WASHINGTON – mFoundry will launch a next generation mobile platform at today’s BAI Retail Delivery Conference the company says offers credit unions and banks new mobile banking revenue opportunities.
Called Fin.X, mFoundry’ s new platform is designed to give financial institutions a choice among different developers of mobile apps for remote deposit capture, funds transfers, mortgage rates, insurance quotes, account opening, gift card issuance, merchant funded offers and barcode scanning.
mFoundry said it has already gotten Diebold, Dwolla, Blackhawk Network and Micronotes to participate in its network. Diebold offers a range of video and other self-service technology. Blackhawk Network is a gift card distribution network owned by Safeway. Dwolla is an online and mobile payments provider and Micronotes is a digital sales company that uses “big data” and one-on-one interviews to aid cross selling. mFoundry says it is offering services from 30 providers across 14 separate feature categories, and will announce more providers in the coming months.
Drew Sievers, president of mFoundry, said client and user payments for the mobile applications would depend on the feature, such as revenue sharing among stakeholders in a gift card product. mFoundry, which already has about 800 credit unions and banks among its mobile banking clients, hopes to tap into what is expected to be fast growth of mobile banking to offer ancillary value-added services via the mobile channel.
“The future of mobile banking is how you generate more revenue for the financial institution. It’s not about saving money – mobile banking pays for itself. It’s about making it a revenue generating tool,” Sievers said.