Financial Services Tech: mobile banking product uses common platform for 13 banks

mFoundry CEO Drew Sievers says that the benefits of deploying the product in one instance across all the members of the CBC group were dramatically reduced costs that, because of simplicity of the single-platform deployment, will translate into additional future costs savings by "deploying all 13 banks within a single software instance that leveraged a shared short code for text messaging. The result was reduced complexity, lower costs, and an accelerated time to market."

"Other vendors had solutions that would have resulted in 13 times the amount of work and cost," commented Philip Baker, Central Bancompany's SVP of Commercial Banking. "The time and cost savings were dramatic."

Since the launch of all 13 operating banks, CBC's survey of customers shows that user satisfaction with the solution is extremely high. Supporting this result is an incredibly low amount of customer support for each operating bank.

"We were pleasantly surprised at how few calls we have received into our customer contact centre," said Baker. "The impact was the lowest by far of any new product introduction we have done, with an average of less than 0.02 calls per customer per year. It's fantastic."