Snapshot: Financial Services

UNDERSTAND TODAY. SHAPE TOMORROW.
LHBS SNAPSHOT SERIES // FINANCIAL SERVICES.
1
SNAPSHOT:
FINANCIAL
SERVICESPIN Alternatives, DIY in Finances & Quick Access

INTRODU
CTION.
Welcome to the next edition of our Snapshot Report.
The report will present this industry based on 3 discovered trends/
disruptions:
- PIN alternatives and what are the innovations within payment
confirmations
- DIY finances and how financial service institutions are
educating their customers on personal finance management
and beyond
- Quick access to personal banking via various different mediums
Operating with personal funds and savings on a daily basis is becoming
easy, customer-friendly and convenient.
ABOUT THE SNAPSHOT. In this report we would like to share
inspirational collection of cases from the financial services industry.
The report will focus on digital transformation of financial services
industry from a customer perspective.
http://www.lhbs.com
Fabiola Lewandowska
Consultant at LHBS
lhbs.com | fl@lhbs.com
INTRODUCTION
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CONTENT.
DIY
FINANCES
PIN
ALTERNATIVES
CONTENT
3
QUICK
ACCESS

PIN ALTERNATIVES
Innovations within the payment conﬁrmation.
PIN ALTERNATIVES
UNDERSTAND TODAY. SHAPE TOMORROW. 4

CHAPTER TITLE
CHAPTER
TITLE
PIN
ALTERNA-
TIVES.
Financial institutions are trying to renew the customer
experience so that it fits the digital era. The obvious field that
needs improvement is payment confirmation. Long sequences
of numbers like PINs or IBANs need simple and error-proof
alternatives.
It’s safe to say that financial service providers are pretty
creative when it comes to designing those alternatives.
Instead of inserting the numbers manually every time they
make a payment, customers can now scan their fingerprint,
make a selfie, nod their heads, scan their eyes or just swipe their
hand over a payment device.
All of the methods are secure, partly because they rely on our
unique biometrics and partly because they are based on new,
safer technologies.
LHBS SNAPSHOT SERIES // FINANCIAL SERVICES. PIN ALTERNATIVES

UNDERSTAND TODAY. SHAPE TOMORROW.Source:
Mobile Payments with
Fitness Tracker
Explore the Sign
American Express has partnered with Jawbone to
develop the first wearable fitness technology
wristband that has the capacity to make and receive
mobile payments.
The Jawbone app allows Amex users to log in with
the same password and username that they use on
AmericanExpress.com. Users then simply choose
which of their credit accounts to pair with the
wristband. The wristband has mobile payment
capabilities along with its various fitness tracker
features.
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PIN ALTERNATIVESLHBS SNAPSHOT SERIES // FINANCIAL SERVICES.

Nod-to-Pay Glasses
Explore the Sign
Eaze is a new app that uses voice and image
recognition to activate the service, and nodding head
gestures to confirm and complete payments.
Eaze claims to be the first global payment solution to
make its way to Glass, after first announcing its plans
back in February 2014. While Eaze has started by
integrating with existing bitcoin wallets, Coinbase
and Blockchain.info, the plan is to add fiat currencies
like dollars and euros, and corresponding wallets that
hold them, this summer. Among those that Eaze may
work with in future is PayPal. The eBay-owned
company has been working hard at setting the pace
for where payments will go next. That strategy
includes wearables, as evidenced by the PayPal
integration with the Samsung Gear watch earlier this
year.
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Pay by Phone Number
Explore the Sign
Mobile users are able to make payments by mobile
number using Paym.
Bank of Scotland, Barclays, Cumberland Building
Society, Halifax, HSBC, Lloyds, Santander and TSB
have all signed up to the service, assuring customers
that it is secure.
Anyone wishing to utilise the service must first
register for mobile banking with their bank and
nominate the account they wish to use, before
logging in via their banking app.
An existing contact can then be selected for payment
or a new contact created before confirming the
amount being paid and typing in a reference. A
confirmation message will also be sent to the
recipient.
8

Eye Scanner for Mobile
Banking
Explore the Sign
Wells Fargo has introduced eye scanner biometrics
as a way to enter your bank account statement.
From now on corporate customers are able to enter
their mobile bank accounts using eye scanning
technology as a veriﬁcation of their identity. The
bank representatives say that since executive clients
open their mobile bank account multiple times a day
to monitor cash position, wire money or fund
payrolls, the bank's aim was to make it as convenient
as possible. “Our corporate clients don’t want to use
the same authentication they use to unlock their
phone as they would to approve a multi-million dollar
payment,” Wells Fargo explains.
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Selfie to Authenticate
Payments
Explore the Sign
MasterCard’s new technology will use front-facing
camera and facial recognition technology to
authenticate payments.
Customers will be able to use the technology in order
to make sure their online payments are safe and limit
the possibility of a fraud. MasterCard reassures that
it will not be storing the selfies, making it impossible
for hackers to recreate the face and the payments
can also be verified with a fingerprint, just in case the
camera will fail.
10

MasterCard Partners
with Apple
Explore the Sign
The credit card company has just teamed up with the
tech giant to offer its customers Apple Pay services.
Clients using MasterCard can now beneﬁt from all
the functionalities of the digital wallet services
offered by Apple. That means consumers will be able
to pay using their mobile devices at contactless
points of sale as well as in iOS apps. This strategic
move by MasterCard aims to capture purchases that
were previously done without credit. For customers,
the only restriction is that they would need to use
Apple products (iPhones, iPads, Apple Watch) to
beneﬁt from the service.
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DIY - FINANCES
Teaching customers about ﬁnance and beyond.
DIY FINANCES

CHAPTER TITLE
CHAPTER
TITLE
DIY
FINANCES.
Financial service institutions are increasingly offering their
customers opportunities to learn about optimising their
finances.
There are different platforms to exchange know-how, both in
finance and in other areas. Financial service providers even
cater to customers by preparing DIY tutorials or giving them
cooking advice.
Those seemingly unrelated topics have one thing in common.
They teach the customers how they can optimise their personal
finances. By implementing the learnings, customers become
more financially conscious, save money, opt for cheaper
alternatives and generally adjust their behaviour.
LHBS SNAPSHOT SERIES // FINANCIAL SERVICES. DIY FINANCES

Open Forum by
American Express
Explore the Sign
AE curates a website with an online forum that has
become a go-to place to all information relevant for
small businesses.
Small Business Saturday by American Express has
been such a success that the company decided to
expand the format. It now curates a website with
valuable advice on how to run small business in
America, from accounting to HR. The articles are not
promotional, but rather written by experts in the
subject. The goal is to provide small business owners
with a platform that caters to their entrepreneurial
needs in a holistic way.
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DIY FINANCESLHBS SNAPSHOT SERIES // FINANCIAL SERVICES.

Society of Grownups
Project
http://www.inspiration-hub.com/googleprojectlhbs
MassMutual, a financial planning company, offers
classes on finance-related topics for young adults.
Society of Grownups is a learning initiative that gives
young adults an opportunity to take part in informal
couple diners, bohemian supper clubs and school
classes where they are offered financial advice. The
aim is to offer consumers knowledge of financial
industry in an approachable way by experts in the
field. The classes are a huge success and proved that
simple language and informal environment are also
appropriate when talking about finance.
15

Amex Sponsor Nifty &
Tasty Videos
Explore the Sign
“Epic Everyday” is the ﬁrst sponsored campaign on
BuzzFeed's Nifty and Tasty channels.
Nifty’s page, for example, describes it as “Money-
saving hacks and DIYs for upgrading your home and
life that will have you saying, ‘Why didn’t I think of
that?’”
In cooperation with BuzzFeed, Amex has created 16
short videos with recipes and do-it-yourself projects
that are to be published over the course of next few
weeks on BuzzFeed’s channels. Tasty channel has
over 60 million likes on Facebook, while Nifty, the
fastest growing food page, already reached 90
million.
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Tips, Facts and Cash
Back by Bank of
America
Explore the Sign
BoA released a series of promotional videos that
deliver value in exchange for watching.
The videos are part commercials and part how-to
guides, and are ﬁlled with tips and advice on “do-it-
yourself” home projects, cooking tricks and other
things. The campaign is not only a good way to attract
customers to less exciting ﬁnancial content but it also
also proves that Bank of America listens and
understands its customers.
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“Nudge Theory”
Banking App
Explore the Sign
HSBC is trialling a new consumer mobile app using
real-time analytics and "nudge theory" to help its 17
million customers better manage their ﬁnances.
Nudge theory is the idea that indirect suggestions
and alerts can encourage individuals to make better
decisions. For example, a mobile notiﬁcation from
HSBC which tells the customer they spent over £100
on coffee in the last month might encourage them to
spend a little less on hot beverages.
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The Financial Content
Marketing Platform
Explore the Sign
Dianomi is an online platform that distributes
sponsored financial content among financially
engaged audiences.
Diamond aims to reach affluent audiences that are
interested in high quality content in the field of
finance. The content can include a video, a report, a
guide, an article or a product information. These are
then seamlessly integrated with a chosen platform
and placed next to a contextually relevant stories and
articles.
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QUICK ACCESS
Financial statements and bank account information instantly accessible.
QUICK ACCESS

CHAPTER TITLE
CHAPTER
TITLE
QUICK
ACCESS.
Constant mobility of consumers means that financial service
providers have begun catering to the need for quick and instant
access to personal banking.
Mobile banking has become part of our everyday lives. Every
customer expects to have instant information about their
personal financial statements and to be able to manage them
without complications.
The innovations within the financial services industry enables
consumers to instantly get an overview of their banking
statements, transfer money quick and easily, check the balance
on a personal account etc.
Speed and seamlessness of the process are the key.
LHBS SNAPSHOT SERIES // FINANCIAL SERVICES. QUICK ACCESS

Real-Time Transactions
by Number26
Explore the Sign
Number26 is a new bank concept that wants to ﬁx all
the problems customers have with their bank
systems.
The most important feature offered by Number26
include real-time transactions within the app. Any
action can be done instantly and the results are in
real-time. Payments appear instantly in the account
statement, there is the option to block and unblock a
card with a button in the app.
The bank doesn't charge for operating the account,
as well as transactions - even in countries with other
currency.
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QUICK ACCESSLHBS SNAPSHOT SERIES // FINANCIAL SERVICES.

QuickCheck App -
Instant Access to Bank
Account
Explore the Sign
Erste Bank has launched an app that gives users
instant access to the most important ﬁnancial data
from a personal bank account.
The app facilitates access to information regarding
current account balance, money transfers and
payments. The information is displayed in the app
without the consumer needing to insert their PIN or
other security data. QuickCheck is for informational
purpose and is not performing any banking
operations, which would require detailed veriﬁcation.
The app is compatible both with a personal bank
account and with the My George platform by Erste.
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Bank Account in Under
8 Minutes
Explore the Sign
The service is available at Comdirect’s website and is
fairly intuitive. The customer is required to fill out a
form with personal data and confirm it by calling the
sales assistant of the bank. The new approach is
based on a video call with the bank’s customer
support service that verifies if the person sitting at
the computer is the person authorised to activate the
account.
All the additional services and products can be
directly purchased on the website. The process takes
less than 10 minutes, requires only an Internet
connection, doesn’t include any additional
correspondence between the customer and the bank
and, most importantly, is in line with high-security
standards in global online banking.
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Instant Access to All
Bank Accounts
Explore the Sign
Numbrs is a multi-banking app that eases the pain
points of conventional mobile banking and brings
together all ﬁnancial accounts in one place to deliver
a more comprehensive ﬁnancial overview.
The innovative, well designed, and easy-to-use
features offer an effective summary for your credit
cards, bank accounts, miles and more cards, etc.
Numbrs allows its users to manage their accounts,
make payments and transactions from within the app
and issue new bank statements.
At present, the app is available in Europe and will be
soon entering the US market.
25

Facebook Banking by
DenizBank
Explore the Sign
The Turkish bank is the first financial institution to
offer extensive financial services via the Facebook
platform.
To meet the customer's everyday needs DenizBank
has opened one of its branches online - on Facebook.
By connecting their private bank accounts to this
Facebook platform, users can check their financial
status, send real money to their friends, apply for
loans and qualify for the bank's special discounts. All
of this is available without having to leave the social
media website. DenizBank claims that more than
10% of its customers use the Facebook bank
account.
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Akbank Smartwatch
Banking App
Explore the Sign
The Turkish bank has created an app that gives
customers access to their financial information
directly from their Apple Watch. The app is being
used to capture financial information about the
customer, while also allowing them to manage their
accounts– access daily statements, convert currency,
locate the nearest branch etc. Importantly, the app
can withdraw money from ATMs via SMS Pass or
iBeacon, making the bank customers' experience
more seamless.
The app also contains useful tracking and notification
functions that monitors spending and notifies users if
they are nearing pre-set expenditure limits.
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REPORT TITLE // IMPLICATIONS. IMPLICATIONS
IMPLICA
TIONS.
One Improve customer experience of
payment confirmations by taking
advantage of the technologies
offered by smartphones
Two Find a fun and creative way to
educate your customers in finance-
related fields so that they can
improve their personal finance
management
Three Take advantage of social media
platforms and offer customers the
ability to access their finance
accounts via those platforms
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Discover
ABOUT.
Deﬁne Develop Deliver
ABOUT
We work with our clients to build more purposeful and therefore more
proﬁtable relationships with the customers.
In a rapidly changing business world, we are committed to watching,
listening and translating signs of change into strategic opportunities and
powerful ideas for products, services, experiences and communication.
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HUB.
This case study has been created with the help of the LHBS
Inspiration-Hub.
The Inspiration-Hub is a service that gives marketing teams constant
access to the latest insights and inspiration, so that they can develop
more relevant marketing ideas.
http://www.inspiration-hub.com
INSPIRATION-HUB
30
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