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FICO: 68% Of Singaporeans Prefer Digital Banking Channels During Financial Hardship

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Over the past year, companies have had to accelerate their digital transformation just to survive. Their investments were essential to retain customers, do business remotely, keep orders flowing and manage supply chains.

FICO commissioned The Asian Banker to survey more than 5000 digital banking customers in 10 key Asia-Pacific countries, including Singapore, on their experiences.

Highlights:

  • 68 percent of Singaporean consumers prefer to use digital channels to engage with their bank during financial hardship.
  • 28 percent of Singaporeans prefer to communicate via internet banking; 23 percent preferred to use their mobile banking app.
  • 35 percent of Singaporeans prefer to deal with just one primary bank with a further 39 percent saying that they ‘somewhat agreed’ this was their preference.

A recent survey by global analytics software firm FICO has revealed that 68 percent of Singaporean consumers prefer to use digital channels to engage with their bank during financial hardship.

The poll conducted in December 2020, during the height of the global COVID-19 pandemic, demonstrates the willingness of consumers to embrace digital banking and the opportunities that exist for banks to further develop their offering.

The high level of high-speed internet penetration in Singapore meant that 28 percent of Singaporeans preferred to communicate about hardship using online banking; 23 percent wanted to use their mobile banking app; 7 percent wanted to use phone banking; 7 percent communicated via email; and 3 percent wanted to use virtual conference technology.

Aashish Sharma, Risk Lifecycle and Decision Management Lead for FICO in Asia Pacific

Aashish Sharma

“The risk of infection and social distancing requirements made branch visits less appealing last year, accelerating a shift to digital banking channels globally,”

said Aashish Sharma, Risk Lifecycle and Decision Management Lead for FICO in Asia Pacific.

“Being able to deliver and manage numerous channels in line with customer preference and deliver a seamless and engaging experience is a challenge that is here to stay. Investment in customer management and communication tools that span these channels and product silos and can deliver personalisation and improved decision making is key to making digital banking a success.”

Customer attitudes to new technology from banks such as debt collection automation can yield some interesting preferences and behaviors.

“It is worth noting that during periods of hardship, some customers prefer to deal with the issue using intelligent, automated online services, such as our FICO® Customer Communication Services (CCS) so as to avoid the embarrassment of talking to an agent about outstanding loans. If customers prefer digital channels during times of hardship, their most difficult time, it seems to me we can expect branch banking to continue its decline,”

explained Sharma.

Importance of maintaining banking relationships

Banks still have a data and relationship advantage when compared to fintech challengers. The survey revealed that across Asia Pacific, one in three consumers preferred to have all their banking needs serviced by one bank. In Singapore this was slightly lower at 26 percent, with a further 46 percent saying that they ‘somewhat agreed’ they would like to deal with just one primary bank.

“Managing multiple bank accounts or finance products with different lenders can often be a complex, time-consuming and costly process for the average banking customer,”

said Sharma.

“Digital banking users today are looking for greater control and visibility of their financial position.”

When asked about their willingness to try a fintech or challenger bank, 16 percent of Singaporeans said that they were inclined to consider a competitor with a further 47 percent relatively open to the idea.

“To consolidate and strengthen main bank engagement, lenders need to offer digital banking features that compete with the challengers to ensure the stickiness and viability of long-term customer relationships,”

added Sharma.

Most appealing reasons to switch banks

When asked about the reasons they would make the switch to a competitor, 26 percent of Singaporean consumers said their number one reason would be to secure improved personalisation and controls in their digital banking service. The poll defined this as the ability to view transaction history, update personal details, reset passwords and other such functions. Interestingly, personalisation and control was also the top reason for switching across Asia Pacific (31%).

Other top switching drivers across Asia Pacific were; the ability to control a payment card (set transaction limits, lock or unlock); the ability to set up recurring payments; and improved security features such as biometrics and two-factor authentication.

Download the Advancing New Experiences In Digital Banking report here.

Featured image credit:  Photo by Mike Enerio on Unsplash 

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Source: https://fintechnews.sg/50672/sponsoredpost/fico-68-of-singaporeans-prefer-digital-banking-channels-during-financial-hardship/

Crowdfunding

MoneyLion Joins Forces With NFP to Provide Nationwide Insurance & Financial Wellness Offerings to Members

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MoneyLion, a U.S.-based consumer digital finance platform, announced on Thursday it has teamed up with insurance broker NFP to provide its members with direct access to insurance and financial wellness offerings. MoneyLion reported that the offerings are to help its members support their financial journeys. According to MoneyLion, the partnership allows members to shop for and buy insurance products and solutions through the MoneyLion all-in-one financial platform.

MoneyLion also reported the launch of MoneyLion Marketplace, a platform that matches MoneyLion members with category-leading brands, offers, and value-add resources that are tailored to their personal needs. Dee Choubey, MoneyLion Co-Founder and CEO, shared more details about the partnership and marketplace launch by stating:

“Knowing what type and how much insurance to buy can be a daunting experience for many people, and yet it is a critical foundation for any financial plan. As a leader in digital technology, insurance underwriting and customer service, Nationwide is a natural fit to help our members evaluate the insurance options that are right for them.”

Brett Woodward, Managing Director of NFP Personal Risk, then added:

“Through this partnership, we’ll be able to leverage the MoneyLion Marketplace platform to connect the needs of clients with a range of solutions through an easy-to-use interface. This is a great combination of expertise, innovation and collaboration that delivers meaningful value to MoneyLion members.”

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Source: https://www.crowdfundinsider.com/2021/05/175322-moneylion-joins-forces-with-nfp-to-provide-nationwide-insurance-financial-wellness-offerings-to-members/

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Crowdfunding

U.S.-Based E-Commerce Platform Our Mayberry Secures $1.2 Million Through Convertible Note Seed Round

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Our Mayberry, a U.S.-based e-commerce platform, announced on Thursday it raised $1.2 million through its convertible note seed round. According to Our Mayberry, investment groups from medical services and restaurant industries led the round. Founded in 2019, Our Mayberry describes itself as an online e-commerce platform that connects businesses and nonprofits to create mutually beneficial marketplaces where consumers can make purchases that support the causes they champion.

“A platform where causes and business partner to do great things!”

While sharing more details about the platform, Our Mayberry CEO, Shawn Tacey, stated:

“Our Mayberry gives businesses the ability to both scale and do good unlike any other platform or service. We process hundreds of thousands of dollars in transactions each month for service businesses like law firms, medical services companies and architects.  Other values-driven platforms simply don’t include these types of businesses, but we do.”

Our Mayberry also reported that it is currently operating in 6 states, and has generated growing interest from national nonprofits, including Rotary International and Habitat for Humanity Tacey went on to add:

“Our Mayberry’s model represents the next step in the evolution of both business marketing and fundraising. We’re focused on weaving this new system of commerce into everyday life, and we believe this will go a long way in helping to rebuild and strengthen our communities.”

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Source: https://www.crowdfundinsider.com/2021/05/175321-u-s-based-e-commerce-platform-our-mayberry-secures-1-million-through-convertible-note-seed-round/

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Blockchain

BRD’s Blockset unveils its white-label cryptocurrency wallet for banks and other enterprise clients

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Blockset, the blockchain infrastructure platform for enterprises by BRD, announced early access to its Wallet-as-a-Service today. The white-label solution gives clients, like financial institutions, the ability to launch wallets that have the same features as BRD’s own mobile cryptocurrency wallet, which now has about 7 million users with over $20 billion assets under protection.

Blockset’s clients include some of the largest ATM networks and Japanese investment bank (and BRD investor) SBI Holdings, CoinFlip, Welthee, CoinSwitch, Coinsquare and Wyre. BRD’s other investors include Ripple and it has raised $56 million in funding so far.

One of Blockset’s selling points is access to real-time data about several kinds of cryptocurrencies. This not only allows users to see how their assets are performing, but also enables institutions to perform compliance tasks, fraud detection, anti-money laundering and other important services. Blockset also claims that its multi-chain API has up to 99.999% uptime.

The platform currently supports Bitcoin, Ethereum, Ripple, Tezos, Hedera, Bitcoin Cash and Bitcoin SV, and will add more chains based on customer demand.

Blockset already offered a white-label solution called WalletKit, before launching its current Wallet-as-a-Service with more features. BRD co-founder and CEO Adam Traidman compares its Wallet-as-a-Service to Google Maps, because both aggregate large amounts of constantly-changing data and can connect to other apps, while remaining user-friendly.

“The concept is really a result of learnings from working with our customers, tier one financial institutions, who need a couple things,” Traidman told TechCrunch. “Generally they want to custody crypto on behalf of their customers. For example, if you’re running an ETF, like a Bitcoin ETF, or if you’re offering customers buying and selling, you need a way to store the crypto, and you need a way to access the blockchain.”

“The Wallet-as-a-Service is the nomenclature we use to talk about the challenge that customers are facing, whereby blockchain is really complex,” he added. “There are three V’s that I talk about: variety, a lot of velocity because there’s a lot of transactions per second, and volume because there’s a lot of total aggregate data.”

Blockset also enables clients to add features like trading crypto or fiat or lending Bitcoin or Stablecoins to take advantage of high interest rates. Enterprises can develop and integrate their own solutions or work with Blockset’s partners.

Other companies that offer enterprise blockchain infrastructure include Bison Trails, which was recently acquired by Coinbase, and Galaxy Digital.

Blockset differentiates by focusing on real-time data. It looks at a smaller number of mainstream blockchains in order to ensure depth of information and speed.

“If you’re a financial institution, you can’t accept anything other than instant, accurate and highly-scalable kinds of data. Right down to the millisecond of latency is really important because it can give traders an advantage,” said Traidman.

In a press statement, Wyre chief executive officer Ioannis Giannaros said “Blockset is the clear industry leader in offering enterprise-grade SLAs [service-level agreements] that we require to guarantee high scalability, uptime and data integrity across multiple blockchains.”

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Source: https://techcrunch.com/2021/05/13/brds-blockset-unveils-its-white-label-cryptocurrency-wallet-for-banks-and-other-enterprise-clients/

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Fintech

KeyBank ramps up RPA ops

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Improved data quality and cost savings have spurred KeyBank to roll out robotic process automation (RPA) in its frontline, back office and technology operations recently. KeyBank first implemented RPA solutions via the cloud-native, web-based and AI-infused Automation Anywhere platform in 2018, said Dominic Cugini, chief information officer of service digitization at the $170 billion KeyBank, […]

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Source: https://bankautomationnews.com/allposts/infrastructure/keybank-ramps-up-rpa-ops/

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