Fronde Anywhere brings banking app to Europe
Mobile application developer Fronde Anywhere is seeking to branch out into Europe and the USA with an application which it says can re-launch banks’ and mobile operators’ appetites for mobile banking.
Fronde sells a service which integrates a Java app on the phone with a Bank’s existing online or web services platforms, using a two-step software authentication process to allow secure bankin transactions from a mobile phone.
The advantage of this system over previous SMS or WAP based approaches, according to Caroline Dewe (executive vice president, products and marketing), is that banks can integrate the mobile channel into their existing marketing and banking platforms, without having to treat mobile as a stand-alone entity.
Dewed said that Fronde offers a suite of products that banks can turn on, and customize as they like at the service end, but requires only one application download to the handset. A device management tool means the bank’s service will be delivered in the right form factor and means for the phone, OS and software that is applicable. This means that banks can build up services as they like – from simple SMS alerts to full person to person payments being made over mobile – without encountering the user experience issues that dogged early WAP deployments, Dewe said.
Fronde, a New Zealand company, has had success working with Kiwi Bank, and Dewe said that in that case the two local operators (Vodafone and Telecom New Zealand) took an interest in the application – certifying its performance on the network. And Dewe said that mobile operators can see the value of supporting mobile banking, not just through increased data and text revenues, but because anything that builds up trust around the mobile phone and money will be good for the operators.
Fronde is active in mobile payments as well, but Dewe is quick to draw a distinction between the two areas. Asked if she thought customers would like to see m-payments show on their mobile bill, or be deducted straight from a bank account, Dewe said she thought the important issue was not the mode of charging, but to retain trust and avoid bill shock.
When we spoke to Dewe she was in Paris so there is obviously at least one French bank looking into the application. Mobile banking seems such a no-brainer in terms of usefulness that something that can crack the security and useability issues seems to have a good chance of succeeding.
Dewe adds that once banks realise they can control what is delivered, and how, and that they can use the mobile channel to differentiate themselves, and integrate it into their marketing and customer service functions, we could be looking at the next stage of development for mobile banking, an area that has often promised much and delivered little to date.