This October, a PSD2-based white-label mobile banking app FinCell launches to Baltic and Scandinavian countries. The Lithuanian startup spreads its mission on helping financial institutions such as banks or credit unions to develop their mobile banking effortlessly. FinCell ensures a smooth mobile banking development for small and medium-size financial institutions.
According to McKinsey, the preference for handling everyday transactions digitally is as high as about 60% to 85% across Western European markets, even for customers 65 years of age or older. It is known that the demand for mobile banking has existed for a while now. However, the FinCell team executed market research by collaborating with the Lithuanian Central Credit Union (LCCU) to acknowledge specific financial institutions' needs. Also, the cooperation between startup and LCCU highly supported FinCell's solution formation and product functionality development to meet critical needs.
LCCU comprises 45 unions throughout Lithuania, which together form LKU Credit Union Group serving over 121 thousand customers across different country regions. "We are always looking for new ways to improve customer service standards and to help our clients save their time. These are the reasons why it was decided to collaborate with a fintech company, such as Fincell. We are extremely happy that his collaboration with the team of professionals has already given efficient results," comments Mindaugas Vijūnas, Chief Executive Officer and Chairman of the Board of LCCU.
Offers to launch the mobile banking app in 6 months
The booming financial market requires fast and high-quality solutions at the same time. Founded this year, FinCell developed a white-label SaaS solution that you can use, adjust to the specific needs and launch as a mobile banking app in just six months.
By using FinCell, financial institutions don't need to build anything from scratch, as the platform has all the top-notch features, ranging from basic to customized features required for a mobile banking app. Also, the FinCell app is cloud-deployed, making it more efficient to manage. When discussing the essential safety and compliance functionalities, Vitalis Kavaliauskas, FinCell’s CTO, mentions: "FinCell works based on the Berlin Group Standard and
NextGenPSD2, ensuring that all the technical and organisational standards are being met since FinCell integrates with an institution's core system through open APIs."
FinCell offers customers a flexible pricing model. "We want to ensure the highest-level experience for either small or medium-size financial institutions, that's why FinCell provides a flexible pricing model optimized for growth. Customers pay a monthly flat fee, plus a specific amount depending on active users, using their mobile banking application. Such payment options give freedom for various financial companies that have multiple needs and resources", says Vitalis Kavaliauskas. The startup aims to give financial institutions the tools, making both financial services easier to access and improving the customer satisfaction level. As your customers can interact with your brand on their mobile phones, this uncovers additional growth opportunities for your business.
Developed by finance and technology experts
The startup idea has born and developed inside Baltic Amadeus – a technology company with over 30 years of experience developing solutions for financial institutions. Baltic Amadeus has already invested 200,000 EUR into FinCell's product development. The company plans to make an additional 250,000 EUR investment during the following year.
"By having long-year expertise in tech and financial projects, we went deeper into acknowledging the mobile banking-related issues companies face. For this reason, we partnered closely with one of our clients, the LKU Credit Union Group, which helped us to understand and resolve the main pain points faced by financial institutions and the end-users," comments Vitalis Kavaliauskas.
Experts who designed FinCell are certified in CISSP, CDPSE and CISA, bringing best industry practices to the solution that now is ready to be used by financial institutions. Also, FinCell creators are certified by ISO27001 and ISO9001, meaning safety and compliance were integrated into every step of FinCell development.
When speaking about the current startup's ambitions, Vitalis Kavaliauskas explains: "The FinCell solution is limited to the eurozone, leading us to expand into countries that are European Union members. Our starting point becomes Baltic countries and Nordic markets, which will broaden within time. For now, we are giving in-depth attention to localization processes to provide the highest-quality experience for customers within different countries."