Austin, Texas | May, 2014
Malauzai Software, a provider of mobile banking SmartApps for community financial institutions, has launched its SmartwebApps at FinovateFall in New York. The platform brings a native app-like experience to the desktop, offering the same functionality of Internet banking in addition to the advanced features and user experience of Malauzai’s mobile banking SmartApps. The system was built based on three tenets:
- Mobile Only Experience (MOX) – Consumers have shown their preference for the mobile channel. In fact, in its 2014 Consumer Channel Preference Survey, IDC Financial Insights predicted that mobile banking will overtake Internet banking by 2015. For this reason, the user experience needs to be designed for the mobile channel.
- Convergence – The SmartwebApp user experience is device agnostic and offers the same features and functionality no matter how the account holder accesses it, be it through their smartphone or via the browser on their desktop.
- Superior Economics – A sophisticated application management system enables a bank or credit union to use one SmartApp across all devices, computers and browsers, giving them the ability to replace online banking with a more cost-effective alternative. Currently, institutions pay a separate charge per user for both mobile and Internet banking. SmartwebApps eliminate the Internet banking fee, cutting the institution’s cost to offer both services by nearly half.
“Internet banking is marginalizing, so why pay for it?” said Robb Gaynor, chief product officer of Malauzai Software. “With SmartwebApps, banks and credit unions are paying one low price per user for mobile and Internet banking. It’s like getting online banking for free. The cheaper price, however, doesn’t equal a cheaper product; Internet banking users now have access to features previously only available via the mobile device, such as photo bill pay and debit card management. Account holders get a drastically improved experience while FIs reduce costs.”
“It’s time for Internet banking to evolve,” said James (Chip) Mahan, the founder of the world’s first Internet bank (First Network Bank) and current CEO of Live Oak Bank. “Malauzai has achieved channel parity between Internet and mobile banking in terms of functionality. This takes the industry beyond the chase for similarity between channels and introduces a truly cohesive, channel experience.”
About Malauzai Software
Malauzai was incorporated in 2009 in response to the growing demand for a technology company that could provide innovative mobile solutions for community financial organizations. As a cool company in a cool town with a focus primarily on community financial institutions, Malauzai looks to provide mobile solutions that will enhance the customer experience ultimately resulting in increased value for financial institutions.