News & Views - Savantor

The next big thing never comes

Tuesday, 15 June 2010

Not so many years ago multi app cards were the 'next big thing'. Then it was contactless, NFC, mobile payments, social networking and so on. The FSA has recently stated that financial firms must ensure they provide appropriate risk warnings when using new media such as social networking sites, blogs and forums to promote products and services. With banks increasingly turning to sites such as Facebook and Twitter, as well as smartphone applications, to promote their wares, the watchdog has reiterated that its rules focus on content not medium.  Having looked at the comments on some of the bank sites it wouldn't be a bad thing if some of the contributors focused on content too. 

In the card world you can also use Blippy on Twitter to tell all your 'followers' what you are using your credit card to buy.  Personally I would rather stick needles in my eyes but I'm sure someone finds it useful.  But there are some aspects of social networking sites which are worth noting: 

  • The average Facebook session lasts 35 minutes.  Rather longer than most people spend on financial sites.  
  • The fastest growing group of users on Facebook is women over 50.
  • In April it was announced that PayPal is to introduce a service that will enable customers to make payments as small as $.50 using debit and credit cards, aggregating the payments to make them viable.
  • PayPal's new iPhone app was downloaded more than a million times in the first 3 weeks.
  • Since Apple's app store was launched 2 years ago 185,000 apps have been developed and more than 4 billion downloaded. 

And you wonder what happened to multi app cards?

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Credit Card Migration and Operational Support

"The bank has undergone significant transformation of its card business on both the issuing and acquiring sides. One business partner we have looked to for support in the areas of strategy, major project leadership, management analysis and ongoing business support is Savantor. The Savantor team has contributed to our success as we have leveraged their deep industry knowledge and broad range of operational skills."

Sean Sheehan, Service Management Director - Bank of Ireland

Credit Risk Review for New Product Launch

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Sami Karhunen, Head of Business Intelligence and SME Sales - Point Transaction Systems Oy - Finland

Acquirer Strategy and Operating Model

"Savantor brought an effective blend of European acquirer market expertise and transaction processing solution design. Their experts quickly forged strong working relationships with our team. We enjoyed working with them to create our future acquirer strategy."

Mikko Hyttinen, SVP - Lending Services - OP-Pohjola Group - Finland

Interchange Review

"Savantor did a superb job in confirming what we believed was an area of weakness. The detail we now have will enable us to agree internally what we need to do to improve structure, control and income. Nationwide management were very impressed with the quality of the Savantor team."

Adam Slater, Senior Manager - Banking - Nationwide Building Society - UK

Moneris Solutions

"Savantor did an outstanding job of the review and I received nothing but positive feedback on the interaction with our management team."

Jeff Guthri, COO - Moneris Solutions - Canada

Expert Witness

"After searching extensively for the required industry expert in a complex litigation, Savantor was identified to have the necessary industry knowledge and expertise on a range of complex issues. Savantor provided clear advice and was able to quickly hone in on the key issues, but most importantly, generating pragmatic winnable answers."

Gavin Ingram, General Counsel & VP Strategic Planning - Global Blue - Asia Pacific

Payments Workshop Material

"Savantor helped ACI build a payments onboarding workshop for new technical staff in ACI EMEA. Their extensive experience took our outline and built a great starting presentation of industry facts that we have now customised further into a half day session that is used for all new joiners. Our Americas and APAC regions have also taken the material and customised it for their regions. A great job by Savantor has meant new joiners to ACI hit the ground running."

Richard Sanders, Principal Solution Consultant - ACI - Worldwide EMEA

Complex Cards Business Transformation

"This was a major business transformation that required us to build an excellent team made up of internal bank specialists, supported by external card business, technical and operations expertise. Savantor provided specialists from the local market and with international experience to fill a variety of important roles. The Savantor resourcing team are professional, reliable and good people to work with."

Ricardo Gomez, Director - Operations & Technology - WiZink Bank - Spain

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