Monitise Adds Another “Branchless” M-Banking Partner

Monitise is putting a Turkish bank in your pocket.

Yesterday (April 13), the no-longer-for-sale mobile banking firm announced that it has partnered with Türk Ekonomi Bankası (TEB) — a commercial bank based in Turkey — to launch a new digital banking service called CEPTETEB (which the press release says is Turkish for “TEB in your pocket”).

Currently available for iPhone and Android — with an iPad version in the works — CEPTETEB offers (in addition to basic mobile banking functions) a simplified authentication process, live chat with customer service, and a QR wallet. The QR wallet itself serves three functions, allowing a CEPTETEB user to send money from mobile-to-mobile, shop with a ‘click to buy’ feature, and withdraw cash from TEB ATMs without a debit or credit card.

The release further notes that the branchless bank allows users to open a CEPTETEB account, provides a “smart search” function related to past transactions, and offers a range of personal preference-setting options.

“As a part of the technology revolution, smartphones, tablets and wearables have changed customer behaviour,” said Gökhan Mendi, Assistant General Manager of Retail and Private Banking Group at TEB, in the release. “We need to adapt to these changing customer needs and offer a digital banking service that suits their ultra-connected lifestyles. At TEB, we have given strategic importance to digital banking technologies and improved them day by day. With CEPTETEB, we are aiming to be a pioneer in Turkish digital banking sector.”

Also quoted in the press release is Fatih İşbecer, EVP at Monitise, who added: “CEPTETEB is an excellent example of an ambitious omnichannel approach that stands to transform customer relationships. TEB’s enthusiasm and support for the mobile channel in particular has meant that we’ve been able to deliver a product that breaks new boundaries.”