[Bon App’] Soon, the bank account in the form of a timeline

by bold-lichterman

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Soon is a brand new banking service developed by the AXA group. More details with Raphaël Krivine, digital director at AXA Bank.

Frenchweb: Soon is an innovative application. What needs does it meet?

Raphaël Krivine: Soon is the bank in his pocket, accessible exclusively from his smartphone. Design, intuitive ergonomics, natural language search engine: Soon has all the new mobile applications that never leave us and which, in addition, integrate the latest technological innovations from the banking world (NFC contactless payment, reimbursement to relatives via Paypal ). It is also the possibility of associating with each transaction a memory (photos, mood of the moment, geolocation …) or even a useful document (invoice, guarantee, statement …), and to be able to keep these elements in a private, confidential space. and always accessible from your smartphone.

With Soon, it is much easier to respect your daily budget thanks to the RAD (remainder to spend) which anticipates future expenses. You can also set “budget envelopes” (food, clothing, etc.) to anticipate and intelligently monitor your current and daily expenses.

You can also put all the chances on your side to achieve your exceptional spending plans. Soon allows you to create “project envelopes” (travel, computer, etc.) that can be managed flexibly (Stop and go), at their own pace, in a fun and motivating way.

The application is available on the two largest mobile application stores but by invitation, how to access the service?

There are two scenarios: if you received the invitation to subscribe to Soon (because you were among the first to register), you can open your Soon account. If you have not yet received the invitation (and a fortiori if you are not yet registered on the waiting list) you can have a concrete overview of Soon’s functionalities by consulting the demo mode in the app!

How did AXA imagine the project?

We started from the following observations: everyday banking and smartphones go very well together, smartphone technology is generating a revolution in terms of new uses in many fields of activity (travel, music, etc.), new brands are developing on smartphones by creating these new uses. Soon gives the timeline of my past and future expenses.

What target is Soon for?

All those for whom the smartphone becomes an essential part of their daily life and who come back to look for it at home if they forgot it in the morning before leaving! So we obviously think of the connected generation, and in particular the young people for whom AXA France has built Switch, a rich, adapted offer at competitive prices. But also to their parents or grandparents. The thirty-something geek of the 80s who bought his first Macintosh in 1984 is celebrating his 60th birthday this year… and it’s a safe bet that he is equipped with a latest generation iPhone!

We have tried to meet the expectations of this target: the subscription is done entirely from their smartphone (including the signature) in less than 10 minutes.

What were the main stages of development?

To begin with, we thought in commando mode (we don’t leave the room… without the detailed concept lying on the slides!). Multidisciplinary teams participated in this phase, juniors with a “Y GEN” profile, a researcher in behavioral finance… And the designer who designed the ergonomics was in the project at the start.

Then came the construction of the building blocks and the choice of external partners. Young SMEs (including start-ups) with a strong desire to demonstrate their know-how and who “liked” our project.

Then, at the beginning of June, the presentation of the project to the market via bloggers and journalists. Objective: make the public react to our concept and encourage them to register on a waiting list to be among the first to be invited to subscribe, when the opening comes (logic First Come, First Served). Phase 3 could have led us to stop or significantly amend the initial project. On the contrary, given the very positive feedback, this has led us to speed up developments!

In other words, we have adopted a sort of “Lean Start Up” approach. No qualitative or quantitative market study at the start but a real confrontation with the market. As Henri FORD says: “if I had asked the riders what they wanted… they would have answered faster horses! “.

The last step? it is now ! The offer is launched. The first to register receive the invitation to subscribe. And others can do it on the Soon site.

How much does a project of this type cost?

It is an investment of less than 2 million euros.

What is the objective for the AXA Group to offer an expense management application? Is there a precise economic model? Which ?

SOON is part of the portfolio of initiatives taken by our Group in terms of digital innovation. We have great ambitions and significant resources are mobilized around the world. The recent decision to set up an office in Silicon Valley, our projects in the field of big data, our investment fund AXA Seed Factory are all proof of this orientation. Soon is thus one of the innovations underway in the field of “Quantified Self ”(Tools allowing each person to measure their personal data). And as the daily banking generates frequency of use, it is at the forefront in the field.

Are there any other app development projects underway?

For the banking part, we are working on the changes to be made to Soon and our more classic AXA ​​Bank app. For AXA as a whole, the action plans of the various entities naturally include the release of new apps, for example to better manage their health or better drive their car.