Group 13: The Current Banking System Into The Innovation Race: What’s are the last trends to attract customers and which bank succed the most ?

As we go on Banks are becoming more and more innovative by providing new services and technology in order to improve the clients’ and the employees’ satisfaction. There is a classment of the top ten banking innovations proposed by Thefinanser.


#10: Data Monetization

Banks are recognising that their data analytics can leverage market opportunity, for example NedBank in South Africa offering merchants far more business insights through market intelligence services.  Customers are willing to pay for this, and the banks that offer such services are more sticky.

#9: Social Value Chain

Banks don’t need to do all the work as customer can, and they want to.  Many banks are engaging customers in crowd sourcing ideas, with Widiba (Italy) picked as a great example.  Widiba asked customers to design the features of the next generation bank which have now been delivered.

#8: Robot force

There are a few gimmicky robot services out there, particular in Japan where robots replaced tellers (I thought we had done the same in the UK until the teller moved and I realised then they were human), but it’s not just robo-advisors that are taking off. After all, take a look at UBS who offer a real-time portfolio analytics services on a personalised basis to all of their high net worth clients through IBM’s Watson (DBS do the same).

#7: The Banking of Things (BoT)1

We know the Internet of Things (IoT) is coming, and it will need BoT based upon the ValueWeb to support it, but things are already emerging in this space.  US Bank offers a link to light bulbs to flash you when something is happening on your account whilst Bradesco offers a connection between your car and your bank account.  But the example that Lukas showed was ASB from New Zealand who have created a fun way to inform children about money called Clever Kash.  Here’s the video:

#6: Intermediate Everything

It’s funny how I’ve about banks being disintermediated since the 1990s and yet they’re still here and they’re now bigger.  I don’t believe banks will be disintermediated or, as we now call it, unbundled.  Banks instead are reintermediating and rebundling everything and this trend proves it.  There are various examples of this, specifically the idea of predictive analytics and partnering to remind you that you that it’s your partner’s birthday today, for example.  The idea here – a stretch for most banks – is that the bank will not only know it’s their birthday, but will tell you what you brought them for Christmas and for last year’s present, and suggest things they might like this year.  I can’t believe this one right now, but apparently Alfa Bank (Russia), CBA (Australia), Santander (Spain) and Caixa (Brazil) are already well on the road to making this happen.

#5: Distributed Payments

How about banking as a status symbol? Show off my contactless bracelet (La Caixa, Spain), biometric tracker (RBC Canada and HBOS UK), wearable suit (Heritage Bank, Australia), wearable everything (Barclays UK)1 and more.  Hmmm … just seems to me that I can pay for something with just the flick of finger these days.

#4: Talking Transactions

We used to have boring transactional statements, but many banks are bringing transactions alive by integrating features and apps with other plug and play services, like Google Maps, Facebook and Instagram.  An example of brining things to life is the Moven app, which alerts the user when they’re spending and getting above their budget limits by breaking the glass on their phone.

#3: Love those SMEs

SME – Small to Medium Enterprises or, if you prefer, small companies – have been relatively unloved by banks in the past.  They are high risk until established and, even then, unless they get to a certain size – more than $100 million revenues – they can cause credit risk concerns.  Those concerns can be overcome by partnering with the new mentors like Funding Circle or by doing things like the Kumsal services from Deniz Bank, Turkey.  This is a platform that supports small businesses gain digital reach by offering a comprehensive suite of support from digital marketing to communications to operations to an overall online presence.

#2: Non-stop, Always On

The 24*7 bank is here, and it doesn’t cut the mustard to be 9 till 5 anymore.  Equally, some banks are becoming more than just 24*7 by offshoring, with banks such as Standard Bank, South Africa, offering a single dashboard to let relationship managers connect with their clients via any media the client prefers to use including WeChat, Facebook Messenger, Google Hangouts, Whatsap1p, etc.

#1: Everything is personal

The fact is that we now have a fully enabled digital customer platform where back office cloud and analytics can deliver real-time experiences through APIs anywhere, anytime.  The example EFMA chose for this category is Idea Bank, Poland, who offer an entire financial ecosystem for their clients from cloud-based internet banking to an Uber-styled ATM.


Some Banks do very great at innovation. In fact, the BAI Global Banking Innovation Awards declared DenizBank as the most innovative bank in 2014 and 2016 which made concern about some of its innovation the years.

  •   Account on Facebook

DenizBank became the first bank in the world to lets it customers access their deposit and credit card accounts through Facebook, when it launched its Facebook ‘branch‘ or app in January this year. Customers can access their accounts, see their account status and purchase history, see an overview of assets and liabilities, send money to friends on Facebook, and apply for credit cards and loans. There’s even an integrated financial and Facebook calendar. To use the service, customers have to log in to internet banking to activate Facebook banking use; they can then log in to their account on Facebook with their Facebook user name and password, and an SMS password that is sent to their mobile phone when they log in.


  • E-Government Service through Internet Banking

The DenizBank E-Government Log In Service innovation provides a new capability to DenizBank’s Internet Banking customers that both enhances the customer experience and streamlines their lives. The Internet Banking Management team provides an easy access to the e-government system with no password received from the government. Customers can log in to the e-government system with their internet banking username and password from both the DenizBank Internet Banking site and the e-government website.



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