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Santander, Best Bank for Digital Services Spain 2020 renews its app to make it more personal and useful.

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  • The new app places Santander as the leader in the second quarter of 2020 in the sector ranking that evaluates functionality and performance.
  • In addition to multiplying users x4 in the last three years, its new design has increased the use of the App by 25% thanks to the improvements and new features.
  • The new App changes the model of digital relationship with the customer by introducing new features, highlighting the predictive financial agenda, global text search engine and geolocation with a map of purchases made with a card.
    Santander, Best Bank for Digital Services Spain 2020 renews its app to make it more personal and useful. 7

Banco Santander has launched a renewed mobile app that addresses the needs of customers in the new Covid-19 era, in which more personal relationships are demanded through digital channels, in order to reduce as much as possible the need to go to the branch in person without dispensing with more personal treatment.

The new application improves the customer experience by simplifying the way they relate to the bank, and stands out for the relationship tools between banking managers and customers that make the personal relationship easier. It is the banking app that offers the most personalization, allowing the user to choose the visual aspects and, above all, the type of use he wants to give, so that both the most complex operations and a more basic consultation activity can be carried out, which simplifies product management by reducing the visual data load to a minimum.

One of the main new features of this application is the global search engine, which facilitates text searches for transactions and other relevant actions carried out in the past. It also offers analysis tools to control savings and expenses and to plan future payments using artificial intelligence. Through this advanced analysis of movements, the application will be able to make personalized recommendations for each client.

In addition, customers are going to be able to check their upcoming charges to take control of their finances and plan according to what will be arriving into their accounts thanks to the new Financial Timeline, conceived as a new way to financial planning. It is made for users not to lose track of upcoming bills and subscriptions, mortgage installments, card expiration dates, upcoming taxes and more.

The new app also incorporates improvements in the management of card payments, such as a search engine that allows you to locate on a map the last purchases executed and to verify accurately the movements made. In addition, customers can enroll their new card in Apple Pay or Samsung Pay, without leaving the Santander app and in one click, and withdraw money from ATMs with just one code.

 

 

Full and complete information on clients’ hands

Santander, Best Bank for Digital Services Spain 2020 renews its app to make it more personal and useful. 8

With the aim of empowering clients to make wise financial decisions, Santander’s new app offers full and complete information to their customers to help them on every stage of their financial planning. They have introduced details on the amounts that are being retained to users and the movements subject to these charges, so users will have full details on why their balance is lower and will see explanations on how retentions work.

After a short trial period, the new app is now available to all mobile banking customers of Santander. Its design and features are the result of the customers’ own recommendations and suggestions. During the development phase, Santander has been collecting their opinions with the fintech methodology of feedback management Opinator, which has allowed to hear more than 387,000 opinions that have given a very detailed knowledge of the real needs of customers. Following the rationale that their customer’s opinion is important to improve its App a new friendly approach to gather feedback from users has been implemented, by letting users attach documents to have more information about their experience in the app. A “coming soon” area has been integrated so users can introduce ideas, rate upcoming features and get feedback from clients to prioritize new functionalities.

As a result of innovation and technological development that has eased the new digital banking model, Santander has more than 3.8 million customers who relate to the bank through their mobile devices and users have multiplied by 4 in the last three years. Furthermore, the recent situation of confinement and the new social behaviors have intensified the use of digital channels, where digital contracting has exceeded 50% of total sales on key days and customer support through remote channels has grown by 63%. This digitalization has crystallized in Santander’s new App where clients can fetch their contracts with the bank at any time directly from their app without any need to request it, having all their statements available by chronological order so that they can find them when they need to.

More payment possibilities

The new app simplifies sending money and incorporates customizable shortcuts to the most common transfers, such as Bizum and OnePay FX, Santander’s exclusive technology for sending money to multiple international destinations instantly and without commissions.

The growing use of digital payment systems and new functionalities are accompanied by a reinforcement of security for clients. Thus, the app incorporates the new operation confirmation codes by ‘inApp’ notifications, a more secure system than the codes by SMS and easier to load automatically, without the need to copy them.

Contextualized help when needed

Besides including a useful global search, the new app also offers contextual help in the right moments: customers may need help and more information about our products throughout their experience with the app, so the new app includes specific help FAQ sections and contextual help (with interactive content) to ensure that all their questions can be solved. Users can also reach Santander to solve all their problems whenever their need to thanks to the new Help Center included in the app, which allows users to and find tailor-made assistance with the aim of offering better service.

In addition to these help tools, Santander also has a model of personal help: My Advisor. The personal advisor area has been enhanced with a more personal display of their advisors information, including their photos. The advisors can now add information on their hobbies and experience so that users can get to know them better.

Santander, Best Bank for Digital Services Spain 2020 renews its app to make it more personal and useful. 9

New budgeting tools

Users can now set up a budget for their monthly expenses. As financial tools are only useful if users can easily monitor how they are doing, the user’s budget is available in the Global Position and there is a comparative analysis between current and previous month expenses.

The new app also offers contextualized financial data at their client’s reach: the app helps clients understand the importance of planning and controlling their finances with simple indicators provide to users information on how they are doing financially and also recommending budgets to improve every month.

With this purpose, the app also offers new tips to extend financial Education and personal insights to manage better user’s finances: offering financial metrics is important to help the users, but fostering Financial education is key to help clients understand how they do financially. Users can see an advanced analysis of their finances and it proposes some tips on how to save every month, from advice when going to the supermarket to tips on how to save during a trip, etc.

Digital leaders, according to Aqmetrix

Aqmetrix, specialized in rating the quality of service offered by online banking, has recognized the improvement in functionality, availability and response time of Banco Santander’s digital channels over its competitors, placing Santander as the leader in the second quarter of 2020 in the industry ranking that assesses functionality and performance. Specifically, the bank in Spain holds first place in the business channels, both web and app.

What’s next?

Apart from the renewed most common mobile banking services offered and new differentiators, there are some features coming up soon that aim to drive Santander’s app up to excellence in mobile banking services: saving tools, areas to manage from the app the rest of banking channels such as ATMs, better capabilities for analyzing information for the customer…and much more.

All this has resulted in the new Santander App being awarded and recognized as the best banking services App in Spain (Best Bank for Digital Services Spain 2020) by Global Banking & Finance.

Banking

How open banking can drive innovation and growth in a post-COVID world

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How open banking can drive innovation and growth in a post-COVID world 10

By Billel Ridelle, CEO at Sweep

Times are pretty tough for businesses right now. For SMEs in particular, a global financial and health crisis of the sort we’re currently witnessing represents a truly existential risk. Yet there is hope of a brighter future. Digital transformation is already helping organisations in countless sectors, with everything from building supply chain resilience to rolling out potentially life-saving contact-tracing schemes. Yet it’s not just delivering transformative benefits in grand projects like this.

Thanks to open banking rules, a new wave of fintech innovation is sweeping the globe, offering business leaders a new launchpad for success. Even something as simple as corporate expenses can be transformed by the power of open data — to help firms cut costs, reduce fraud risk and become more productive.

Opening up data to innovation

It’s easy to get bogged down in the technical details of open banking, and the slew of new acronyms it has ushered in: Third Party Providers (TPPs), Account Information Service Providers (AISPs), Payment Initiation Service Providers (PISPs), and Application Programming Interfaces (APIs). Yet at the heart of the open banking revolution is a simple concept: the idea that forcing banks to open up their customers’ financial data will create more competition, and fresh opportunities for market entrants to create innovative new services.

This was at the heart of the UK government’s world-leading strategy when it was introduced back in 2016. A revised EU payment services directive (PSD2) gave it legal teeth, mandating that all payment account providers in the region provide third-party access for customers that want it. The push is also about reducing banking fees and enhancing financial inclusion, of course, but it’s in competition and innovation that the benefits really shine for businesses.

Access to real-time financial data via open APIs has already resulted in a range of new services which are helping businesses ride out the current economic storm. Whether it’s capabilities that can help freelancers prove loss of income to receive targeted loans, or services designed to streamline business processes to reduce costs and fraud — examples of innovation are endless.

What’s more, it’s already global. Aside from the PSD2, open banking rules are taking shape in Australia, New Zealand, Japan, Singapore, Hong Kong, Mexico and elsewhere. According to frequently cited Gartner predictions, regulators in around half of the G20 countries will create an open banking API regime over the coming year.

In the UK alone this is set to create a £7.2 billion revenue opportunity by 2022, with 71% of SMBs and 64% of adults expected to adopt it by then, according to PwC.

Making expenses pay

Corporate expenses and travel management might not be an area one immediately associates with high levels of innovation. But here too, open banking is having a profound impact. By combining automation, in-app approvals, integration with corporate policy and secure open banking APIs, companies like Sweep are offering new ways to solve old problems.

Part of the legacy challenge relates to productivity. Managing corporate travel costs and expenses was cited last year as the biggest concern of the UK’s small and mid-sized firms. Separate research claimed that SMBs are estimated to lose over £8.7 billion annually due to the time it takes employees and managers to complete these menial tasks. By automatically integrating real-time corporate bank account information into an easy-to-use app, we can save up to 15 hours a month on data input and travel administration per employee. That’s all time they could be spending on growing the business.

Another key area of concern is fraud. According to some estimates, fraudulent expenses claims could be costing UK firms £1.9 billion each year. In the US, the figure could be approaching $3 billion annually. Whether it’s the result of submitting expense claims for personal purchases, claiming for additional mileage on work trips, or over-claiming for other items, it all adds up. What’s more, fraud tends to spike particularly during times of recession, when normally diligent employees look for ways to supplement their income.

In this use case too, there are benefits to be had from open banking-powered solutions. Traditional manual processes offer too many gaps that can be exploited by fraudsters. Submitting paper receipts to finance departments — which must then input the information into spreadsheets or accounting software — is slow, error-prone and lacks accountability. However, with modern digital systems, transactions are automatically fed through from bank account to expense management platform. Here they are seamlessly checked according to policy and automatically approved, rejected or flagged for further investigation.

The future’s open

Thanks to the power of open banking, innovative fintech use cases like this are transforming operational challenges into opportunities to cut costs and fraud risks, improve employee productivity and become more strategic. With real-time data fed through from corporate bank accounts, finance directors can better understand spending patterns, react with greater agility and gain the insight they need to run their businesses more efficiently.

So what of the future? The good news is that open banking is only just getting started. As more sophisticated machine learning algorithms are developed, it has the potential for even greater disruption by empowering SMEs with predictive analytics and forecasting tools, or more accurate fraud checks, for example. Those in Europe may benefit most as PSD2 allows businesses to use tools that work seamlessly and securely across markets, without requiring any duplication of work.

In fact, open banking is not just good for individual SMEs, it’s important for Europe as a whole if we are ever to nurture successful digital unicorns to compete with those coming out of the US and China.

Open banking been described in the past as a quiet revolution. With the right buy-in from business and the continued innovation of digital platforms, it may soon become a full-throated roar.

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Banking

Banks take note: Customers want to pay with points

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Banks take note: Customers want to pay with points 11

By Len Covello, Chief Technology Officer of Engage People

‘Pay with Points’ – that is, integrating the ability to pay with loyalty reward points directly into the online check-out process – is a trend that is growing exponentially with big-name brands like Amazon, PayPal and American Express leading the way.

The past few months have posed an unprecedented challenge in the loyalty space, especially with the pandemic’s impact on travel. The unforeseen impacts across the board have caused institutions with premier incentive credit cards to feel increased pressure to retain their loyalty members. As such, exploring innovative ways to create a personalized loyalty experience for customers is at the forefront now more than ever.

Offering the flexibility to pay with points is certainly one option that can help transform financial institutions’ (FIs) loyalty programs. With the evolution of consumer preferences – like relying on other forms of payment outside of credit and the move towards contactless payments – viewing points as currency naturally ties into the “new ways” in which American consumers bank, pay and shop.

Personalization is a win-win for banks and loyalty program members

As the world continues to evolve in light of the pandemic, consumer habits like mobile banking and shopping online for groceries are likely to carry over long-term. As a result, consumers will expect their loyalty programs to provide new incentives to fit their ever-changing needs. By offering loyalty program members the ability to pay with points for the items they want or need during the online check-out process, FIs are creating a more personalized shopping experience. This can help increase member retention, especially compared to dated loyalty programs that offer limited options for point redemption.

As we’ve learned with iPhones, tap to pay and other technologies that reduce friction, once consumers begin using a new and convenient digital service, there’s little desire to go back to the old way of doing things. By incorporating pay with points into loyalty programs sooner rather than later, FIs will be setting themselves apart in terms of meeting their member’s needs with modern payment offerings.

Outside of providing a personalized experience to loyalty program members, pay with points as a program perk also has specific benefits when it comes to a bank’s bottom line. Currently, there are billions of dollars in liabilities in the form of unused points sitting on banks balance sheets. This is in part due to loyalty program members inability to spend their points how they want. By allowing a more personal and flexible way to spend points, banks can reduce those liabilities while creating a more engaging experience for their members.

Meeting consumer demand is easier than you think

Incorporating the infrastructure to power new digital capabilities is more often than not a cause for concern: how expensive will it be? What does down time look like? How long will it take to get up and running?

Luckily for banks, the process is actually quite simple – and inexpensive. With a lightweight integration of a few APIs, banks can tap into a pool of retailers to make their merchandise available for purchase with points by loyalty program members in no time. And as the retail network expands, there’s no need for additional IT work to add new brands into the fold. Ultimately, API integrations upfront create a frictionless and scalable solution for FIs and a preferred shopping experience for members. And based on market feedback, the personalized experience that results from giving customers the option to spend points as easily as they would cash or card, far exceeds any initial inconveniences that may arise.

According to our recent Customer Loyalty Survey, 75% of customers are more likely to spend loyalty reward points to make a purchase over other payment methods. The findings also indicated that 72% of customers are actively engaged in loyalty programs because of the available redemption options.

Long-term loyalty is not just about acquisition or promotional material, but rather the experience of redemption and viewing loyalty points through a fresh lens. Customers today are well-versed in what’s available to them online. The more redemption options offered to the consumer, the more appealing the FI becomes.

Loyalty point redemption in action

In April of 2020, when the world was mostly in lockdown, we looked at how a select group of approximately 3,000 consumers spent their loyalty reward points, comparing April 2020 to April 2019. Key findings suggest that, if given the opportunity, consumers will spend their loyalty points to buy what they want or need based on their specific circumstances. For example:

  • Significant increases in the purchase of outdoor items like BBQs and smokers (+3401%), fire pits and heaters (+2644%) and pool and patio accessories (+1297%) suggested people were making the most of the spaces around them.
  • Consumers were focusing on their personal health and well-being with the increase in points spent on fitness accessories (+1664%), bike accessories (+1453%) and fitness trackers (+536%).
  • Finally, the increase in purchases of hand-held power tools (+3076%), smart control lighting (+1750%), stick vacuums (+1096%) and specialty small appliances (+531%) suggests consumers took advantage of the opportunity to check projects off their at-home to-do lists.

We’re keeping a close eye on how loyalty point purchases evolve as more retailers and FIs get on board with viewing points as a true form of currency, especially in a post-pandemic world. Which items will rise to the top in the coming months and years as the payments ecosystem evolves? Will flight purchases or experience-based purchases regain popularity?

What’s next in the loyalty payments space?

As consumers continue to look for alternative payment methods, offering the flexibility to pay with points is the perfect opportunity for FIs looking to reinvent their loyalty programs. Engage People has always viewed loyalty points as a fiat currency, creating innovative technology that allows for easy integration that satisfies loyalty program members’ needs.

In the future, there’s a real opportunity to incorporate loyalty reward points into everyday life – extending beyond the online shopping experience. Imagine a world where you can pay for coffee, your bills, monthly subscription services like Netflix or make charitable donations with loyalty points just as you would with a credit card or cash. The future involves a mindset shift by consumers, financial institutions and the entire payments ecosystem, and that shift is viewing loyalty points as a true form of currency. Like reaching for cash, a debit or credit card, loyalty points can easily become a payment option of choice for consumers. FIs that are at the forefront of this trend now have the most to gain long term.

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Banking

The Importance of Liquidity Solutions

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The Importance of Liquidity Solutions 12

By Justin Silsbury, Lead – Product Manager at Infosys Finacle

Economic uncertainty and business complexity have made a deep impact on corporate treasury management in recent years. With regulations getting tougher, funding becoming elusive, and profits shrinking fast, the way liquidity is managed is making a real difference to companies’ survival. As corporate treasurers around the world struggle with the challenges of liquidity management, they are turning to their banks for support; it is imperative that the industry respond with digital solutions that enable clients to manage money efficiently at low cost.

Why corporates need liquidity solutions

Corporate banking customers need a liquidity structure that maximises security, liquidity and yield.  Even today, treasurers in multinational corporations lack visibility into their companies’ overall cash position across countries and currencies. Delivering returns on excess cash, although important, is not a priority for them, but making sure the money is safe and available when needed, is. Therefore, a liquidity solution should be able to consolidate a company’s cash position across all its accounts around the world, provide a unified view in real-time, as well as offer timely suggestions on maximising utilisation and yield. It should automate all these functions as far as possible to reduce both manual overheads and the risk of moving money manually on a daily basis.

Broadly, liquidity solutions are of three types – cash concentration solutions that automatically move money around the world; interest optimization solutions that reward customers based on their aggregated balances without the need to move any money; and investment sweeps that move all the consolidated funds to a money market fund or other short-term investment to earn extra returns.

And why banks should provide them

There are several reasons why banks should invest in a sound liquidity solution. The most important one is that without it, a bank can never become a customer’s principal financial institution. A large corporation will have many banking providers, each one trying to increase share of wallet; in this situation, a high involvement product such as a liquidity solution is particularly effective for building stickiness and strengthening a bank’s position vis-à-vis others. An illustration may be useful here: say a food retail chain banks with Santander in the U.K., and other banks across Europe. If the retailer chooses to consolidate its cash daily into its U.K. account using Santander’s liquidity management solution, where the excess cash can then be swept into an investment vehicle overnight, over time, Santander can cross-sell other products to the client to increase revenue and stickiness.

Technology does it

Corporate banking has historically lagged retail banking in technology adoption. It is high time that banks remedied this by digitizing their corporate solutions. Specifically, they can leverage a variety of digital technologies to provide clients instant access to liquidity, global visibility into the overall cash position, and efficient working capital management. With robotic process automation and machine learning, they can simplify and automate processes to cut cost and lead-time.  Blockchain enables banks to offer fast, secure, cross-border transactions, while open APIs ease collaboration and co-innovation with Fintechs, customers and developers.

Banks need to deliver frictionless, personalized, “retail banking-like” experiences over customer-centric corporate banking channels. Instead of channel silos – one for liquidity, another for payments and so on – customers will see data from all their accounts in one place, from where they can manage liquidity, forecast cash flows, secure trade finance etc. On their part, banks can use 360-degree customer insight to issue not just timely alerts but also contextual recommendations. For instance, being able to alert a customer that a large payment is due the following week, but also suggesting the best options for arranging those funds.

Apart from improving the customer journey, a real move in corporate banking is towards cloud adoption. Many banks have started the cloud journey, but many still have some distance to cover before they are fully cloud-enabled; mainly, they are migrating monolithic, on-premise workloads to the cloud. Early adopters, such as JP Morgan Chase, HSBC and Citibank, are setting the pace by developing their own capabilities as well as procuring certain components from Fintech partners to plug into their overall solution.

One size doesn’t fit all

In the past, corporate banking solutions were largely meant for big companies, but today they are relevant to enterprises of all sizes. Internet and mobile have enabled even small local firms to scale far and wide, creating a need for solutions to manage their money across borders. Therefore, banks need to make sure their liquidity solution can accommodate the different needs of different clients. Only a flexible, componentised solution can do that.

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