NF Innova

NF Innova is a tech company that empowers legacy banks across Europe, the Middle East and Africa to become digital leaders. The firm offers state-of-the-art banking services to financial institutions to improve client interaction, streamline online account-opening processes and explore cutting-edge technologies like artificial intelligence (AI) and augmented reality (AR). It leverages its omni-channel digital banking platform, FINTENSE, to enable traditional banks to take control of their digital growth.

“We help banks shape and create new digital banking business models and support them to reduce internal IT challenges,” states Gregor Bierent, CEO of NF Innova.

The FINTENSE platform offers banks cloud-based, fully automated digital solutions to reduce their standard deposit, credit and loan processing time. The platform serves as a comprehensive, bespoke solution that facilitates simple transactions and manages complex operations, like digital mortgages and international transfers, across various digital channels.

The platform uses embedded and open banking concepts to ensure accessibility within the bank's ecosystem and extends its reach to various touchpoints by integrating information and services. FINTENSE enables real-time execution, convenience of the process and bank interaction across any digital touchpoint while ensuring quick time-to-market scalability. It also controls all front-end channels and handles automatic and human workflows.

FINTENSE simplifies complex onboarding processes and automates all customer facing operations. It allows users to complete their account registration within minutes on any preferred device. This user-friendly process incorporates digital signatures, document storage, simple integration and orchestration of external systems (credit bureau, database of home affairs) to finish the sign-up without visiting a bank branch.

NF Innova's omni-channel customer enrollment process provides unique and personalised engagement along the banks' touchpoints, leading to increased client satisfaction and loyalty, as well as an elevated net promoter score (NPS).

The entire process is backed up with the Know-Your-Client (KYC) and Anti-Money Laundering (AML) policies, enabling banks to fulfill their mandatory regulatory requirements concerning data integrity.

NF Innova utilises FINTENSE to help banks deliver smooth transactions, fostering a positive and lasting relationship with their clientele. In one instance, a major international bank in Central Eastern Europe with over 14 million customers sought assistance to provide digital lending. Using NF Innova's expertise, the bank could integrate FINTENSE capabilities into their structure. This allowed existing users to apply for loans online and receive approval within eight minutes. In addition, new users can have their requested funds of up to a mid five digit EUR amount deposited directly into their accounts within 12 minutes. This process eliminated the need for in-person visits, making it accessible through the bank's mobile app or website. A process which took days was cutted down to minutes.

The company also offers a financial advisory service within the bank’s application. It analyses customer-reported transactional data to identify spending patterns and savings opportunities. The FINTENSE personal finance management (PFM) module allows users to categorise their expenditures from their accounts and credit cards based on the transaction details or merchant categories. This feature provides Bank’s customers with a comprehensive overview of their expenses, which further promotes financial inclusion and awareness of users' daily banking requirements.

NF Innova helps organizations and bank’s white-label partners from different industries to transition into new ventures. For example, if a telecom firm intends to venture into banking, the company provides them with the partnership and the technology to create a new business model. The telecom firm can then capitalise on additional services and products from a different industry. This aids in expanding its client’s customer base, boosting revenue and facilitating a shift from their current business into a new realm.

The company enables legacy banks to take on a central role in this new partner ecosystem and be irreplaceable in users' daily banking. NF Innova assists them in creating digital business models and identifying growth initiatives, ensuring they stay at the frontline of digital innovation.