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The future of personal banking might not be with Institutional Banks

The future of personal banking might not be with Institutional Banks

At the end of 2014 one of our clients from the financial industry launched a project – the idea was to offer a unified interface to manage a user’s investment portfolio. And from that moment onward, we started discovering the amount of nonsense and outdated ways of working in the financial industry.
My client wanted to clear this non-sense and finally offer what clients have been expecting for years – a singular interface for investments of financial providers and products (Life Insurance, Bonds, Stock Market, …). Furthermore, since knowledge is power,  they wanted to educate the client to have more control on his investment strategy. I understood that this could be the silver arrow for the financial industry if we could execute it well.

Time passed and we discovered the inconsistency in this industry that generates billions per year but relies on decades old solution or fully outsourced average IT department. Aggregating information from all stakeholders became a nightmare, often talking to an entire organization to merely get a step or two ahead.