Silverfox is a new mobile App based on Geniusto Mobile software designed with the ageing customer in mind.
The aim of the product is:
To provide banking services, with the use of online/mobile technology, to ageing customers in a safe, protected and understandable way. Tailored specifically for older adults to use online banking in a simple and straightforward manner. The online/mobile app is designed to give the elderly sustainable access to financial services with self-confidence, dignity, independency and autonomy.
- Customers suffering from dementia but not being aware.
- Customers not willing to disclose this to their bank.
- Customers disclosing this info and expecting the bank to protect their interests.
Current challenges according to the Alzheimer Society UK:
- When using a bank, 66 per cent of people with dementia need some assistance.
- Difficulties were experienced by 76 per cent of people with dementia when using a bank.
- When paying bills, 70 per cent of people with dementia need assistance.
- Of the carers we asked, 80 per cent said that banks need a greater understanding of lasting powers of attorney.
- 84 per cent of carers help people with dementia deal with the bank.
- Without a recognized power of attorney, carers reported that banks refused to deal with them.
- Caregiver view function: A caregiver can receive push notifications or will have access to the account via the App installed on their own mobile device. It also enables strict monitoring of unusual or unforeseen transactions, allowing direct response.
- Multiple caregivers linked to a customer: The bank information can be shared between multiple caregivers. One caregiver might have the initiation right but others might have view and or authorization rights. In this way management of the account becomes more transparent to others limiting the chance of unauthorized transactions done by one caregiver.
Additional authorization rules:
- Alerts will be triggered in case of an unusual amount.
- TM transaction can be limited within certain time frames, frequency and amounts.
- Alerts can be sent to caregivers on these transactions to quickly identify unusual behavior.
- Customer control. Quick balance function information on transactions are always available in real time without additional log in rules.
- Concentration of all bank accounts: Having one app able to manage all bank accounts also from other banks will enhance the transparency for all involved.
The caregivers will be able to detect the location of the customer via the App, allowing to take immediate action.
Care Giver Concept
- The customer can add care-giver(s)
- with the right to view, authorize or initiate transactions.
- The customer can also limit his own rights (e.g. no longer the
- right of initiation or authorization of the transactions
- or only with limited amounts.