Session 3 of Day 2 is ALWAYS a struggle. Festivities from the night before catch up to everyone. I see a lot of heads nodding off and people checking their Facebook app as a distraction to stay awake. Ugh…given this, it’s tough presenting on Session 3 let alone Session 4. Some great things were presented in Session 3. Highlights for me include Yseop, SaveUp, Zumigo and….of course…PrivatBank.
Effective big data management, cultivation and actionable reporting are the Golden Idols (think Indiana Jones) for CRM strategies. Banks have so much customer data available to them…and frequently are not easily able to organize it, yet alone create actionable insights. Yseop presented technology that leverages data very impressively with their self-proclaimed “next gen Artificial Intelligence.” Yseop translates customer data into actionable insights for bankers to develop user specific banking products. OK…so what? Yseop goes one step further and develops a call script to help the banker sell. Wow. Wait. What? Did Yseop take customer data, calculate customer needs based on data points . . . to then translate into a call script? YES! How great is that? Very innovative.
I have always been intrigued by how games could be used to engage customers with their finances. It seems natural given all the time people spend staring at their mobile devices engaged in a game. SaveUp rewards certain financial behaviors and rewards the user with points. These behaviors include paying down debt, achieving a savings goal, opening a savings account. As the user collects more points, he/she is able to “purchase” rewards (Starbucks cards, etc) and enter to win a grand prize such as $2M. The interesting element here is that SaveUp has engaged key partners to supply the reward. The big rub will be continuing to find the big prize providers and acquiring new users. Remember, big banks also have these big brand relationships and, if they pull it together, can also begin providing these rewards too. However, the big banks seem to be getting little traction here.
The race for developing a handset mobile wallet has another player in Zumigo. Zumigo provides the required technology for users to securely buy things from their mobile phone. Their technology ties user identity and payment information to a specific device. There is no need for the user to download another payment or wallet app to submit this information . . . the sensitive data is already on the phone. The last mile for Zumigo will be to build relationships with the major handset manufacturers and mobile carriers. This is the same challenge that fellow wallet providers such as Jumio and Loop face as well. Keep an eye on these guys.
OK . . . we all need to admit this. PrivatBank brought down the house. They KILLED IT not only from a technology perspective, but also from a presentation value. Topless ATMs? What!?
In another post I shared early insights into PrivatBank’s quest to present at the show. It all came together for them despite the damage to their machine and broken Google Glass interface. I really liked how a user can access the ATM with a smartphone and withdraw cash. This innovation will make ATMs smaller, less bulky and will help banks tether their products and brand messages to a user’s mobile phone. Additionally, the ATM is powered by an Android device as well. This seems odd. However, in giving this some thought, it shows the elegance of the solution in that it can be run off mobile phone as its brain. I wonder if fixing or updating the ATM is as easy as replacing or upgrading the mobile phone? Could be. Bravo, PrivatBank. Well done.