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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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 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.

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

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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