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BANK SOCIALISER: BANKing platform based on SOCIAL media Interactive SERvices

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.

Call for proposal

H2020-SMEInst-2016-2017

See other projects for this call

Sub call

H2020-SMEINST-1-2016-2017

Coordinator

MEMENTO EHF
Net EU contribution
€ 50 000,00
Address
BOLHOLTI 4
105 REYKJAVIK
Iceland

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SME

The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.

Yes
Region
Ísland Ísland Höfuðborgarsvæði
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
Links
Total cost
€ 71 429,00