Skyfii lands first contract in banking and financial sector with HSBC Bank

Skyfii (ASX: SKF) has landed a three-year contract with major financial institution HSBC Bank Australia for its software as a services IO platform, which is the company’s first contract in the financial sector.

The IO platform includes the Skyfii’s data collection, analytics and marketing tools and will be rolled out across the bank’s Australian network for an initial three-year contract.

Skyfii’s IO platform integrates the three products: IO Insight, IO Engage, and IO Connect and enables companies to collate data and develop a broader understanding of their customer and visitor behaviours.

IO Connect is a portal designed to collect data, while IO Insight offers analytics on venue performance, customer behaviour, loyalty and engagement. IO Insight collects both registered and anonymous data, with anonymous information gathered to understand visitor flow, dwelling times and better understand the types of visitors that interact with the venue.

Meanwhile, IO Engage enables companies to ensure more targeted content delivery, automated marketing and monetisation.

HSBC Bank will use the software platform in its branches throughout Australia to analyse customer behaviour to provide a more personalised and improved service.

To assist with deployment, Skyfii’s workers will work alongside HSBC teams to meet each branch’s needs.

Skyfii has existing contracts with companies from a variety of sectors including retail, universities, airports, governments and within culture and arts.

The company cautions it takes a number of steps to ensure data remains secure including multiple encryption levels.

In mid-December last year, Skyfii forecast its revenue would exceed A$2.6 million for the six months ending December, which is almost 90% up on the same period in 2017.

Skyfii chief executive officer Wayne Arthur has attributed the leap in earnings to the company’s streamlining initiatives.

“I’m proud to announce that the business will be in an EBITDA [earnings before interest, tax, depreciation and amortisation] positive position in the near term,” Mr Arthur added.

Skyfii’s stock price had surged more than 30% by mid-afternoon trade to A$0.17.