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MBusines - the new banking for SME

Customer
Commercial Bank Kyrgyzstan
Project manager on the customer side
Stanislav Mukovoz
Chief B2B Digital Officier
IT Provider
System Technology
Year of project completion
2023
Project timeline
September, 2022 - September, 2023
Project scope
100000 subscribers
Goals
The main goal of MBusiness banking for entrepreneurs is to provide convenience and efficiency in managing their business finances. This type of banking service allows entrepreneurs to conduct a wide range of financial operations and monitor their accounts through mobile devices and the internet, offering accessibility and flexibility in managing their business financial flows.
The key objectives of MBusiness banking include:
  • Convenience: Entrepreneurs can conduct financial transactions anytime and anywhere through mobile devices, ensuring convenience and flexibility in managing their businesses.
  • Efficiency: MBusiness banking enables the automation of various banking operations, such as payments, transfers, account monitoring, and card management, enhancing the efficiency of business processes.
  • Security: High-security standards, including two-factor authentication and data encryption, are implemented to protect against fraud and unauthorized access to banking accounts and transactions.
  • Control and Monitoring: Entrepreneurs have the ability to track the financial status of their businesses in real-time, monitor fund movements, and receive notifications about transactions and other financial events.
  • Company and User Management: The platform provides the capability to manage all connected companies and users associated with business accounts in one place, simplifying administrative tasks.
  • Enhancing Competitiveness: MBusiness banking helps entrepreneurs respond more effectively to market changes, swiftly address the financial needs of their businesses, and improve interactions with clients.
In summary, the primary objective of MBusiness banking for entrepreneurs is to ensure simplicity, convenience, and security in managing their business finances, ultimately enhancing the efficiency and competitiveness of their businesses.


Project Results

Key project achievements:

  • Rapid launch of the new banking system.
  • Simplified customer onboarding process through reduced documentation.
  • Seamless migration of existing clients to the new platform.
  • Fivefold increase in the customer base.
  • Establishment of an internal development team within the bank.
  • Optimization of current business processes for enhanced efficiency.
  • Reduction of customer onboarding time from 60 minutes to 20 minutes.
  • Successful creation of a bank business unit tailored to serve legal entities.

The uniqueness of the project

MBusiness is internet and mobile banking designed for legal entities and small businesses. This product allows entrepreneurs to manage their finances, make payments, check balances, receive transaction notifications, and perform many other operations through mobile devices such as smartphones and tablets, using special mobile applications or web applications on any platform.

Within mobile business banking for legal entities, the following services are provided:

  • Payments and Transfers: Users can make business payments, transfer funds between their accounts, and to the accounts of other companies or individuals. It supports document imports and 1C Direct technology. Users can also perform currency conversion at the bank's general exchange rate or individual currency rates. Salary payments can be credited based on payroll statements.
  • Account Monitoring: Entrepreneurs can monitor the status of their bank accounts in real-time.
  • Account Management: Users can manage various bank accounts, obtain statements and references, and manage account details.
  • Card Management: Entrepreneurs can block or unblock bank cards, set limits, and manage other card parameters.
  • Electronic Statements and Notifications: Users receive electronic statements, transaction notifications, and other alerts through the mobile application.
  • Customer Payment Processing: Entrepreneurs can accept payments from customers through mobile devices using payment links in MBANK or QR codes.
  • Company and User Management: Users have the ability to manage all connected companies in one dashboard. Authorized personnel can manage users, their permissions, and signature systems.
  • Security: The application is secured with high-security standards, such as two-factor authentication and data encryption, to protect against fraud and unauthorized access.
  • Consultation and Support: The banking service provides the option to contact banking consultants for assistance and support, as well as to submit necessary documents upon the bank's request.

These services help entrepreneurs manage their businesses more efficiently and conveniently, without leaving their workplaces or being restricted by the limited working hours of bank branches.

Used software
  • microservice architecture
  • backend - java spring
  • frontend - react, flutter

Difficulty of implementation
  • integration with the ABS Bank
  • migration the existing clients

Project Description

The main stages of the project were completed within one year using the Agile/Scrum methodology. The first version was released to customers six months after the project commencement. Subsequently, new functionalities were introduced after each bi-weekly sprint.

  • Payments and Transfers: Users have the ability to conduct business payments, transfer funds between their accounts, and to accounts of other companies or individuals. Features such as document import and 1C Direct technology are implemented. Currency conversion is available based on the general bank exchange rate or individual currency rates. Salary payments can also be processed through payroll statements. Payments can be made in both the national currency and international SWIFT transfers.
  • Account and Business Card Management: The system allows management of accounts and business cards.
  • Customer Payment Processing: Entrepreneurs have the capability to accept payments from customers through mobile devices using payment links in MBANK or QR codes.
  • Company and User Management: Users are provided with the ability to manage all connected companies in a single interface. Authorized personnel can manage users, their permissions, and signature systems.
  • Security: The application is equipped with high-security standards, including two-factor authentication and data encryption, ensuring protection against fraud and unauthorized access.

Additionally, the number of service agreement variants was reduced from four to one universal agreement covering all products offered to legal entities by the bank. An internal document management system based on Jira was established. The account opening time for clients has been reduced to 20 minutes, three times faster than before. A dedicated helpline for customer consultation was launched, and an internal document flow system was implemented within the banking platform, facilitating communication between the client and the bank.

Project geography
Kyrgyzstan
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