PSD2-based mobile banking solution for financial institutions
If mobile banking was rather a nice-to-have a few years ago, now it is a definite must-to-have. In this case, the rapid digitalization of financial institutions and evolving consumer needs dictated the mobile banking increase.
From the financial institutions’ perspective, the recent Economist’s report 2021 shows that 47% of banks see their business evolving into actual digital ecosystems, which offer own or third-party banking products, including mobile banking applications.
When analyzing the developing consumer needs, the latest BCG study shows that nearly 30% of the world’s population uses mobile banking.
The largest in the country – Lithuanian Central Credit Union (LCCU) comprises 44 unions throughout Lithuania, forming the LCU Credit Union Group that serves over 121 thousand customers across different country regions. A significant part of credit union clients still carries out day-to-day transactions at their credit union’s customer service desk. In contrast, around half of customers use e-banking services.
Given such different customer habits, the LCU Credit Union Group has not yet had its smart app to meet the needs of customers using mobile banking services. Therefore, this was one of the key reasons behind LCCU’s decision to implement the mobile app development project.
Also, sometimes a mobile banking development may take up to 1 year. With over 30+ years of experience implementing IT solutions in the financial sector, Baltic Amadeus has proposed implementing a mobile banking app development project to move LCU Credit Union Group services’ accessibility and quality to a new level.
Read more about the LCU mobile banking app.
The mobile banking solution developed by Baltic Amadeus is based on the international NextGenPSD2 and Berlin Group standards. Given that the mobile app connects to the central LCU system via an open API, compliance to the international standards ensures that the product meets the required technical and organisational standards. Also, all the necessary security and compliance elements have been guaranteed in the LCU mobile application development process, as the Baltic Amadeus experts who developed the LKU mobile app are CISSP and CDPSE certified.
In just over two months, the Baltic Amadeus team developed a PSD2-based mobile banking app with a unique LCU brand design. Baltic Amadeus’ mobile banking solution allowed the mobile app’s functionality to be updated and enhanced to meet the customer’s specific needs. The new mobile banking solution has also enabled the customers of the LCU group of credit unions to use the mobile application on both Android and iOS operating systems.
The mobile banking app developed by Baltic Amadeus is a cloud-based technology, enabling the client to manage the app infrastructure and optimise costs efficiently.
The LCU smart app allows access to payment accounts for both private and corporate customers. Private users of the app can make payment transfers, view the account balance, check the list of payments made and carry out other daily operations with just a few clicks. Also, private customers using the app can call and send a message to their credit union specialist. The current functions of the app are planned to be extended to business customers in the near future.
We are always looking for new ways to improve customer service standards and to help our clients save their time. These are the reasons why it was decided to collaborate with an IT company, such as Baltic Amadeus. We are extremely happy that this collaboration with the team of professionals has already given efficient results.
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