Intelligent Environments today unveils Interact, an integrated platform for digital financial services. Interact enables organisations to deliver customer-led financial products and services across all digital channels, platforms and devices, providing a consistent, seamless and intuitive user experience for any money transaction.
Intelligent Environments has already signed contracts to deliver the new software platform to two European banks.
Digital financial services are increasingly critical to customers, as shown by new research unveiled today. An online poll commissioned by YouGov on behalf of Intelligent Environments found that, of Britons with a bank or building society current account:
• Less than half (45%) use their local bank branch once a month or more
• This is compared to 81 per cent who use online banking and 20 per cent who use mobile banking at least once a month
The figures show the huge growth in digital banking services - in 2000, banking industry body APACS reported just 3.5 million Britons used online banking whilst mobile banking use was not monitored, compared to Payments Council research in 2011 that said one in four UK adults now access their bank account online every day.
The news comes in the lead up to new legislation recommended by the Vickers report, which outlines that the switching of customer bank accounts and redirecting of direct debits will reduce from 31 days to just seven from September 2013. As it becomes increasingly easy to switch accounts, banks will need to capitalise on the provision of digital services to retain their existing customers, especially as an effective digital banking service (mobile and online) makes over half (51%) of Britons online loyal to their main bank or building society.
However, nearly one third (29%) of current account holders online have experienced frustrations with these digital banking services in the last year. Of those that have experienced such frustrations, 38% cited the devices needed (such as mini PIN generators or card readers) to access accounts being too inconvenient to use, 13% a lack of consistency between digital and offline services, 44% too many passwords to remember, and 11% services not tailored to customer needs.
Intelligent Environments' Interact gives organisations the ability to solve these common frustrations by achieving a seamless customer experience across marketing campaigns, customer service and product delivery. The software is designed to provide all channel money management for any organisation that has a financial relationship with its customers whether a financial institution, retailer or telecoms operator.
David Webber, MD of Intelligent Environments, says: "A rapid pace of technology evolution has created a variety of digital channels for organisations to reach and manage relationships with their customers. Organisations run the risk of losing their customers or not leveraging the relationship as effectively as they could if these interactions remain isolated - even the largest retail or financial organisations still have a number of siloed 'money to people' engagements. We believe that no other provider can offer a single, consistent software solution for all digital channels.
"Interact is a financial services platform that will sit at the centre of our clients' digital operations, helping banks to improve customer engagement at a time when relationships are being severely tested. The Vickers legislation only adds to the myriad of regulatory and consumer pressures that banks must now respond to in the bid to attract and retain customers. The new Interact™ platform ensures that as compliance requirements evolve, solutions can be rolled out quickly and easily across banking systems, as well as giving customers an improved experience with their provider."
This latest innovation is founded on Intelligent Environments' 15 year history in delivering market-leading online and mobile banking solutions. With its new platform, Intelligent Environments will grow its UK success and international partnerships to create a truly global business, with diverse clients that include financial services organisations, retailers, and telecom providers.