The evolution of banking from its humble origin of branch offices to ATMs

and now mobile apps has enabled digital technology to offer greater experience, frictionless and secure financial transactions.

What is happening?

A Surprise Birthday Party has always been one of Cathy’s wishes. Her 18th Birthday was a week away and Simon had spent a whole month planning for it. They were to fly to the Pearl of Africa for a Safari Camp. All arrangements were done in secrecy until the day of departure from Bangkok to Entebbe when he decided to let the cat out of the bag but he still disguised it as a wedding party for his friend which they both had to attend. She hardly had any time to pack any clothes, but Simon had it all covered. They were to spend a week there and Cathy’s excitement was all over the moon since she had not travelled for quite a long time.

Long story short

they had the time of their life at the Safari Camp. The experience was marvelous and one day to departure, Cathy noticed she hadn’t bought any souvenirs for her friends and so she decided to do some online shopping. Checking out the shopping cart, the total bill is around 500 USD and she asks for Simon’s credit Card to make the payment. He hesitates a bit but because her happiness is his top priority, he later gives it to her. Hold on, some of the 16 digits on the credit card have faded and are not clear because the card is old so she cannot proceed with the transaction and must use her card instead! Well, she does not want to use her own money, but Simon promises her a refund once they fly back to Bangkok.

After successfully

filling in the 16 digits and the CVV written on her card, she was so happy knowing that she is now almost done with her shopping. A message then pops up informing her to input the One Time Password (OTP) that has been sent to her mobile number to verify it is her using her credit card. Oops!! She does not have her sim card, so she is not able to receive that password and can’t continue with the payment. She is now very frustrated with the online shopping and wants to cancel it, but Simon finds a way out and emails the seller to provide her account details so that he can use his mobile App to make the payment. This put a smile on Cathy’s face as she had become hopeless.

Simon then tries

to log into his mobile App and for some unknown reason, he kept putting the wrong password. On the fourth attempt, the bank notices the issue and automatically blocks the App so he basically cannot make any transactions until he contacts the issuing bank.


Holy cow!

Cathy storms out, very upset with this whole process of online shopping and ends up canceling it. The following day being their last day in Uganda, they used the little cash they had at hand and bought a few souvenirs.

Well, that was one hell of online shopping experience! This happens daily and it is one of the problems that Finema is trying to solve.

Wondering how? Well, let us just sum it up below.

Multi-factor Authentication-No more OTPs:

simply put, a user shall be verified using two or more factors. This would solve Cathy’s problem because she would not need an OTP to verify it is her using her credit card.

Private Key access to Mobile Banking:

With our technology, you no longer need passwords to access your mobile banking Applications. No more memorizing secrets. In this way, Simon’s mobile banking experience would have been effortless.

Numberless Credit cards:

All those 16 digits and CVV for what? They can be encrypted in one chip and hence limiting the information on the card that can not only fade with time as seen from Simon’s case but can also be stolen by anyone.

It is high time we embrace all these Technologies for the betterment of our society. Why not get in touch with us and explore further?

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