Masterclassing Connect

Community Bank Selects Mobile Money Solution

David Murphy

Umpqua Bank, an $8.8 billion (5.4 billion) community bank headquartered in Roseburg, Oregon, and a subsidiary of Umpqua Holdings Corporation, has selected Fiservs Mobile Money solution to enable its customers to manage their finances using their mobile device.
Mobile Money is tightly integrated into the Fiserv online banking and bill pay services already used by Umpqua, which will allow the bank to easily extend these applications to the mobile channel. Customerswill be able to use the solution for balance enquiries, transaction history, account transfers, bill payments, a variety of account alerts, and an ATM and branch locater. Mobile Money is a secure application that utilizes security best practices such as data encryption, along with additional risk management safeguards.
Umpqua has a reputation for innovative customer interaction, and it is important that our mobile banking service provide a technologically sophisticated yet user-friendly experience, says Colin Eccles, Executive Vice President and Chief Information Officer at Umpqua Bank. We anticipate a growing demand for reliable and secure mobile financial services, and are confident that this is the right time to introduce mobile banking to our customers.
Mobile Money features triple play technology, that will enable Umpqua customers to access accounts using SMS, a mobile browser, or an application downloaded to a BlackBerry Smartphone or Apple iPhone. Additionally, the RenderRight technology utilized by Mobile Money will automatically customise the user interface for the consumers mobile device, allowing Umpqua to deliver a personalized mobile banking experience to each customer, regardless of their mobile device or carrier.
In addition to Mobile Money, Umpqua also relies on Fiserv for a host of other services, including online banking and bill payment, personal money management, debit card and ATM services. The bank's relationship with Fiserv began in 1990, when it licensed the Premier Bank Platform for core account processing. Umpqua, which has been using CheckFree Web RXP for billing and bill payment services for eight years, expanded its partnership with Fiserv last year by adding Voyager Consumer Banking, Voyager Family Banking and Personal Money Manager solutions, as part of a strategic initiative to enhance its overall online user experience.
Mobile Money fropm Fiserv incorporates technology from Atlanta-based M-Com. M-Com and Fiserv announced their technology partnership in September 2008 under the Mobile Money from Fiserv label. Mobile Money reinforces Fiservs core competency in customer and channel management and, the company claims, is the industry's most complete mobile banking and payments solution, supporting consumers on all three mobile access modes, offering online and offline enrollment capabilities and integrating with core banking, online banking and electronic payments systems.