GFT unveils next-generation smartphone wallet at CeBIT

GFT unveils next-generation smartphone wallet at CeBIT

  • GFT’s mobile payment solution already a success in Italy
  • Peer-to-peer transfers without forms or account details
  • Digital banking focused on customer benefit

According to Germany’s high-tech industry association BITKOM, 14 million German citizens can imagine doing their shopping in future without a wallet and paying solely via their smartphone. As it stands, however, there is no nationwide mobile payment solution in place in Germany – in sharp contrast to Italy, where GFT has introduced a digital wallet in cooperation with the payment service provider SIA, which also supports a new peer-to-peer transfer solution called “Jiffy”. The concept will be premiered in Germany in GFT’s Digital Banking Lab at CeBIT: CODE_n hall 16, stand D30.

Stuttgart, 19 February 2015 – Paolo is one of the lucky ones. The young industrial designer from Milan downloaded a smartphone app a few weeks ago which has since radically transformed the way he handles his money. Instead of searching for coins to pay for his espresso or fishing out his credit card at the supermarket till, he can now quickly reach for his mobile to settle his bills. And the same applies to petrol stations or NFC-enabled vending machines. He doesn't even use his plastic card for online shopping any more: customers are now simply transferred to the website of payment service MasterPass which handles all further processing.

A team of 20 GFT developers from Italy and Spain have been working on the so-called digital wallet since 2013. Soon after, in collaboration with payment service provider SIA, a new P2P solution called “Jiffy” has been launched with a first major Italian bank last autumn and it soon gained widespread popularity. “Jiffy” is based on SEPA Credit Transfer and it’s available to all banks operating in the Single Euro Payments Area, potentially utilizable by over 400 million European current account holders.

Apart from the intuitive interface, users were impressed by how easily they could transfer money to friends or business colleagues: one tap on the smartphone’s address book is all it takes – no more account details or transfer forms. If the recipient is already a “Jiffy” user, a symbol appears next the name and the desired amount is immediately credited. Otherwise, the addressee is sent an invitation by text message and can register with just a few simple steps.

“Mobile phone payments have to be as easy as using notes and coins,” explains Bernd-Josef Kohl, Head of Business Consulting at GFT. The highly secure Jiffy payment platform not only links the checking of customer and account details with the smartphone’s own authentication protocol, but can also communicate with the bank’s interfaces. Thanks to GFT’s own cross-platform Appverse technology, the digital wallet also supports the market-relevant mobile operating systems Android, iOS and Windows Mobile.

In Germany, such scenarios are still a distant dream as the banking sector fails to approach such networked thinking from the customer’s perspective. “Germany’s retail banks are still tinkering with rivalling concepts instead of forming strong alliances and pushing through a common standard. They are often generally supply-side oriented. What the customer actually wants is in many cases secondary. To be able to compete with FinTechs and Internet corporations, however, they need to change their mindset as quickly as possible and start thinking about how they can win back lost trust as partners for their customers,” stresses Kohl. Mobile payment could become a component of a Personal Finance Management system encompassing the customer’s entire financial situation. “Innovation, service, security – these are the three key elements for the banking sector’s future success.“

GFT’s Digital Banking Lab solutions at a glance

GFT’s Connected Living Room

Mobile payments: peer-to-peer from smartphone to individuals or via NFC in shops and restaurants.
Intelligent finance management: based on self-learning document recognition technology of GFT partner Gini, which enables e.g. scanning of information from printed forms via smartphone and digital documents like PDFs, Word files or e-mails. Processes liking paying invoices, processing and filing (smartphone, tablet, banking app) are initiated automatically.

Automated account optimisation: placing customer at the centre – as demonstrated by the example with overdrafts. Based on Customer Insight solutions, the bank can predict possible account overdrafts and suggest ways to prevent them. With its automated offer of cheap bridging loans or suggestion to transfer funds from a savings account, the bank demonstrates that it understands customer needs and thus strengthens customer loyalty.

GFT Future Bank Branch

Context-based account management: e.g. opening an account – automated identification and greeting of customer on entering the branch via smartphone and direct enquiry about the desired service by push e-mail. Customers receive the name and photo of the bank employee responsible for them as well as information about the expected waiting time (smartphone, smart watch, banking app). Before the discussion begins, the bank clerk already has all the relevant information and can get straight to business.

Mobile phone payments have to be as easy as using notes and coins.”
Bernd-Josef Kohl Head of Business Consulting at GFT
Bernd-Josef Kohl