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BANK SOCIALISER: BANKing platform based on SOCIAL media Interactive SERvices

Periodic Reporting for period 1 - B-SOCIAL (BANK SOCIALISER: BANKing platform based on SOCIAL media Interactive SERvices)

Reporting period: 2018-03-01 to 2018-06-30

We had applied to the H2020 SME instrument to develop B-SOCIAL, an innovative banking solution. However, market saturation, high competition, slowing growth and preference for local players convinced us to pivot to a new market.
So, we have decided to use our experience and skill sets in developing a new (but similar in features) product - deed: customer-centric platform for deliveries. The delivery services market met our requirements: high market value, growth rate and volume of customers that current systems are unsuitable for.
While at first these two might seem like different products, given the backend and frontend functionalities involved this will be a seamless transition. Many of the features described have already been developed by Memento for our banking wallet application, Kass.
We studied the target market and competitors. Forecasts predict 93.5 million parcels/yr will be delivered in the Nordics (Iceland, Sweden and Norway) by 2020, of which we will cover almost half (44.75 million). deed will be the only solution for B2C deliveries with a customer and driver app, tracking and rerouting, allowing delivery companies to provide better customer servers support and improving their last mile logistics.
Our technical development plan contains 6 Work Packages. For these we will employ 6 developers, one project and one communications manager.
Most of the main Icelandic delivery players have been contacted and are interested in deed. Pilot projects with them will be undertaken. deed has freedom to operate in the target markets. We will trademark the brand name and logo.
The revenue prospects are positive, with rates of return on investment of almost 11.
The project length will be 24 months, with a budget of almost €1,700,000.
We conclude that deed is well placed to open up a new market for customer service in online shopping, and that it has a great potential to become a market leader, both in Iceland and abroad.
deed is ideally placed to exploit the unmet business needs in the parcel delivery service. Better customer service will mean less revenue lost by delivery companies on failed deliveries, and less time lost by shoppers. Additionally, deed will allow SME retailer to go digital faster and cheaper and give them platform to connect with their customers easier from purchase to delivery in a way that is comparable with large ecommerce players.
Our vision for the future is for deed to become a customer service platform for all delivery processes available for any online shopping operation. This will allow us to move into the brick-and-click market, where the positive effects of the business needs solved by deed will mean many large shops can stay open, increasing employment.