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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.

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

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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