Singapore – 5, 6 and 7 October 2021
On 6 October, our CEO Ken Hart participated in the first edition of Fintech Connect in Asia. For this first edition, the format of the event was hybrid, in conjunction with their PayTech Connect event, held on October 5th at the Raffles City Convention Centre, Singapore. Fintech Connect Asia conferences took place online on the 6th and 7th October 2021.
The session covered topics such as:
- How to use location-based services to improve customer experience
- How to enhance banks’ unique value proposition
- Key findings using location-based services in the Financial Services industry
- Best practices and case studies and their business impact
- How real-time data enrichment reduces subsequent fraud and costs significantly.
Watch the session on-demand here
Building trust in Financial Services
Ken shared with the audience the results and benefits achieved by our customers in EMEA and the UK, as well as in Asia Pacific, by integrating our MRS fintech product into their service offerings.
“We have been helping consumers understand their transactions through greater transparency and that creates a much more compelling experience. And when you have that consumer trust, there are a lot more things you can do,” – said Ken Hart, CEO at Snowdrop Solutions.
Our solutions for Financial Services companies enrich transactions by clearly identifying the merchant relevant information such as logo, clean merchant name, merchant verified location and so on.
There are a variety of use cases applicable in financial services that have a positive impact on user satisfaction, like spending insights by merchant or categories (show the user where and how they are spending their money, by categories, map view, merchant list) or fraud detection (using device-based location services banks can detect transactions that are highly likely to be fraudulent).
Both challenger and traditional banks can benefit from these features, as Ken explains: “If you are a newcomer coming to the market, this also represents an opportunity to create a differentiated service, stand out from the crowd. There are also some benefits if you are a big bank. You don’t have as many calls to your call center, no more people calling up in a panic complaining.”
Spend, save and invest with Hugo
Hugo, one of our key customers in Singapore, has experienced positive results after integrating ‘Merchant Reconciliation System’, in terms of customer engagement and satisfaction. After 4 months since its launch last June, its mobile app has a rating of 4.5 out of 5.
“The user experience is incredibly important to us and it is essential in building that personalized relationship with each and every Hugo Hero” – says Braham Djidjelli, Chief Product Officer and CoFounder of Hugo – “Everybody has their own unique journey and it begins with an appreciation for your existing financial behaviour. And this is where Snowdrop helps in providing enriched transaction information so we can more easily identify and categorize your spending behavior.”
Hugo’s proposition is clear: they focus on Wealthcare, and on offering the best financial wellbeing experience to their users, helping them spend, save and invest more effectively. One interesting feature of their offering is the Gold Vault, which allows users to invest in gold as part of their savings plan.
“Our product strategy is to ensure users understand their entire financial universe, give them the means to create effective savings and a safe place to invest them and guide them in developing those healthy financial habits that are sustainable and that they can stick to,” states Braham.
The new Financial Services landscape
On the other hand Jolly Ahuja, Google Channel Sales Manager (ASEAN) analysed the results of a recent study on how location-based services were positively impacting sectors such as financial services.
“Today around 75 million millennials are entering middle age which means all of these millennials would need different forms of financial services. All of these millennials are now pivotal to demographics in financial services”, comments Jolly. “These millennials want to use new fintech apps. In fact, we saw 20 million customers moving to neobanks and challenger banks.”
The study by Google and BCG consulting group was conducted this year for 520 executives within a number of different industries such as retail, financial services and real estate , in four regions (US, UK, Singapore and India) to understand location intelligence and its impact.
“One thing which stood apart in the financial services industry was how leaders are defining their location strategy” explains Jolly.
Contact us to know more
As a Google Maps and Cloud Premier Partner in regions such as EMEA and Asia Pacific, Snowdrop has a deep understanding of the business needs within specialised sectors (Travel & Leisure, Transportation, Property and Financial Services) offering detailed, customer-focused support, best practice usage and licence optimisation.
Our ‘Merchant Reconciliation System‘ product is trusted by leading digital and traditional banks across EMEA, the UK and Asia Pacific, setting strong results for the banks’ net promoter score, as well as dramatic improvements in terms of business objectives.