Sprint to Market Financial Alert Services
Next generation services make real-time money management possible
Overland Park, Kan - (March 20, 2003) - Sprint (NYSE: FON, PCS) is about to change the way banks and credit card issuing companies interact with customers with a new account alert and notification capability that cost effectively fosters customer loyalty and aids money management and fraud detection. The innovative financial services application was announced at the ABA/Foreword Financial Technology Convention March 19-21 in Dallas, TX
Sprint is a major provider of financial telecommunications services. Two new services are slated for launch early in the second quarter - Electronic Notification Services and Mobile Account Access services - which target banks that currently have an on-line banking offering but seek new and innovative ways to attract and retain customers, financial institutions that want to extend services beyond the web, and credit card issuing companies. The services are based on technology developed by 724 Solutions Inc. of Toronto and address industry needs for ways to market core or new financial products while reducing the high cost of servicing account holders, contacting customers or providing routine information.
"Forward-thinking financial firms can gain a competitive edge and differentiate themselves with enhanced service levels," said Kenny Wyatt, Financial segment marketing director for Sprint. "Customer engagement through proactive electronic messaging and notification capabilities is the next generation of service and best means of enhancing the customer experience. This interactivity helps attract and retain both the tech savvy and mobile customer, while fostering customer loyalty."
Electronic one or two-way notification service involves timely message delivery between financial institution and account holder based on user or institution defined compelling events (such as account overdrafts, transaction thresholds, daily balances or transaction type). An alert can be delivered in multiple formats (voice, e-mail or Instant Message) to a phone, computer or mobile device regarding account status or unusual activity regarding purchases or withdrawals. The message can also drive customers to access the institution's other low-cost channels like web sites. Credit and bank account monitor alerts can be set up by either the account holder or the institution. In the case of fraud and collections alerts, the financial institution will generate the alert and deliver it to the contact information on file - usually a telephone number.
Mobile Account Access Service can provide account holders with virtually anytime, anywhere access to information via wireless Internet-ready handsets, PDAs or other smart devices to view account information or initiate transactions. The service works cross-carrier, and Sprint will provide device and browser management, content rendering, testing and integration with financial data stores.
The offering taps into the growing ubiquity of mobile and electronic devices and interoperates with a variety of carrier networks. Once banks and others offer the services, customers can personalize their financial interactions and stipulate how and when they desire notification to either a telephone, wireless phone or computer. Through inexpensive electronic notification, automated messaging and mobile account self-service capabilities the financial institution can be spared many of the costs associated with routine inquiries, such as checking balances, verifying transactions, securing statements and confirming payments.
Both services speed contact and can lower institutional costs as substitutes for time-consuming conventional notifications like mail, or preempt accessing more expensive channels like branches and call centers for routine inquiries. In developing its financial application services, Sprint has aggregated technology investments, managed hosting services, mobile consulting and application partnerships. Financial institutions can forego similar capital expenditures, developmental timelines and application support resources required to build and maintain similar capabilities. Therefore Sprint Financial Application Services can be introduced as a customer value-add while satisfying ROI requirements and minimizing project investment costs.
For further information, call Stephen Cote at 913 762-7272.
About 724 Solutions Inc.
724 Solutions Inc. (NASDAQ: SVNX; TSX: SVN) delivers reliable, scalable technology and solutions that allow mobile network operators to rapidly deploy flexible and open next generation IP-based network and data services. Additionally, the company provides a series of actionable alerting solutions to financial institutions to assist them in lowering operating costs and improving customer satisfaction and retention. 724 Solutions is a global company with development operations in North America, Switzerland and Germany with headquarters in Toronto, Canada. For more information, visit www.724.com
About Sprint
Sprint is a global communications company serving more than 26 million business and residential customers in over 70 countries. With approximately 72,000 employees worldwide and nearly $27 billion in annual revenues, Sprint is widely recognized for developing, engineering and deploying state-of-the-art network technologies, including the United States' first nationwide all-digital, fiber-optic network and an award-winning Tier 1 Internet backbone. Sprint provides local voice and data services in 18 states and operates the largest 100-percent digital, nationwide PCS wireless network in the United States.
For more information, contact:
Avichai Levy, VP Marketing Mobixell Networks
Tel: +972 544 666 785
Avichai.levy@mobixell.com
Kirsten Scott and Kim Smith, éclat Marketing
Tel: +44 (0)1276 486000
mobixell@eclat.co.uk
