SweepBank, a European customer-centric digital banking service offered by Ferratum Bank, recently announced it is using Tuum’s next-generation core banking platform to deliver what it calls the “Netflix experience” to the banking industry.
Utilizing Tuum’s banking core, lending, and card capabilities, as well as European SEPA and international FX payments over Swift, SweepBank said it is hyper-personalizing banks’ offerings to meet individual customer needs. Based on their spending and saving habits, customers will receive personalized offers to optimize the way they manage their money. SweepBank will also utilize the information it gathers to roll out new products and services based on customer feedback and expectations.
“SweepBank is already making waves in the market, and we are incredibly excited to be working alongside them,” Tuum co-founder and CBO Rivo Uibo said. “This is what Tuum is all about: providing a robust set of functionalities, at lightspeed and in a flexible manner, enabling clients to launch new banking experiences and future-proof their operations. With their innovative approach towards personalized banking, SweepBank is able to deliver what customers have been demanding for years: relevant services, and tailored financial advice and support.”
SweepBank currently offers a digital banking platform and a smartphone app that provides access to everyday savings accounts, as well as a free virtual Mastercard Debit card. They have successfully launched in Finland and Latvia and plan to expand to other markets soon.
Tuum was selected for the broad functional coverage of its platform as well as its modern, flexible approach to core banking, which aligned with SweepBank’s own vision of how banks should serve their customers in the modern era, the company said in a statement.
“To disrupt the banking industry by building Netflix like experience for our customers, we need a close partnership with a provider who is able to support our mission,” Ferratum Bank CCO and deputy CEO Julie Chatterjee said. “With Tuum we have had close cooperation and value the good communication there is between us. With their modern capabilities and flexibility we have been successful in delivering great products for our customers.”