There has been a new wave of digital banking apps where the route to market has largely been to build a core, prepaid-card based account by integrating some budgeting and financial management aspects.
There has been a new wave of digital banking apps where the route to market has largely been to build a core, prepaid-card based account by integrating some budgeting and financial management aspects. However, there has been little from an aggregation perspective.
Fusion Payments is a Dublin based company creating a new platform for customers who want to use a single mobile app to manage all aspects of their finances. Offering real-time, dynamic account aggregation, the app called Pay With Fusion gives users a 360-degree view of their finances across all their banks and providers. This holistic view will enable Fusion to provide genuine spending insights to enhance clients' financial well-being.
Research by the TSSG (Telecommunication Software & Systems Group) Technology Gateway in Waterford Institute of Technology, an ICT Research Centre, has shown that people place a large emphasis on the ability to view all their finances across different accounts and financial institutions. This is at the core of Fusion’s planned product offering. In addition, with the number of accounts being used to manage money on a day-to-day basis, an understanding of how and where this money is being spent is a problem Fusion plans to address, along with the ability to use the platform to action payments. With Pay With Fusion, consumers with multiple accounts in different banks can see them all together in one place – no longer will they need to log into and navigate multiple apps.
With this disruptive approach in mind, TSSG’s goal was to create a user journey and wire framework, funded by Enterprise Ireland Innovation Vouchers, to allow Pay With Fusion to become the only bank-app that clients will ever need; mobile features will enable customers to manage the breadth of their financial lives in the palm of their hand.
Beginning with the initial goal of aggregating accounts, the team in TSSG continued to define the platform and app’s functionalities, map the user experience and create a platform for deeper engagement by the user. Richard Hartnett, Director of Fusion Payments has “been really impressed with the TSSG team, the level of research that they have put in and their obvious technical experience.”
With the expertise from TSSG and funding from Enterprise Ireland, Fusion Payments have the insights and the solution to their overall aim of providing a single financial management mobile app.