“Rapid changes in consumer behavior, technology and social communications are driving an explosive ‘digital ecosystem’ for multi-channel commerce,” said Richard Steggall, Founder and CEO, of Waspit. “Banks, and in particular payment providers, play an essential role in this, yet there seems to be a fundamental gap between the ‘financial’ solutions banks currently provide, and the ‘non-financial’ solutions users now expect.”
Since the company unveiled its social banking platform for students last October, it has been working closely with beta clients to improve its user experience and interface. As a result the new solution allows users to easily customise their interface using ‘drag and drop’ features as well as making frictionless transactions.
“Times are rapidly changing,” said Steggall. “It is no longer about delivering new form factors or trying to shift an ‘online’ application into a ‘mobile’ app. It is about providing a highly customized and relevant user experience.”
Using predictive algorithms the solution takes into consideration factors such as trends and locations to make subtle yet precise recommendations . According to Steggall, “The capabilities of this platform are not its functions, its apps, or its features – it’s the experience it creates for our users – it’s Engagement Banking! In giving our users what they want, we naturally benefit from increased transaction velocities, transaction values and ultimately the life time value of our users.”
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.