BankWorld SMS

Empowering Mobile Banking for all

Even in the age of smartphones, low-tech solutions such as USSD and SMS remain critical banking channels for many.

According to the GSMA  (‘Mobile Economy 2020, Sub Sahara Africa’) by the end of 2018, smartphones accounted for 39% of total connections in the region and is expected to increase to 66% by 2025. This means that feature phones are still widely used. Lack of data coverage, which may also be costly to access where it is available, means feature phones will remain relevant for a significant portion of the population for some time. Reaching this significant market requires easily accessible and cost-effective technologies. Low-tech message based technologies such as SMS and USSD remain extremely relevant and critical for banks to utilise as mobile banking channels.

The Power of SMS

SMS banking remains the most accessible type of mobile banking for many worldwide.

SMS enables banks to reach new customers, reduce costs, offer convenience and increase revenue.

Traditional banking channels are difficult to serve the underbanked communities where there is limited access to branch, internet and app-based services. According to the Global Findex Report, close to one-third of adults (1.7 billion) are still unbanked. The deployment of a USSD based mobile banking solution targets this sector in a low-cost and highly effective way. With all mobile phones supporting USSD, it requires no client software and offers blanket coverage of the population. SMS is a tool that enables banks to:

  • Reach new customers in underbanked communities
  • Reduce costs with a highly cost effective banking channel using low cost technology, requiring low cost maintenance and remote support
  • Increase customer satisfaction by providing advanced services by SMS that offers an interactive relationship with the bank
  • Create new revenue streams through transaction based services
  • Acquire new customers via P2P payment

A comprehensive range of banking services Platform

SMS Outbound Notifications

  • Salary credit to account
  • Overdrawn account
  • Account balance falling above/below a preset amount
  • Currency rate fluctuations
  • Credit Card payments
  • Credit-Debit account movements
  • All transactions on primary account marketing messages (via API)
  • Bank notifications, e.g. warning of phishing attacks
  • Marketing campaigns to customers, e.g. promoting a new product
  • One Time Password (OTPs) for secure access to digital banking
  • Fraud alerts, e.g. if ATM card is used with incorrect PIN number
  • Personal and seasonal greeting messages

SMS Inbound Notifications

  • Mobile phone top-up voucher request
  • Individual account balance enquiry
  • Account balance enquiry for all customer accounts
  • Net balance enquiry
  • Customer net position
  • Paper statement request
  • Utility bill payments
  • Third party payments
  • Fund transfer between own accounts

Powered by

Digital Banking Platform

BankWorld SMS is underpinned by a powerful Digital Banking Platform – BankWorld – enabling banks to offer banking services across the most critical and relevant banking channels today:

Serving over 100 banks in 60 countries

A world leading vendor in the Digital Banking Platform market, we uniquely offer the broadest range of physical and digital banking channels today.

© CR2 2023