Ondot Systems, already the winner of the Best of Show at Finovate Spring 2014 in San Jose, California, is showcasing its latest, upgraded payment platform and app at FinovateMiddleEast in Dubai, on 26-27 February and at FinovateEurope, on March 6-9 in London, UK.
Mobile banking has become the preferred channel for consumers to conduct day-to-day business, with 53% of banking by people of all ages in 2016. As a result, financial institutions offer a wide range of mobile-based alerts for their bank accounts and payment cards.
According to new research by Mercator Advisory Group for Ondot Systems, the most popular notifications are those for fraud alerts on credit, debit and prepaid cards, with 55% of consumers using them. In addition, nearly half of all consumers indicate an interest in mobile app-based card controls, up from 41% in 2014. With continued growth expected, this is where Ondot sees opportunity.
Ondot empowers cardholders to ‘remote control’ existing credit and debit cards from a smartphone app. Cardholders can lock or unlock cards; set usage controls by location, merchants, transactions types, and spend limits; plus receive and respond instantly to alerts and offers. Parents are able to control dependents’ spend, and employers can set controls for employees’ purchases.
Through these innovations card issuers reduced fraud costs by 60%, increased card revenue by 50%, and gained market share in high-growth consumer segments. These benefits are delivered via Ondot’s technology, which integrates user context and preferences seamlessly into the universal ISO payment standard for faster time-to-market.
Ondot’s VP of Marketing, Gary Singh, commented on this latest fintech: “The Mobile Banking transition to Digital Banking will accelerate in 2018, thanks to advances in technology that enable banks to offer not just data to consumers but actionable insights. Consumers are increasingly going to be able to make timely, informed decisions about their money and how to protect their financial assets. The added intelligence in the payment system will let payments become instant and invisible, effortless and secure.”
Discussing Ondot’s involvement in both upcoming Finovate events, Heather Stowell, VP of Finovate said: “We are very excited for Ondot to join us at our upcoming events. Finovate strives to show the future of finance and technology, and Ondot’s mobile remote card control is exactly what Finovate audiences like to see on stage.”