fbpx

Company profile

Founding year

2017

Funding round

Pre A

Raising funds

Yes

Country

Hungary

Employee number

10

Pitchdeck

Problem they are solving

53% of millennials don’t think their bank offers anything different than other banks and 1 out of 3 would switch banks if a better option comes their way. 93% of youngsters expect faster and easier payments and transfers and only 5% of millennials feel that their bank fully understands their financial needs. Also, financial knowledge and consciousness of young people is extremely low in Europe.

Youngsters are disconnected from banks and also the majority of them uses or at least tried out fancier fintech solutions like Revolut or N26, which offer them the right way of customer experience, also, big tech players are threatening traditional financial institutions. Banks are losing massive amounts of customers under 30 before actually generating revenues for them. At the same time, current banking products cannot tackle families’ and youngsters’ financial needs and cannot provide them with suitable solutions.

Solution to the problem

Family Finances offers design-driven mobile banking solutions for financial institutions with a special focus on younger customers, including off-the-shelf, boxed solutions that are all easy to integrate and white-label as well as an end-to-end service from UX research, through UX/UI design to implementation. These solutions enable banks to engage younger generations and young adults with design-oriented digital interfaces.

Due to the previously mentioned facts and statistics, we offer gamified, mobile-first, easy-to-use solutions to acquire and engage users and we provide ready-to-implement, white-label solutions for chat-based payment, smart investments and for many more. We think, that edutainment and beyond banking functions can help youngsters gain financial knowledge. Our solutions provide transparent, easy-to-understand financials to the whole family, which contribute to a society with better financial consciousness that eventually results in a stronger economy.
We help financial institutions to enhance their digital value offering for young customers in order to compete with fintech challengers. We work together with our partners to digitalise banking by understanding Gen Z and designing as well as implementing the perfect solution for them. Our extensive research and meaningful insights help financial institutions understand their target group to provide them what they actually need. Our design-driven focus enables us to create a user experience that keeps banks ahead, while our scalable team of technology experts who have gained insightful knowledge in the financial services industry helps to make our dreams come true.

Family Finances delivers end-to-end solutions and facilitates the implementation of financial institutions’ youth banking and digital strategies. We understand younger generations and the industry itself, thus we can design the UX and UI that satisfy their needs and develop the solutions they are looking for.

We empathise with banks, since we have been through banking procurement as well as IT security processes, therefore we know what it requires to adapt new solutions to the already existing infrastructure. This is the reason why we serve our customers the way it is suitable for them, considering the needs of all other stakeholders at the same time. We also provide high-level flexibility in terms of customisation, we work closely together with our partners when delivering them the perfect solutions.

We have developed significant domain knowledge: We became experts of GenZ and millennials in terms of their needs and the rapidly changing tendencies. We continuously conduct extensive research with the help of our own research panel, a local NGO teaching high-school children. We have also collected numerous research materials and papers form banks, which further help us to improve and develop. Since two of our co-founders worked as Fintech Analysts at a global management consulting firm, we have also gained insightful knowledge about the fintech industry.

At Family Finances, we lay huge emphasis on design, using service design tools and dual-track agile to synchronise our design and development processes. This design-driven and UX-focused approach enables us to help banks speak the same language millennials do.

Market traction

2017 was about conceptualizing, in 2018 we were focusing on closing our banking sales and fundraising processes and in 2019 we started delivering on our leads. We managed to triple our revenues already in Q1 2019 and have been growing our numbers ever since. We also secured €550k seed investment from a Hungarian venture capital fund in February.

We’ve served prestigious financial institutions, IT vendors of banks and fintech startups with our design-driven and youth-centred mobile banking solutions.

Please find some of our key client works below:

Intesa Sanpaolo: white-labelled one of our boxed solutions as part of a POC and are negotiating with the banking group to roll it out at their CEE-based subsidiaries.
CIB Bank: facelifted one of the bank’s mobile banking functions to increase its popularity amongst their mobile bank users.
MKB Bank: we’ve been working on several UX/UI design projects for the bank by collaborating with its innovation centre, MKB Fintechlab.
Lippert Kft.: we’ve jointly been working on a mobile-first, end-to-end online consumer loan marketplace covering UX research, UX/UI design and implementation of the solution, which we are planning to roll out in October by firstly white-labelling it for partner banks and after then, in 2020 we plan to launch it as an independent marketplace aggregating contracted partner banks’ offers.
Cristo: delivering the mobile application on native iOS and Android platforms for one of Hungary’s most popular insurtech startups covering the whole product development lifecycle.
Jaystack: built data visualization solutions with our design team.
Brokerchooser: facilitated the design sprint of a Hungarian fintech startup and prepared UI drafts to their broker comparison page.
Solidity Services: built an animated prototype of their blockchain-based portfolio management boxed solution.
Frontíra: delivered UI concepts for the design agency.
InvestSuite: We have started to collaborate with a prestigious Belgian fintech startup called InvestSuite on design-driven investments solutions for financial institutions in the Benelux region.

Success story

MKB is one of the top 5 banks in Hungary that fully owns MKB Fintechlab, which was the first investor of Family Finances.
With MKB Bank and MKB Fintechlab we have a strong professional partnership as well as engage in business development together, since it is also important for the bank to highlight that it has partnerships with innovative startups.
Our collaboration also included a commercial partnership, we have developed solutions for the bank, and we’ve been working on 4 successful UX/UI design projects by working together with its innovation centre, MKB Fintechlab. Also, we are continuously helping them implement their digital youth banking strategy and have conducted a joint POC as well.

“MKB Bank’s Fintechlab was the first investor in Family Finances, we helped them to create customer-oriented youth banking solutions which also brings value to the banks. Happy to be onboard in redesigning customer experience for next-generation banking.” – Janos Pereczes, Managing Director at MKB Fintechlab

Expansion plans

We have already started our international business development, having talks with Austrian, Scandinavian, Slovakian, Italian, Polish Banks and currently are focusing on the CEE region specifically, but we are working on broadening our scope to Western Europe, too.

We are having talks with Swiss financial institutions, investment funds and accelerators in order to establish presence on a financially highly sophisticated market and work together with prestigious banks there. Our main goal is to conduct commercial deals and POCs with Swiss financial institutions.

We plan to participate in more truly effective accelerator programs and international conferences to have the necessary exposure to banks’ executives and have the chance to co-create cutting-edge solutions and create products at hackathons, where banks define their problems, which can be solved by agile teams.

Register

Log in