IoT For Banking Collaborates with Western University to Uncover Opportunities for Innovation in Digital Banking in Canada
Online banking is on the rise in Canada and globally as consumers increasingly prefer electronic payments as compared to cash. According to Interac, 79% of all payment transactions were made electronically in 2020. Canadians feel confident using digital payment systems and online banking technology, creating opportunities for financial institutions to develop and implement systems to better understand their market and design new products to serve their customers.
IoT for Banking is an AI platform that produces behavioral pattern insights to help financial institutions understand their customers online banking behaviors and use this information to design new products and services that exceed customer demands. The venture addresses issues such as lack of systems for capturing online banking behaviors, a lack of automation in manual banking processes, and produces actionable insights that help financial institutions create new products to gain a competitive advantage.
Seeking to better understand consumer banking behaviors, IoT for Banking established a partnership with Western University through the Mitacs Business Strategy Internship Program, a program that strengthens the innovation capabilities of companies through working partnerships with academic institutions across Canada. IoT for Banking has hired a researcher to conduct extensive market research with Canadian financial institutions’ target customers, uncovering key insights on consumer banking behaviors and opportunities for innovation.
Key outcomes from the research will include levels of customer satisfaction with current options available on the market, insights of usage and satisfaction of various online digital products, market gaps and opportunities, and top recommendations to consider for the development of the IoT for Banking launch product. This collaboration will support IoT for Banking further define their early adopter market and key features necessary to create a successful minimum viable product (MVP).
‘Our partnership with Mitacs and Western University allows IoT for Banking to access the resources required to conduct a deep dive analysis to understand what were the ‘must-have features’ to give us a unique and competitive advantage in the digital banking marketplace’ -Clement Yu, Founder
About IoT for Banking
IoT for Banking is a leading provider of cutting-edge technologies and services, offering scalable solutions for companies of all sizes. Founded by a team who started by scribbling their ideas on a piece of paper, today we are ready to offer smart, innovative services to financial institutions around the world.
About Empowered Startups
Empowered Startups is an Innovative Startup Incubator and foundry headquartered in Vancouver, British Columbia, Canada. With offices in Canada, France, and Portugal, we train/mentor/ and network entrepreneurs to successfully launch new businesses in diverse markets. As a foundry we also conceive, build and launch our own products and solutions. Empowered Startups is recognized by the Canadian Government as a designated start-up business incubator and is known internationally for growing ideas into sustainable businesses using both a virtual and on-site model. Our training tools and mentorship are used and recognized by leading global university labs, Startup incubators, and innovation hubs. Apply for our programs online at empoweredstartups.com
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