MCB reaches mobile banking milestone

by Richard Kilner

Story link: MCB reaches mobile banking milestone

Leading Pakistani bank MCB has achieved a substantial milestone, with the MCB Mobile service having handled over US$10m worth of transactions in less than eight months.

In Pakistan banks used a shared platform by Access Group with Fundamo technology, enabling all financial institutions to utilise the same technology to provide services to their customers.

This allows banks to keep their efforts devoted to developing the best products and services possible, instead of needing to consider technological solutions.

Since July last year more than half a million transactions have taken place through the MCB Mobile service.

Qasif Shahid, EVP MCB Bank, has praised the Pakistani regulator for its proactive approach and the adoption of a shared platform, adding that it should be considered a blueprint for other countries.

Recent research by Mobile Marketing Association (MMA) and Lightspeed Research has discovered that mobile banking is rising in popularity in the UK, Germany and France, indicating that this new realm of banking has yet to realise its full potential.