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60 seconds with Crealogix: virtual reality banking

We interview Eszter Vass, Senior Product Strategy & Presales Consultant at CREALOGIX Group about their latest innovation in FinTech; as they call it, their "virtual reality banking solution".

What was your light bulb moment?

As a company providing solutions for the financial services industry for over 20 years now, it is important to remain as thought leaders, connect with new tech and identify how it could be meaningful in our area of expertise. Virtual Reality (VR) and Immersive Reality (IR) have been a very popular topic at a number of our own recent events. It was nothing like we’ve ever seen before in banking industry. That’s when the light bulb lit up; why don’t we combine what we already do with this new tech that everyone is so excited about? At FinovateEurope 2017, held in London, we presented The ARCs - our virtual reality banking solution. This application is the first step toward bringing VR into day to day digital banking.

What problem are you solving for banking?

VR is a very exciting way of converting the dry affair of personal finance management, to an immersive, relevant and cool experience. However, we must not forget the even more urgent demand from banking customers for a full-fledged and secure solution for the mobile device. Smartphones have already substituted our physical wallets, calendars and address books. Why should we have to find a tablet or PC to do our daily banking? We now see many banks looking at smartphones as a primary channel of engagement with their customers. As a response to these priorities, CREALOGIX is able to provide the full digital and open banking experience on a single mobile device. The experience on the smartphone feels and looks like what the end users expect, without compromising on functionality or security. This is our mobile first strategy and the base principle for our mobile only solution.

Payments International 2017

What is the technology behind your newest banking solution?

Our current banking solution, the Digital Banking Hub, is based on the idea that the digital banking platform can be a one stop shop for customer’s finances. It offers a true 360 of services, be it the access to accounts from a number of different banks, insurance information, loyalties, or financial advice. The possibilities are endless. However, the services rest traditionally in siloed solutions. With the Digital Banking Hub, we embed them seamlessly in one platform. The integration method is the popular application programming interface (API). Combined with our Software Developer Kit (SDK), we deliver not only complete implementations to our clients, but collaborate with their own internal tech teams, or even allow them to work on our platform by themselves.

Give 3 tips for the next wave of banking start-ups

It’s a great time to be a banking start-up with so much going on in the world in terms of tech, regulation, user demand and habits. After the initial cautious steps toward them, many banks are also openly encouraging FinTechs to look at ways of improving digital banking, creating FinTech hubs to propel innovation and thinking outside the box. For today’s FinTech, 3 tips would be to:

  • stay end user focused – banks will invest in areas which are attractive to their customer target base.
  • stay adaptive – look at how technology is being embraced in other areas of daily life and how this can be adapted to the finance sector.
  • stay innovative – create the new normal, create the need for banks to embrace your solution.

What does the future hold for banking?

Digitalisation of banking doesn’t mean we need to lose the personal customer focused aspects of day to day financial interaction. However, these interactions will become more technology based. Mobile is here to stay. We are experiencing demand every day to provide a full-fledged banking experience on a single device. Security is an important part of this story and remains a critical area as we see the number and severity of cyber-attacks grow. On the other hand, the technology is advancing at an amazing pace, providing us and our customers with an opportunity to grow continuously. Being able to quickly integrate new features and deploy new versions is a key priority for us as a strong partner for Digital Banking.

 

About Eszter Vass

crealogix_portraits_0621Eszter Vass is Senior Product Strategy & Presales Consultant at CREALOGIX Group. As an experienced executive leader, she believes that customer experiences matter amidst the current digital banking revolution. With CREALOGIX she has her finger on the pulse of the times. Eszter builds strong relationships with banks and financial institutions. She assists in implementing innovative fintech solutions for the digital bank of tomorrow. Using the solutions from CREALOGIX, banks respond to changing customer needs in the field of digitalisation in order to hold their ground in an extremely complex and dynamic market and to remain always one step ahead of their competitors.

Media Download: group.crealogix.com/en/media-hub

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