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news


IBS Journal April 2016


Mondo fuses physical and digital with Thames


Thames Card Technology has snagged a card production and personalisation deal with Mondo, a UK challenger bank which offers a contactless debit card paired with a mobile banking application featuring intelligent notifications, instant balance updates and financial management. Mondo recently announced a public Beta, inviting iPhone


users across the UK to download its app from the App Store and register to receive a card. This followed a £6 million funding round and came 136 days after a London-based Alpha preview, which saw 3,000 users test the app, give feedback and spend more than £1.5 million. Mondo customers can now send instant P2P payments (secured by Touch ID) to other


customers, using just their phone number. In a blog post, the company said: “Many of the same


caveats still apply to the Mondo Beta as they did to the Alpha, although we have made some huge improvements over the last few months. It’s important to note that you won’t yet have access to ‘full banking’ features like Direct Debits or Faster Payments.” The new entrant says that these features will be available when it gains a banking license later this year. An Android app is also in the works, with Mondo looking to enlist Android developers to help with the implementation.


Scott Thompson


LBG/Google claim banking data analytics first


Lloyds Banking Group has been working with Google on a customer data analyt- ics project. The bank tested the latter’s Big Data platform technologies and analytics on non-personal behavioural data using an account on Google Cloud Platform. Tools included Big Query, Data Flow and Big Ta- ble (the openly accessible version of Goog- le’s internal analytics tools Dremel, Map Re- duce (Hadoop) and Big Table respectively). A joint Lloyds and Google team pro-


totyped real-time systems to help inform future customer-focused propositions. They were able to analyse a year’s worth of front-end analytical data in under a min- ute. The project fits within a wider digital transformation collaboration with Google. As well as the previously mentioned tools, the team is examining the wider market to


How to make analytics work? IBS launches IBS Chat


make sure it has the expertise, knowledge and capabilities to remain at the forefront of this space including machine learning, the application of AI and advanced algo- rithms. Gary Sanders, head of the bank’s dig- ital analytics function, says: “Right at the start of the partnership we were able to reduce time to insight from 96 hours to 30 minutes by using BigQuery, allowing us to react in real-time to customer needs and provide better service, and we were able to do this in a quick six week proof of concept. Such early success helped cement our part- nership and motivated teams to work in an agile way.” Reza Rokni from Google says: “This is the first time we’ve done something like this with a bank and it’s placed Lloyds


about 18 months ahead of peers in the use of data analytics.”


Scott Thompson


IBS Intelligence has launched its IBS Chat Forum, a global platform to bring industry participants together on everything related to banking and financial services technology. Log on to www.ibsintelligence.com/ibschat and connect with peers across the globe now!


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