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B-SOCIAL

BANK SOCIALISER: BANKing platform based on SOCIAL media Interactive SERvices

Total Cost €

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EC-Contrib. €

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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.

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

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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