Bridgewater, New Jersey (PressExposure) July 15, 2013 -- mBank is a mobile banking application for small commercial banks and credit unions. New Jersey Technology Council recently selected mBank as the "Best Mobile Commerce App".
"We are excited to have received this award from New Jersey Technology Council. They have selected our platform not only for its quality but also for how valuable it will be for the banks needing such solution. NJTC is doing a terrific job in encouraging software companies like ours to produce innovative mobile solutions that benefits organizations and individuals alike. We thank them for recognizing our mobile banking app and value it brings for the target audience." said Tim Miller, VP of Mobile Solutions at Mantra Information Services, a custom software and solutions company.
Recent trends suggest that almost 50% of customers switched their bank because their bank did not offer a mobile banking solution. Big banks like Bank of America, Chase, Citi Bank, and Wells Fargo have already been offering a mobile banking solution which has helped them grow their customer base. Small banks and credit unions on the contrary are struggling to catch up as they do not have resources to build a custom solution on their own.
mBank is a perfect solution for such banks. It includes features that are normally found in application from big banks like account summary, balance transfer, bill pay, branch locator, and check deposit. Building an application like this can take several months of development time and cost a lot of money. Compare to that mBank is a readily available solution that can be implemented in matter of few weeks. With its usage based fee structure and pay-as-you-go model, it doesn't require significant investment.
"It is very simple. Today banks need a mobile banking solution to stay competitive. Otherwise they risk losing their business to other banks that offer a mobile solution. mBank platform can be customized to look like a bank's own mobile banking application and it can be integrated with any banking system that bank may be using. Moreover, mBank uses SSL encryption to ensure secured transactions. To make it even better, we only charge a small setup fees and nominal per user based fees. The total cost of ownership for mBank comes to a fraction of what a bank may otherwise spend on building and maintaining a similar solution on their own. Choice is very clear. With our mobile banking application, we are looking forward to helping our community banks and FCUs sustain their business." Tim added.
Over 1 billion mobile phone users are expected to use mobile banking in next 3 years. That is over 300% growth compare to current usage. Most small banks still don't have a strategy for mobile banking and a solution like mBank will help them meet their customer expectations. mBank is available for iPhone and Android smartphones.