The Stellar Trends & Insights Report keeps us at the cutting edge of trends in our industry and in customer experience. It kicks off internal conversations at Stellar about how our clients might be impacted and how we can make improvements to our business to navigate change.
Look out for the Stellar Trends & Insights Report every month on our blog.
Seconds ticking towards digital bank launch
A digital bank is expecting to enter the Australian market in early 2019
A start-up company called 86 400 aims to enter the Australian market as a mobile digital bank. The company name is taken from the number of seconds in a day. 86 400 is targeting to operate from early 2019 after it obtains a full retail banking licence from the Australian Prudential Regulation Authority. The bank is selling itself to customers as a company that is "technology-led from the start" and based around the smartphone. Payments company Cuscal owns a 100% stake in 86 400 but the company is said to be looking for other investors with a target to raise AU$250m in three years. The new bank’s app will be available on iOS and Android at launch.
The idea of a digital only “neobank” is still fairly early in development, and it’s good to see it being explored in Australia.
Read more here.
Travelling new paths to gain insights
Australian trade authority explores opportunity for overhaul of domestic and international traveller surveys
The Australian federal government’s authority on trade and investment, AusTrade, is exploring opportunities to gather data from banking, telco and social media to improve its surveying processes for international and domestic travellers. It is going to tender from January next year to explore digital ways to replace the current 40,000 face-to-face and 120,000 phone-based surveys that are done each year. Providers will be required to abide by the Privacy Act.
This sounds like an innovative way to source traveller information and identify potential improvements to tourism, although the extent of monitoring and targeting of information will need to be done in a way that gives travellers peace of mind on which information will be shared.
Read more here.
Americans ready to embrace AI for banking
US survey shows people would be willing to work with AI that offers a human touch for their banking
A recent survey of 1,000 US consumers by Capital One and Wakefield Research found that 82% of respondents believe an AI assistant would be helpful in a financial task, and 77% would want an AI assistant to have a unique (and human-like) personality. Interestingly, approximately 56% said that they would feel more comfortable talking to an AI assistant about topics that might be quite personal like health (29%), love (31%), and money (30%).
Several industries including airlines and retailers have embraced chatbots – it’s now coming to banking at a greater scale.
Read about more examples of AI assistants here.