European retail online bank Moneyou has announced today that it will be diversifying its portfolio to leverage Level 39 payments service provider Bankable’s multi-wallet and multi-card technology to target millennials in the Netherlands and in Germany.
Moneyou understands the changing needs of the customer in a unique way and is continuously improving their products and services to meet these needs.
Branded the friendliest fintech to incumbents, Bankable is renowned for its rapid implementation and in turn, the ability to generate revenue at a faster rate.
I spoke to Moneyou CEO Liesbeth Rigter, Moneyou COO Theo van Bon and Bankable CEO Eric Mouilleron about their partnership, the importance of collaboration and moving forward.
As Mouilleron highlighted, communication between partners has been difficult in the past. ‘People who built these systems are either retired or no longer here so there is all this legacy that has helped to create companies like us.
Our view is to create a new environment outside of the bank so that different infrastructures can be recreated from scratch as a parallel organization on parallel servers and are approved and used by the bank.
The bank uses the infrastructure, software, accounts and processing capabilities to build a new bank; that’s what we are doing with Moneyou.
Mouilleron spoke about how as well as the technical capabilities, a lot of trust is required by both parties which Bankable have built with Moneyou with experimentation and completing the POC in four weeks.
Bon said that the wallet account system that Bankable provided allowed them to step out of the box and assemble a bank with full trust in the capabilities of their partner. ‘Nothing is from Moneyou and because the platform is based on APIs, we are able to use what Bankable offers on our platform,’ Bon explained.
While Bankable and Moneyou are reliant on each other, Rigter stated that while Moneyou is a subsidiary of ABN AMRO, they are 100% independent when it comes to IT infrastructure which is beneficial to the retail bank.
‘We are able to move forward quicker and make changes according to customer needs without being stuck and dependent on the legacy systems of bigger banks.’
‘The ecosystem we have with our partners we also have with our clients and prospective clients. Dialogue is important because people always have other ways of looking at their finances and how they can use their banking accounts.
I think the platform we are building with Bankable enables us, in a pioneering style, to develop new ways of banking which includes new functionalities and new features. We cannot look very clearly into the future without a dialogue with our clients because they tell us what they need.
Being on the same level as your clients and partners means proactively working together on services that are not out there yet.’
‘It’s also about future needs as customers do not know what they need and that’s why I used the word ‘pioneering’.
Fluidity is significant as needs cannot fit into boxes. Millennials organize their lives around work and different financial needs stem from that - this is also seen in personal lives as not all families consist of a mother, father and two children,’ Rigter said.
In a similar vein, Bankable could also be described as fluid as Mouilleron said that it’s all happening now: ‘six months after the contract was finalized, we had our first transaction. The community has been managed in such a way that we can deliver promptly.
Rigter went on to say that as times have changed, the words ‘partnership’ and ecosystem’ are now used in this form of collaboration. ‘It’s important to be open about your ideas and you don’t play your cards close to your chest.
Sharing ideas is how you will become relevant for future clients and avoid obstacles in uncertain times.’ Although this four-week turnaround seems to be easy, Mouilleron revealed that obstacles do happen because they are building a bank.
‘We are not magicians, we work in collaboration with our clients so if something happens, we fix it and we don’t sweep it under the carpet.’
Righter said that a lot of effort was put into choosing a partner, which is always a difficult task.
‘After listing, shortlisting, demos and with some offering a sandbox, we decided to put Bankable’s developers with ours and based on our current savings account, the team were asked to build a payments wallet in four weeks and they did it.
It was a first for us to do it like that but that was proof of how collaboration can work and how fast they could deliver and the execution power.
The proof is in the eating and not all companies are willing to do that.’