These are all signs technology is not a priority for the vendor. At Jwaala, we have a keen focus on technology, and that means keeping our software stack up to date. Whether it’s keeping up with the latest jQuery for the web user interface, or taking advantage of the latest features in SQL Server, Jwaala incorporates platform updates into it’s design, development, and testing processes.
Jwaala’s solutions are designed to provide a:
- feature rich and modern application
- open and extensible environment
- scalable and robust platform
- secure and manageable system
What makes the Better Banking platform… Better?
For starters, Jwaala! For the past 5 years, Jwaala has been busy redefining the limits of online banking, from simple transaction lists to rich interactive experiences that help people visualize and manage their finances like never before, from wherever they may be.
But integrated functionality, a customizable application and extensibility is what really separates Jwaala from the rest. Traditional online banking solutions allow you to view your balances, transactions and perform money transfers. The rest of the features, like alerts, bill payment, e-statements, and the exciting, new Personal Financial Management (PFM) tools are features that have historically been “add-ons” to existing OB platforms, with little or no real application level integration.
While this “bolt-on” philosophy allows a financial institution to provide these services quickly, it creates a hodgepodge of page styles, features and functionality which impacts, not only, the user’s experience, but also the financial institution’s ability to customize and change the services over time. What’s more, bolting solutions together in such a piecemeal fashion leads to a more costly final solution, from both a monetary and maintenance perspective; multiple applications, multiple vendors, multiple pricing structures, multiple headaches!
Then there’s customization! Traditional OB platforms were not designed with customization in mind. Sure many vendors claim it. But, changing the color scheme, switching out the logo, and turning on or off various features is about the extent of their definition. The truth of the matter is, deep customization is possible, but carries a support burden most vendors shy away from. Once something is customized, there is typically a reluctance to provide support which makes future upgrades difficult. This philosophy has leads to the one-size-fits all approach that we’ve come to see in online banking solutions. To quote Henry Ford “you can have any color you’d like, as long as it’s black”.
Traditional OB platforms have left financial institutions at the mercy of their vendors to deliver the innovative features that online consumers want, today. As a result a growing list of non-bank, internet startups have begun capitalizing on the need and are now challenging traditional banking services. Jwaala is here to change all that!
Better Online Banking Highlights:
Inhouse or HostedJwaala Better Online Banking is available as an in-house (deployed) model or a hosted (ASP) model. With the deployed model, the system runs in the financial institution’s data center. This option is ideal for FIs that prefer to maintain full control of the application and manage things themselves. In addition, this is ideal for FIs that want to make the most of the customization capabilities of the system. With the ASP model, the system runs in Jwaala’s datacenters with point to point VPNs to communicate securely with the FI’s core processing system. This option is ideal for customers that prefer a more hands-off, outsourced solution.
Open and FlexibleIn general, Jwaala does not subscribe to the “one-size-fits-all” approach to online banking. To that end, Jwaala’s Better Online Banking platform is designed from the ground up to be easily customized and enhanced. Customizations can be performed by creating personalized/custom versions of certain features. These customizations are performed in such a way so they are preserved across system updates. New features can be added using a plugin model, again performed in is such a way so they are preserved across system updates. Examples of enhancements made by our customers include:
- Custom loan applications
- Integrating in-house reward system
- Personalized card design wizard
- Whoops NSF fee reveral process
Software StackBetter Online Banking leverages a robust, Microsoft centric software stack. Jwaala is a firm believer in staying up to date with the latest versions of our core software stack. SQL Server 2008 and 2008 R2 are supported, as well as Windows Server 2008 and 2008 R2. Virtualized environments are also supported.
Custom Folders and PluginsPlugins and custom folders provide a well defined way to enhance and extend the functionality of Jwaala’s Better Online Banking. By using custom folders, existing functionality can be tweaked to meet specific needs and requirements. By using plugins, entirely new features and functions can be created and implemented with ease.
Extension PointsExtension points are well defined areas in Jwaala’s Better Online Banking where customizations can be incorporated. For example, if the system needs to check with your card processor to retrieve the latest balances and transactions whenever someone signs in, then the OnSigninSucceed extension point can be used to perform this function. Extension points enable a deep integration and customization across the system. Inside Better Online Banking you’ll find extension points for common activities such as signing in, registering, performing transactions, and synchronizing data back to the core. Some example uses of extension points include:
- Pulling mortgage details from a 3rd party at signin time
- Pulling reward data from a third party in a custom page
- Sending signin details to a 3rd party fraud analytics system
- Synchronizing new user information back to the core system
Fraud Prevention and Security85% of consumers rate fraud as a serious concern. To prevent losses and gain the confidence of your users, Jwaala has integrated advanced security features into the Better Online Banking platform.
Transaction Monitoring and Behavioral Analytics:
Cybercriminals are routinely defeating antivirus/malware, secure clients, authentication services, and traditional fraud monitoring systems to steal millions. Jwaala’s fraud prevention solution dynamically learns your users typical behavior and monitors every session to spot suspicious or abnormal activity. For example, a transfer at 1:15am to a new payee, when that activity has never occurred before, will be flagged. During each session the knowledge learned about the user (i.e. IP, location, time of day, details about the user’s device, etc) is combined with detailed transaction monitoring to determine if the current activity appears normal or suspicious. The result is an extremely effective fraud detection systems that dramatically minimizes false positives.
User level Fraud Alerting:
What if, right now, you received an alert on your phone telling you someone just logged into your account? Jwaala’s integrated custom alerting lets your users enlist in the fight against fraud. They can create an alert for just about anything. Alerting on logins or maybe transfers, enables your account holder to self police their accounts, spotting unauthorized activity immediately. After all, who knows best if a transaction is valid? Jwaala’s custom alerting capabilities can be the most powerful form of fraud detection you deploy.
Enhanced Multi-Factor Authentication:
Strong authentication is too important to be another “add-on”. The Better Online Banking platform includes an integrated Multi-Factor Authentication solution at no additional cost. Better Online Banking provides several authentication methodologies allowing you to implement one that matches your user’s preference.
- Advanced challenge response questioning
- Image passphrase authentication
- Out-of-band SMS or voice passcodes
- Support for any OATH compliant OTP token
To learn more about Jwaala’s Better Online Banking, contact us today.