OLD MUTUAL MONEY ACCOUNT APP NAMED FIRST RUNNER UP IN BCX DIGITAL INNOVATION AWARDS
We are proud to announce that the Old Mutual Money Account App won second prize at the inaugural 2019 BCX Digital Innovation Awards ceremony on 7 November. These awards recognize digital innovations that support South Africa’s economic growth and contribute to society’s well-being. The Money Account App innovations were recognized for introducing industry-first functionality on the App that would benefit our customers and the business.
Congratulations to Will Mason and our Money Account Development Team responsible for the app, and for playing an instrumental role in driving innovative customer solutions. It is through solutions like these that we continue to create far-reaching benefits for customers.
Key innovations introduced through the Money Account App:
SA firsts:
- QuickPay – the ability to, in real-time, pay a Money Account customer via their cellphone number. The transaction is also free.
- Please pay me – the ability for a recipient to pro-actively request payment from a sender, much like “please call me” message. The recipient of the payment request can simply click on the message and authenticate the transaction, without having to log into the App, allowing for a seamless payment experience. This is particularly useful in families.
- Switch card on and off – ability to de-activate the customer’s Money Account card if it is lost or stolen. Once found, it can be switched back on.
- Screen customization – ability to customize buttons and functions on the home screen to enable every customer to personalise their mobile banking experience.
- Real-time account funding – the ability for any customer to fund their Money Account using a competitors’ bank card. The money is reflected immediately in the customer’s account.
- Disabling PINless transactions on contactless cards – the ability for customers to disable PINless transactions for low-value contactless payments. This enables customers who may be worried about their card being used without their consent in the contactless environment to increase their level of security.
Other key innovations include:
- Balance “Sneak Peek” – the ability (based on the customer’s consent) to view all account balances without logging into the App.
- Full biometric support across both iOS and Android, including facial modality.
- Funeral sales and servicing – the ability for Money Account App customers to purchase and initiate a claim for the Group’s Family Funeral product. This is the first cross selling capability delivered by the App. The entire process takes less than two minutes. More insurance products are planned for the future.
We are very proud to be a part of this award winning team!
