System, Method and Computer Program for Providing Mobile Access to Financial Data

Technology Description

The technology is a mobile banking software application, called BOM Passbook, which is designed to permit banking customers to use their mobile telephone handsets to access their bank accounts, to receive information about completed banking transactions and to perform routine banking transactions.

The software is designed to work across all mobile telephone platforms and service providers and does not require any changes in the basic architecture of the handset. The software is designed to transmit and receive information through standard SMS (Short Message Service) communication protocols. Server software at the bank is designed to communicate with all handsets and to interact with the bank's existing information systems to complete the required banking transactions.

The features and functionality of BOM Passbook is intended to address the issue of serving the unbanked in India. Traditional banking business practices in India have relied on physical "brick and mortar" locations to meet the needs of a predominantly urban clientele. Such business practices have proved to be too costly to provide services to potential customers in rural areas of India. As a result, the majority of rural Indians have not been reached by India's traditional banks due to the high cost-per-transaction of providing services to rural customers who possess low-value accounts. Through the use of remote banking software services, BOMTech, along with other competing service providers, seeks to develop new, less expensive banking solutions that will enable Indian banks to reach out to rural banking customers in a more cost effective manner.

BOM Passbook is designed to provide users with a visual presentation of recent transactions that resembles a paper account passbook. This is done by properly sequencing transaction SMS messages in chronological order to present the effect of a normal paper passbook.

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