FinTrack

March 2018

Tracking innovation in financial services

Introducing FinTrack, GlobalData’s financial innovations tracker. Every month, FinTrack will showcase the latest innovations from financial providers around the world. Each innovation is assessed and rated on key criteria, providing you with valuable insight. FinTrack will help you to: • Keep up-to-date with the latest innovations from your competitors. • Develop cutting-edge product and channel strategies. • Identify the latest trends in the delivery of financial services.

FinTrack: the inside track on the latest financial innovations.

March 2018

About This Product

Consumer Payments Braintri unveils Jiffee Bluetooth payments solution Dynamics shows off new WalletCard Ondot presents card control app Plutus demonstrates bitcoin debit card

Retail Banking Backbase Smart Banking offers concierge-style service to consumers Fortytwo Data’s AML solution provides compliance checks in one place Interact Collect maximizes debt repayments with ease Meniga’s banking app offers proactive alerts to help users manage their money NatWest adds receipt management business banking app

Wealth Management ABN Amro’s Prospery combines digital and human capabilities Be-IQ uses gamification and behavioral science for risk profiling clevercircles brings the wisdom of the crowd to robo-advice YukkaLab offers real-time news analytics for wealth managers

March 2018

Table of Contents

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Consumer Payments

Braintri unveils Jiffee Bluetooth payments solution

Braintri is a software company that offers mobile proximity payment services to both merchants and consumers. Its new Jiffee app, demonstrated at FinovateEurope 2018, is designed to allow payments to be accepted on a wide range of devices using Bluetooth technology. Jiffee also offers a Bluetooth proximity adapter which can be used for authentication and authorization processes, such as for event attendance.

Is it original? Jiffee uses Bluetooth technology instead of NFC to communicate with POS terminals, though this is not a new technology and has been used (mostly unsuccessfully) by other companies such as PayPal in the past. Jiffee offers both an app for consumers and a dongle for retailers, which can attach to a mobile device, POS terminal, or even a vending machine. Neither the app nor the dongle are new concepts, though the versatility of the dongle is a potential edge in the market. Is it long-lasting? Jiffee is ultimately a mobile wallet, and so will have to compete in a saturated market against not only strong brands like Apple Pay and Google Pay, but also the NFC technology that underpins contactless payment cards. Is it operationally game-changing for the provider? The launch of the Jiffee service will allow Braintri to enter a new vertical, providing a potential boost to the company’s revenues. However, it may prove difficult to compete with the established NFC and contactless card infrastructure, even though it offers favorable rates to merchants. Will it significantly improve the user experience? From a merchant perspective, the adaptor is easy to integrate into existing hardware to allow the merchant to accept Bluetooth mobile payments. It is iOS- and Android-compatible, therefore any smartphone owner can download and use the Jiffee app to make or accept payments. What is more, due to PSD2 regulation Jiffee can make payments directly from a customer’s bank account, which eliminates interchange fees for retailers. Is it market-changing? Although the app and the adapter present a lot of benefits to retailers, Jiffee will find it difficult to compete in an NFC-dominated market due to the need to achieve scale at both the consumer and merchant ends of the market. Achieving this scale will likely be difficult as contactless cards are already so popular and widely accepted – while merchants may benefit from the lower fees offered by Jiffee, the benefits for consumers are less clear.

March 2018

TOTAL SCORE 2/5

Dynamics shows off new WalletCard

Dynamics revealed the latest iteration of its battery-powered smart plastic payment cards at FinovateEurope 2018, the WalletCard. This card incorporates two buttons that allow the user to cycle through multiple loaded card accounts, the details of which (card number, expiry date, CVV, and network badge) are shown on a 65,000-pixel display on the card face. The card also has a communications antenna, allowing for new account details (or even loyalty offers) to be loaded to the card in a few seconds.

Is it original? The concept of an electronic payment card which can load and cycle between multiple accounts is not new or original – Dynamics itself has gone through numerous iterations of the product, and providers such as Curve and Coin have built similar multi-account cards in the past. However, the WalletCard’s display screen does allow for the innovative use-case of displaying loyalty offers in real-time at compatible POS terminals, which is a notable edge over the competition. Is it long-lasting? The payment card form factor does not show any signs of being pushed out of the POS payments market in the near future. With this card being compatible with all existing card-based technologies (contactless, EMV, and magnetic stripe are all functional and can be rewritten instantly to load different card details), the WalletCard is likely to be able to compete in the longer term. Is it operationally game-changing for the provider? Dynamics is an established technology provider and smart payment cards are only one of its core verticals, but the WalletCard represents the most complete version of its smart card product. Its wide range of features and efficient battery are likely to make it attractive to partner financial institutions and boost Dynamics’ market penetration. Will it significantly improve the user experience? For consumers, the card offers notable upgrades over standard payment cards, removing the need to carry multiple cards and making it quick to update account details if these change, or if an account is compromised. It also allows partner merchants to load loyalty offers onto a consumer’s payment card in real-time at the POS, removing the need for plastic loyalty cards. Is it market-changing? The smart payment card concept has so far not had a major impact on the payments market, though WalletCard’s ability to load loyalty offers at the POS makes it more versatile than its competitors, and this aspect may prove market-changing within the smart payment card market.

TOTAL SCORE 3/5

March 2018

Ondot presents card control app

Ondot is a mobile card service solution platform founded in 2011. At FinovateEurope 2018 it revealed its card management app, which offers features including card control, connectivity, and assistance for all cards stored. The user can choose to limit card usage by location, amount, and specific merchants. As mobile banking usage is increasing, the company sees an opportunity to target consumers with its wide range of card management services, including card control, the ability to review spending data, and a channel for issuers to engage directly with card holders.

Is it original? This service has been provided by other companies, including a wide range of retail banks. Ondot’s product offers more features compared with its competitors, including payment monitoring, card control, and the ability to set transaction limits by transaction value or geographical location. Is it long-lasting? Ondot is currently being used by some of the largest transaction payment companies, processors and by 3,000 financial institutions around the globe. Recently it announced its expansion into Singapore and across Asia. Mobile banking has become the preferred channel for consumers to conduct day-to-day business regarding their card accounts, and Ondot may be able to harness this trend to acquire users for its app. Is it operationally game-changing for the provider? As the mobile banking industry is expanding, Ondot is entering new territories, announcing its expansion to Asia. This new market will potentially bring the company more revenue and increase its sales opportunities. Will it significantly improve the user experience? Ondot empowers card holders to control their existing credit and debit cards from a smartphone app. The app offers a wider range of features than most mobile banking apps, including the ability to lock or unlock cards, parental control, spending limits, and location features. However, it does require the card holder to seek out the Ondot app, rather than simply using their bank’s mobile app. Is it market-changing? Mobile card control services have been on the market for a few years now and Ondot System is another provider of this type of service. It offers a wide range of services compared to mobile banking apps, but third parties have historically found it difficult to attract consumers away from mobile banking apps even with superior services.

TOTAL SCORE 3/5

March 2018

TOTAL SCORE

Plutus demonstrates bitcoin debit card

At FinovateEurope this year, London-based fintech company Plutus demonstrated its new bitcoin debit card account. The company intends to offer a mobile app with a virtual debit card, as well as a plastic card and an NFC sticker for mobile devices not compatible with the app or with NFC. Plutus’s account offers the ability to buy bitcoin or ethereum with zero fees, as well as the ability to spend these digital currencies in-store via a real-time exchange system called PlutusDEX, where traders escrow real-world currencies in exchange for the digital currencies being spent.

Is it original? The concept of a payment card that allows the user to spend digital currencies at the point of sale is not a new one – providers such as Cryptopay and BitPay already offer this type of product, and there is even a price comparison site for these cards (www.bestbitcoincard.com). Is it long-lasting? Among consumers who are already engaged heavily with cryptocurrencies, the ability to pay at the POS using the Plutus account is a real benefit that will create interest in the product. Its multiple form-factors allow it to serve a wide range of customers, and its intention to adopt both business-to-consumer and business-to-business selling models means that it has multiple avenues through which to successfully reach its intended market. Is it operationally game-changing for the provider? The launch of a debit card and account provides Plutus with reach into the consumer payments vertical, opening up new revenue streams for the company. However, it is likely to only have niche appeal due to its reliance on cryptocurrencies, which are not used by most of the population. Will it significantly improve the user experience? For current users of cryptocurrencies, this card offers an improved service over exchanging these currencies for fiat currency every time they need to make a purchase where cryptocurrencies are not accepted. Furthermore the escrow exchange system PlutusDEX makes the exchange process smoother compared to alternatives. The zero-fee cryptocurrency purchasing option is also useful for consumers not using these currencies, though the card’s appeal to these consumers is limited. Is it market-changing? As one of many cryptocurrency accounts on the market, Plutus does not present a market-changing concept; these cards have so far proven to have niche appeal, and given the complexity of dealing in cryptocurrency most consumers will not need a product like this.

3/5

March 2018

Retail Banking

Is it original? This latest update to Backbase’s digital banking platform offers a deeper level of API-enabled third-party integration than is available elsewhere. It has a greater ability to act upon third-party data in a contextually relevant manner , which sets it apart from its competitors. Is it long-lasting? Backbase’s platform is a well-established, well-regarded product, and these improvements will help to secure its future. Open banking is gaining traction beyond Europe, with Australia, Singapore, and Canada among countries that are considering this route. Hence, the market for Backbase’s platform is likely to expand over time. Is it operationally game-changing for the provider? These enhancements will not fundamentally alter the means by which banking services are supplied to customers, with respect to either cost or efficiency. Benefits from employing this platform will accrue mainly to the consumer rather than the provider. Will it significantly improve the user experience? Consumers will experience clear practical benefits from the upgrades to the platform. Its ability to act upon third-party data in a way that offers tangible benefits to users offers benefits in the form of extra convenience and time saved. Is it market-changing? The latest version of Backbase’s digital banking platform is a significant advance on its predecessor, and shows how data can be used to improve consumer outcomes in the PSD2 era. However, the product is not intended to transform the market for banking services, and is instead an evolutionary development.

March 2018

TOTAL SCORE 3/5

Backbase Smart Banking offers concierge-style service to consumers

Backbase describes the Smart Banking features of its digital banking platform as a ‘white glove’ service, the digital equivalent of a high-end hotel. Its standout feature is its API-driven integration with third-party services. Users can, for example, connect with their airline app and set ‘smart rules’ such as enabling cards for overseas use before a flight. The platform can also proactively recommend new rules, such as shifting surplus funds to an investment account. It can also integrate with e-commerce providers such as Amazon. Other integrations cover lifestyle factors, such as restaurant recommendations.

Is it original? As governments burden all verticals with accumulative regulation around AML, so compliance checks have mushroomed. There are similar providers on the market already, such as Ayasdi and Aqubix. Is it long-lasting? The gap in the market for regtech has been rapidly closing as new technologies to conduct client checks spawn and spread. However, the compliance burden is still there – meaning that there is still room for B2B innovation. As long as regulators demand more stringent checks on financial customers, then a tool like this will be required. Is it operationally game-changing for the provider? This tool will improve operational efficiency for providers by shortening processing times and by reducing the need for manual intervention. Regulators will demand that financial firms go through the compliance checks, and this solution offers efficiency in AML processes while simultaneously decreasing exposure to regulatory fines. Will it significantly improve the user experience? AML is a particularly challenging area of regulation for banks, and even more so for large, geographically diverse institutions. AI techniques can transform a bank’s AML process. However, the major issue is the volume of investigations. Applying smart systems to workloads that often require tedious activity for humans will significantly enhance the user experience. Is it market-changing? The AML solution is a facilitator rather than a market changer. The market for due diligence is shaped by regulation rather than consumer demand. In light of this, Fortytwo Data is an enhancement. Therefore, we cannot say that this service will be market-changing.

March 2018

Fortytwo Data’s AML solution provides compliance checks in one place

TOTAL SCORE 3/5

Fortytwo Data is an AI and machine intelligence software provider in the anti-money laundering (AML) space. Its tool provides an end-to-end AML platform with client behavior monitoring, transaction monitoring, and sanction screening. The platform combines traditional rules-based scenarios with the latest machine-learning techniques and offers dynamic scenario building. Its Customer and Transaction screen tool can flag suspicious transactions almost instantly and provides a 90% reduction in false positives in sanction screening. The platform offers AML oversight and compliance checks in one place.

Interact Collect from Intelligent Environments is a digital debt management platform that aims to improve the user experience, efficiently boost account receivables, and reduce time spent by call center operatives. Interact’s solely digital engagement offers debtors a friendlier and less aggressive experience. If debtors are unable to pay their balance immediately, Interact builds a repayment plan. Using open banking APIs, Interact also offers debtors an income and expenditure review if they are unsure how much they can commit to paying monthly.

Is it original? Despite chatbots being mainly used for customer queries and onboarding, there are other AI-driven debt management chatbots on the market. Is it long-lasting? Consumer demand for user-friendly tools is increasing, so Interact Collect’s more engaging and less aggressive approach is likely to be better received by debtors. From a provider’s perspective, it significantly reduces the time spent by call center operatives and is simple to implement, with loan officers able to upload their loan book data onto the platform. Is it operationally game-changing for the provider? Interact Collect makes the entire call and collect process of debt collection significantly more efficient. In addition to that, Interact Collect’s emphasis on motivational language and its benign tone aims to reduce non-performing loans, which could improve financial performance. Will it significantly improve the user experience? Yes. A more motivational and digital engaging service that helps debtors work out what they can reasonably afford to repay each month, conducted by a friendly chatbot, is surely a better experience than aggressive cold-calling from debt collectors under pressure to improve their account receivables. Is it market-changing? In the current market conditions of low interest rates and low unemployment , Interact Collect is a helpful cost-reducing tool. In more difficult market conditions of rising interest rates and higher unemployment, it is likely give providers a competitive edge.

March 2018

TOTAL SCORE 4/5

Interact Collect maximizes debt repayments with ease

Meniga’s digital banking app has several distinctive features. Its Activity Feed offers a social media-style view of transactions; users can view all of their accounts together via PSD2 integration; while Transaction Details lets users analyze their spending via category and merchant. The app provides contextual alerts such as peer group comparisons and recommendations to cancel unused subscriptions. Borrowers can view the progress of their loan repayments, and the app will prompt them with details of how an increase in repayments will shorten their loan term. The app also offers retailer discounts and can link with users’ social media accounts to identify the most relevant outlets.

Is it original? Although many of these features are already available in some form from other providers, Meniga has blended them more seamlessly than before, particularly with respect to the integration of contextual alerts and “calls to action” in the interface. Is it long-lasting? Banking apps that offer a holistic approach to money management are becoming increasingly popular, and PSD2 integration will increase the amount of data available from third parties, leading to more accurate recommendations. Consumers are looking for greater help with their finances, and Meniga’s solution should satisfy this need. Is it operationally game-changing for the provider? Banks that use Meniga’s app will be able to offer a significantly improved level of service to their customers. However, deployment of the app will not lead to noticeable gains in operational efficiency for banks. Will it significantly improve the user experience? Users will benefit from the integration of the app’s multiple features, including the ability to view all their accounts together and analyze their spending patterns (according to Meniga, the spending analysis has boosted monthly engagement with the app from 3% to 45%). Above all, the accurate targeting of actionable alerts should lead to improved outcomes for users of the app. Is it market-changing? While impressive, Meniga’s app will not alter the dynamics of the banking market. Its main effect will be to enable incumbents to improve the service they can offer to their customers, rather than to, for example, reduce barriers to entry or significantly cut costs.

March 2018

TOTAL SCORE 3/5

Meniga’s banking app offers proactive alerts to help users manage their money

Is it original? No. There are similar receipt management products available on the market already, such as ScanSnap and Smart Receipts. Is it long-lasting? With this tool SMEs can store essential information about their expenses using their phone camera, letting them view itemized receipts that are automatically reconciled; create reports; and automatically track the total spent by category. The option to upload receipts, forward them to accountants, and discuss them with the use of real-time notes can help entrepreneurs manage their finances more effectively. Is it operationally game-changing for the provider? It won’t drastically change banks’ operations. However, it will likely prompt competitors to re-evaluate their strategies for making use of such tools, and accelerate their partnerships and collaborations. Will it significantly improve the user experience? Using receipt management tools to analyze all transactions and track spending will help SMEs to gain insight and optimize their business processes. It can help SMEs stay within budget by filing expenses in folders that track the total spent and allowing access to accounting tools in one place. It therefore provides a tailor-made solution that matches their specific needs. Is it market-changing? This offering will significantly strengthen NatWest’s SME proposition by offering SMEs free, proactive help and simplifying their expenses, thereby allowing them to get on with running their business.

March 2018

NatWest adds receipt management business banking app

TOTAL SCORE

NatWest and Sensibill have partnered to offer a receipt management solution that will alleviate a major pain point for small business banking customers. The digital receipt solution will bring convenience to small business owners by allowing them to manage their cash flow and streamline their administrative efficiencies directly from their mobile banking app. This service is free and will enable receipts to be captured using a smartphone camera or sent to the app via email, and reconciled with a list of transactions held by the business. It will allow users to track spending and categorize expenses for HMRC, as well as export receipts for invoicing or accounting purposes.

3/5

Wealth Management

Is it original? There are a number of digital investment management platforms already operating in Germany, run both by startups and by established brands. For instance quirion by Quirin PrivatBank offers digital capabilities, as well as an option to contact an independent human advisor. Prospery does not offer anything that has not been available before. Is it long-lasting? Demand for automated advice services is forecast to increase, and Germany is one of the markets where this growth will be particularly pronounced. The inclusion of human financial advisors in the proposition ensures the platform will remain attractive to investors who are not comfortable with a purely digital service. Furthermore, the platform is built on a Matrix framework which supports APIs, which will allow for the relatively easy expansion and addition of new features. Is it operationally game-changing for the provider? German investors (both HNW and mass affluent) self-direct a higher proportion of their investments compared to the European or global average. Prospery will allow ABN Amro to tap into this space, and use of a digital channel will be efficient from an operational perspective particularly at the higher end of the market, as ABN Amro’s private banking division struggles with high cost-income ratios. Will it significantly improve the user experience? The flat pricing of the platform makes it unattractive for non-affluent investors. However, individuals with portfolios of at least €300,000 ($360,000) effectively pay less than 1% for access to Prospery’s human advisors and a digital platform, which is reasonable, and it becomes more attractive the larger the portfolio. The Coach and Invest modules cater for the needs of all types of investors, regardless of how involved they want to be in investment activities, or how complicated their financial situations are. Is it market-changing? ABN Amro is only adjusting to existing market requirements rather than disrupting the status quo.

Prospery is a digital investment advice platform launched in Germany by ABN Amro in December 2017. Investors can choose from three types of service: View, which is effectively a PFM app; Invest, which is an automated investment service; and Coach, which gives unlimited access to human financial advisors via chat and video. View is available free of charge, while Coach and Invest each cost €179 ($215) per month (or €239 [$286] for the combined Coach & Invest option). The service is built on Matrix, a digital banking hub by Five Degrees.

March 2018

ABN Amro’s Prospery combines digital and human capabilities to offer an investment platform for wealthy individuals

TOTAL SCORE 3/5

Be-IQ offers risk-profiling software to financial services providers. In addition to commonly used questions that cover investors’ experience or risk-awareness, Be-IQ facilitates understanding of an individual’s behaviors, confidence, and capacity for loss. The profiling model is based on surveys and academic work that gauge the relationship between behavioral concepts and an individual’s decision making. Be-IQ’s capabilities can be provided in a gamified user interface and integrated into a client-facing robo-advice platform, or launched as a separate add-on service allowing investors to analyze their biases. The company’s target markets are currently the UK and the US, where it completed research underlying its profiling model.

Is it original? Despite solid scientific foundations, the concept of behavioral risk profiling remains niche in the industry. While there are other vendors leveraging gamification (e.g. Neuroprofiler) or expanding risk profiling (e.g. Oxford Risk), Be-IQ is the only one offering a customizable API-based solution. Is it long-lasting? Regulators have been increasing their focus on ensuring that consumers are offered products and services that are suitable for them. This requires financial services firms to have robust risk profiling capabilities, and Be-IQ’s solution delivers this. Is it operationally game-changing for the provider? For wealth managers that decide to use Be-IQ just to improve their risk-profiling procedures, implementation of the software will not be game-changing. However, the software is a good starting point for building an innovative, client-facing digital investment service, and in fact Santander is planning to launch one using Be-IQ capabilities in 2018. This will be a significant enhancement of Santander’s offering, and a gamified user experience will differentiate it from the majority of other competitors (barring Moola, an online investment management startup that already uses Be-IQ capabilities). Will it significantly improve the user experience? Individual investors will find the gamified interface far more appealing and engaging than a traditional questionnaire. It will be easier to comprehend particularly for first-time investors, consequently resulting in more accurate risk profiling. The ultimate outcome is offering investors products that are more suitable to their needs and which in the end can yield better returns. Is it market-changing? The software increases the accuracy of risk profiling and will improve the services of providers that decide to use it, but it does not challenge the principle of how investment services are delivered.

March 2018

TOTAL SCORE 4/5

Be-IQ uses gamification and behavioral science for risk profiling

Is it original? While the robo-advice investment market is now well established and there are collaborative social trading platforms such as eToro, clevercircles is the first player to bring these two concepts together. Is it long-lasting? Demand for automated investment services is high in Switzerland. The product will also be available as a white-label service to other companies internationally. Yet it will be the level of engagement among users of the collaborative tools that will determine whether it remains different or becomes just another robo-advisor. Is it operationally game-changing for the provider? As its launch product, this is critical for clevercircles’ success as an operation and a brand. For clevercircles’ owner, Banque CIC, it will bring revenue generation and diversification possibilities – though of course also the associated costs and risks should the venture not work out. Will it significantly improve the user experience? The collaborative nature of the product is an advance on standard robo-offerings. The ability to collaborate typically makes one think of getting the opinion of a wide network of users, but clevercircles believes that many circles will in fact be made up of couples and their financial advisors and possibly some journalists. Either way, the platform will likely be favored by those who have a keen interest in their portfolio make-up, rather than more hands-off investors. Is it market-changing? Clevercircles is an advance on existing robo-advice propositions rather than a disruptor to the market.

March 2018

TOTAL SCORE

clevercircles brings the wisdom of the crowd to robo-advice

4/5

clevercircles is a Swiss robo-advisor due to launch in April 2018. It aims to bring a social element to robo-advice, with clients able to add other users to their ‘circles’ and ask questions on investment strategy, thus benefitting from the wisdom of the crowd. Other users can include advisors, finance journalists, and other clients. The service has a minimum threshold of CHF10,000 ($10,259). clevercircles is part of Banque CIC and was developed with technology provider ti&m. The platform will also be available as a white-label solution internationally.

Is it original? There are other real-time news analysis providers in the market, notably Thomson Reuters News Analytics and small players such as RavenPack, but for the most part these are targeted as automated trading systems. YukkaLab seeks to differentiate itself with its focus on portfolio managers and responding to their needs. Is it long-lasting? Analyzing the news and monitoring market sentiment is part and parcel of a portfolio manager’s role, and tools that can make this aspect of their work more efficient will always have a place in the market. Is it operationally game-changing for the provider? For YukkaLab, News and TrendLab are its core products and are critical in determining its future success. Building a solid customer base will be key in the near term, before looking to expand its stable of products. Will it significantly improve the user experience? The automated approach is certainly more efficient than any manual systems that may be in place, while user interfaces are certainly attractive and offer the ability to look at information through a variety of lenses. The time-saving benefits are clear and YukkaLab is already having some success, with UBS and Union Investment among the company’s clients. Is it market-changing? Even though YukkaLab certainly makes monitoring news sentiment more attractive and efficient for those who need to do this as a core part of their work, the company is not reinventing the concept.

March 2018

TOTAL SCORE

YukkaLab offers real-time news analytics for wealth managers

4/5

Germany’s YukkaLab offers two products targeted at portfolio and customer relationship managers. NewsLab uses Augmented Language Intelligence to detect sentiment market sentiment. It analyzes 200,000 articles from 20,000 sources daily, with users able to view results on color-coded, customizable dashboards. TrendLab is positioned as an early warning system to inform users when sentiment is turning towards their areas of interest. Founded in 2016, in February 2018 YukkaLab received investment funding from Switzerland’s EquityPitcher.

Definition of parameters Is it original? Is the innovation significantly different to other products or services already on the market? Is it long-lasting? How much longevity will the innovation have? Is the innovation more than a novelty that will only be of transient appeal to consumers? Is it sustainable for providers in the long run, with respect to the cost and complexity of provision? Is it operationally game-changing for the provider? How much impact will the innovation have on providers with respect to cost, speed, and efficiency of provision? Will it reduce barriers to entry or open up new revenue streams? Will it significantly improve the user experience? How much impact will the innovation have on consumers with respect to speed, ease of use, and cost or price? Will it enhance or add value to their experience, or will it lead to improved outcomes for consumers? Is it market-changing? How much overall impact will this innovation have across all market participants, both providers and end users?

March 2018

Appendix

March 2018

Sources Allianz (2017) Allianz and InsurTech Startup Flock to Launch UK's First Pay-as-you-Fly Drone Insurance Backbase (2018) Company website Figo (2018) Figo Finovate (2018) Backbase presentation Finovate (2018) Meniga presentation Finextra (2018) NatWest launches Receipts app for iOS Finovate (2018) Fortytwo Data presentation Finovate (2018) Intelligent Environments presentation Flock (2018) Flock Fortytwo Data (2018) Company website Meniga (2018) Company website Money PL (2018) Braintri is planning a global scaling of the Jiffee fintech project Oscar (2018) Oscar NatWest (2018) Company website TelecomAsia (2018) Ondot launches Mobile Card Services in Asia

Ask the analyst For further information, the Financial Services team can be contacted at clientservices.fs@globaldata.com.

March 2018

Appendix