Real Stories in the Financial Sector: Kantox, Payment Innovation Hub and imaginB

Published : 05/14/2018 17:37:48
Categories : Digital Transformation

As part of the "The Digital Transformation in the Financial Sector" programme, in collaboration with Everis, three speakers, leaders of digitalisation initiatives in this sector, visit us.On the one hand, Patricia Jordà, Director of Corporate Strategy at Kantox, explains her case; whereas Silvana Churruca opens the doors to the Payment Innovation Hub; and finally, David Urbano, Director of imaginBank, brings us a step closer to the first mobile-only bank.

 

The Change of Model in Fintech: from "Fin" to "Tech”

Patricia Jordà tells us that Kantox started offering a low-cost solution.There was a lot of evangelising work in order to build customer trust.Moreover, the context of 5 years ago favoured the birth of Fintech companies as an alternative to traditional financial institutions.

The company grew and evolved from a low-cost phase to a more technological phase, the main aim being to provide an added value for customers.They focused on the tech side of things to differentiate themselves.Tech offers dynamism, scalability and flexibility since it adapts to each customer’s needs. 

Patricia Jordà points out that rather than create an ad hoc solution for each particular case, they actively listen to the customer in order to offer them the best and most personalised solution possible.

 

The Future of Payment Methods

Payment Innovation Hub is a multipartner innovation centre comprising Caixabank, Global Payment, Samsung, VISA, Arval and Samsung, who come together to address the challenges and opportunities of emerging payment technologies.It is one of the first European hubs using a multipartner approach and, besides, the first Spanish one specialised in payment methods and commerce.

Why has such an alliance been created?Silvana Churruca, CEO of Payment Innovation Hub, explains that in the current context, where physical and online purchases are merging, giving rise to new players, both technological giants, such as Apple or Google, and agile start-ups are challenging the traditional financial sector.

Payment Innovation Hub, isolated from the processes common to one institution, makes it possible to carry out a double open innovation exercise:

  •         Collaboration: exchange of technology, know-how, points of view, etc.
  •         Learning: based on constant evaluation with users, contact with start-ups, businesses, institutions, etc.
  •         Creation: firstly, detecting opportunities; then, developing ideas; and finally, designing a prototype.

 

With What Aims?

  •         Designing new user-centric products and services.
  •         Accelerating learning and creation.
  •         Promoting new partnerships.
  •         Connecting with the community, accessing new technologies, opportunities and talent.

They currently have several ongoing lines of research, which range from biometrics to the Internet of Things and include the use of new technologies, such as blockchain and machine learning.

Evolution of Mobile Banking and its Role in the New Bank Offices

David Urbano explains the experience of creating a totally different bank, the first mobile-only bank, which while being under the auspices of CaixaBank, has its own purpose and nature.

Beyond the mobile phone…imaginBank is an intelligent bank thanks to:

  •         Behaviour analysis: customers’ behaviour can be analysed, both within and outside the app.
  •         Big Data: allows us to have an exact understanding of the financial profile of each of our clients.
  •         Market analysis: real-time alerts of competitors' offers.

The Case of GINA Bots: the First Financial Bot

Gina is the imaginBank’s bot, created with the IBM Watson technology.Currently, they have managed to have 80% of the questions answered and the remaining 20% are passed on to agents.Gina learns from its answers and responds to users,but it also sells by recommending the best option for each customer.

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