Things recently read, seen, and heard at Efma - Edition #1

SMEs still value a human connection

A vast majority (67%) think that AI chatbots will never replace humans and almost half (44%) feel that when it comes to negotiation, branches offer a better setting, according to a survey by RFi Global. An article by Amit Khan, Global Head SME & Commercial Banking at RFi Global.

Wise’s core value proposition for SMEs

Wise's SME customers can pay up to 1,000 people in one click, create accounts in multiple currencies - being then able to receive money from clients or set up direct debits like a local in over 10 currencies, create different user roles for employees and issue their employees with expense cards. An interview with Clara Nobre, Head of Business Product at Wise.

A shift in the use of AIB's distribution channels

Post pandemic AIB's customers have come back into the bank's branches, but at a lower level. They're utilizing self-service channels at a higher rate than before. The bank's contact centers are having to handle more complex queries because customers self-serve the easy things themselves. An interview with Paul Allen, Head of Customer Experience at AIB.

US Bank for migrants MAJORITY meets its customers where they are: offline

We entered our market from digital space, but our target communities operate in an offline world that we’ve made various efforts to ingratiate ourselves in. We build our products together with the communities we serve and so to better work with the communities, we opened in-person meet-up spaces. In further efforts to bridge any culture gaps, we are marketing our products through sales advisor networks within our target communities. We also have phone support, in a variety of languages, available to meet the needs of our users.?An interview with Magnus Larsson, CEO, and Founder of MAJORITY

CaixaBank’s “all in one” new centers offer customer service areas designed for each type of customer

These new financial services experience hubs are unique in Europe in offering customer service areas designed for each type of customer, auditoriums, offices for private meetings, multifunctional and cafeteria areas, along with the latest technology, such as ATMs with facial recognition, wrap-around screens with content specially created to theme the 'all in one center, or an advanced self-check-in system that allows customers to quickly identify and notify managers of their arrival allowing a more efficient affluence control, avoiding unnecessary queues and guaranteeing the safest and?most comfortable experience. An interview with Juan Antonio Alcaraz, Chief Business Officer at CaixaBank.

An exciting future for fintech startups in Nigeria

The future of the fintech ecosystem in the next five years can only be described as exciting. About 40 million Nigerians are not included in the financial system. Insurance penetration is just about 2% in a population of 200 million. There are a lot of technological solutions required in the agriculture, education, health, and public sectors of the economy. So, the opportunities for growth and scaling are enormous. An interview with Dr. Babatunde O. Obrimah, Chief Operating Officer, FinTech Association of Nigeria.

The timeless innovation vs. regulation debate arrives in crypto

Cultivating responsible innovation in a crypto space that has been rife with fraud and criminality may seem like a daunting challenge. Daunting doesn’t mean we should shy away from it. If the crypto space is left to its own devices, it would become even worse than its current state, which recently prompted the FBI to create a new unit solely dedicated to crypto crime. The regulation vs. innovation battle is timeless. The crypto edition – with all the money and even the very sovereignty of some governments at stake – promises to be a fascinating tussle. An article by Efma's analyst Kevin Spangenberg.

The seven ways blockchain can transform banking

They may have captured the public’s attention, but cryptocurrencies are far from being the most potentially disruptive recent innovation in fintech. According to Efma's Leandro Seligmann, the seven ways blockchain can transform banking are smart contracts, initial coin offerings (ICO), asset-backed tokens, NFTs, central bank digital currencies, decentralized finance (DeFi), and Robo-advisory services. An article by Efma's Leandro Seligmann

Insurance Innovation of the month: Vida Viva Bradesco

Customers no longer want the same old, off-the-shelf item that everyone else can easily purchase. Instead, customers expect an unprecedented level of customization and personalization, no matter what the product may be. It is this understanding that drove Bradesco Seguros to introduce their new life and pension product that can be tailored to all customers, no matter their age. This new offering is the Efma-Accenture Insurance Innovation of the Month for March.

Efma and Wavestone's barometer of the maturity on the use of data to enhance customer engagement

To conduct this project, we are inviting you to participate in a survey to gather information concerning the use of customer data within your company. These answers will allow us to consolidate a global overview of the sector on the subject so we can identify the main trends and estimate its current degree of maturity.?Take the survey!