Becoming a mobile powered bank

Ferratum Group, a major Nordic micro-lending player decided to launch a cross-European mobile bank to capitalise on the rising demand for seamless mobile banking experiences. Our team is proud to have supported their journey to become a full-fledged bank.

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Becoming a bank

Our client, Ferratum Group is a leading Nordic financial services player specialising in micro-lending. In 2015 the group decided to launch an entirely new business line by acquiring a banking licence and launching a cross-European mobile bank to capitalise on the rising demand for seamless mobile banking experiences. The challenger bank swiftly launched in 2016 getting tens of thousands of new customers from across half a dozen countries where it was available. Our team is proud to have supported this journey all the way.

Getting a borderless bank account in 8 minutes

Ferratum’s mobile banking offering is centred around one core promise: you can get a new bank account in minutes ready to use across the world. 

There is a short and seamless onboarding experience as the background check is quickly completed and you are ready to use your bank account instantly with your credit card on its way via the post.

But Ferratum Bank is about much more than just a quick-to-set-up of a current account:

the service offers multi-currency accounts, no foreign exchange rates, free ATM withdrawals, SMS payments and savings functionality.

The latter is quite interesting as the Bank offers a large variety of saving options with goal savings functionality and the so-called Boosters, an automated micro-saving product among them. Innovative saving products are just one side of the coin: as a completely new customer, it is possible to apply for an overdraft within minutes, giving you financial flexibility when you need it.

A new beginning

2019 is an exciting year for the Bank: under an intensive 6 months, we helped to design and build a completely new experience that is gradually being rolled out to customers. And the changes are not only happening on the surface: the bank moved to a new core banking and a state-of-the-art, microservices-based middleware to power a high performing, seamless new mobile experience. 

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In this transition, our client built on our knowledge acquired by building 3 different mobile banks over the years.

Our technical expertise guided them while transitioning to microservices which we gained while helping dozens of our client across industries to do the same changes.

If you are in FS, mobile is also your future. Our experts are ready to guide you on this journey.

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