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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.

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

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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