TMG Expands Mobile Lifestyle Portfolio
Desiree Fletcher-Hayes (for TMG)
Elvira Swanson, 415-932-2564
(612) 605-6233 (for MShift)
Through partnerships forged with MShift, Inc., and Visa, Inc., TMG (The Members Group) is further expanding its portfolio of products to include mobile banking and transaction alerting solutions, adding more value to the cardholder experience.
MShift Mobile Banking
Mobile banking and payments are growing extensively, driving convenience for consumers, with service options expanding from checking account balances to remotely initiating account transfers and bill pay. Adoption of the technology is estimated by some industry experts to be growing at a double digit pace, surpassing a 15-percent customer penetration rate.
Financial institutions (FI) are quickly realizing the added value of mobile banking – improved customer convenience, speed of information availability and cost savings resulting from mobile integration of consumer and financial services.
To help its customers fully realize the benefits of a comprehensive mobile banking program, TMG has partnered with MShift, leveraging their exclusive patented technology to bring to the table a holistic device, carrier and content agnostic mobile banking solution for FIs.
“Overall, financial institutions are recognizing the power of offering mobile solutions to their customers,” said Jeff Falk, TMG director, Product Development. “Not only does mobile banking offer the potential to improve the bottom line through streamlining of services, it can greatly enhance the customer experience.
“Essentially, mobile banking is empowerment. The ability to be in control of your financial situation, while on the move and without desktop Internet access. Banking without boundaries. It’s powerful,” he said.
MShift technology is used to transform content and data from the desktop to be optimized for the mobile environment, enabling mission critical data, such as banking transactions to occur securely.
The MShift Mobile Banking platform provides a mobile experience optimized for thousands of unique mobile phones, so that regardless of the phone type – Android, Blackberry, Nokia, iPhone or a host of others – the cardholder is able to view key data and complete transactions available on the desktop.
“In recent weeks, we’ve seen the use of data in mobile within the USA exceed that of voice calls. Mobile banking has now transitioned from a ‘nice to have’ to a ‘must have’ feature for financial institutions in America,” said Scott Moeller, CEO of MShift.
“Customers now expect the ability to transact with their financial institution via their mobile phone to be a given. We’re thrilled to partner with TMG in order to offer an easy to integrate solution that engages consumers, improves customer service, reduces costs and drives up revenue through retaining customers and adding new ones that expect mobile banking as par for the course. Phones are no longer just for talking,” he said.
MShift’s patented technology can be integrated into a FI’s existing Internet banking solution without requiring changes to the core processing system. This platform-independent technology, embedded in the MShift engine, enables easier integration and allows TMG to work with all FIs outside of the vendor they use for core processing.
Looking forward, the next phase on TMG’s product roadmap for mobile banking is a downloadable iPhone application delivered via the Apple App Store.
TMG Mobile Transaction Alert Solution
Dovetailing with its mobile banking efforts, TMG has taken steps to make available a transaction alerting service enabled by Visa that can also serve as a mobile fraud-detection measure. The goal – to enable consumers to be an active part of the fraud monitoring process.
The TMG Mobile Transaction Alerts solution provides Visa cardholder’s with the ability to receive mobile transaction notifications in real time, allowing account holders to take immediate action if they believe a fraudulent transaction may be taking place.
“Through this service, cardholders become active participants in managing the payments process,” said Falk. “TMG is placing more control in the hands of cardholders by giving them an earlier view of transactions that may be attempted on their card or account, than would otherwise be possible if they were limited to reviewing transactions only after posted to their statements.”
Alerts are triggered when a transaction meets certain criteria the account holder has selected, including: transaction declined; out of country or card-not-present transaction; gas station charges or transaction exceeding a specified amount.
The alerts – delivered by email or SMS text – are triggered when the transaction reaches Visa’s authorization system and usually are sent within seconds of a transaction occurring. When notified that transactions have taken place, customers can proactively validate the activity conducted on their accounts. If the transaction is not recognized by the customer, the customer can respond proactively to his or her issuing FI.
The mobile transaction alerts service has other customer benefits beyond its use as a fraud mitigation tool, says Falk. Customers may use this service as a financial management tool to improve management of their spending and expenses.
“Rather than waiting to see transactions either via Internet banking or a monthly statement, transaction alerts provide real-time spend tracking to the cardholder, which has become paramount in today’s economy. It’s another touch point to help cardholders stay in tune with where their money is going at the moment its being spent,” he said.
TMG is a wholly-owned subsidiary of the Affiliates Management Company, which is owned by Iowa credit unions and their members. As a financial and credit union service organization (CUSO), TMG is dedicated to providing innovative and flexible card processing and payment solutions to credit unions and financial institutions across North America. TMG’s core products include credit, debit, ATM and a variety of prepaid solutions, as well as online reporting, ACH and ALM services. TMG’s prepaid card products are branded ATIRA. For more information, visit www.TheMembersGroup.com.
About MShift Inc.
MShift, Inc., a privately held corporation, is a pioneer and the leading provider of mobile platform techology for the Banking industry. Deploying its first customer in 1999, MShift now powers over 200 US Mobile Banking applications including 2 of the top 10 banks and over 2/3rd of the top 50 credit unions, which have deployed mobile banking for their members. MShift solutions allow financial institutions to offer their customers a full range of mobile financial services via Internet, SMS banking, and downloadable applications for the iPhone. Proven security, rapid deployment and competitive pricing are among the reasons a growing number of Financial Institutions choose MShift Mobile Banking.
About Visa Inc.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is the world’s most advanced processing network-VisaNet-that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.