexiev. He further adds, “With diverse functionalities supported by an open API, SirmaBC’s applications can be quickly integrated into a vast variety of commercial and Fintech companies’ solutions.”

Customers no longer need to remember multiple passwords and manually enter login credentials to check their balance, transfer money

SirmaBC offers additional app channels for uninterrupted mobile banking. MBank’s ‘SMS channel’ facilitates mobile banking for users with no internet access and the ‘WAP browser based channel’ facilitates banking without any software installation.

To highlight SirmaBC as a result-oriented solution provider, Alexiev recalls the success story of implementing a contemporary mobile banking platform for Allianz Bank Bulgaria to respond to their growing business. As part of ANI (Allianz New Image) project to modernize operations, the bank decided to include mobile banking with multiple features to handle the large volume of account holders. As a solution to the requirement, SirmaBC implemented MBank with an array of operations including balance inquiry, transfers, and payments—offering a single-window approach for easy banking. The initiative has drastically improved their business outcomes and customer satisfaction.

The company envisions biometrics as an emerging technology to eliminate identity theft and ensure secure password entry. To that end, SirmaBC is developing biometric security paradigms, such as fingerprint login, retina scan authentication, and mobile voice and speech recognition. “Customers no longer need to remember multiple passwords and manually enter login credentials to check their balance, transfer money, or pay bills. Instead, they just need to take thumb impressions or get their eyes detected on the MBank app,” explains Alexiev. “Further, the QR code mobile payments enable smartphones to scan pictures and barcodes to pay invoices. Next generation solutions and applications will include AI-powered voice and chat bots that augment value to financial services.” Moving ahead, “We plan to offer B2B services in addition to enabling P2P operations in mobile applications, reducing payment and billing intermediaries,” he concludes.