This is the future of banking and financial institutions. I see this becoming a new discussion sooner or later; on or before 2020.
I had this in my head since 2010. I designed a prototype/framework and forwarded it to the Indian software development company I found online. Shah Aziz was the Manager. We discussed at length on phone around the challenges of building this application. Most of the things he said, I have forgotten but one thing I remember he said at the end was - "the world is not ready for this".
Shah was right!
I am happy to share the simplified and redefined summary -
The Universal truth is - people bank with more than one bank.
I present to you - FRIC coined from the word Frictionless®.
Meet Chike
 |
| credit: IG - @Noble_Igwe |
He works with one of the telecoms giant companies in Nigeria.
He banks with 3 banks (Orange Bank, Blue Bank and Green Bank) for different reasons.
At work, he has his pension account with Care Pensions Ltd and his Life Insurance with Value-Life Insurance.
He looks out for deals when he shops online.
He has an online wallet account with Deals.com and Konpa.com
The Challenge
The average bank account holder banks with more than one bank.
Chike’s major challenge is - “putting it together”.
Each of the banks, pension account, online shop/wallet have online access and apps with different login details; user name/password/token devices/OTP etc.
He is often in dilemma of liquidity management which affects his financial decisions. E.g. Requesting balances on all accounts differently before making a purchase decision.
“In order to change an existing paradigm you do not struggle
to try and change the problematic model. You create a new model and make the
old one obsolete”.
-
Buckminster Fuller
1
ONE
LOGIN
ONE
INTERFACE
What is Frictionless®?
Frictionless simply means smooth; effortless.
Frictionless simply means smooth; effortless.
Frictionless® is a solution with a single login that brings
together all the customer's finances into one interface. (Fric App).
It also allows switching institutions in order to complete a
transaction; with Fric Universal Card, you can select which of your bank account you
would like to complete a payment from.
All features are based on customer’s choice and preference.
Requesting account balances on Fric App provides requester
with below in a single view –
Your balances
Orange Bank (000698322) =N=
1,045.00
Blue Bank (0038009129) =N=
24,000.00
Green Bank (9201985907) =N=
200,000.00
FFF Pensions (PEN0035451) =N= 3,852,222.75
Investment (Money Market Funds) =N= 1,037,220.24
Deals.com =N=
12,500.00
Your ORANGE Bank account balance is insufficient. Would you
like to pay from your BLUE Bank account?
Fric App integrates
API of each institution into One view in a single application as chosen
by account holder. Fric App switches between financial institutions/merchants
to assist customer complete a transaction. It pops up questions (on ATM for example) with options for customers to select and switch between their banks and
financial institutions.
The FRIC® 5.0 Universal Card
ONE VIEW
Fric App provides security to subscribers in various means.
Biometrics – for devices that uses biometrics, e.g Apple
iPhone Touch ID, Fric App adopts Apple’s solution to create a frictionless
login process for the customer.
As added security customers need to provide their verified
BVN (Bank Verification Number) as a requirement to on-board the app.
Two Factor authentication - Fric App provides two factor authentication
option (password & OTP) based on choice.
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Opinions are welcome.
Thank you.
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