Project description
New banking tools to enhance customer services
The application of new strategies and operating models in the financial sector is making it possible for banks to respond to the financial technological advances. But it’s not easy. Banks are tied to legacy systems that are not capable of exploiting the potential benefits. The EU-funded B-SOCIAL project will roll out new banking solutions aimed at developing a banking environment that will enable a new level of interaction between banks and users in a secured environment. Bank transactions will become easier, friendlier and safe via the digitalisation and ‘socialisation’ of banks. Overall, the project will facilitate the digital transformation of the banking sector, which is necessary to reduce costs and increase efficiency.
Objective
The financial sector is in the middle of a digital revolution: the financial technology (FinTech) age. To maintain customer relationships and stay relevant, banks have to respond to these changes with new strategies, capabilities and operating models. However, banks are not meeting such challenge, with rigid legacy systems incapable of leveraging the potential benefits. At the same time, there is a strong disconnection between people’s social lives and their financial lives. Most users think that interactions like phone contacts, branch routine, branch sales and ATM operations are “annoying”. To solve these problems, Memento wants to commercialise the next generation of banking solutions, BANK SOCIALISER (hereafter, B-SOCIAL), a payment environment in the spirit of social networks that will enable a new level of interaction between banks and users. With our solution, users can enjoy the easiest and most friendly way of conducting their common banking operations through a 100% secured connection. At the same time, banks are able to ‘socialise’ their banking philosophy in a quick (3 months) and seamless (easily integrable) way, enabling higher customer engagement and retention, as well as a better knowledge about users through data acquisition and exploitation. B-SOCIAL will be launched in a promising scenario, where legislations and public initiatives are favourable for solutions like B-SOCIAL, which aim the proper digitalisation and ‘socialisation’ of banks. Thanks to this convenient scenario, investments in FinTech have grown from €1.7 billion in 2010 to €17.8 billion in 2015. To take advantage of this opportunity, we need to conduct a series of technical and commercial activities to prepare the market maturity of B-SOCIAL: idea to concept (Phase 1), demonstration of commercial potential (Phase 2) and commercialisation (Phase 3). Thanks to these activities, we estimate to generate cumulative cash flow of near €30 million by 2024 as well as 38 new job positions.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
- social sciences political sciences political transitions revolutions
- social sciences economics and business business and management commerce e-commerce
- engineering and technology electrical engineering, electronic engineering, information engineering electronic engineering digital electronics
- social sciences economics and business business and management employment
- humanities philosophy, ethics and religion philosophy
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Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
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H2020-EU.2.1.1. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies - Information and Communication Technologies (ICT)
MAIN PROGRAMME
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H2020-EU.2.3.1. - Mainstreaming SME support, especially through a dedicated instrument
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Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
SME-1 - SME instrument phase 1
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Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) H2020-SMEInst-2016-2017
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Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
105 REYKJAVIK
Iceland
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.