BANKING – Easy as 1,2,3.
There are a number of people in every country in the world that can be classed as vulnerable in the times of Covid-19. They are vulnerable because they are limited in their physical movement as well as digital tools / knowledge. These limitations are specifically detrimental with regards to personal finances.
BANKING - Easy as 1, 2, 3. is an essential innovative roadmap for people to obtain, manage and excel in their financial needs in times of crisis and beyond. Our roadmap includes accessing existing services and models, reclaiming and repurposing those to benefit those in need.
It is designed to be a fast-to-roll-out plan, making use of existing resources and therefor has the ability to scale quickly throughout different countries. Our solution is not limited to a specific identity or organisation, but rather allows for fast collaborations between parties.
Our roadmap makes use of three elements and steps, that will enable anyone to be able to begin, manage or excel in their personal banking journey.
How to enable people to open a bank account during the Covid-19 crisis?
Solution: Customers will be able to visit / book in a mobile banking vehicle to open a bank account. The vehicle will carry representatives from a selection of banks, allowing the person the choice of bank.
People who used to run a food truck or another business based in a mobile vehicle can opt in to turn their vehicle into a mobile banking vehicle. By doing so, no new vehicles have to be created and business owners who are now struggling can put their assets to work.
How to make financial tools available to vulnerable people during the Covid-19 crisis?
Solution: Location-bound customers will be able to manage their finances using a public interface situated on public spaces, such as on the walls of bank branches or, specifically in the UK, using the LinkUK from BT kiosks. Should they be unable to leave the house or reach the public interface, a bank-supplied digital device will be sent to the customer.
The public interfaces and digital devices will host a secure app, allowing them to make basic banking transactions.
Each bank will have access to the device using an API, providing the app with the customer’s account information (such as account number and bank balance), ability to make a payment, and offers from the bank (such as overdrafts and small loans).
How to teach vulnerable people digital / financial tools during the Covid-19 crisis?
Solution: Customers will be able to find a “banking buddy” with whom they can discuss technological queries.
The initial contact will be established using a matching website, for example one of the digital marketplace solutions created this weekend! Thereafter, contact will be via a method of their choosing. For example, for elderly isolating at home a phone call, and for homeless people a date and time plus location where to meet.
4. Technical details
As prototype, the customer-demo has been built using HTML5 and Bootstrap solely for speed and efficiency’s sake.
The actual application will be built using Ruby-on-Rails. The application will make use of bank API’s to call the customer’s bank details and integrate bank offers.