mBank radically changes mobile banking

mBank radically changes mobile banking

mBank launches its new mobile banking and consistently develops its electronic banking. The clients have already used the newly launched innovations such as a loan granted in 30 seconds. Starting today, they may also give a try to mobile banking developed from scratch.

Another component of the new mBank project is mobile banking launched on 19 February 2014. The application was developed from scratch, as was the new electronic platform, and it may proudly carry the “made in Poland” label.Mobile applications: availability, new functionalities and safetySince the very first day, the mobile tool has been available in the versions for three most important operational systems, constituting 99 per cent of the Polish mobile market (Android, iOS and Windows Phone). Importantly, the application for Microsoft platform is mBank’s debut in this field and an answer to clients’ demands. Other software (for Android and iOS) replaces its previous versions.

The project uses the possibility offered by telephones and mobile systems in full. The functionality of the newest Windows Phone application is different from other mBank’s mobile banking versions and offers the features characteristic for this kind of software (for example, the possibility to drag the “tile” with the information about the account balance or card balance to the desktop of the device). All versions of mBank’s application are fully transactional and offer the control over finance in any situation. The mBank’s new mobile banking includes also brand new and unknown elements.

– We have introduced a variety of innovative solutions, thanks to which managing finance is easier and more responsive to user’s actions in the mobile channel – explains Michał Panowicz, the Bank’s Director of Marketing and business development of retail banking. – The mBank’s idea is simple: the application installed on the phone should act as a personal financial assistant. As a result, there is no need to log in on the account in order to learn the account balance or the credit card limit. It is the user who decides how detailed the presented information will be – adds Michał Panowicz.

The user does not have to log in to the application to find the closest ATM, special offers and finally mOkazje (available as a part of the discount platform – now also in the mobile edition). In addition, thanks to the “push” notification functionality, the mBank’s application may actively inform the users that they are close to a place with a special offer. The notifications may also be used for events on the account.The mBank’s application also allows to perform the P2P transactions via text messages, based on the address book in the telephone and obtain a truly mobile loan in 30 seconds, which may be useful, for example in the checkout line.

A significant aspect of the new mBank’s device is its security. In order to pair the application installed on the phone with the client’s account, the process of pairing the device, performed in the transactional system and confirmed with a one-time password, is needed.

More information on the pairing process can be found at www.mBank.pl.

The procedure of pairing is performed for each device separately, by setting a new PIN code (5 to 8 digits) each time. This code is used to log in and authorise the transactions. The advantage of the solution based on the PIN code is a departure from providing the login and password in the mobile application, used in the service of electronic banking, which helps to protect confidential information.

Another security solution is the possibility to set the limits of transaction values independently in the mobile channel, and also the option to block the application on a selected (already paired) device, which may be performed fast in the bank’s transactional service or via mLinia.
– We already have 700 thousand users of mobile banking, which proves that our clients like technological novelties. We hope that this new solution will attract both the existing users and those who until now did not fully use the possibilities of their smartphones – says Michał Panowicz, Director.

New mBank is developingEight months ago mBank launched brand new electronic banking. On the market, along with the new transactional platform, there appeared among others: a unique in Europe discount programme mOkazje, smart transaction search engine and personal finance management. The clients also gained access to virtual facility and may contact experts online 24/7.

In January 2014, mBank extended the project by new innovations, among others: the fastest loan in Poland with the decision issued within 30 seconds, Investment Fund Supermarket in a new version and another version of fast payments mTransfer with the innovative insurance.– the Project of the new mBank is not a one-time undertaking, but a well thought-out process of improving our offer – consistent with the direction in which the needs of modern clients evolve – comments Cezary Kosik, Vice President for retail banking at mBank.70 per cents of logins in the new system

The new transactional service enjoys a growing interest. – At present, more than 70 per cent of clients log in on the new platform, and over the last six months the share of the new website logins in the overall number of logins of all users has increased by 50 per cent. It is a satisfactory result, taking into account that the vast majority of clients still have access to two versions of electronic banking – says Vice President of mBank, Head of Retail Banking, Cezary Kocik.It is worth mentioning that on 10 February access to the new mBank was made available for our clients in the Czech Republic and Slovakia. – We have built and we are developing the system which is to be serving at least 4.4 million users in Central and Eastern Europe – summarises Cezary Kocik.

The key features of the new mobile banking at mBank:
- available for the most popular mobile systems: Android, iOS and Windows Phone;
- fully transactional;offering security thanks to processes of “pairing” the device and the unique PIN code;
- providing access to the most important information and offers without the need to log in;
- mobile mOkazje and geo-location of discounts, branches and ATMs;
- possibility to initiate “push” notifications – new operations, events on the account, mOkazje nearby;
- P2P payments via text messages – based on the recipient book and address bookin your phone;
- the fastest mobile loan in Poland granted in 30 seconds – ideal for the time spentin a queue at the checkout;
- elements of Personal Finance Management (PFM) - possibility to categorise expenses;
- possibility to modify the transaction limits;
- functionalities for Windows Phone: “tiles” with the account balance and recipients on the desktop, cooperation with maps and navigation applications.
***New mBank recognised worldwide

The works on the new mBank lasted for 14 months and were carried out by a 200-person team. The mBank’s modern platform not only enjoys a growing interest among clients, but it is also recognised by international expert bodies.In the global contest “Distribution and Marketing Innovation Awards”, where the best banking projects in the world are awarded, the new mBank was ahead of 158 banks from 54 countries from five continents. The bankers, representing the organisation of more than 3.3 thousand companies, voting in the contest, recognised mBank as the top on-line and mobile bank (“Digital and Mobile Excellence”) and it was granted an award for the institution which radically changes the face of global banking (“The Most Disruptive Innovation”).The project was also recognised in 2013 on conferences of Finovate in London and New York, where the bank was granted the “Best of the Show” award twice. Finovate is one of the biggest global events dedicated to innovation in finance.Technological solutions implemented by mBank were also noticed by TechCrunch, a leading website in technological industry, and by Forrester Research, one of the most well-known and most renowned research and advisory companies in the world with its registered office in the USA.Forrester prepared a special report describing solutions and innovations of the new mBank’s Internet banking. The authors of the report, based on a detailed analysis, recommended using them in similar undertakings to all clients worldwide, i.e. to banks and technology companies. Thus, the mBank’s new Internet banking became the benchmark for this type of projects. This is the first paper of Forrester Research dedicated not only to a Polish financial institution, but also to the Polish Internet industry in general.