Amdocs has announced the selection of its Mobile Financial Services solution, in association with Triotech’s solution, that will enable SBI to offer mobile financial services to India’s unbanked and under-banked population, using the mobile network of BSNL. The solution will be delivered under a five-year services contract. Amdocs is a leading provider of customer experience solutions.
Amdocs will enable SBI and BSNL to offer customers of any mobile operator in India the option of owning a mobile wallet account. As a result, customers can take advantage of highly secure mobile banking services, such as money transfer and bill payment. Furthermore, the solution will allow SBI and BSNL to support an extended ecosystem of multiple merchants and business correspondents (credit card companies, utility providers, employers) on the mobile network, enabling easy payment and top-up transfers to third parties.
Triotech will own the overall project management, including developing the end customer and retail application and portal, retail channel management and Tier 1 and 2 services.
"Our partnership with SBI is an additional step in bridging the rural-urban digital divide, using BSNL’s ubiquitous mobile network and wide reach of agents," said Anupam Shrivastava, director-CM at BSNL. He further added,"We are also delighted with the coming together of two of the most trusted brands in the field of telecom and banking, which will redefine the landscape of mobile banking and payments. With a business model centering on branchless banking, and strong partners such as Amdocs and Triotech, we can ensure operational reliability and an efficient cost structure that will allow us to offer financial services, affordable for low-income households."
"By coupling market-leading mobile financial services technology with a robust set of dedicated services, we enable service providers and banks to cost-effectively tap into previously unserved markets, with new revenue streams, while enjoying operational peace of mind," said Patrick McGrory, division president for Amdocs’ emerging offerings.
According to Rajesh Kaul, chief executive officer and co-founder of Triotech, "Triotech’s solutions play a significant part in this partnership with Amdocs, BSNL and SBI by completing the ecosystem with end customer and retail application development and service delivery expertise."
Amdocs announced to build on technology from mobile financial services pioneer Utiba, acquired by Amdocs in March next year. Utiba’s technology has been leading innovation in mobile financial services since 2001.