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B-SOCIAL

BANK SOCIALISER: BANKing platform based on SOCIAL media Interactive SERvices

Total Cost €

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EC-Contrib. €

0

Partnership

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 Outcomes and results

 B-SOCIAL project word cloud

Explore the words cloud of the B-SOCIAL project. It provides you a very rough idea of what is the project "B-SOCIAL" about.

revolution    public    conduct    retention    legacy    spirit    socialise    months    100    38    easily    models    market    people    phone    launched    scenario    2024    leveraging    million    solution    banks    strategies    routine    legislations    networks    prepare    incapable    interaction    payment    investments    near    memento    branch    cumulative    idea    billion    seamless    grown    socialisation    solutions    opportunity    generate    customer    relationships    cash    stay    quick    fintech    lives    convenient    benefits    thanks    banking    environment    secured    middle    disconnection    social    integrable    digitalisation    series    proper    2015    socialiser    estimate    generation    2010    advantage    financial    commercial    wants    operations    think    time    bank    easiest    data    age    hereafter    flow    enjoy    annoying    philosophy    interactions    17    commercialise    maturity    sales    engagement    meeting    atm    positions    job    commercialisation    rigid    digital    connection    demonstration    acquisition    contacts    conducting   

Project "B-SOCIAL" data sheet

The following table provides information about the project.

Coordinator		 MEMENTO EHF 

Organization address
address: BOLHOLTI 4
city: REYKJAVIK
postcode: 105
website: n.a.

contact info
title: n.a.
name: n.a.
surname: n.a.
function: n.a.
email: n.a.
telephone: n.a.
fax: n.a.
 Coordinator Country Iceland [IS]
 Project website https://mementopayments.com/
 Total cost 71˙429 €
 EC max contribution 50˙000 € (70%)
 Programme 1. H2020-EU.2.1.1. (INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies - Information and Communication Technologies (ICT))
2. H2020-EU.2.3.1. (Mainstreaming SME support, especially through a dedicated instrument)
 Code Call H2020-SMEINST-1-2016-2017
 Funding Scheme SME-1
 Starting year 2018
 Duration (year-month-day) from 2018-03-01   to  2018-06-30

 Partnership

Take a look of project's partnership.

# participants  country  role  EC contrib. [€] 
1    MEMENTO EHF IS (REYKJAVIK) coordinator 50˙000.00

Map

 Project objective

The financial sector is in the middle of a digital revolution: the financial technology (FinTech) age. To maintain customer relationships and stay relevant, banks have to respond to these changes with new strategies, capabilities and operating models. However, banks are not meeting such challenge, with rigid legacy systems incapable of leveraging the potential benefits. At the same time, there is a strong disconnection between people’s social lives and their financial lives. Most users think that interactions like phone contacts, branch routine, branch sales and ATM operations are “annoying”. To solve these problems, Memento wants to commercialise the next generation of banking solutions, BANK SOCIALISER (hereafter, B-SOCIAL), a payment environment in the spirit of social networks that will enable a new level of interaction between banks and users. With our solution, users can enjoy the easiest and most friendly way of conducting their common banking operations through a 100% secured connection. At the same time, banks are able to ‘socialise’ their banking philosophy in a quick (3 months) and seamless (easily integrable) way, enabling higher customer engagement and retention, as well as a better knowledge about users through data acquisition and exploitation. B-SOCIAL will be launched in a promising scenario, where legislations and public initiatives are favourable for solutions like B-SOCIAL, which aim the proper digitalisation and ‘socialisation’ of banks. Thanks to this convenient scenario, investments in FinTech have grown from €1.7 billion in 2010 to €17.8 billion in 2015. To take advantage of this opportunity, we need to conduct a series of technical and commercial activities to prepare the market maturity of B-SOCIAL: idea to concept (Phase 1), demonstration of commercial potential (Phase 2) and commercialisation (Phase 3). Thanks to these activities, we estimate to generate cumulative cash flow of near €30 million by 2024 as well as 38 new job positions.

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The information about "B-SOCIAL" are provided by the European Opendata Portal: CORDIS opendata.

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