With the rising adoption of mobile technology, the financial industry is facing more demand for mobile solutions for core services, and IBM and Monitise are determined to help the industry in this regard. They recently announced a partnership to deliver cloud-based mobile solutions for the financial-services industry, expanding their global alliance to help banks and financial institutions embrace mobile channels for better customer-oriented services.
The partnership will combine the IBM MobileFirst portfolio and Monitise’s mobile banking and payment portfolio. Financial institutions will get access to data analytics as part of IBM’s Global Business Services initiative. Banks can leverage data-analytics tools to offer consumers targeted services, such as location-based services. This should create new revenue streams for banks and reduce costs through the creation of new digital and mobile money solutions.
Monitise plans to move its production hosting and cloud requirements to IBM. Monitise will also gain access to the IBM ExperienceOne portfolio and the Interactive Experience practice, which delivers customized brand experiences using data analytics. Furthermore, clients will benefit from Monitise’s adoption of IBM BlueMix, a cost-effective development environment.
“Mobile is increasingly becoming the primary way for us to bank, pay and buy,” said Alastair Lukies, chief executive of Monetise. “Central to our strategy and collaborations is a drive to enable the businesses we work with to adopt solutions that help them engage more effectively with existing customers and unlock new commercial opportunities. At a time when money is becoming more digitized, this strategic alliance with IBM will support financial institutions across the world in developing effective cloud-based strategies that make a real difference to consumers’ lives.”
IBM is planning to use its suite of industry-specific apps, called IBM Ready Apps, in a range of businesses, enabling the development of apps related to device management, security, analytics and mobile integration.
“As the market for mobile payments is expanding, we are continuing to invest in the IBM MobileFirst portfolio to address this opportunity,” said Steve Mills, senior vice president and group executive of IBM. “The combination of our capabilities with Monitise will provide value to our clients, enhance the customer experience and drive business growth.”
Both IBM and Monitise have significant experience in the mobile field, and the partnership should help the financial-services industry address consumer demand. The new solution being offered by the two companies will be designed to be flexible in nature and be up to date with trends that emerge in the mobile commerce field. The partnership will give users a chance to evolve with the changing commerce landscape.