PayKey Launches World-First Embedded Banking Solution Featuring Investment Management and Loan Applications Through the Mobile Keyboard
PayKey, a fintech that works with banks to embed financial services in customers’ everyday social environments, today announces that it is expanding its mobile keyboard solution to help banks support their customers’ financial wellbeing.
PayKey’s expanded solution is the world’s first to allow bank customers to manage their investments and apply for personal loans through their mobile keyboard, which is available anytime within any mobile app, including WhatsApp, Facebook, Instagram, Twitter among others. By simply tapping on their banks’ logo within the mobile keyboard, customers can access these new services in the flow of their everyday conversations, in addition to existing banking capabilities such as balance checks, P2P payments and paying bills.
Banking customers now have instant access to their investment portfolios and latest market news in any mobile app, allowing casual investors and day traders to easily trade via their mobile keyboard as they are chatting with friends or family.
This taps into record consumer demand for day trading, driven by the turbulent stock market of 2020. Data from App Annie in the U.S. reveals that in the first quarter of last year alone, the number of weekly hours spent in investment apps rose 80%. Meanwhile the majority of conversations around investing are still happening informally – data from Public reveals 75% of people will discuss their investment options with others, friends (37%) and family (21%) being the main sources.
With PayKey’s solution, customers can now simply tap on their banks’ logo in their mobile keyboard to access a live investment tracker, real-time news feed, check their stocks, manage their portfolio, and make trades (buy or sell stock) powered by their bank’s mobile banking app – all within the flow of the conversation. This enables customers to make quicker trading decisions and stay informed with real-time updates on market news within the social platforms and messaging apps they are already using regularly.
With many consumers facing a new financial reality in the face of a global economic downturn, banks are having to support their customers’ financial wellbeing in new ways. PayKey’s expanded solution allows banks to meet the increased demand for credit and support, through personalized loan products, in real-time, tailored to their actual needs. Customers simply tap their banks’ logo on the mobile keyboard to easily view financing options, request the loan amount, and define the repayment period to quickly apply for a loan.
Furthermore, PayKey’s keyboard solution allows banks to combine non-financial data to pre-defined segment groups, and trigger pre-approved financing offers that are most appropriate for specific customers, at the time of need. For example, by assessing that a customer is in need of a new car based on segmentation characteristics, banks can now actively offer personalized car loans and attractive promotions at the right time.
This responds to increasing demand from consumers for personalized banking services to help them manage their finances. According to Accenture’s Banking Consumer Study 2020, 68% global consumers would value personalized offers and perks from their bank.
“Financial wellbeing is fast becoming a key focus for banks as they build the services that will support customers in the new financial reality they are dealing with post-COVID and beyond. This will mean making sure customers have access to the most relevant products based on actual needs, to help them achieve their financial goals.” said Sheila Kagan, CEO of PayKey.
“Embedded solutions like PayKey’s keyboard are vital to helping banks engage with customers at the right time and with personalized financial products. Investments and personal financing are just the beginning and we’re excited to continue expanding our embedded keyboard solution in the future to help banks support their customers financial health even further.”