Tag Archives: Mobile Payments

The Dos and Don’ts of Collaborative Partnerships for Banks

A list of five dos and don’ts for banks collaborating with fintechs.







Do treat prospective fintech partners as serious vendors

The term “fintech partnership” often means an invitation to the bank’s lobby. Sandboxes, pitch competitions and in-house accelerators are (not always but very often) merely a means of creating buzz and PR fuel but aren’t taken seriously enough or implemented properly.

Don’t evaluate fintechs on uneven ground vs. traditional vendors 

This has got to stop. Banks must start treating fintech companies as potential vendors of the IBM, Microsoft, Accenture and McKinsey calibre. Afterall, change comes from the outside. I realise that this comes at a risk to the bank and that not all fintechs are created equal. So, how does a bank evaluate whether a fintech company is worth assessing and working with as a serious vendor?

Do research into what you need before meeting with fintechs

What is the problem that needs solving? Who is the right partner to help you achieve these goals? Often it’s a fintech company who got sick of traditional solutions and did it themselves.

Don’t try to fit a square plug into a round hole

The time is ticking down to when third-parties can access customer accounts and competition is gonna get fierce. Our advice is to take the research further by partnering with a fintech who offers a clear proof of concept model and is willing to put their money where the mouth is.

Do think outside the box

Seemingly contrary to the above advice, playing it safe with robust research and a proof of concept doesn’t mean dismissing a totally new direction or the creation of a completely new channel.

Don’t continue relying on what’s made the bank their fortune in the past

New regulations in the form of PSD2 and GDPR, together with increasing competition when it comes to foreign exchange and cuts to revenue sources due to tighter multi-interchange fee restrictions mean the same ways of doing business isn’t enough.

Do invest appropriately once you’ve partnered up

If the bank doesn’t believe in the partnership enough to invest appropriately in branding, promotion and acquiring users then it was the wrong partnership to enter into in the first place.




Don’t just assume that the innovation box is ticked and move on to “business as usual”

As per the advice above, investment in a new product, solution or partnership should be measured in more than just your currency of choice. Long-term success is rarely seen without a decent nurturing period.

Do move quickly

Banks have just over a year before they have to expose PSD2 interfaces to third-parties.  Google, Apple and Facebook have already launched payment solutions that can be introduced to the European market once they have API access. Amazon is reportedly looking to partner with a big bank.

Don’t wait until it’s too late

Choose a fintech partner who can move quickly and commit to moving just as rapidly. Banks have a window of opportunity in order to make sure disruption moves at a much slower rate and – preferably – under their control.

The mobile payments landscape is currently competitive but you ain’t seen nothing yet.

Note: this post has been shortened – read the full post here

Register for a webinar entitled Profiting From Mobile Payments: How Do Banks Make Money From Mobile Wallets?‘  on 14th June at 3PM London/10AM New York.

Register Here!

Daniel Döderlein, CEO, Auka

A conversation with Daniel Döderlein, CEO at Auka

Daniel is an award-winning serial entrepreneur with a background from several IT and Telecom startups. He founded one of Norway’s first domain and web hosting companies at the age of 17. A regular on the speaking circuit, Daniel has recently been invited to speak about upcoming banking disruption and mobile payments at Google Next in Europe, Paris fintech forum, Viva Tech and London Fintech Week.

BRW: What sets Auka apart from other fintechs? 

Generally we see a lot of fintechs applying “makeup” to their existing solutions. Some are successful, most are not. I believe that relates to a lack of problem solving. You have to find a problem and create a good solution backed by stellar execution. We defined our problem with the mobile payment solution we created. Enabling people and businesses to pay and get paid with ease, without any need for hardware. Digitising money and making it universally available and useful is our mission. The results so far speaks for themselves. We have served millions, empowered thousands of businesses, delivered financial results to the extent that we have paid out dividend to our shareholders. We have won multiple awards and have obtained and retained our own license since 2012. Our technology has been licensed by more than 100 financial institutions. I think that sets us apart from most fintechs

BRW: What are the advantages/disadvantages being a Norwegian fintech selling technology to banks in other regions?

Norway and the Nordics are stable, trustworthy and transparent countries. That resonates with our values and ways of business. I think this gives us an advantage as many companies out there over sell their solutions and abilities, while we focus on selling what we have proven already. Norwegians are known for being honest, straightforward and to the point. I hope and feel that our current and future customers value that. This attitude saves them time, getting to the important points faster. The Nordics also have a good list of successful companies – including many unicorns in the technology – and financial services sector. As a small region with a higher success rate than many other regions on average, we benefit from high quality attention and conversations from the get go.

BRW: Most banks accept that third parties will provide banking services to consumers. Accepting that, what are the three main challenges facing banks?

1. Someone else will become the primary interface that customers use to deal with their financial services.
2. Someone else will know more about the customer, making it harder for the bank to see the whole picture vs. what the third parties may be able to.
3. With more players in the market, there will be more choice for the customer to choose from. This means banks must innovate and compete on product diversification vs. the commodity service sales they have mastered. This requires a fundamental shift in mindset and culture, and that takes time

BRW: You are known to be more than willing to predict the future in banking. How can you be sure that Auka have the solutions to help bank prosper in the future?

Predicting the future for mobile payments is not that hard. In fact we are not predicting it, we have built it and proven it already. What we are saying is that what has already happened in the most mature markets will eventually happen everywhere. So we lean on facts, giving potential customers a glimpse of their own future based on what has happened elsewhere. Learning from this we have figured out that the best way to predict the future is to create it. We have done that once, and will continue to do it for the next generation of services, also for what’s next, after mobile payments.

BRW: Why do you believe banks are best positioned to keep dominating financial services? 

Again because its been proven in the Nordics. In China the banks could have done their own AliPay, but they did not. So Alipay did it. Now that has become the downfall for the Chinese banks, at least in terms of payments and commerce enablement. So if the banks do what has been done before, but fast, they can win the attention of the customers. This is the first frontier but they need to act fast.

BRW: There’s loads of webinars every month on this subject. Why should bankers listen in on this one?

We are sharing facts and experiences from the most successful markets. These are not predictiona but valuable insights from the movers and shakers who have already transformed the most modern markets on the face of the planet. Also we have a great panel, that should make this not only useful, but also funny, dynamic and interesting.

Join Daniel Döderlein on 14th June for a webinar entitledProfiting From Mobile Payments: How Do Banks Make Money From Mobile Wallets?’ at 3PM London/10AM New York

Register Here!

How Can Banks Make Money From Mobile Wallets?

Are banks already perfectly set-up to win the mobile payments battle?
Can mobile payments become the most important revenue channel for banks?
What are some examples of the sources of mobile payments-driven revenue for banks?

These are some the topics which will be explored by a line-up of three mobile payments experts in an upcoming webinar about why mobile payments are necessary to meet bank customer changing demands, grow the bank customer-base and increase their revenue. This online event is hosted by Business Review and takes place at 3PM London/10AM New York on the 14th June. Register for free here.

The first panellist is Daniel Döderlein, founder and CEO of Auka, was the first to develop mobile payments technology in the Nordics and the first to launch a standalone mobile wallet in Norway. Scandinavia is now well-known for being one of the top regions in the world when it comes to the use of mobile payments. The most well-used mobile payment apps in Scandinavia are bank owned. This is in contrast to regions such as China where the extremely popular mobile payment apps such as Alipay and WeChat Pay are owned by tech companies.

Joining Daniel on the panel is Knut-Anders Wangen who is the Chief Digital Officer at MobilePay for Norway. MobilePay is the Danske Bank owned mobile payments service which is used by 3.7million users in its native Denmark.

Last but certainly not least is fintech superhero, Brett King. CEO and founder of Moven, Brett is a world-renowned futurist and speaker and an international bestselling author. His fintech radio show, Breaking Banks, has an incredible 6.5 million listeners.

The second payments services directive, PSD2, is upon us and the regulatory technical standards governing its implementation mandate that banks in the EU must provide licensed third-parties with account access by September next year. This webinar will explore what’s happened in other markets where banks have been required to open up account access and the steps we’re seeing the tech giants take in order to get ready for this change in payments regulation. The panelists will discuss where that leaves banks from a customer acquisition and profitability standpoint and how they can strengthen their digital payments channels now in readiness.

Banks know their customers are increasingly mobile. They use apps every single day when ordering take away, a taxi, for connecting with their friends, family and strangers through social media, getting the latest news, checking email and the list goes on. Despite all of this, people don’t have the same interaction with their mobile banking apps. The most commonly used feature of most mobile banking apps is the checking of account balances and recent transactions and the transfer of money across accounts. Can you see what’s missing here?

Something most of us do every day is make payments in various forms and in a multitude of situations. Even when we stay at home all day, we may, for example, order and pay – either with card online or over the phone or with cash) for a pizza to be delivered.

Mobile payments: A guide for bankers – get the free guide






Without giving away the ending, the panelists will discuss the commonality between this everyday activity – payment – and how banks can profit from solving the associated pain points for their customers – both everyday consumers and merchants.

Register for a webinar entitled ‘Profiting From Mobile Payments: How Do Banks Make Money From Mobile Wallets?‘ on 14 June on 3PM London/10AM New York for more information.

Register Here!