A new mobile-first banking solution, launched by Compass Plus Technologies, will save FIs both time and money when developing a mobile banking app.  

The traditional approach to designing and launching mobile banking solutions often involves lengthy developments and costly customisations.

The innovative architecture of Pocket Bank overcomes these challenges. The solution incorporates the use of clever applets within its framework; these applets are scripts that enable access to any banking services, alongside any additional products the FI wishes to offer its customers. As such, Pocket Bank enables access to new services astonishingly quickly; all new scripts are plug-and-play and there is no need to redesign the framework of the app, meaning there is no need for the FI to continuously republish their digital banking app in the app store.

The scripts can be written by FIs themselves and tested in a sandbox environment with complete vendor independence. This removes the headaches and complexities FIs face when trying to develop a digital banking app from scratch and maintaining it.

Pocket Bank essentially strikes the perfect balance between reducing time-to-market for launching a mobile banking app, without sacrificing the ability to customise. As part of a larger digital offering, Pocket Bank enables FIs who are both issuers and acquirers, the ability to bring together mobile banking and all models of mobile payments in a financial super app, inclusive of value-add services such as loyalty and rewards (banking or retail), a merchant marketplace, advertising space and more.

“There are several ways of bringing mobile banking apps to market, all of which usually involve complex, costly and time-consuming developments that often take away from the primary business of the FI and turn them into an IT company that is forced into a constant cycle of developing, testing, debugging and maintaining their apps,” commented Alexey Osipov, EVP, MEA & CRD Managing Director at Compass Plus Technologies, who has been instrumental in bringing the new solution successfully to market. “With Pocket Bank, we’ve drawn upon our 30 years of experience in developing innovative technologies to directly respond to the headaches that FIs face. Our new solution allows FIs to focus on their revenue-generating business and innovative financial products – without being sidetracked.”