Strands & Tech Mahindra Collaborate to Provide Customized Digital Banking Solution to Financial Institutions Globally

Strands & Tech Mahindra Collaborate to Provide Customized Digital Banking Solution to Financial Institutions Globally

Strands, a leading FinTech company that helps banks leverage Artificial Intelligence-based tech to grow customer loyalty and boost their bottom line, and Tech Mahindra Ltd. a leading provider of digital transformation, consulting and business reengineering services, have announced a strategic partnership to provide an integrated suite of secure and customized digital banking solution to financial institutions globally.

Tech Mahindra will leverage Strands’ Artificial Intelligence capabilities along with its existing domain expertise in financial services to enable enhanced customer experience. By providing data-driven analytics of user behavior, the digital banking solution will enable financial institutions to create personalized and contextual offering for their customers. In addition, the solution will provide them with relevant insights to take informed decisions to generate cross and up-sell opportunities. The solution will lead to multiple touch-points across the customer journey which will further translate into a higher customer engagement and retention rate.

Gautam Bhasin, Global Head, Banking, Financial Services and Insurance, Tech Mahindra, said:

“As part of our TechMNxt charter, Tech Mahindra is focused on enhancing customer experience by leveraging next generation technologies like Artificial Intelligence to deliver world-class solutions. Our collaboration with Strands will further enable us to implement this unique digital financial solution to enhance end-customer experience and faster time to market of products & services by banks, as well as increase return of investment for our customers”. — Gautam Bhasin

Tech Mahindra will offer Strands solutions to its global clientele to enable their complete digital transformation, and will also undertake system integration and service portfolio management.

Erik Brieva, CEO at Strands, said:

“Our white-label digital money management solutions give financial institutions an edge over the competition, speed up internal processes and help them reap the benefits of a more engaged relationship with their customers. This strategic partnership with Tech Mahindra will accelerate the delivery of tangible business value”.

Strands product portfolio includes PFM (Personal Financial Management), BFM (Business Financial Management, CLO (Customer Linked Offers), Engage (insight-driven solutions) and API (Application Programming Interface) Hub to connect multiple APIs and external services.

As part of the TechMNxt charter, Tech Mahindra is focused on creating a partner ecosystem to create a suit of next generation technology enabled solutions and services to serve global customers. The partnership with Strands will further strengthen the offering in financial space and help in gaining access to newer enterprise across the Globe. Tech Mahindra’s digital transformation offerings include robust solutions that enable banks to successfully overcome outdated approaches and transform the traditional customer operations model into new business models based on digitization.

Strands Launches Brand-New Website

Strands Launches Brand-New Website

Strands, a leading FinTech company that helps banks leverage AI-based tech to grow customer loyalty and boost their bottom line, announces the launch of its new corporate website.

The revamped site delivers improved user experience through a simple, clean design with enhanced features, functionality and navigation, enabling visitors to experience Strands’ comprehensive product suite and innovative solutions.

“We are excited about the exceptional value this new website offers to our stakeholders, including our prospects, customers and employees,” said Victoria Yasinetskaya, Strands’ Marketing Director.

“The site redesign and updated content reflect our ability to deliver sustainable solutions and endless innovation. This allows us to showcase our competitive strengths and further position our brand as a competitive leader in the FinTech industry.” — Victoria Yasinetskaya, Strands’ Marketing Director

Additionally, https://strands.com/ implements the full scope of the branding refresh Strands is experiencing this year —giving a more complete, attractive, and updated look than the previous iteration.

 

 

Designed with user-experience and simplicity as the key focus areas, the new website includes:  

  • Updated navigation organized by Solutions and Products to help visitors easily find what Strands has to offer;
  • Custom illustrations that make navigation more pleasant and meaningful;
  • Expanded Clients section that showcases implementation-specific examples;
  • Resources page for quicker access to the blog, white papers, product sheets and videos; and
  • News & Events that highlight the latest company news, press releases and feature articles.

For more information, simply head over to https://strands.com/.

STRANDS and adorsys bring banks and third-party providers (TPPs) together to form a digital ecosystem

The global FinTech partner for banks, STRANDS, and adorsys, both software experts and providers of PSD2 solutions, are further expanding their partnership for the international digital transformation of financial services.

From now on, STRANDS provides implementation services for adorsys’ XS2A solution in Spain and other international markets. Due to the increasing digital transformation of financial services, both companies consider a cooperation of banks and third-party providers (TPPs) to be necessary – also independent of the established PSD2 regulation.

The PSD2 initiative is currently perceived as a catalyst for open banking in Europe. Banks that seek to become Account Servicing Payment Service Providers (ASPSPs) and Third-Party providers (TPPs) and that also want to be Account Information Service Providers (AISPs) or Payment Initiation Service Providers (PISPs) will have access to customer accounts (XS2A) of financial institutions. These parties were invited to prepare for March 14, 2019, when the testing phase of the new Application Programming Interfaces (APIs) began. APIs are the technical mechanism that allows banks to securely exchange customer data with TPPs.

For this reason, more than 30 experts from adorsys have focused on a PSD2-solution. In their endeavor, they created an XS2A-Sandbox, which is optimally harmonized through the use of its components. The purpose of the Sandbox is to make the transition to monetizing PSD2 investments as easy as possible for its users: create value-added services for your customers and provide expert API management. The solution offers everything that already supports PSD2 live production usage.

 

Adorsys and Strands Partnership

 

STRANDS and adorsys are developing models to transform the technical investment into business value – so that banks do not get stuck with their “mandatory investments”. The development teams of both partners have been working in this field for many years and have successfully completed numerous projects for first-class banks.

STRANDS offers digital money management software that allows adorsys to focus on continual advancement of the solution. With STRANDS, the Sandbox should be delivered to interested banks almost immediately, without long infrastructure procurement cycles.

 

What is the feedback that adorsys gets from the bank customers? How do they benefit most?

“We as adorsys see ourselves not only as a technology provider. We also help our clients to find feasible models and thereby create cooperation rather than conflict. The interaction helps the financial services market to innovate and create a new customer experience. The expansion, in other words, the revamping of new business models is often a tedious process. And it is at exactly this point where we want to help and support our customers.” — Stefan Hamm, CEO of adorsys

 

How does the collaboration with STRANDS improve benefits for the financial institutions?

“Our company mission is to help banks transform their traditional business model, streamline innovation and maximize customer interactions though STRANDS financial management white-label solutions. The
alliance with adorsys shows a true determination from both companies to create value and contribute to the success of these financial institutions by boosting their bottom line.” — Erik Brieva, CEO of STRANDS

 

 

about adorsys

As a software service provider, adorsys offers much more than just PSD2 solutions for financial services companies. Especially with the individual offer of innovative and tested software, the company has established itself on the market in the last ten years. adorsys specializes in web-based and mobile applications for all devices based on state-of-the-art technologies. From complete consulting and competent implementation of business design to DevOps and support services, adorsys supports IT departments in the holistic implementation of their projects.

 

about STRANDS

Experts in Big Data, AI and Machine Learning since 2004, STRANDS creates highly-customizable digital money management software for top-tier financial institutions worldwide, and empowers people to be smarter with their money. STRANDS has carried out more than 600 implementations to date.

The company’s mission is to enable banks and merchants to anticipate customer needs and proactively suggest next-best-actions to increase long-term customer value. Strands solutions empower people to better manage their financial and consumption life, and take decisions in a smarter, more transparent and independent way.

 

Strands Reveals Industry-First Insights Generator

Strands Reveals Industry-First Insights Generator

Strands launches a new generation of Engager, an implementation that transforms every interaction into a guided and meaningful conversation, transforming complex data into relevant customer insights and added-value solutions in real time.

Engager 2.0. offers a novel way to engage with users on a new level –benefiting from AI and ML to effortlessly advise consumers towards their financial goals.

Using Engager 2.0. capabilities, banks are able to provide retail and business clients with varying degrees of guidance in money management, ranging from real-time insights to personalized recommendations and financial education tips.

Moving the focus from product to person

Engager 2.0. displays data in a way the user understands, promoting ongoing engagement and rebuilding the relationship between bank and client from day one.

The solution is built with over 200 predefined insights –each of them actionable and forward-looking– with the needs of the user in mind.

This will allow customers to receive notifications periodically in a balanced way from each of the four categories (Bank and Merchant Solutions, Alerts and Warnings, Financial Education and Badges and Rewards), empowering them to be better informed and achieve a brighter financial future.

Real Use Case Examples:

Engager + Personal Financial Management (PFM)

  • Customer: In two days, their checking account liquidity will be compromised.
  • Bank: Anticipates customer needs and suggests two next-best solutions: “Transfer money” and “Request credit line”.

Engager + Business Financial Management (BFM)

  • SME owner: their business has grown by 25% in the last three months.
  • Bank: As the SME’s business partner, it offers a couple of bespoke next-best actions: “Create new provision” and “Start earning interest”.

At the forefront of AI & personalization

The ability to apply Artificial Intelligence and personalization is what has enabled Strands to grow into the business it is today. The company has been leveraging extensive expertise in Big Data and Machine Learning since 2004.

Founded in Corvallis (Oregon, US) and Barcelona (Spain) 15 years ago, Strands started commercializing disruptive personalization systems in the music industry —which led to a patent portfolio in recommendation algorithms that was acquired by Apple later on.

Commenting on the launch, Albert Morales, VP Product Management at Strands, said:

“Engager is a paradigm shift in the relationship between banks and their customers. We have been leveraging our expertise in recommendations and ML since our beginning within the music industry in order to provide truly personalized advice to the end user; now we’re able to apply our knowledge to facilitating a more-beneficial conversation between the bank and its customers.” — Albert Morales, VP Product Management


ABOUT STRANDS

Experts in Big Data, AI and Machine Learning since 2004, Strands creates highly-customizable digital money management software for top-tier financial institutions worldwide, and empowers people to be smarter with their money. Strands has carried out more than 600 implementations to date.

The company’s mission is to enable banks and merchants to anticipate customer needs and proactively suggest next-best-actions to increase long-term customer value. Strands solutions empower people to better manage their financial and consumption life, and take decisions in a smarter, more transparent and independent way.


Huntington Launches New Digital Banking Experience

This text is an extract from the press release published on CISION PRNewswire.

Furthering its commitment to invest in and apply technology that helps personalize the digital banking experience, Huntington today announced the enhancement of its Huntington Heads Up® feature in its newly-introduced digital platform, The HubHuntington Heads Up will use Artificial Intelligence capabilities to help customers optimize the ways they save, spend and achieve their financial goals.

The introduction of The Hub and Huntington Heads Up are both central to the next chapter in how Huntington is looking out for people by investing in and enhancing its digital and mobile customer experience.

The Hub, developed in partnership with Strands PFM, is available across Huntington’s entire eight-state footprint and was developed in direct response to customer feedback gleaned from a two-year-long listening tour.

The Hub is representative of Huntington’s “Fair Play” philosophy – a simpler, more straight-forward approach to banking launched in 2010 and designed to help attract and retain customers through transparency and a commitment to doing the right thing.

“Huntington is invested –– literally and figuratively –– in making our customers’ lives better. While AI has many use cases in banking that enhance business outcomes, we’re placing the best technology directly into the palm of every customer’s hand to make their daily lives more convenient,” said Andy Harmening, Huntington’s Senior Executive Vice President and Director of Consumer and Business Banking.

This new AI-powered component will help customers achieve financial well-being by helping avoid inconveniences and making spending and saving suggestions. Huntington Heads Up will provide a variety of key, personal insights for customers into their financial wellness as they set and reach their goals, based on their spending and saving habits.

Examples of newly-available insights through Huntington Heads Up include:

  • Balance may not cover upcoming charges – Based on typical spending activity and upcoming bill due dates, Huntington Heads Up® will proactively alert Huntington customers if their current account balance may not cover their expected activity over the next seven days.
  • Subscription payment alerts – Informs customers when they are being charged for a subscription or when a free trial may have ended.
  • Double Charge Protection – Huntington Heads Up stays vigilant on behalf of Huntington customers to look out for activity such as mistaken double charges incurred from restaurants or merchant POS systems.

“By integrating AI, we will be able to provide customers with more relevant, meaningful insights into their spending and saving to help them make more informed decisions about their money,” added Harmening. “Our purpose is to look out for people, but it’s not just the big events that require planning and a heads up. It’s the little everyday moments that make all others possible.”


READ MORE:

Temenos MarketPlace Features Strands PFM

Temenos MarketPlace Features Strands PFM

It is an honor for us at Strands to be included in the prestigious Temenos MarketPlace, a financial technology ecosystem comprised of banks, FinTech firms and accelerators working on groundbreaking financial technology.

Temenos MarketPlace highlights Strands PFM

 

Strands’ Personal Financial Management (PFM) is one of the 21 Featured Apps on the Temenos MarketPlace.

Strands’ PFM is an award-winning personal finance application that drives engagement between account holders and financial institutions. A tool that takes the uncertainty out of money management and allows a 360º vision of all bank accounts, aggregating the user’s entire financial picture on one, easy-to-use platform.

 

An ecosystem for growth

 

By adding Strands to the Temenos MarketPlace, the platform is responding to customer demands in two ways. Ben Robinson, Chief Strategy Officer at Temenos and Head of MarketPlace, said: “Firstly, our customers ask us to find innovative FinTech solutions and integrate them with Temenos products. And secondly, they are increasingly asking us to provide not just complementary applications, but banking services they can offer to reach new customers and to increase wallet share with existing customers.”

Strands joins another 69 companies whose services are now available through the Temenos MarketPlace. See the full Temenos MarketPlace listing.