Digital Innovation Digest by Initio. News about innovation in Finance industry. This month: "Orange Bank, the beginning of the end?", and "Shared Bank agency".
Digital Innovation Digest by Initio. Special focus on Belgium and Digital Pan European ID.
Swoon is coming in Belgium
ITSME has won 40% of Belgian
Private Bank DELEN take over fintech Swanest
NanoBanco is the access to a new financial system powered by digital assets.
Is a new financial ecosystem oriented to Latin America that allows the inclusion of people generating social impact in the region.
Is a new concept of neobank with the main objective of financial inclusion in Latin America, generating a social impact and helping people to manage their money through a digital wallet that works with blockchain technology integrating digital assets (cryptocurrencies) to allow users make P2P money transfers between countries through the wallet in real time and at a very low cost compared to the options currently offered on the market.
Square supported the creation and implementation of two usage-based insurance products for a major automobile manufacturer in 10 European countries. The products were based on pay-as-you-drive and pay-how-you-drive models, using onboard sensors to monitor driving behavior and mileage. Square helped define the products, adapt them to local regulations, manage impacts of COVID-19, support development, and assist with the commercial launch, completing the project on time despite constraints.
This document provides a comparative analysis of three UK neo-banks: Monzo, Starling Bank, and Revolut. It includes sections on their executive teams, go-to-market strategies, product portfolios, key app features, customer acquisition strategies, marketing and branding, funding and valuation, financial performance, and unit economics. The analysis finds that while all three neo-banks have experienced rapid customer growth, Revolut has achieved customer milestones the fastest and has the highest valuation at $5.5 billion. However, all three currently operate at a net loss due to high operating expenses compared to revenue.
SME neo-banks are digital banks that offer business banking services for small businesses. They have seen growth globally but are most mature in Europe and China. Chinese neo-banks are dominated by large tech companies while other regions have more independent and bank-owned neo-banks. Common services include business accounts, loans, cards and integrated accounting/invoicing. Neo-banks use subscription-based models and generate revenue from transactions, deposits and subscriptions. They have much higher customer-to-employee ratios than traditional banks due to efficient digital operations. India is seeing increased focus on SMEs and has potential for neo-bank growth given the large unmet credit needs of its over 60 million SMEs.
Starling Bank is a digital-only bank based in London that serves retail and business customers. It has grown rapidly since launching in 2014, reaching over 1.3 million retail accounts and 200,000 business accounts. Starling has raised $470 million in funding to develop its banking platform and services. While still unprofitable, Starling aims to achieve profitability by 2021 by improving revenue streams from payments, marketplace commissions, and banking-as-a-service offerings provided to fintech partners.
Digital Innovation Digest by Initio. Special focus on Belgium and Digital Pan European ID.
Swoon is coming in Belgium
ITSME has won 40% of Belgian
Private Bank DELEN take over fintech Swanest
NanoBanco is the access to a new financial system powered by digital assets.
Is a new financial ecosystem oriented to Latin America that allows the inclusion of people generating social impact in the region.
Is a new concept of neobank with the main objective of financial inclusion in Latin America, generating a social impact and helping people to manage their money through a digital wallet that works with blockchain technology integrating digital assets (cryptocurrencies) to allow users make P2P money transfers between countries through the wallet in real time and at a very low cost compared to the options currently offered on the market.
Square supported the creation and implementation of two usage-based insurance products for a major automobile manufacturer in 10 European countries. The products were based on pay-as-you-drive and pay-how-you-drive models, using onboard sensors to monitor driving behavior and mileage. Square helped define the products, adapt them to local regulations, manage impacts of COVID-19, support development, and assist with the commercial launch, completing the project on time despite constraints.
This document provides a comparative analysis of three UK neo-banks: Monzo, Starling Bank, and Revolut. It includes sections on their executive teams, go-to-market strategies, product portfolios, key app features, customer acquisition strategies, marketing and branding, funding and valuation, financial performance, and unit economics. The analysis finds that while all three neo-banks have experienced rapid customer growth, Revolut has achieved customer milestones the fastest and has the highest valuation at $5.5 billion. However, all three currently operate at a net loss due to high operating expenses compared to revenue.
SME neo-banks are digital banks that offer business banking services for small businesses. They have seen growth globally but are most mature in Europe and China. Chinese neo-banks are dominated by large tech companies while other regions have more independent and bank-owned neo-banks. Common services include business accounts, loans, cards and integrated accounting/invoicing. Neo-banks use subscription-based models and generate revenue from transactions, deposits and subscriptions. They have much higher customer-to-employee ratios than traditional banks due to efficient digital operations. India is seeing increased focus on SMEs and has potential for neo-bank growth given the large unmet credit needs of its over 60 million SMEs.
Starling Bank is a digital-only bank based in London that serves retail and business customers. It has grown rapidly since launching in 2014, reaching over 1.3 million retail accounts and 200,000 business accounts. Starling has raised $470 million in funding to develop its banking platform and services. While still unprofitable, Starling aims to achieve profitability by 2021 by improving revenue streams from payments, marketplace commissions, and banking-as-a-service offerings provided to fintech partners.
Neobanks have been the flavor of the season.
We have atleast one catering to the Millennials, Gig Economy / Blue-collared workers, Students, Startups, SMEs, Cooperatives. Exciting times.
http://goniyo.com/
https://sliceit.com/
https://jupiter.money/
http://koppr.in/
https://epifi.com/
https://coop.kred.in/
https://yelobank.in/
http://fampay.in/
https://bankonjuno.com/
https://www.enkash.com/
https://www.bankopen.com/
Note: this may not be the exhaustive list.
#neobanks #ncpi #indiastack #digitalbanking #millennials #openbanking #fintech
#niyo #slice #jupiter #koppr #epifi #kred #yelo #fampay #juno #open #enkash #ezoto
- PSD2 usage through Ibanity grew over 600% from January 2020 to September 2020, with the majority (77-85%) of usage for Belgian banks coming from the big four banks. Usage quality has improved but outages still occur after bank deployments.
- Ibanity saw over 1000% growth in total accounts accessed from January to December 2020, with quarterly growth rates ranging from 65-96%.
- In Belgium, the big four banks currently have around 73-81% of the PSD2 market share according to Ibanity data, with mid-tier banks having 16-21% and neobanks around 3-6%. In the Netherlands, market share is more distributed among
Fidor Bank is an innovative German bank that focuses on digital banking, global payments, and community. It aims to be a trusted partner for sending and storing digital assets. Fidor Bank differentiates itself by incorporating social media features like crowdsourcing, crowdfunding, and a user community. It offers banking services through its FidorPay account, which allows users to gradually provide more information and access more features. Fidor Bank sees opportunities in growing digital markets and aims to be the bank for the digital lifestyle.
Digital challenger banks have raised more capital than any other FinTech vertical in Europe, totalling nearly $500m since 2015. Mired in controversy, acquisitions, mega-rounds, and mega-write-downs, challengers are now headline news in tech/business press on a weekly basis.
These European phenomena are enabled by new regulations that make it easier than ever to start a bank. Will this emerging breed of challengers displace high street banks? Read on to learn more about:
- NPS of European incumbents and challengers
An overview of online-only, VC-backed, and branched challengers — and who is funding them
- Regional and demographic customer surveys, bank ROE, rates for savers
- The fee structure of 8 challengers and 5 incumbents
Public challengers: Metro Bank, Shawbrook, Aldermore, Virgin Money
- An overview of PSD2, a regulation that enables digital challengers
- How incumbents BBVA and Santander are “fighting back”
- Standouts in UI and App store rankings
- Global mobile banking adoption
- Predictions for 2017
Frontline Ventures is a B2B seed VC. Please ❤ if you’ve enjoyed the post and you can sign up for our newsletter at http://frontline.vc/newsletter
Quatro Banking Corporation has defined objectives around secure online payment processing and providing banking services and credit card facilities to customers. It aims to become a leader in online payment processing. The company is raising £16-20 million by offering shares to fund the development of a state-of-the-art electronic banking system and card manufacturing facilities. Projections estimate the e-banking system could have 30 million customers generating over £450 million in annual income within 5 years.
Initio Digital Innovation Digest #11 Q4 2018Initio
Quarterly published Digest of most relevant digital innovations in bank and insurance. This quarter: focus on Ecosystems - Beyond Banking and Insurance
PSD2: It’s Open Banking, not just Open Payments by Paul Rohan - FinTech Belgi...FinTech Belgium
1) The document discusses PSD2 and its implications for open banking in Europe, not just open payments.
2) It analyzes how PSD2 creates new entities like AISPs and PISPs that can extract and use bank customer data, potentially disrupting traditional banking models.
3) It also examines new dynamics in open banking ecosystems, with traditional and challenger banks becoming substitutes, complements, or partial substitutes depending on the services offered.
A primer and overview of Open Banking, also known as Payment Service Directive 2 or PSD2, which went into effect in the UK on 13 January 2018. Produced by Digital Ventures, the Fintech arm of Siam Commercial Bank. Credit to Nat Wittayatanaseth for the research.
Central bank digital currencies - full reserve banks and Libra..?Simon Lelieveldt
Slides prepared for the economists café at the Rabobank, June 26, 2019, with the goal of clarifying how full reserve banken and central bank digital currencies may be niece and nephew while Libra remains an Orphan.
FinTech, from 'Nice to Know' to 'Need to Know'Robi Dattatreya
September 2015 Total Solutions and Innopay presented the results of a survey among corporates on their views towards Fintech. 70% of the corporates are following the B2B FinTech market, but have not engaged yet. The two main reasons not to engage are 1) lack of sufficient knowledge about, and insight into the impact of using FinTech solutions, and 2) concerns about the continuity of FinTech company.
Innovative companies have already embrased FinTech. The comming years the early majority will onboard.
My slide deck on VC investment in the blockchain and cryptocurrency space globally, recent regulatory developments in Southeast Asia, and a summary of enterprise-grade blockchain solutions launched in Thailand. Presented 26 April 2019 at the Fintech on the Block networking night and fireside chat in Bangkok hosted by Bitkub. Many thanks to Vasharada Lapcharoen of Digital Ventures, who did much of the research and created many of the slides.
Payment Services Bank; the challenger banksSamuel Olaegbe
Payment service banks (PSBs) in Nigeria have the potential to significantly increase financial inclusion and disrupt the traditional banking sector. PSBs will focus on serving underbanked populations through digital financial services and partnerships with fintechs. They could capture a substantial portion of fees from payments and transactions. However, PSBs face challenges in areas like customer acquisition, capital, and regulatory compliance. Traditional banks may respond through collaborations with PSBs or accelerating their own digital offerings.
Fidor TecS enables disruptive banking
Fidor combines a full banking license with its own technology: a strong focus on APIs ensures meeting the demands of the 21st century digital consumer globally and profitably. Fidor serves in a unique way the digitalized banking world to “make this bank your bank” through its open banking APIs.
Be a part of reshaping the post-crisis banking industry through cutting edge technology instead of doing the minimum to be compliant. Educate and integrate your customer through your own community of loyal customers instead of preying on financial illiteracy. The Fidor Operating System fidorOS allows you to do just that - and much more.
fidorOS is designed to work seamlessly with existing core banking system. It not only provides all the basic banking functionalities but it also is expandable, thanks to its modular design.
It also bridges traditional banking products like account, payments, deposits, loans with new banking products like P2P lending, crowd lending, social trading, virtual currencies and Ripple.
A completely new technology that is not tied to any legacy code. Flexible enough to be used on nearly any core banking system and powerful enough to be used by banks as white label.
Embedded Finance - the $7 Trillion market opportunitySimon Torrance
Embedded Finance is a new way for companies across all sectors to create and capture more value. It allows any brand to create and sell attractive financial services (payments, credit, insurance, investments, savings) either as invisible native components of, or add-ons to, their customer experiences. This helps them to increase loyalty and/or generate new high margin revenue in new ways. For the (software) companies who enable Embedded Finance, this offers a very exciting new market.
The document provides an overview of the business model of Global Payments, a leading payment processing company. It discusses Global Payments' value proposition, key activities, resources, partnerships, and revenue streams. It also compares Global Payments' business model to its competitor, First Data. Finally, it proposes an innovation idea of creating an online customer forum to improve customer retention.
Shailesh Grover of Barclays presented on electronic identity (eID) and its role in business growth and innovation. Currently, individuals maintain separate identities for different aspects of life, but the future envisions a single, unified identity that can be used across contexts. This would streamline customer experiences by reducing paperwork and allowing customers to access services more easily. It would also shift power to consumers by giving them more control over their identity and data. However, key changes are still needed, including aligning regulations around identity processes across borders and aspects of life. A unified eID system could create a more frictionless experience for both consumers and businesses.
Quatro Banking Corporation is launching an investment opportunity to raise £16-20 million for an innovative e-banking project. The document outlines Quatro's mission to create a secure online banking system without physical branches that allows customers to access and transfer funds electronically. Investors who purchase shares in Quatro Finance Ltd. will benefit from the projected rapid growth of the e-banking system over the next 5 years, with customer accounts expected to increase from 1 million to 30 million and annual income projected to rise from £15 million to £450 million. The investment covers development of the e-banking technology as well as physical assets like a card manufacturing facility.
Zvilo aims to become the first major challenger bank in the Balkans by offering digital financial solutions and disrupting outdated banking. They plan to focus on countries like Kosovo, Albania, North Macedonia, and more. Zvilo sees an opportunity due to high banking fees, poor user experience from incumbents, and a large unbanked population. Their strategy is to partner with retailers to offer supply chain financing and promote consumer banking to access customers. Financial projections show growing revenue streams from supply chain financing, consumer banking, money transfers, and interchange fees to reach over €66 million in revenue by year five.
Neobanks have been the flavor of the season.
We have atleast one catering to the Millennials, Gig Economy / Blue-collared workers, Students, Startups, SMEs, Cooperatives. Exciting times.
http://goniyo.com/
https://sliceit.com/
https://jupiter.money/
http://koppr.in/
https://epifi.com/
https://coop.kred.in/
https://yelobank.in/
http://fampay.in/
https://bankonjuno.com/
https://www.enkash.com/
https://www.bankopen.com/
Note: this may not be the exhaustive list.
#neobanks #ncpi #indiastack #digitalbanking #millennials #openbanking #fintech
#niyo #slice #jupiter #koppr #epifi #kred #yelo #fampay #juno #open #enkash #ezoto
- PSD2 usage through Ibanity grew over 600% from January 2020 to September 2020, with the majority (77-85%) of usage for Belgian banks coming from the big four banks. Usage quality has improved but outages still occur after bank deployments.
- Ibanity saw over 1000% growth in total accounts accessed from January to December 2020, with quarterly growth rates ranging from 65-96%.
- In Belgium, the big four banks currently have around 73-81% of the PSD2 market share according to Ibanity data, with mid-tier banks having 16-21% and neobanks around 3-6%. In the Netherlands, market share is more distributed among
Fidor Bank is an innovative German bank that focuses on digital banking, global payments, and community. It aims to be a trusted partner for sending and storing digital assets. Fidor Bank differentiates itself by incorporating social media features like crowdsourcing, crowdfunding, and a user community. It offers banking services through its FidorPay account, which allows users to gradually provide more information and access more features. Fidor Bank sees opportunities in growing digital markets and aims to be the bank for the digital lifestyle.
Digital challenger banks have raised more capital than any other FinTech vertical in Europe, totalling nearly $500m since 2015. Mired in controversy, acquisitions, mega-rounds, and mega-write-downs, challengers are now headline news in tech/business press on a weekly basis.
These European phenomena are enabled by new regulations that make it easier than ever to start a bank. Will this emerging breed of challengers displace high street banks? Read on to learn more about:
- NPS of European incumbents and challengers
An overview of online-only, VC-backed, and branched challengers — and who is funding them
- Regional and demographic customer surveys, bank ROE, rates for savers
- The fee structure of 8 challengers and 5 incumbents
Public challengers: Metro Bank, Shawbrook, Aldermore, Virgin Money
- An overview of PSD2, a regulation that enables digital challengers
- How incumbents BBVA and Santander are “fighting back”
- Standouts in UI and App store rankings
- Global mobile banking adoption
- Predictions for 2017
Frontline Ventures is a B2B seed VC. Please ❤ if you’ve enjoyed the post and you can sign up for our newsletter at http://frontline.vc/newsletter
Quatro Banking Corporation has defined objectives around secure online payment processing and providing banking services and credit card facilities to customers. It aims to become a leader in online payment processing. The company is raising £16-20 million by offering shares to fund the development of a state-of-the-art electronic banking system and card manufacturing facilities. Projections estimate the e-banking system could have 30 million customers generating over £450 million in annual income within 5 years.
Initio Digital Innovation Digest #11 Q4 2018Initio
Quarterly published Digest of most relevant digital innovations in bank and insurance. This quarter: focus on Ecosystems - Beyond Banking and Insurance
PSD2: It’s Open Banking, not just Open Payments by Paul Rohan - FinTech Belgi...FinTech Belgium
1) The document discusses PSD2 and its implications for open banking in Europe, not just open payments.
2) It analyzes how PSD2 creates new entities like AISPs and PISPs that can extract and use bank customer data, potentially disrupting traditional banking models.
3) It also examines new dynamics in open banking ecosystems, with traditional and challenger banks becoming substitutes, complements, or partial substitutes depending on the services offered.
A primer and overview of Open Banking, also known as Payment Service Directive 2 or PSD2, which went into effect in the UK on 13 January 2018. Produced by Digital Ventures, the Fintech arm of Siam Commercial Bank. Credit to Nat Wittayatanaseth for the research.
Central bank digital currencies - full reserve banks and Libra..?Simon Lelieveldt
Slides prepared for the economists café at the Rabobank, June 26, 2019, with the goal of clarifying how full reserve banken and central bank digital currencies may be niece and nephew while Libra remains an Orphan.
FinTech, from 'Nice to Know' to 'Need to Know'Robi Dattatreya
September 2015 Total Solutions and Innopay presented the results of a survey among corporates on their views towards Fintech. 70% of the corporates are following the B2B FinTech market, but have not engaged yet. The two main reasons not to engage are 1) lack of sufficient knowledge about, and insight into the impact of using FinTech solutions, and 2) concerns about the continuity of FinTech company.
Innovative companies have already embrased FinTech. The comming years the early majority will onboard.
My slide deck on VC investment in the blockchain and cryptocurrency space globally, recent regulatory developments in Southeast Asia, and a summary of enterprise-grade blockchain solutions launched in Thailand. Presented 26 April 2019 at the Fintech on the Block networking night and fireside chat in Bangkok hosted by Bitkub. Many thanks to Vasharada Lapcharoen of Digital Ventures, who did much of the research and created many of the slides.
Payment Services Bank; the challenger banksSamuel Olaegbe
Payment service banks (PSBs) in Nigeria have the potential to significantly increase financial inclusion and disrupt the traditional banking sector. PSBs will focus on serving underbanked populations through digital financial services and partnerships with fintechs. They could capture a substantial portion of fees from payments and transactions. However, PSBs face challenges in areas like customer acquisition, capital, and regulatory compliance. Traditional banks may respond through collaborations with PSBs or accelerating their own digital offerings.
Fidor TecS enables disruptive banking
Fidor combines a full banking license with its own technology: a strong focus on APIs ensures meeting the demands of the 21st century digital consumer globally and profitably. Fidor serves in a unique way the digitalized banking world to “make this bank your bank” through its open banking APIs.
Be a part of reshaping the post-crisis banking industry through cutting edge technology instead of doing the minimum to be compliant. Educate and integrate your customer through your own community of loyal customers instead of preying on financial illiteracy. The Fidor Operating System fidorOS allows you to do just that - and much more.
fidorOS is designed to work seamlessly with existing core banking system. It not only provides all the basic banking functionalities but it also is expandable, thanks to its modular design.
It also bridges traditional banking products like account, payments, deposits, loans with new banking products like P2P lending, crowd lending, social trading, virtual currencies and Ripple.
A completely new technology that is not tied to any legacy code. Flexible enough to be used on nearly any core banking system and powerful enough to be used by banks as white label.
Embedded Finance - the $7 Trillion market opportunitySimon Torrance
Embedded Finance is a new way for companies across all sectors to create and capture more value. It allows any brand to create and sell attractive financial services (payments, credit, insurance, investments, savings) either as invisible native components of, or add-ons to, their customer experiences. This helps them to increase loyalty and/or generate new high margin revenue in new ways. For the (software) companies who enable Embedded Finance, this offers a very exciting new market.
The document provides an overview of the business model of Global Payments, a leading payment processing company. It discusses Global Payments' value proposition, key activities, resources, partnerships, and revenue streams. It also compares Global Payments' business model to its competitor, First Data. Finally, it proposes an innovation idea of creating an online customer forum to improve customer retention.
Shailesh Grover of Barclays presented on electronic identity (eID) and its role in business growth and innovation. Currently, individuals maintain separate identities for different aspects of life, but the future envisions a single, unified identity that can be used across contexts. This would streamline customer experiences by reducing paperwork and allowing customers to access services more easily. It would also shift power to consumers by giving them more control over their identity and data. However, key changes are still needed, including aligning regulations around identity processes across borders and aspects of life. A unified eID system could create a more frictionless experience for both consumers and businesses.
Quatro Banking Corporation is launching an investment opportunity to raise £16-20 million for an innovative e-banking project. The document outlines Quatro's mission to create a secure online banking system without physical branches that allows customers to access and transfer funds electronically. Investors who purchase shares in Quatro Finance Ltd. will benefit from the projected rapid growth of the e-banking system over the next 5 years, with customer accounts expected to increase from 1 million to 30 million and annual income projected to rise from £15 million to £450 million. The investment covers development of the e-banking technology as well as physical assets like a card manufacturing facility.
Zvilo aims to become the first major challenger bank in the Balkans by offering digital financial solutions and disrupting outdated banking. They plan to focus on countries like Kosovo, Albania, North Macedonia, and more. Zvilo sees an opportunity due to high banking fees, poor user experience from incumbents, and a large unbanked population. Their strategy is to partner with retailers to offer supply chain financing and promote consumer banking to access customers. Financial projections show growing revenue streams from supply chain financing, consumer banking, money transfers, and interchange fees to reach over €66 million in revenue by year five.
Digital Innovation Digest by Initio #21 Q4 2020Initio
Metro Bank wants to simplify the process of opening professional accounts. It has implemented a new fully online process called BAO that can be completed in 15 minutes for sole traders and single directors. The process automatically populates business data from Companies House and uses selfie ID verification. Customers can then receive their debit card in the post or collect in-store and access a dedicated business manager.
KBC is looking to expand its services beyond banking and insurance by acquiring the rights to broadcast Jupiler Pro League goals, highlights and summaries on its mobile app for the next 5 seasons. This new "Goal Alert" service will be included for KBC Plus customers and available for non-customers to purchase access for 0.99
The document provides information about Cooperative Bank of Oromia (CBO). It discusses the bank's history, vision, mission, values and digital banking services. CBO was established in 2004 to provide financing to rural farmers and cooperatives. It has over 11 million customer accounts and aims to be the leading private bank in Ethiopia by 2025. The bank offers digital services like Coopay Ebirr and has over 735 branches. It also discusses CBO's role in financial inclusion and partnerships with organizations to increase access to banking in rural areas.
Digital banks expanded their offerings and partnerships in 2022:
- Incumbent banks launched digital subsidiaries while challengers expanded into new services like lending and investing.
- Banks partnered with core banking and payments providers to speed up digital transformation and improve experiences.
- Digital payments evolved through features like account-to-account transfers while business payments saw products for accepting and disbursing payments.
- Regulators provided licenses for new products but increased monitoring of financial institutions.
Digital banks expanded their offerings and partnerships in 2022:
- Incumbent banks launched digital subsidiaries while challengers expanded into new services like lending and investing.
- Banks partnered with core banking and payments providers to improve digital transformations and experiences.
- Digital payments evolved through new account-to-account payments and cross-border payment integrations.
- Cryptocurrency trading and lending products were introduced as digital banks recognized digital assets as an important asset class.
The document discusses the rise of digital banking and outlines four models of digital banks: digital bank brands, digital bank channels, digital bank subsidiaries, and digital native banks. It also identifies lessons learned from digital pioneers, such as the importance of scale, designing good customer experiences, and generating profitable products beyond basic deposits. Finally, it defines what constitutes a true digital bank and the key areas of optimization required, including digitally optimized interactions, products, processes, insights, and organization.
MoneyPolo is a registered trademark owned by UK company Mayzus Financial Services Ltd. that provides financial services including money transfers, prepaid cards, payment accounts, and multi-currency accounts. Since launching in 2009, MoneyPolo has grown significantly and now has over 200,000 customers worldwide. MoneyPolo offers partners flexible solutions to implement their payment and money transfer services.
MoneyPolo is a registered trademark owned by Mayzus Financial Services Ltd. that provides money transfer and prepaid card services. It has experienced significant growth since 2009 and now has over 200,000 customers. Services include international money transfers, multi-currency accounts, prepaid cards, and payment solutions. MoneyPolo has expanded to several European countries and partners in over 130 countries worldwide.
THE BANKING CHALLENGES AND OPPORTUNITIES IN CENTRAL AND EASTERN EUROPE László Árvai
Robert Wright, CEO of Raiffeisen Bank Kosovo, discusses the banking challenges and opportunities in Central and Eastern Europe. He notes that while the "golden days" of high growth from 2003-2007 are over due to increased regulation and the aftermath of the financial crisis, there are still opportunities for banks. New regulations have reduced bank income and profitability, but banks can focus on cost reduction, changing their offerings to meet new customer demands like digital banking, and pursuing growth opportunities among affluent customers and the unbanked population. However, banks also face threats from new fintech entrants and will need to adapt to changing demographics and customer expectations to remain competitive.
This document is Saxo Bank's 2009 annual report which summarizes their financial performance and strategic developments that year. The report indicates that while 2009 presented economic uncertainty, Saxo Bank was able to achieve satisfactory financial results including operating income of DKK 2.2 billion and net profit of DKK 201 million. It also details Saxo Bank's participation in the Danish state guarantee scheme, its continued restructuring efforts, and outlines its new strategic direction targeting four categories of clients.
The document discusses the rise of mobile banking in Europe, with over 90% of Luxembourg customers now using online or mobile banking, and examines the leading mobile-first digital banks that are setting new standards in customer experience; it also presents the results of a benchmarking study conducted by zeb that evaluated over 115 European mobile banking apps across key dimensions of customer onboarding, user experience, everyday banking, additional services, and cross-selling, finding that challenger banks like N26 and Revolut currently lead in mobile banking excellence.
This document describes FORFIRM, an ICT company specialized in fintech, and its spinoff IBANP, which aims to introduce account number portability to the European banking market. It discusses the issues faced by banks and account holders due to the lack of ANP, and how IBANP's proposed solutions using blockchain and PSD2 regulations could address these issues by allowing account numbers to remain portable between banks. The benefits mentioned include facilitating bank reorganizations and internal/international customer mobility while reducing compliance costs. Potential objections from industry groups are addressed, and views from the European Commission supporting further evaluation of ANP are presented.
Telenor Direct Bank aims to provide digital financial services and mobile banking in Serbia through a "virtual" bank model with lower operational costs. It plans to offer bundled packages of online savings, checking accounts and mobile payments. The bank also aims to introduce an ATM network with cash deposit and enable full mobile banking services via mobile browsers. Zuno Bank is highlighted as an innovative direct bank that has attracted many customers in Serbia through its simplicity, transparency and mobile app. It aims to focus on customer needs and experiences through convenient online services and loyalty programs. Telenor Direct Bank plans a strategic partnership with Zuno Bank to offer banking services at the EXIT Festival in 2014, aiming to attract young customers and generate income through banking fees and
Digital Disruption Nordic Retail Banking_10june_digitalIlkka Ruotsila
1) Digital disruption is rapidly impacting the Nordic banking industry as customer expectations are being driven by digital technologies and new digital entrants are addressing customer needs in new ways.
2) A study found that one third of Nordic bank revenues are at risk due to lost market share and pressure from both global and local digital disruptors attacking the entire banking value chain.
3) While Nordic banks recognize the threat, most lack a clear digital strategy and transformation plan to evolve their business models, putting more of their revenues at risk from digital disruption.
General references presentation Virtual AffairsEnrico Pruis
This document summarizes several projects completed by Virtual Affairs, including:
- Developing a new online insurance platform for an international insurance company within 6 months.
- Designing a mortgage file and consultation process for Rabobank to improve the customer experience.
- Conceptualizing and designing a new online wealth management tool for Rabobank focused on customer goals.
- Creating a new "turbo" website for BinckBank investors to access leveraged investment products.
Internship in customer service department at nabil bank - copyAspak Miya
The document is a report about an internship at Nabil Bank written by Aspak Ahamad, a BBA student at Novel Academy. It contains:
1. An acknowledgement section thanking the staff at Nabil Bank Amarsingh branch for their support during the internship.
2. An outline listing the topics covered in the report such as Nabil Bank's products, services, organizational structure, and activities performed during the internship.
3. An introduction to Nabil Bank providing details on its founding, branches, subsidiaries, mission, and ownership structure.
The IBAN Portability Project is developing a plugin that allows bank customers to keep their IBAN number even if they change banks, migrate to another country, or their bank merges with or acquires another bank. They are looking for the first banks to test their alpha version plugin in order to improve customer experience during bank transitions and simplify internal bank reorganization processes. The document outlines the problems the plugin aims to address and promotes the advantages it provides to banks and customers.
National Bank of Pakistan is the largest commercial bank in Pakistan with over 1,254 branches. It has a vision to be recognized as a leader and brand synonymous with trust and high standards. The bank provides various commercial banking services to individuals, corporations, and the government. It uses several software programs, operating systems, and hardware to run efficiently and securely store and process customer data. The bank aims to enhance profitability through excellent performance, management, growth, and achievement.
The document describes FORFIRM, an ICT company specialized in fintech, and its spinoff IBANP, a fintech startup with the mission of implementing account number portability. IBANP aims to introduce portability of IBAN numbers, similar to mobile phone numbers, to increase competition and reduce costs for banks and customers. It proposes using blockchain and PSD2 to allow banks to securely share customer data and payment routing through a centralized database accessed via a plug-in solution. This could facilitate internal bank account migrations, increase account holder mobility, and significantly reduce compliance costs for banks.
Similar to Initio digital innovation_digest_24_q2_2021 (20)
The past few months stock markets have seen some unusual phenomena. Stocks at the brink of bankruptcy surged, relatively unknown stocks that have stock acronyms similar to those of large companies were rising. Pandemic buzzword stocks exploded. There is a force that is moving the stock market, it’s not the fed, it’s not the hedge funds. It’s an army of amateur traders using the zero-commission trading app Robinhood disrupting long-standing norms in capital markets.
Google is developing a new financial services platform to compete with Apple's digital banking offerings. Google's platform will integrate directly with users' bank accounts and offer a personal finance management tool. It will also offer physical debit cards backed by several large US banks that have partnered with Google. Unlike Apple Pay which focuses only on payments, Google aims to provide a more full-featured personal banking service through its platform.
Virgil is a French fintech that provides funding for real estate deposits of up to 100k euros, becoming a co-investor in the property by financing 50% of the deposit amount. This helps clients obtain bank loans for purchases. Wayhome allows people to buy a home by purchasing a minimum 5% stake, then paying rent on the remaining portion and increasing ownership over time, reducing barriers to entry. Both services aim to expand property ownership access while managing risks for investors and banks.
This document discusses an international study on the usage of Agile frameworks in medium and large banks in Belgium, Luxembourg, and France. It provides details on:
- The rationale for the study, which was to set up an international collaboration framework and examine differences in Agile maturity between the three countries.
- Key findings of the study which examined 256 teams across 30 banks, including trends in management support, team composition, and time since starting Agile work.
- Recommendations that Agility helps companies adapt but requires addressing rigid architectures, talent management, and a lack of product mindset. Culture and empowered cross-functional teams are important to embrace innovation.
The document provides regulatory updates on several topics:
1) British Airways faces a record £183 million fine for a 2018 data breach compromising personal information.
2) AML regulations are discussed in the context of a UK case involving shell companies and the misuse of real estate to defraud financial institutions.
3) The Belgian bank ING Belgique received a 350,000 euro fine from BNB for breaching AML rules concerning a Russian client.
Initio digital innovation digest #16 july 2019Initio
The document summarizes recent digital innovations in banking and insurance. It describes a Russian bank opening a pilot branch located inside a McDonald's restaurant to reach more customers. It also details a Swedish credit card that tracks carbon emissions from purchases and caps the user's total emissions. Finally, it discusses a French insurtech company that has developed an app allowing users to conduct remote vehicle or property inspections using photos and videos to streamline the claims process.
This document summarizes a breakfast club event hosted by Initio Luxembourg on the topic of open banking. The event included presentations from several speakers on topics such as how open banking challenges traditional bank business models through disintermediation, the need for banks to focus on their core assets and legitimacy rather than solely on customers, and the LuxHub marketplace which enables fintechs and banks to connect through APIs. The document provides an overview of the key discussions and viewpoints shared at the event regarding open banking, innovation, and the evolving roles of banks and other players in the financial industry.
The document provides summaries of recent regulatory developments from several European authorities and industry organizations. Key updates include:
1) The EBA launching a consultation on technical standards for the standardized approach to counterparty credit risk.
2) ESMA launching a call for evidence on position limits for commodity derivatives under MiFID II.
3) The FCA extending the deadline for notifications for the temporary permissions regime for EU firms to October 30, 2019 due to Brexit.
4) European supervisory authorities consulting on draft implementing technical standards for reporting of intragroup transactions under the Financial Conglomerates Directive.
Initio digital innovation digest #15 may 2019Initio
Google is launching a "Gold Account" service in India that allows users to buy and sell gold through Google Pay. Users can purchase gold at market prices and store it virtually, redeeming it later as gold coins or cash. The gold is sourced and stored physically by MMTC-PAMP. A French startup called Xaalys also launched a neobank for teenagers to learn financial skills through a debit card and parental controls. Finally, Jaguar Land Rover is testing a system where drivers can earn cryptocurrency credits by sharing vehicle data, which can then be used to automatically pay for tolls, parking, and charging electric vehicles.
The regulatory newsletter provides updates on regulatory developments from financial authorities and regulators in Europe. It summarizes that the FSB published a directory of crypto-asset regulators, the FCA outlined its priorities for 2019/2020 including Brexit, financial crime, and innovation, and the ESAs continued efforts regarding financial technology and AML/CFT. It also provides sector specific updates on insurance, banking, and anti-money laundering developments and fines.
The document provides summaries of regulatory news from February 2019 across multiple jurisdictions and topics:
1) It addresses upcoming issues with implementing aspects of EMIR Refit and discusses reports from ESAs on regulatory sandboxes and innovation hubs. Updated bank risk dashboards show improved capital ratios but weak profitability.
2) New standards for market risk are announced with a simplified approach for smaller banks. EBA and ESMA reports address crypto-asset regulations and need for an EU-wide approach. Another report finds investment costs significantly reduce returns.
3) Draft delegated regulations on sustainable finance and sector views from FCA are published. Guidance is provided on exposures associated with high risk and on ESG disclosure. Reviews
The document provides summaries of regulatory news from January 2019 across multiple areas:
1. ESAs published joint standards for simple, transparent, and standardized securitizations to ensure consistent treatment under EMIR.
2. The EBA launched consultations to simplify credit risk data reporting requirements and promote sustainability in EU capital markets.
3. The European Commission adopted implementing regulations for securities financing transaction reporting under SFTR, which also impact EMIR.
Breakfast bite @ initio : focus on Blockchain & CryptocurrenciesInitio
Our first Breakfast'Bite has taken place last Friday (June 29th, 2018) in our premises in Luxembourg.
This brand new event was dedicated to Blockchain & Cryptocurrencies and was animated by two external speakers:
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And our two Initio specialists:
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Once per trimester, the Business Line Digital Transformation & Innovation of Initio publish the Digital Digest; a highlight of three recent innovations in financial industry.
The innovations selected are not the most popular and or spectacular but those we esteem to be the more representative of the digital groundwave who deeply transform the European banking and Insurance markets.
Created first for internal training and market watch, the Digital Digest became quickly popular among our clients and we choose now to share it with a larger audience.
Regularly we also producing on-demand Digests to support innovation workshops or thematic studies for the trade press.
AML is pushing businesses to strategically calibrate their internal fraud detection systems between improving customers experience and increasing inconveniences.
Companies need to increase their understanding of the emerging payment technologies to better adapt their business to it.
Cryptocurrency trend is putting regulators and financial institutions under pressure.
Blockchain technology can increase transparency in financial transaction by the mean of a public distributed ledger.
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MiFID is moving certain transaction types from OTC (Over-the-Counter) market to Exchanges.
Estimated costs of USD 2.1 bn to comply with MiFID regulation (Source: MARKIT).
Pre/Post trade transparency & standardized OTC rules can be achieved by the mean of Blockchain technology.
Bank of Ireland came out with a PoC (Proof-of-Concept) to trace customer’s transactions through a one customer view.
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13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
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20. Design for Six Sigma (DFSS)
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2. 28/04/2021 2
01
02
SHARED BANK AGENCY
Digital & Innovation Digest #24
3
7
THIS IS NOT A NEOBANK
03 10
INITIO &
THE SQUARE GROUP
04 12
ORANGE BANK:
THE BEGINNING OF THE END ?
4. 28/04/2021 4
▪ After the carsharing, the coworking and the crowdfunding is the
Shared Bank Agency the latest trophy of the Share Economy ?
▪ In California (USA), the Credit Union of Southern California,
the Pacific Transportation Federal Credit Union and Printing
Industries Credit Union have opened a joint-office were
customer from each banks may comes to perform daily banking
operations such loans or insurance subscription, cash withdrawal
etc.
▪ All customers are served by “co branded” bankers able to operate
in the name of the 3 banners. Only the new customer onboarding
require the intervention of dedicated (proprietary) banker.
▪ This North American initiative is not unique; In 2019, in UK
Barclays, Lloyds and RBS launched a common “Business
Banked Hub” dedicated to pre-selected business customers and
more specifically designed to propose Cash management services.
▪ If the creation of cobranded bank branches to serve customers is
relatively uncommon, it is in current use to (neo)banks to develop
partnership with third party in order to propose banking services
where no agencies are available (or maintained). 2 example
among many others: Customers from Monzo and Starling Bank
can make cash deposit or withdrawal on their own account in Post
Office branches, while N26 customers can use Barzahlen network
in Deutschland for similar purposes.
SHARED BANK AGENCY
EXECUTIVE SUMMARY
How it may works ?
• All 3 Stakeholders banks are small & local-only independent
networks with niche-customer base. They are not in direct
competition for customer acquisition.
• As local business, those companies can’t afford to loose
customer contact and can’t rely solely on online services.
• Shared bankers working in the common office must be able
to serve all customers with equal level of efficiency and
must be able to propose homogenic but specific customer
experience depending on the brand they represent.
• From technical point of view, we don’t know if bankers are
using some unified platform to access each proprietary
backend systems or if they work on 3 distinct systems.
5. 28/04/2021 5
▪ In Belgium, there is currently no similar concept of shared bank
agency is tested, but in 2021 two major evolutions in the way how
banks are managing cash deposit & withdrawal will be
implemented :
▪ The “Big4” banks (KBC, Belfius, ING and BNP-Fortis) will
progressively dismantle their own network of in-agency ATM to
replace them by a new white-labeled network managed by
Batopin a joint venture owned by the 4 banks. Those new ATM
will be located in Shopping Mall, Main Streets or Railway stations
but not more in branches.
▪ Smaller banks like Argenta, Axa, Crelan and Bpost Bank will
operate the same move with their new network named Jofico.
▪ The global cost of cash is 129 euros per year per inhabitant,
reminds Febelfin, whether for the production of money and
banknotes, their distribution or the taxes on distributors.
▪ In Belgium, the cost of ownership for a payment account is very
competitive and among the lowest of Europe. This increase the
pressure on cost reduction for banks.
SHARED BANK AGENCY
IN BELGIUM TOO ?
How it may works ?
• Jofico and Batopin networks will be independents from each
others and will be probably NOT inter-operable.
• Even within one network, it is to be feared that fees will
systematically apply in case of withdrawal. (like today when
customer withdraw cash from an ATM operated by another
bank).
Prototype of No-Name ATM as operated
by Batopin
6. 28/04/2021 6
SHARED BANK AGENCY
NO AGENCY ? NO PROBLEM !
Classical
Bank
NeoBank
Proprietary
Branches
Network
Shared
offices Third Party
facilities
Proprietary
ATM network
Shared
ATM network
Grocery +
etc.
Limited range of services
Full range of services Completeness of services
Roving
Fixed
Pop Up
…
8. 28/04/2021 8
▪ 4 years after the official launch in France, the Neobank “Orange
Bank” continues to accumulate losses and delays on its objectives.
▪ In 2020, the subsidiary of the operator Orange and the bank
Groupama still lost 195 million euros, a total of more than 640
million in debt accumulated since 2017.
▪ Orange Bank has already been recapitalized 3 times since its
creation, always by the Orange group only. Its partner Groupama
preferred to abstain and see its share of the capital fall from 65 to
22%.
▪ The French neobank had a target of 2 millions clients by 2020 for
France only, but today barely 1,5 millions customers have been
enlisted, including 300k customers from Spain and Ivory Coast
but also more than 500k customer who only subscribed to mobile
phone insurance.
▪ In January ’21, Orange Bank acquired Anytime, another French
neobank but focused on SME market. If the benefits for Anytime
are obvious, it is more tricky to identify short term return on
investment for Orange.
Orange Bank: The beginning of the end ?
EXECUTIVE SUMMARY
Orange Bank in Belgium ?
• Orange Bank is available in France, Spain and in some east
African countries (mainly Ivory Coast). According to various
sources, Orange Bank should not be launched in Belgium
before 2022 at the best.
• In 2021 Proximus, the main competitor of Orange on
Belgian market has announced a strategic partnership with
Belfius bank in order to launch “Banx” a neobank by end
the year.
• In April 2021, Orange started a tender offer on his Belgian
subsidiary in order to acquire 100% of shares. We do not
know if this is a first step to prepare the introduction of the
neobank in our country.
9. 28/04/2021 9
▪ Faced with losses and growth problems, Groupama wants to sell
its stake in Orange Bank (22%).
▪ (Orange Telecom could also take advantage of this opportunity to
sell part of its shares, even if the operator continues to assert that
it does not wish to dispose of its neobank.)
▪ Several banks such as Société Générale, Crédit Agricole and
Santander have already expressed their interest but BNP Paribas
seems to be the best candidate to replace Groupama. Already
owner of Nickel neobank, the French bank leader has also made
an offer on Floa Bank (former Banque Casino).
▪ The absorption by a large banking group often seems inevitable to
ensure the survival of a neobank, following the example of Shine
buy by Société Générale, Fidor by BPCE… Orange could be the
next example.
Orange Bank: The beginning of the end ?
WHO TO REPLACE GROUPAMA ?
Orange Bank compared to others Neobanks
• The per customer acquisition cost of Orange Bank is
between 400 € and 500€. Which is aligned with neobank’s
standards.
• The operator's CEO estimates that Orange Bank's
profitability should be reached in 2024, "one year later than
planned“. 8 years after his launch and despite 7 millions of
customers, N26 is not profitable neither.
• According to a study done by the ACPR, the median
profitability of Neobank is around -20€ per customer and
could even dive up to -70€. Orange Bank's losses in 2021,
however, are well above this average.
• Orange Bank collects between 15,000 and 20,000 new
customers per months. To be compared with approx.
30,000 cust/month for Nickel (2017-2020), or 50k/month
for Boursorama.
11. 28/04/2021 11
▪ In April 2021, the ACPR (the French Finance Regulator) as
released a note were he remind that the neologism “Neobank” is
build upon the legal definition of “Banque”.
▪ According to ACPR’s definition, the label ”Banque” must be strictly
reserved for financial institution agreed as “établissement de
credit” (Credit Institution).
▪ As consequence: Payment Service Providers (PSP) or Electronic
Money Provider are NOT allowed to use the word “Bank” in their
brand or communication.
▪ As reminder, the ACPR (and the EU regulation) considers 3
different types of institutions legally allowed to provide financial
activities:
- Credit Institution: The “highest” level. (like KBC, BNP, SocGen…)
- Electronic Money Institution (like
- Payment Institution (Alpha Card, Worldline, Cofidis…)
This is not a Neobank
EXECUTIVE SUMMARY
Payment Services:
These services include account management;
▪ the ability to deposit or withdraw to deposit or withdraw
cash or to execute payment,
▪ payment transactions by card, transfer or direct debit or
direct debit;
▪ the possibility of issuing or acquiring payment instruments
and orders or the transmission of funds
▪ And since PSD2: Payment Service Initiation (PISP) and
account information (AISP)
E-Money Services:
In addition to Payment Services, E-Money services allow to
store monetary values under electronic form.
The E-Money provider issues, manages and makes available
the e-money.
Credit Services:
With this license, the financial institution is allowed to collect
funds and to grant credits. (in addition to all others services
allowed by the payment & e-Money license).
13. 28/04/2021 13
• 700 consultants, 95% employees
• 52 % men / 48% women
• Turnover 2019: 120m €
• 2.5% of turnover invested in training
• 1% of turnover invested in R&D
• Large team in Finance, Risk, Regulatory & Compliance
• Business/Process analysts & Project managers with Digital
experience
KEY INFORMATION
Initio in a nutshell
Initio is the international brand of the Square group, a business consulting firm in strategy, organizational and
operational consulting.
14. 28/04/2021 14
Initio in a nutshell
Initio is organized in 4 business practices and 8 areas of excellence
15. 28/04/2021 15
Areas of excellence
Businesses need to think ahead, to make decisions that will take them to the top.
Initio guides its clients by making its expertise available to them in 9 key areas.
.
INNOVATION
Square supports its clients in the transformation
of their innovation dynamics. Our consultants,
with their tailor-made approach, help to design,
industrialize and govern innovation to ensure the
sustainable growth of companies and their
transformation into socially and environmentally
responsible entities.
PEOPLE & CHANGE
Square helps its clients to acquire, integrate and
develop their organisation’s human capital. In
order to create greater commitment within teams,
our interventions focus primarily on adapting work
methods to operational and cultural changes, the
effectiveness of human resources departments
and skills development.
MARKETING
Square supports its clients across the entire
marketing spectrum: strategic marketing,
relationship marketing, product marketing,
communication, pricing, customer satisfaction.
Our expertise, initially focused on the banking and
insurance sectors, is now aimed at all B2C
industries or services.
SUPPLY-CHAIN
Square ensures the operational excellence of
logistics, from procurement to the last mile, with
differentiating customer journeys. Our experts
design omnichannel solutions that implement best
practices in information systems, mechanization
and robotization.
DATA
Square develops Data strategies and ensures their
operational implementation by taking the lead in
Data Management, Data Analysis and Data
Science projects. Our expert and pragmatic
approach aims to enhance and secure companies’
data assets.
REGULATORY & COMPLIANCE
Square advises its clients in the rollout of new
regulations, as well as in the optimization and
enhancement of control systems. This area of
excellence is supported by a community of
experts of 130 consultants who, in addition to
client assignments, conduct major research and
publication work.
RISK & FINANCE
Square leads the management of financial and
non-financial risk control programs, as well as the
transformation of the Risk and Finance functions
in response to changes in prudential regulations
and issues related to data control.
DIGITAL
Square assists its clients in the development of
their digital strategy, the design and
implementation of new digital journeys for their
clients or their employees, as well as in all internal
transformation projects and support for new
design methods.
CSR & SUSTAINABLE FINANCE
Initio supports its clients in their transformation
towards a more responsible model. This support
covers the strategic definition of the CSR
ambition, the transformation of business models,
and compliance work both in terms of their
regulatory aspects and their Data Management
and Data Science aspects. Initio also assists its
clients in their human and cultural support for
their CSR policy.