BANKABLE is an advanced customer intelligence platform combining Voice of the Customer (VoC) and mobile behavioural analytics to help banks better understand and address key customer expectations regarding mobile retail banking. BANKABLE uses online conversation and mobile analytics to highlight the gaps between what consumers want and the services they are offered.
At a time when 27 percent of consumers no longer visit local bank branches and a growing number are willing to open bank accounts with non-traditional players*, traditional banks have to rethink the way they interact with their customers and better meet their needs. The EIT Digital innovation activity BANKABLE helps financial institutions identify key customer expectations about mobile retail banking. It provides insights on how to create the best mobile app experience for the right audience.
"Our technology platform collects anonymous feedback from the bank's customers through the Fanvoice platform and mobile usage data through banks' mobile applications. Thanks to this data gathering, banks can now get a better understanding of the behaviour of the customers using their services. This information can help them make the right app or service development decisions to meet consumers' expectations and needs," explains Salem Tirane, Activity Lead and VP of Product and Innovation at Alfstore.
BANKABLE will allow banks to better engage in conversations with their customers through co-creation challenges while building loyalty through the right offerings and services.
Full GDPR-compliant customer behaviour analysis
The solution features an analytics dashboard that highlights the gaps between what consumers want and the services they are offered. Thanks to its artificial intelligence engines, it displays meaningful and actionable indicators such as a funnel analysis of customer behaviours, app engagement metrics, action types based on location, time and consumer profile, actions compared to historical data (previous year, month), etc. Behind the scenes, customers' feedback data is collected through a crowdsourcing platform called Fanvoice (from Alfstore), that is adapted to specific consumer banking scenarios and combined with an innovative conversational survey module (created by Cefriel) that can be embedded in any web-based platform. Smartphone and app data is collected through a Matomo analytics connector (from DFKI). The solution has been designed to guarantee user rights and privacy and is fully compliant with the European General Data Privacy Regulation (GDPR).
"After setting up the architecture and analytics components in the first quarter of 2018, BANKABLE has now reached the Beta phase. Towards the end of the year, BANKABLE will be launched on the markets in France, starting with its co-creation module. By 2019, the complete solution will be made available," says Salem Tirane.
The partners involved in this Innovation Activity are Alfstore (Fanvoice) as technology provider, business champion Cefriel, which is providing the conversational survey design, and DFKI, bringing in the mobile analytics research expertise.
EIT Digital seeks to generate significant innovations from top European research results. The objectives are incubation, market uptake and rapid growth of these innovations. As such, investments are focused on a limited number of innovation areas selected for their European relevance and leadership potential - the Innovation Action Lines. We currently have five action lines: Digital Industry, Digital Cities, Digital Wellbeing, Digital Infrastructure and Digital Finance. BANKABLE is an innovation activity of the Digital Finance Action Line which was set up in 2018 to support the creation of innovative tools and services to help the finance industry adapt to the challenges it currently faces. Robust yet agile and tailored financial services are essential for our economies, citizens, and enterprises.