Malauzai Software has launched SmartwebApps, a platform that brings a native app-like experience to desktop banking for community financial institutions.
Consumers are increasingly receptive to mobile banking, showing their preference for the mobile channel. In fact, in its 2014 Consumer Channel Preference Survey IDC Financial Insights predicted that mobile banking will overtake online banking by 2015. The new product, therefore, offers internet banking functionality while incorporating the user experience of Malauzai’s mobile banking SmartApps.
SmartwebApp offers the same features and functionality no matter how the account holder accesses it, be it through their smartphone or via the browser on their desktop.
Now, banks and credit unions can use one SmartApp across all devices, computers and browsers, giving them the ability to replace online banking with a more cost-effective alternative. Currently, institutions pay a separate charge per user for both mobile and Internet banking. SmartwebApps eliminate the Internet banking fee, drastically cutting institutions’ cost to offer both services.
“Internet banking is marginalizing, so why pay for it?” said Robb Gaynor, chief product officer of Malauzai Software. “With SmartwebApps, banks and credit unions are paying one low price per user for mobile and online banking. It’s like getting online banking for free. The cheaper price, however, doesn’t equal a cheaper product; Internet banking users now have access to features previously only available via the mobile device, such as photo bill pay and debit card management. Account holders get a drastically improved experience while FIs reduce costs.”
“It’s time for Internet banking to evolve,” said James (Chip) Mahan, the founder of the world’s first Internet bank (First Network Bank) and current CEO of Live Oak Bank. “Malauzai has achieved channel parity between Internet and mobile banking in terms of functionality. This takes the industry beyond the chase for similarity between channels and introduces a truly cohesive channel experience.”
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