1. Who are you?
We are a small but experienced team with a ready-to-use solution for optimizing the checking account for both the bank and its customers.
We have always focused on B2B business and are pioneers in online sales and financial products. We have been creating web applications for, among others, Postbank,
PSD Bankengruppe and Teambank’s easyCredit. We are an experienced and reliable partner for banks wanting to upgrade their customer service in an easy, safe and profitable way.
2. Which services do you sell and who are your competitors?
The Change Agent of Finprove can be integrated in the online banking expands the checking account to offer added value for banks and their customers. It opens the treasure chest and turns the customers’ savings potential into earnings potential for the bank. Banks generate easy monetary benefits due to change commissions and thus have a chance to stand out in a competitive market and to offer added value with the potential for customer loyalty in a secure online environment. The customers optimize their current expenses and sees the bank as his “consulting agency for private households”, which increases the customer loyalty.
We generally compete with the business model of the online comparison portals.
Moreover there are moneymap and procheck24 that are our main competitors as they are also working B2B in the finance area.
3. How did you get your startup idea and how did you finance your startup?
During our conversations with bank employees and the insight into customer data projects we constantly have been noticing that banks have the customers’ data but they do not help them save money regarding their recurring expenses. So we decided to open this chest full of data for the banks.
We start with the private funding of our owners and managing directors, at the moment we are looking for further investors.
4. What were the biggest challenges in starting?
Our biggest challenge was to win the first customer and to persuade the bank to use its customers’ data as there are many obstacles and regulations standing in the way. We are still looking forward to going live with this pilot project.
5. What areas within FinTech do you personally find most interesting and why?
I find it amazing how fintechs influence the established finance companies and the whole surrounding industry. Motivated by cooperation or competition, banks and insurances are having a big chance of adapting the modern digital tools and going in line with the current trends. It is not about founding the next fintech company to make fast profit – it is about making progress towards digitalization, no matter what side on – as fintech or established institution.
6. What opportunities do you see for FinTech startups in the DACH region, and how can we help to accelerate it?
I see an enormous potential in deep learning/AI. There is such valuable data that can and will be upgraded through the analysis of artificial intelligence. We have just taken that path and it is thrilling!
7. What tip would you like to give FinTech entrepreneurs?
- Find an easy solution for an existing problem.
- Put a real effort in marketing to promote it.
- Don’t give up!