ChallengeStaying ahead of disruptive technology in the competitive fintech sector, while providing bank-grade systems and services that financial institutions can trust.
SolutionVonage SMS and SIP Trunking APIs
ResultsWith the Vonage SMS API's reliable, international SMS capabilities, Auka effectively scaled its user notifications and verification processes. Benefits include: secure user verification via SMS One Time Password (OTP), SMS-based invitations for money transfer recipients who don’t have a bank app, and more.
Providing Value to an Entire Value Chain
With the increasing popularity of the sharing economy and mobile payments, leading Norwegian fintech provider Auka looked to empower financial institutions and retail banks with mobile payment technology.
The Auka cloud-based platform allows retail banks to offer mobile payment capabilities to its corporate and merchant customers with minimal cost, risk and complexity. Auka selected the Vonage SMS API to enable secure user authentication and drive deeper customer engagement.
Equipped with Vonage's reliable, international SMS capabilities, Auka effectively scaled its user notifications and verification processes:
- Secured user verification via SMS One Time Password (OTP)
- Sent SMS-based invitations for money transfer recipients who don’t have a bank app
- Incentivized SMS app download invites for users to invite friends in their phonebook
- Sent real time SMS notifications to alert users of any tech issues or downtime
- Targeted SMS marketing campaigns
- Enabled automatic top up for retail banks to ensure all messages are delivered
Adding SMS capabilities to Auka had a positive impact on the efficiency and usability of the platform. Vonage was key to providing security and driving engagement for all 17 banks running on the Auka platform.
With the addition of SMS-based user authentication, downloading the Auka app became a much smoother, more secure process, providing the critical security needed for both Auka at the banks they serve. In addition, every bank using Auka over-performed on user acquisition targets.