Frequently asked questions
What is new for a Bank in your solution? The Bank has his Mobile App, why the bank would be interest in the Messenger Based Mobile Banking System?
Just compare the interface of any existing mobile up with our ChatBank bot and you will immediately see the difference in simplicity and easiness to use!
Other issue is that banking industry is very fast moving toward the environment where it can find most of its customers. This is social networks and messengers (just look around and see what these hundreds of people around you are doing with their mobile phones?). Most of them are chatting and checking social networks account!
We are offering them the banking services in the same environment!
There are more arguments for MBM! I just would like to remind you a history of banking industry development. When PC has emerged some guys started to think how to use it in the “PC banking”. A lot of critics have sad “who needs the banking on PC if you can simply go to the nearest branch and teller in the branch will do everything what you need in most secure way”.
Most banks that would not like to change their perceptions lost a lot of clients who wanted to do the banking home!
After mobile phones have emerged some smart guys have started to think how to use them in the banking. The critics again have tried to warn everybody – “This is a nonsense! How you can do a banking on such small screen and in so insecure channel as mobile phones?”
Again, the banks that have believed these guys lost a lot of clients who wanted to get their banking in their pocket!
Now we see the same story – banks are asking “why they need to enter MBMB if they already got mobile banking?”? Me (and quite a lot of banking industry experts) believe here we will get the same situation as previously with PC and mobile banking!
The banks that will not adapt fast enough to new environment and will not offer to clients the new interaction channel – simply will loose customers in the future!
How it will help the bank in business?
First of all MBMB is one of the cheapest channel to interact with bank customers. Only this factor makes sense to use it by the bank! As you possible know traditional banks are loosing customers to non-banking companies and non-banking loan offices, mostly because these players are approaching retail customers in non-traditional ways that are better accepted than banks are using (I mean organizations like Apple, Google, PayPal, etc.). Many big banks are trying to catch the winners, but it seams they have understood the truth too late. ChatBank is bank-centric, therefore It possible will help to many banks (especially small and middle sized) to survive in competition against non-banking payment and credit organizations, due to fact it is expanding the reach of bank to the customers in the same environment where these non-banking organizations are acting, but offering more functions and more cheep services than simple “electronic wallets”.
New business channels bring new approaches to marketing and products promotion!
Is it possible to integrate telegram based MBMB in other messengers (WhatsUp, Facebook messenger, Viber)?
The only reason we have chosen Telegram and not say WhatsUp or Facebook Messenger is the fact that these platform do not allow till now the third companies applications (bots) would be run on these messengers. Facebook has promised it will allow such application in 2nd quarter of 2016. I suppose other popular messengers will follow FB. The same day this will happen ChatBank solution will become available on these messengers, due to the fact we have already developed the necessary gateways.
Where the transactions related data would be stored?
Neither Telegram, nor ChatBank will store any personal data on own servers. We are functioning as a “pipeline” routing communication between the bank and its customers! You can read about the subject (Telegram) in Internet (also in our interest group on LinkedIn).
How and who will add users of MBMB to the network?
All channels should reference to Telegram. There will be one or number of Telegram channels to broadcast product news and proposals – and also reference to transactional bot.
What would be the license fee and application support fee for the bank?
Because we got build-in accounting we can consider different policy in regards of monetizing the solution. For sure we will need different approach in different countries. The model will be based on the license fee, annual support fee and for some countries – transactions fee.
What is the business model for local partner?
Business partner provide the integration and support of the solution. According to the agreement, all payments are shared between partner and the company.
How to start with it? What is the requirement from bank information system?
We will provide our partner or the bank itself with API to ChatBank server. The integration can be done either by partner or by the bank itself (with our support). The integration is quite simple and do not require very high qualification from installers! In general we evaluate the integration will require between one and two months!
How many banks can be connected to the system using the same messenger?
Each bank will get own bot (application) personalized for him. There could be as many banks as you want.
How does accounting and reconciliation work?
All transactions are kept in the banking system – so the accounting and reconciliation processes remain the same.
Where are the customer details / account balances stored?
For existing bank?
For challenger bank?
All transactions, accounts and balances are kept in the banking system. The solution supports channel activity of the customer.
How do you interface with existing core systems in the bank?
There are many ways to integrate ChatBank with existing BIS. For the customers who are interested in the doing the job by themselves we provide API into our server. We also accept the order to make the integration on the contractual base (in this case the customer shall provide us with their APIs).
Is it a cloud based application or can we install on the customer servers?
Both ways are possible!
Can a specific bank customize logo?
Yes, the bot logo can be customized by name and specific logo by customers itself.
Is it a multiple language application?
Yes, We already supporting (in our Model Bank @chatbankbot): English, Russian, German, French, Mandarin, Vietnamese, Spanish (in development).
Any other languages can be added fast and easy!
What is the pricing model?
It can be fixed price or transaction-based fee, according to the agreement.
Is it possible to have some workflow features ” review + accept + …FWD to … on the Bank’s side?
Yes, the customer gets special tool “Customer Dashboard” that allow him to view statistic of all operations and also manage the activity.
Some countries get banking security laws. They will want to know more about security / encrypting of data / what do you have about that?
There is very extended information about Telegram security on the Telegram web site” www.telegram.org
In regards of security of ChatBank solution we would like to inform you about following. The integration of ChatBank with banking system is done using web-services and secure communication protocol https (what is standard approach today in mobile banking systems)
Will messenger banking replace the mobile banking?
We do not think so!
First of all it is important to understress ChatBank doesn’t compete with mobile banking! It is not alternative to mobile banking!
It is simply different channel.
Like Bank Branch and ATM!
Some customers prefer to go to the branch, some – likes to go to ATM!
Absolutely the same situation is with mobile and messenger banking! If you just need one simple operation to make on the fly – you chose messenger banking, if you get more time and possible you need better service and you need more just one function – you chose mobile banking application!
We also suppose messenger banking could “sit on the top” of mobile banking – enhancing the functionality of mobile banking and attracting additional customers to the bank, due to the fact messenger banking is appealing to the customers in the environment where they spend most of their time – in social networks!