Mobile banking has been around for years, but certain things, like mobile payments, are just starting to really take off. Other things, such as mobile banking platforms running on Google Cloud are uncharted territory. It won’t be that way for much longer though as Norwegian startup Auka will be bringing their mobile banking platform driven by Google Cloud to Europe, and they’re positioning the product at retail banks in the regions. While the platform could have many uses for banks throughout the countries of Europe who may not already have a system in place, mobile payments would likely be a large or even priority focus for what Auka could deliver to the banks that participate in its service offering.
Auka will end up releasing their mobile banking platform from today for banks in European countries which have not yet deployed a mobile banking system of their own. As most major banks are the ones who would typically release a mobile banking system of their own for customers, it makes sense that smaller banks may not be able to deploy the same kinds of systems due to the nature of time and the amount of money needed. Some banks of course, may simply not have put in the work to get the mobile banking off the ground for whatever reason, and Auka’s solution looks to change that.
The rise of solutions such as Auka are also a result of the changing regulation landscape in the region, as EU regulation wants to aim for an open market standard in this particular area of industry. Not only does using something like what Auka is offering save banks time, but likely money as well as they won’t have to spend on cost for developing a system themselves which could be more expensive than paying for a pre-made platform setup. According to Auka, a bank who would choose to go with their Google Cloud-powered system could have end-to-end integration setup within a 90-day period, complete with real-time peer-to-peer payments, merchant services, and point-of-sale solution all with included branding for the bank. While this marks a huge step forward for systems like this, it’s also a fairly large win for Google Cloud.