Equinox Consulting

Digital news – July 2015

Kenza Benmakhlouf at 2015-07-06 in Actualité digitale

Transformation of the banking model

Digital developments compel retail banks to focus on customers

Actudigitale juillet 1Owing to a shift in the consumption patterns of customers as well as a stiff and diverse competition (online banking, Compte Nickel, GAFA, etc.), retail banks in France are revamping their banking model. With attractive services such as a diverse product line, customised advice and new multi-business branch models, the traditional banking model is undergoing a speedy transformation. This article from Les Echos gives us an overview of the various players and of what’s new.

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How banks are coping with the Fintech wave

In light of the Fintech revolution, banks are making sure that they are well-equipped so as to not miss the digital upheaval initiated by the industry. A majority of banks are setting up watch initiatives on the banking ecosystem. Others partner with these startups by financing them (service delivery, innovation centers) or by investing in them (direct takeover, securities). This article from the Journal du Net describes the various strategies adopted by French banking players.

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Owing to digital pressure, the Caisse d’Epargne is drastically revamping its branches

Unlike banks which are counting on a drastic dematerialization, the Caisse d’Epargne wants its branches to maintain their focus on customer relationship by adopting both digital practices and human expertise. The bank branch becomes a space that belongs to the customer.

At the Metz premises, with an area of 300m² on 2 levels, the layout has been designed to integrate new technologies without impeding on human experience.

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French banks launch an alternative to cheque and TIP (interbank payment order)

Sepamail, whose shareholders are among France’s leading banks, has set up a secure messaging service. It is intended to connect banks in order to facilitate transfers from individuals to creditors. After receiving the invoice through their net banking site, customers will give their permission through one click on their PC or smartphone.

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Connected Insurance and Assistance

AXA launches its « Pay how you Drive » insurance in FranceActudigitale juillet 2

Direct Assurance, AXA’s online subsidiary, has launched an insurance whose premiums are modulated according to the driving record of the insured (« Pay How You Drive »), under the brand name YouDrive which specifically targets young drivers. The driver installs a dedicated box in her/his vehicle. This unit then continuously measures speed, turns, speeding and braking. Analysing the collected data helps in calculating the risk score which in turn is used to compensate motorists who exercise caution while driving.

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Aviva launches a weather alert mobile app

If the weather forecast predicts dangerous weather at the address which the user has linked to her/his profile, the mobile app sends a notification to the user’s phone. In order to ensure utmost protection for the impacted people and items, specific instructions are issued before, during and after the event (real-time status report, safety instructions…). The application specifically supports the user in taking stock of the damages suffered by her/him and, if she/he is an Aviva customer, in the procedure to be followed with the insurer.

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By 2019, e-health will save the American healthcare system more than $100 billion

According to a study carried out by Accenture, FDA-authorised (Food and Drug Administration) digital innovations in healthcare will help the US save more than 100 billion dollars. To base its estimates, the firm has taken into account the contribution of new technologies in treatments, or even the rise in self-care; a trend towards self-manage care.

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Arkéa Assistance is developing video assistance on smartwatch

As an integral part of the remote assistance offering for mobile devices by Crédit Mutuel’s subsidiary, Arkéa, it is intended to be a constant security companion for elderly and socially-isolated people. The watch is completely standalone and, unlike most of its « competitors », does not need to be linked to a smartphone to be operational. The wearer is thus assured of having a constant companion at wrist in case of an accident.

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Security and Payments

Chinese researchers have invented ATM with facial recognition technology

With the help of cameras and a facial recognition software, this machine authenticates the user’s face with the ID photo provided by the bank beforehand. It does not deliver the money if the two do not match. This prevents payment card thieves from withdrawing money even though they know the PIN. In China, bank card frauds cost banks several tens of millions of euros every year.

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Final’s anti-fraud payment card

The offer includes a real card made of plastic – specifically an EMV – which generates a new number for every transaction. If the merchant’s system is hacked, the card holder is not at risk as the saved data can never be used again. Integration in a mobile wallet is also supported.

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Mobile payment: Crédit Agricole is finalizing a universal solution

Any customer of the mutual bank, having a Visa or Mastercard and an Android phone equipped with NFC technology, will be able to use the Crédit Agricole solution both remotely on e-commerce sites which accept Paylib or Masterpass, as well as at merchants equipped with an NFC payment handset. Iphone users on the other hand are not included at the moment as Apple has not granted access to its NFC antenna.

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Kenza Benmakhlouf Kenza

Senior Consultant

Digital, Retail banking & SFS

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