MyData 2016 blog


Customers help to solve banks on-boarding challenges

September 2, 2016 – MyData 2016 Conference, Helsinki

Earlier this year, Siginicat reported that 40% of Brits had abandoned a banking on-boarding process. Interestingly, a significant portion of the same research participants cited length of time and the requirement to give up too much information as their primary reasons for abandonment.

With these processes often requiring physical identification, and taking an average of 18.45 minutes to complete, Meeco, the world’s first Life Management Platform, has begun collaborating with the financial services industry to solve this problem by leveraging open standards, Meeco’s platform capabilities, and customer-controlled personal data.

“Meeco is proving unique innovation around customer on-boarding and know-your-customer (KYC) capability, through provisioning the API-of-Me. This enables customers to bring their identity and (consent) based access management to enterprise, enabling the customer to consume products, services, advice and experiences in less time, with lower friction,” said Katryna Dow, founder and CEO of Meeco.

Australian version of use case video:

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Within the simulated environment of Meeco’s Me2B Labs Methodology, Meeco is working with leading brands to showcase the business, human and ecosystem value of person-controlled personal data that is in context, accurate, real-time and matched with intention.

“This model enables our partners to work directly with customers, prove the value of such initiatives, and de-risk the pathway to market,” said Meeco’s Head of Experience and Labs, Nathan Kinch.

Meeco’s collaboration with leading global brands across various industry verticals results in a range of mutual benefits, including new value chains for enterprise, tailored outcomes for customers, lowering risk, increasing compliance, all resulting in net new value. Additionally, the direct relationship between the enterprise and the customer builds a private channel for ongoing permission marketing – a step in the right direction when considering the upcoming European General Data Protection Regulation (GDPR) and Payment Services Directive 2 (PSD2).

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As part of the MyData 2016 Conference in Helsinki, Meeco showcased this, and six other unique use cases to more than 500 attendees across the academic, corporate, government and entrepreneurial community.

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