re: Nokia - 724 Solutions - Banking Transaction Software
>> Nokia Launches Software To Enable People To Make Banking Transactions Through Mobile Phones
March 29, 2001
GSMBOX
Nokia has developed a new software with a view to enabling people to make banking transactions, such as accessing account information, conducting withdrawals, and transferring money, on mobile phones.
The company is also trying to sell the software to banks and financial institutions.
Generally, wireless service providers are willing to offer such services as a way to attract new customers, keep old ones, and even increase the sales of handsets at a time in which the wireless industry is feeling a slowdown in sales which, as for Nokia, will result in a reduction of 400 jobs.
Even Motorola and Ericsson have been hit by this slowdown, which make them fire thousands of employees and cut costs by nearly $2 billion by the end of next year respectively.
But mobile banking applications are not bound to be the right solution to telecommunication hardships.
According to Carsten Schmidt, a Forrester Research analyst, companies will take a lot of time before deciding which of the growing number of services is more suitable for them and how to solve any problems inside the systems but it may, at least, help banks keep the customers they already have.
Nokia Networks has recently announced a partnership with 724 Solutions, a company working already with many European large financial institutions with a view to creating mobile digital signatures and other wireless banking needs.
Jukka Riivari, director of sales and marketing at Nokia, said that this deal with 724 Solutions is beneficial for Nokia since the company is able to offer some new services in comparison with the other wireless banking software packages such as "large-scale funds transfers, loan and mortgage agreements and credit card applications.
Nokia executives expect the networks division to become the No. 1 high-speed, third-generation phone network provider in the world also thanks to these new banking aspirations.
This new service will be offered by carriers starting from next year, but there are some exceptions like the Japanise NTT DoCoMo's intention to launch a service already next month.
Nokia has obviously to face the competition in Europe from carriers offering a similar wireless banking service. In USA it wouldn't have such a kind of difficulty. <<
- Eric - |
