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AURIGA AND ACI WORLDWIDE PARTNER TO LAUNCH NEXT-GENERATION ATM ACQUIRING AND SELF-SERVICE BANKING PLATFORM

New platform improves omni-channel experience for consumers, including self-service channel integration with mobile and internet banking

 

Auriga, market leader for omni-channel banking and payment systems, today announced a partnership with ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time digital payment software and solutions. The companies will launch a next-generation ATM and self-service banking platform aimed at improving the omni-channel banking experience for consumers globally.

 

Under this partnership, ACI’s  Enterprise Payments Platform—an industry leading platform that helps banks manage new payment types, standards and regulations to enable digital transformation—will integrate with Auriga’s omni-channel banking solution, WinWebServer (WWS). This will provide banks with the next-generation self-service banking that merges physical and digital channels in a highly secure, modernized technology platform. The joint solution, available alongside ACI’s continued support for traditional ATM technologies, will provide improved customer service through the integration of ATM with mobile and internet self-service banking capabilities. It will enable banks to define an integrated channel strategy, optimizing and transforming their branch and ATM estates.

 

“The pandemic has changed, among other things, the way consumers bank. It has also accelerated the digital transformation journey for banks—ensuring accessibility to banking services around the world,” said Jeremy Wilmot, chief product officer, ACI Worldwide. “ACI’s partnership with Auriga will deliver more self-service banking options for consumers that will drive the digital banking experience forward. A digital-first company with a strong reputation in omni-channel banking, Auriga’s partnership with ACI will help meet the growing global demand for next-generation ATM capabilities.”

 

“Today’s consumers use a wide range of channels to access banking services, switching from one device to another continuously. Increasingly, they demand cash and non-cash services at their convenience, 24 x 7. ATM technology has too often been an obstacle to meeting these changing demands. ATM owners must adapt to meet these needs through the advancement of the ATM infrastructure by converging physical and digital services for a consistent consumer experience. Our partnership with ACI will not only deliver optimal self-service banking offerings across channels, but will also expand our global footprint,” said Vincenzo Fiore, CEO, Auriga. “In addition, our solution offers centralized ATM security operations on a single platform, ensuring minimal impact on device performance.”

 

Auriga’s WWS application is a unique cloud-based concept for managing all channels consistently and with minimal effort, regardless of the manufacturer of the ATM or self-service device.

 

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FINANCIAL SERVICES MUST FIX THEIR MISSED OPPORTUNITY AS CONSUMERS DEMAND MORE ENGAGING DIGITAL EXPERIENCES

  • Less than one-third (30%) of consumers believe the Financial Services firms they interact with now deliver a better digital experience than before the pandemic
  • Over half (51%) of consumers are prepared to switch to a competitor if their digital experience does not live up to their expectations

Time is finally up for Financial Services firms failing to create the engaging digital experiences that consumers have been crying out for. Almost half of UK consumers (45%) prefer to engage with banks via apps rather than in person with members of staff, while two-fifths (39%) believe their smartphone is more important than their wallet in powering financial transactions (rising to 51% amongst 18-35 year olds).

These are the stark findings from a new study from VMware of more than 2,000 UK consumers, exposing the extent to which the digital-first, customer-obsessed mantra that was ushered in by the FinTechs and Challenger Banks, has transformed the customer battleground.

However, while most industries underwent a seismic digital switch as a result of the pandemic, the Financial Services industry has not matched the level of innovation. Less than one-third (30%) of consumers believe the Financial Services firms they interact with now deliver an improved digital experience compared to before the pandemic.

In a market beset with challenger brands looking for ways to uproot the incumbent providers, this research should serve as a wake-up call to Financial Services firms looking at ways to install brand loyalty. Over half (51%) of consumers would switch to a competitor if their digital experience doesn’t live up to expectations – just 10% would remain loyal.

The areas of investment that will best serve both traditional and challenger firms alike are clear. While there remains an insatiable appetite for better digital services in Financial Services, the absolute priority for three-quarters (74%) of customers when choosing a new provider is security. This unsurprisingly is played back when customers reveal what more they want from their digital interactions, which include:

  • a high level of security and protection of their data (70%)
  • simple and effective applications (47%)
  • and ease of use across all their devices (40%)

The Financial Services firms that will thrive in this new customer battleground will ultimately be those that can establish themselves as a trusted, digital partner. It will also prove a key success factor in the roll out of more innovative products and “smart” services. For instance, while today, if customers had money to invest, just 12% would allow an app to make the investment decisions over an individual that works for the bank, It is those firms that can put trust and transparency front and centre of their offering, that will have the opportunity to capture this lucrative opportunity.

 

Matthew O’Neill, Industry Managing Director, Advanced Technology Group, VMware said: “After the unprecedented but overdue ‘digital switch’ of last year, consumers are rightly demanding more from an industry where the battle for the best customer experience means success or failure to businesses in the Financial Services sector. In this new battleground, the most successful firms will be the ones that are becoming digital at the core – where they can adapt and innovate faster to create better user experiences, without compromising security, in the process. Those firms who have a digital-first posture, have everything to play for with today’s consumers and not just those that are growing up digitally native.”

 

Methodology

This research was conducted by an online survey, commissioned by VMware, of 4,102 EMEA consumers across 3 countries – UK (2,069), France (1,028), Germany (1,005). In this online survey, consumers were asked to rate their digital experiences across five sectors – Retail, Healthcare, Financial Services, Education and Government (local and national). YouGov conducted the survey in November 2020.

 

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VIRGIN MONEY EXPANDS PARTNERSHIP WITH FINTECH LIFE MOMENTS

Virgin Money is expanding its partnership with FinTech data expert company, Life Moments, to focus on the development of the sustainability elements of the Virgin Money offer to its business banking customers.

 

The agreement is the latest partnership from Virgin Money as it continues to develop its working capital health proposition, which will be launched in the Autumn.  This will transform the Bank’s existing business current account and forms part of its commitment relating to the recent £35m award from the Banking Competition Remedies (BCR) Capability and Innovation Fund.

 

Life Moments is a leading provider of platforms and tools to improve customer experience and generate data insight. The company has worked with the Bank since early 2020, developing and launching Virgin Money’s Home Buying Coach app, designed to simplify the home purchase process and help first time buyers on to the property ladder. The company will now work on digitising and capturing customer responses to an ESG benchmarking tool, developed by the Bank in conjunction with Future-Fit Business, as well as integrating the results and data into the Bank’s new Business Current Account Wellness Tracker, providing tailored digital coaching for businesses.

 

Virgin Money, which joined the Future-Fit Development Council last year, is the first company in the financial services industry to use the Future-Fit Benchmark for commercial banking. The tool, which can be used by any business of any size, whether they are a Virgin Money customer or not, has a user-friendly set of questions to help a company understand its current position, via both an ESG score and guidance on the steps that could be taken to create a more sustainable model.

 

The agreement is also expected to contribute towards Virgin Money’s recently launched ESG commitments and aspirations, including at least halving its carbon emissions across everything it finances by 2030. Within business banking, and part of its BCR commitments, it will increase lending by an extra £2.2Bn by the end 2025 (£0.5Bn by end of 2022), with more than £100M of new lending going to clients pursuing environmental, social and governance aims.

 

Gavin Opperman, Group Business Director at Virgin Money, said: “Sustainability is a key element of our new working capital health proposition. Life Moments has brought exciting innovation into our mortgage business, so it was a natural progression to invite them to collaborate on enhancing our Benchmarking Tool and support our ambition to help our customers on all aspects of their ESG journey. We have created a strong base but there is more to do, which is why this partnership with Life Moments is so important the development of our new business current account.”

 

Ben Leonard, CEO and Co-founder of Life Moments, said: We are delighted to have the opportunity to extend our partnership with Virgin Money and apply digital coaching to business banking. We see many similarities between the support & nurturing we have developed with Virgin Money for first time buyers and how to help small business owners so are confident this will enhance the business banking proposition. Being able to apply our platform technology to helping businesses embed sustainability is extremely exciting for us and aligns perfectly with our profit & purpose mission.”

 

Graeme Sands, Corporate and Mid-Market Director at Virgin Money, said: “All businesses, whatever their size or industry, should be thinking about their approach to sustainability, ensuring that any future growth strategy takes into consideration the ESG impact of their operations. This isn’t an easy task, but those that do so often find new opportunities and we are committed to working with our customers and partners, like Life Moments, to provide the support and insight that allows them to work towards becoming a more sustainable business.”

 

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