Financial services have always lagged behind other sectors (particularly retail and airlines) in their ability to access and use customer data. So a recent announcement that US-based fintech Plaid is entering the the UK market to offer to fintechs access to the consumer-account data held by established banks and other big players is likely to raise some eyebrows. Plaid has built up a very comfortable business in the US selling software to customers who tend to be challenger … [Read more...] about Plaid enters UK selling bank data to fintechs
AI & Technology
Understanding emotions – moment by moment
Every decision we make is driven by emotion, but until now, measuring human emotion in real time has been impossible. However, according to new research from Rotterdam School of Management, Erasmus University (RSM), it is now possible to successfully track, moment to moment how someone really feels. Esther Eijlers, Dr Maarten Boksem and Professor Ale Smidts have developed a new method to measure and track emotions in the brain using electroencephalography (EEG). Esther … [Read more...] about Understanding emotions – moment by moment
Banks turning to fintech for customer solutions
Banks partnering for the experience Strengthening online security revealed to be a priority for almost two-thirds of banks More than three-quarters (84%) of banks are considering new fintech partnerships in 2019 in a bid to improve customer experience and a real-time response. Kyle Ferguson, CEO Fraedom The research, commissioned by fintech provider Fraedom, also found that other factors inspiring banks to partner with fintechs are better cash and card … [Read more...] about Banks turning to fintech for customer solutions
Patent for tracking time
“By monetizing time with blockchain, DDSS creates a new type of value system to recognize true loyalty through immutable measurement.” Dragonchain has received a USPTO patent for a blockchain loyalty system which tracks and monetises time. The product described in the filing corresponds to the application filed in November 2018 entitled ‘Security Systems and Methods based on Cryptographic Utility Token Inventory Tenure‘. In this, Dragonchain proposed a new value system, ‘Dragon … [Read more...] about Patent for tracking time
Have more sex, urges Jack Ma, to employees working 9 hour days
Monitoring possible effects of Alibaba's global ambition Jack Ma, founder and chairman of online marketplace Alibaba, has been even more controversial than usual recently. At a group wedding celebration of 102 employee couples attended by 10,000 workers, he sparked criticism for advising his newlywed employees to have sex six times in six days. Jack Ma, CEO of Alibaba and probably the world's riches man This is a play on his controversial company motto and work … [Read more...] about Have more sex, urges Jack Ma, to employees working 9 hour days
Yandex offers 10% cash back by cross selling services
Two Russian banks first partners Yandex, which describes itself as a technology company that builds intelligent products and services powered by machine learning, has partnered with two of Russia’s leading banks on a payment card with a powerful reward offering. Alfa-Bank and Tinkoff Bank will be the first to partner with Yandex, and Yandex Taxi will be the first service to be offered with a 10% cash back reward. There are 15 Yandex services, and these will be offered at … [Read more...] about Yandex offers 10% cash back by cross selling services
Google Pay linking to reward imports
Link to Gmail will pull in reward benefits Google Pay is testing linking to Gmail to automatically import loyalty cards, tickets and reward points. According to technologist Jane Manchun Wong the feature first came to light back in February. Wong, says she like to spend her free time reverse engineering popular apps such as Facebook, Instagram, Twitter, Airbnb and Pinterest to discover unreleased features and security vulnerabilities.She searches for new featureshidden in … [Read more...] about Google Pay linking to reward imports
Unisys launches personalised rewards platform
Taking advantage of open banking rules Software company Unisys, which works with 450 of the world’s banks, has chosen two relatively minor UK building societies to launch a new version of its banking platform, using new Open Banking rules offering personalised offers and insight. Open banking rules make it a requirement for financial institutions to share data with other organisations and for banking customers to easily access third party applications and services. Using … [Read more...] about Unisys launches personalised rewards platform
Digital failings impact customer retention
Digital service expectations from customers are very high Financial services firms without a user-friendly digital banking experience are at risk of losing customers. According to findings from a survey of 1,000 UK bank and building society customers conducted on behalf of Fiserv, a provider of financial services technology solutions, customers expectations of digital services from their financial services providers are very high. In fact 82% of respondents said they … [Read more...] about Digital failings impact customer retention
