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Simplicity wins for fintech
Easy access, clean design, mobile capabilities. Large companies are realizing that new innovations don't have to be revolutionary. Sometimes simple is best.
At a recent awards night hosted by innovation consultant Market Gravity, large established companies from airlines to credit cards to soccer clubs competed for the best new services and products. With more than twice as many nominations as last year across more industries, Market Gravity judges awarded companies for best innovation, best new product, best new service, best new venture, and social impact. Among the nominees and winners were fintech developments, including those from credit cards and existing giants like MasterCard and Barclays.
Sometimes genius comes in simplicity, says Iain Montgomery, senior consultant at Market Gravity. Many new innovation programs are building on existing ideas and filling tangible holes, rather than creating something completely new. Focus in fintech has become more about the user experience. Visa, for example, developed a mobile location confirmation for travelers. Customers can confirm a payment abroad through their phone, rather than have their credit card put on hold the second a suspiciously fraudulent transaction is made. "You think you know everything, but you don't," says Montgomery of companies. There are always these small, pesky problems to solve.
Western Union, who was awarded best new service, created a "stage and pay" money transfer to make use easier for customers. Western Union teamed up with Walgreens in the U.S. to make access to Western Union through existing photo kiosks, cutting the need for separate technology.
Bank of Montreal (BMO) was nominated for best new service for its savings builder account. The account is the first high interest savings account in Canada to add bonus interest when customers save $200 or more each month. Other nominees included more personalization and confirming identity through finger prints and facial recognition.
Most creative award, in our opinion, goes to Pornhub for its "wankband." The promo is a "renewable source of energy, powered by Pornhub's quality content." Strap it to your forearm, create energy, and use it to charge anything with a USB.
Photo: Hey Paul Studios