SAN FRANCISCO--(BUSINESS WIRE)-- mFoundry, North America’s leading provider of mobile banking and mobile payments, today announced a next-generation mobile banking platform that offers banks and credit unions unique ways to capitalize on the explosive growth of mobile banking services.
A hosted, cloud-based solution, mFoundry’s Fin.X enables financial institutions to deliver significantly more mobile banking features to smartphones and tablets through an advanced extensible architecture. At the same time, Fin.X also offers a newly created, best-in-class Service Provider Network of 30 companies, including FIS, Diebold, Dwolla, Blackhawk Network, and Micronotes.
By adopting mFoundry Fin.X, financial institutions can provide consumers with a comprehensive, flexible mobile banking experience that delivers the industry’s widest choice of services, including remote deposit capture, peer-to-peer money transfer, account funding, mortgage rate checks, auto insurance quotes, account opening, gift card issuance, merchant funded offers, and retail bar-code scanning, among other features.
mFoundry will unveil Fin.X at the BAI Retail Delivery conference in Washington D.C. next week. CEO Drew Sievers will be discussing the new platform during presentations on Oct. 9 and Oct. 10. For a demo or information, please contact email@example.com.
“Fin.X from mFoundry can do it all: Drive profitability, reduce cost, strengthen loyalty, differentiate your brand, and increase top line revenue,” said Drew Sievers, Co-Founder and CEO of mFoundry. “mFoundry’s Fin.X has the potential to transform mobile banking into an institution’s most profitable channel. If your institution has an underperforming mobile solution or has yet to offer a mobile banking solution, you should speak with us. There’s no question we can accelerate revenue and grow earnings.”
Huge Market Opportunity
mFoundry estimates that its new platform can grow per user revenue up to 40% through a combination of increased revenue and cost savings. mFoundry’s new platform packs up to $100 of incremental per user revenue each year1. A September report by Global Information Inc. concluded that financial institutions could grow sales by 60%2.
Mobile banking is one of the largest opportunities in financial services today. Mobile banking usage is expected to triple in the next five years, according to Forrester.3 More than 108 million consumers, or 46% of all U.S. bank account holders, are expected to use mobile banking by 2017, Forrester predicts.
“The power in mFoundry’s mobile banking solution is both the technology architecture and the aggregation of many services in our Service Provider Network,” said Rodney Aiglstorfer Co-Founder and Chief Technology Officer of mFoundry. “mFoundry’s new mobile banking technology can layer on an almost unlimited number of service providers quickly and at minimal cost. That allows financial institutions to enjoy all the benefits expected from a hosted platform combined with all of the upside found in much more expensive custom solutions.”
What’s New in Fin.X?
mFoundry is North America’s largest provider of mobile banking and mobile payments services. The leading software-as-a-service (SaaS), cloud-based mobile banking offering, mFoundry works with more than 800 banks and credit unions nationwide, including Bank of America, PNC Bank, Zions Bank and more than one-third of the top 50 financial institutions in the U.S. mFoundry was behind the nation’s largest, and most successful mobile payments program: Starbucks Card Mobile. mFoundry is headquartered in Larkspur, California, with offices in downtown San Francisco. For more information, visit http://www.mfoundry.com.
1 mFoundry proprietary data and forecast based on actual client experience
2 Global Information Inc., Mobile Banking Crosses the 300 Million Users Mark Worldwide as Financial Institutions Seek to Capture Developing Markets, September 17, 2012.
3 Forrester Research, The State of Mobile Banking, August, 13, 2012