Dubai, UAE. – March 2, 2018 – Ondot Systems, debuts its market entry with a win as best of Show at Finovate Middle East, which gathers together the top innovators in the Fintech industry.
Ondot addresses the market need for banks to connect with their consumers digitally and frequently. Digitally savvy customers seldom engage with their bank branches resulting in the banks steadily losing the battle of maintaining customer relationship. At the Finovate event, Ondot showcased their digital solution, a mobile app which re-ignites this relationship, offering user control over their payments and fostering high frequency interactions. Each payment interaction reinforces a positive user experience and creates the opportunity for the bank to rec-connect with its customers, creating a set of new opportunities for the banks to offer added value to their customers.
Ondot started its journey by winning the 2014 Finovate Best of Show award in California with its solution empowering cardholders to “remote control” their existing credit and debit cards from a smartphone app with which cardholders can lock or unlock cards; set usage controls by location, merchants and transactions types; plus receive alerts and notifications. .
The solution launched at Finovate Middle East 2018 addresses the region’s needs to provide digital payment platform to a highly mobile and young population, tailoring it to both the high-net natives and migrants. High net-worth individuals see the need for controlling & managing their cards and migrants can be served with travel notifications, reducing both fraud and false declines. Ondot also showcased its Spend Insights solution which includes real-time services in response to customer needs, such as on-demand subscription to overdraft protection and increase in credit limits. Such services are effective in driving long-term customer loyalty.
Ondot’s VP of Marketing, Gary Singh, commented: “We have been striving to break new barriers since our last award, keeping innovation as our mantra – and it seems to have paid off. Our platform solves real problems, focusing on giving control back to the user. In an era where complexity affects our user experience, simplicity and transparency is what everyone is looking for and what we aim to deliver.”
The Finovate award, voted for by the general public, validates users’ appreciation for the increased control provided by Ondot.
As Finovate’s keynote speakers highlighted, the Fintech industry must grapple with a couple of important issues to improve the digital experience that banks provide: reconnecting banks with their customers and making the customer experience a rewarding one. Such considerations are indeed central to Ondot’s philosophy, as its platform provides a new channel for banks to cultivate a positive and lasting relationship with their customers as well as a new barrier to fraud prevention.
Ondot, already established in North America, is now extending its reach to the Middle Eastern, African and Asian markets.