Santander's Big Ideas Competition
Loughborough University London students have participated in Santander's Big Ideas competition as part of their extra-curricular activities. The students were given certain idea briefs which they then as part of a team had to come up with creative and innovative ideas in order to impress the judges.
Team one focussed on the Future of Digital Authentication Brief given to them by the Santander Big Ideas team. They created a voice activation model. All that is required is the use of the voice and a smart phone. The user is required to read the new transaction authentication SMS out loud to activate the voice confirmation for online banking transfers. This is a biometric option to online transactions. The incentives of this project are the no hard-wear acquisition costs as this technology can be implemented via soft-wear updates.
This team focussed on the Future of Virtual Banking. They created a money saving mobile app called Santander MyWay to help Santander users to better monitor their spending habits. It is an app which uses Virtual Reality Technology and gamification. Through the app users can set goals, wishes, and plans and the app will send weekly reports and alerts and allows the user to interact with these app settings. This creation allows for better money management activities from Santander users and is a very engaging and personable digital platform.
Team 3 focussed on The Future of Digital Authentication, similar to team 1. This creation issued users with a free sim card to all online banking users and each card was registered to an account. The user would then log-in to the Santander account and additionally use fingerprint authentication and SMS confirmation also to make it a very secure online process. The main objective of this model was to create a 4 step process for improved online banking security.