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Snapshot: Financial Services


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Welcome to the next edition of our Snapshot Report.
The report will present this industry based on 3 discovered trends/ disruptions:
- PIN alternatives and what are the innovations within payment confirmations
- DIY finances and how financial service institutions are educating their customers on personal finance management and beyond
- Quick access to personal banking via various different mediums
Operating with personal funds and savings on a daily basis is becoming easy, customer-friendly and convenient.

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Snapshot: Financial Services

  2. 2. UNDERSTAND TODAY. SHAPE TOMORROW. INTRODU CTION. Welcome to the next edition of our Snapshot Report. The report will present this industry based on 3 discovered trends/ disruptions: - PIN alternatives and what are the innovations within payment confirmations - DIY finances and how financial service institutions are educating their customers on personal finance management and beyond - Quick access to personal banking via various different mediums Operating with personal funds and savings on a daily basis is becoming easy, customer-friendly and convenient. ABOUT THE SNAPSHOT. In this report we would like to share inspirational collection of cases from the financial services industry. The report will focus on digital transformation of financial services industry from a customer perspective. Fabiola Lewandowska Consultant at LHBS | INTRODUCTION 2 LHBS SNAPSHOT SERIES // FINANCIAL SERVICES.
  5. 5. CHAPTER TITLE CHAPTER TITLE UNDERSTAND TODAY. SHAPE TOMORROW. 5 PIN ALTERNA- TIVES. Financial institutions are trying to renew the customer experience so that it fits the digital era. The obvious field that needs improvement is payment confirmation. Long sequences of numbers like PINs or IBANs need simple and error-proof alternatives. It’s safe to say that financial service providers are pretty creative when it comes to designing those alternatives. Instead of inserting the numbers manually every time they make a payment, customers can now scan their fingerprint, make a selfie, nod their heads, scan their eyes or just swipe their hand over a payment device. All of the methods are secure, partly because they rely on our unique biometrics and partly because they are based on new, safer technologies. LHBS SNAPSHOT SERIES // FINANCIAL SERVICES. PIN ALTERNATIVES
  6. 6. UNDERSTAND TODAY. SHAPE TOMORROW.Source: Mobile Payments with Fitness Tracker Explore the Sign American Express has partnered with Jawbone to develop the first wearable fitness technology wristband that has the capacity to make and receive mobile payments. The Jawbone app allows Amex users to log in with the same password and username that they use on Users then simply choose which of their credit accounts to pair with the wristband. The wristband has mobile payment capabilities along with its various fitness tracker features. 6 PIN ALTERNATIVESLHBS SNAPSHOT SERIES // FINANCIAL SERVICES.
  7. 7. UNDERSTAND TODAY. SHAPE TOMORROW.Source: Nod-to-Pay Glasses Explore the Sign Eaze is a new app that uses voice and image recognition to activate the service, and nodding head gestures to confirm and complete payments. Eaze claims to be the first global payment solution to make its way to Glass, after first announcing its plans back in February 2014. While Eaze has started by integrating with existing bitcoin wallets, Coinbase and, the plan is to add fiat currencies like dollars and euros, and corresponding wallets that hold them, this summer. Among those that Eaze may work with in future is PayPal. The eBay-owned company has been working hard at setting the pace for where payments will go next. That strategy includes wearables, as evidenced by the PayPal integration with the Samsung Gear watch earlier this year. 7 LHBS SNAPSHOT SERIES // FINANCIAL SERVICES. PIN ALTERNATIVES
  8. 8. UNDERSTAND TODAY. SHAPE TOMORROW.Source: Pay by Phone Number Explore the Sign Mobile users are able to make payments by mobile number using Paym. Bank of Scotland, Barclays, Cumberland Building Society, Halifax, HSBC, Lloyds, Santander and TSB have all signed up to the service, assuring customers that it is secure. Anyone wishing to utilise the service must first register for mobile banking with their bank and nominate the account they wish to use, before logging in via their banking app. An existing contact can then be selected for payment or a new contact created before confirming the amount being paid and typing in a reference. A confirmation message will also be sent to the recipient. 8 PIN ALTERNATIVESLHBS SNAPSHOT SERIES // FINANCIAL SERVICES.
  9. 9. UNDERSTAND TODAY. SHAPE TOMORROW.Source: Eye Scanner for Mobile Banking Explore the Sign Wells Fargo has introduced eye scanner biometrics as a way to enter your bank account statement. From now on corporate customers are able to enter their mobile bank accounts using eye scanning technology as a verification of their identity. The bank representatives say that since executive clients open their mobile bank account multiple times a day to monitor cash position, wire money or fund payrolls, the bank's aim was to make it as convenient as possible. “Our corporate clients don’t want to use the same authentication they use to unlock their phone as they would to approve a multi-million dollar payment,” Wells Fargo explains. 9 LHBS SNAPSHOT SERIES // FINANCIAL SERVICES. PIN ALTERNATIVES
  10. 10. UNDERSTAND TODAY. SHAPE TOMORROW.Source: Selfie to Authenticate Payments Explore the Sign MasterCard’s new technology will use front-facing camera and facial recognition technology to authenticate payments. Customers will be able to use the technology in order to make sure their online payments are safe and limit the possibility of a fraud. MasterCard reassures that it will not be storing the selfies, making it impossible for hackers to recreate the face and the payments can also be verified with a fingerprint, just in case the camera will fail. 10 PIN ALTERNATIVESLHBS SNAPSHOT SERIES // FINANCIAL SERVICES.
  11. 11. UNDERSTAND TODAY. SHAPE TOMORROW.Source: MasterCard Partners with Apple Explore the Sign The credit card company has just teamed up with the tech giant to offer its customers Apple Pay services. Clients using MasterCard can now benefit from all the functionalities of the digital wallet services offered by Apple. That means consumers will be able to pay using their mobile devices at contactless points of sale as well as in iOS apps. This strategic move by MasterCard aims to capture purchases that were previously done without credit. For customers, the only restriction is that they would need to use Apple products (iPhones, iPads, Apple Watch) to benefit from the service. 11 LHBS SNAPSHOT SERIES // FINANCIAL SERVICES. PIN ALTERNATIVES
  13. 13. CHAPTER TITLE CHAPTER TITLE UNDERSTAND TODAY. SHAPE TOMORROW. 13 DIY FINANCES. Financial service institutions are increasingly offering their customers opportunities to learn about optimising their finances. There are different platforms to exchange know-how, both in finance and in other areas. Financial service providers even cater to customers by preparing DIY tutorials or giving them cooking advice. Those seemingly unrelated topics have one thing in common. They teach the customers how they can optimise their personal finances. By implementing the learnings, customers become more financially conscious, save money, opt for cheaper alternatives and generally adjust their behaviour. LHBS SNAPSHOT SERIES // FINANCIAL SERVICES. DIY FINANCES
  14. 14. UNDERSTAND TODAY. SHAPE TOMORROW.Source: Open Forum by American Express Explore the Sign AE curates a website with an online forum that has become a go-to place to all information relevant for small businesses. Small Business Saturday by American Express has been such a success that the company decided to expand the format. It now curates a website with valuable advice on how to run small business in America, from accounting to HR. The articles are not promotional, but rather written by experts in the subject. The goal is to provide small business owners with a platform that caters to their entrepreneurial needs in a holistic way. 14 DIY FINANCESLHBS SNAPSHOT SERIES // FINANCIAL SERVICES.
  15. 15. UNDERSTAND TODAY. SHAPE TOMORROW.Source: Society of Grownups Project MassMutual, a financial planning company, offers classes on finance-related topics for young adults. Society of Grownups is a learning initiative that gives young adults an opportunity to take part in informal couple diners, bohemian supper clubs and school classes where they are offered financial advice. The aim is to offer consumers knowledge of financial industry in an approachable way by experts in the field. The classes are a huge success and proved that simple language and informal environment are also appropriate when talking about finance. 15 DIY FINANCESLHBS SNAPSHOT SERIES // FINANCIAL SERVICES.
  16. 16. UNDERSTAND TODAY. SHAPE TOMORROW.Source: Amex Sponsor Nifty & Tasty Videos Explore the Sign “Epic Everyday” is the first sponsored campaign on BuzzFeed's Nifty and Tasty channels. Nifty’s page, for example, describes it as “Money- saving hacks and DIYs for upgrading your home and life that will have you saying, ‘Why didn’t I think of that?’” In cooperation with BuzzFeed, Amex has created 16 short videos with recipes and do-it-yourself projects that are to be published over the course of next few weeks on BuzzFeed’s channels. Tasty channel has over 60 million likes on Facebook, while Nifty, the fastest growing food page, already reached 90 million. 16 LHBS SNAPSHOT SERIES // FINANCIAL SERVICES. DIY FINANCES
  17. 17. UNDERSTAND TODAY. SHAPE TOMORROW.Source: Tips, Facts and Cash Back by Bank of America Explore the Sign BoA released a series of promotional videos that deliver value in exchange for watching. The videos are part commercials and part how-to guides, and are filled with tips and advice on “do-it- yourself” home projects, cooking tricks and other things. The campaign is not only a good way to attract customers to less exciting financial content but it also also proves that Bank of America listens and understands its customers. 17 DIY FINANCESLHBS SNAPSHOT SERIES // FINANCIAL SERVICES.
  18. 18. UNDERSTAND TODAY. SHAPE TOMORROW.Source: “Nudge Theory” Banking App Explore the Sign HSBC is trialling a new consumer mobile app using real-time analytics and "nudge theory" to help its 17 million customers better manage their finances. Nudge theory is the idea that indirect suggestions and alerts can encourage individuals to make better decisions. For example, a mobile notification from HSBC which tells the customer they spent over £100 on coffee in the last month might encourage them to spend a little less on hot beverages. 18 LHBS SNAPSHOT SERIES // FINANCIAL SERVICES. DIY FINANCES
  19. 19. UNDERSTAND TODAY. SHAPE TOMORROW.Source: The Financial Content Marketing Platform Explore the Sign Dianomi is an online platform that distributes sponsored financial content among financially engaged audiences. Diamond aims to reach affluent audiences that are interested in high quality content in the field of finance. The content can include a video, a report, a guide, an article or a product information. These are then seamlessly integrated with a chosen platform and placed next to a contextually relevant stories and articles. 19 LHBS SNAPSHOT SERIES // FINANCIAL SERVICES. DIY FINANCES
  20. 20. QUICK ACCESS Financial statements and bank account information instantly accessible. QUICK ACCESS UNDERSTAND TODAY. SHAPE TOMORROW. 20 LHBS SNAPSHOT SERIES // FINANCIAL SERVICES.
  21. 21. CHAPTER TITLE CHAPTER TITLE UNDERSTAND TODAY. SHAPE TOMORROW. 21 QUICK ACCESS. Constant mobility of consumers means that financial service providers have begun catering to the need for quick and instant access to personal banking. Mobile banking has become part of our everyday lives. Every customer expects to have instant information about their personal financial statements and to be able to manage them without complications. The innovations within the financial services industry enables consumers to instantly get an overview of their banking statements, transfer money quick and easily, check the balance on a personal account etc. Speed and seamlessness of the process are the key. LHBS SNAPSHOT SERIES // FINANCIAL SERVICES. QUICK ACCESS
  22. 22. UNDERSTAND TODAY. SHAPE TOMORROW.Source: Real-Time Transactions by Number26 Explore the Sign Number26 is a new bank concept that wants to fix all the problems customers have with their bank systems. The most important feature offered by Number26 include real-time transactions within the app. Any action can be done instantly and the results are in real-time. Payments appear instantly in the account statement, there is the option to block and unblock a card with a button in the app. The bank doesn't charge for operating the account, as well as transactions - even in countries with other currency. 22 QUICK ACCESSLHBS SNAPSHOT SERIES // FINANCIAL SERVICES.
  23. 23. UNDERSTAND TODAY. SHAPE TOMORROW.Source: QuickCheck App - Instant Access to Bank Account Explore the Sign Erste Bank has launched an app that gives users instant access to the most important financial data from a personal bank account. The app facilitates access to information regarding current account balance, money transfers and payments. The information is displayed in the app without the consumer needing to insert their PIN or other security data. QuickCheck is for informational purpose and is not performing any banking operations, which would require detailed verification. The app is compatible both with a personal bank account and with the My George platform by Erste. 23 LHBS SNAPSHOT SERIES // FINANCIAL SERVICES. QUICK ACCESS
  24. 24. UNDERSTAND TODAY. SHAPE TOMORROW.Source: Bank Account in Under 8 Minutes Explore the Sign The service is available at Comdirect’s website and is fairly intuitive. The customer is required to fill out a form with personal data and confirm it by calling the sales assistant of the bank. The new approach is based on a video call with the bank’s customer support service that verifies if the person sitting at the computer is the person authorised to activate the account. All the additional services and products can be directly purchased on the website. The process takes less than 10 minutes, requires only an Internet connection, doesn’t include any additional correspondence between the customer and the bank and, most importantly, is in line with high-security standards in global online banking. 24 LHBS SNAPSHOT SERIES // FINANCIAL SERVICES. QUICK ACCESS
  25. 25. UNDERSTAND TODAY. SHAPE TOMORROW.Source: Instant Access to All Bank Accounts Explore the Sign Numbrs is a multi-banking app that eases the pain points of conventional mobile banking and brings together all financial accounts in one place to deliver a more comprehensive financial overview. The innovative, well designed, and easy-to-use features offer an effective summary for your credit cards, bank accounts, miles and more cards, etc. Numbrs allows its users to manage their accounts, make payments and transactions from within the app and issue new bank statements. At present, the app is available in Europe and will be soon entering the US market. 25 QUICK ACCESSLHBS SNAPSHOT SERIES // FINANCIAL SERVICES.
  26. 26. UNDERSTAND TODAY. SHAPE TOMORROW.Source: Facebook Banking by DenizBank Explore the Sign The Turkish bank is the first financial institution to offer extensive financial services via the Facebook platform. To meet the customer's everyday needs DenizBank has opened one of its branches online - on Facebook. By connecting their private bank accounts to this Facebook platform, users can check their financial status, send real money to their friends, apply for loans and qualify for the bank's special discounts. All of this is available without having to leave the social media website. DenizBank claims that more than 10% of its customers use the Facebook bank account. 26 QUICK ACCESSLHBS SNAPSHOT SERIES // FINANCIAL SERVICES.
  27. 27. UNDERSTAND TODAY. SHAPE TOMORROW.Source: Akbank Smartwatch Banking App Explore the Sign The Turkish bank has created an app that gives customers access to their financial information directly from their Apple Watch. The app is being used to capture financial information about the customer, while also allowing them to manage their accounts– access daily statements, convert currency, locate the nearest branch etc. Importantly, the app can withdraw money from ATMs via SMS Pass or iBeacon, making the bank customers' experience more seamless. The app also contains useful tracking and notification functions that monitors spending and notifies users if they are nearing pre-set expenditure limits. 27 QUICK ACCESSLHBS SNAPSHOT SERIES // FINANCIAL SERVICES.
  28. 28. UNDERSTAND TODAY. SHAPE TOMORROW. REPORT TITLE // IMPLICATIONS. IMPLICATIONS UNDERSTAND TODAY. SHAPE TOMORROW. IMPLICA TIONS. One Improve customer experience of payment confirmations by taking advantage of the technologies offered by smartphones Two Find a fun and creative way to educate your customers in finance- related fields so that they can improve their personal finance management Three Take advantage of social media platforms and offer customers the ability to access their finance accounts via those platforms 28 LHBS SNAPSHOT SERIES // FINANCIAL SERVICES.
  29. 29. UNDERSTAND TODAY. SHAPE TOMORROW. Discover ABOUT. Define Develop Deliver ABOUT UNDERSTAND TODAY. SHAPE TOMORROW. 29 We work with our clients to build more purposeful and therefore more profitable relationships with the customers. In a rapidly changing business world, we are committed to watching, listening and translating signs of change into strategic opportunities and powerful ideas for products, services, experiences and communication. LHBS SNAPSHOT SERIES // FINANCIAL SERVICES.
  30. 30. LHBS Put the Title of the Report here HUB. UNDERSTAND TODAY. SHAPE TOMORROW. This case study has been created with the help of the LHBS Inspiration-Hub. The Inspiration-Hub is a service that gives marketing teams constant access to the latest insights and inspiration, so that they can develop more relevant marketing ideas. INSPIRATION-HUB 30 REQUEST A DEMO. LHBS SNAPSHOT SERIES // FINANCIAL SERVICES.
  31. 31. Die in dieser Präsentation dokumentierten Gedanken und Vorschläge sind geistiges Eigentum der 
 LHBS Consulting Berlin GmbH und unterliegen den geltenden Urhebergesetzen. Die unauthorisierte Nutzung, 
 die ganze oder teilweise Vervielfältigung sowie jede Weitergabe an Dritte ist nicht gestattet. LHBS Consulting Berlin GmbH Köpenicker Straße 154  10997 Berlin Germany   IMPRINT UNDERSTAND TODAY. SHAPE TOMORROW. THANK YOU 31 LHBS SNAPSHOT SERIES // FINANCIAL SERVICES.