The new fintech aspires to be an online marketplace for financial products that can be bought within minutes
A new service called Bancovo will be launched on December 20th - for now in the form of family and friends tests. As you can see, the brand name is interesting and catchy. Company representatives also say it is understandable on other markets, which is important for a business that plans to expand abroad. The Bancovo brand is owned by a daughter company of the Polish bank Alior. Its goal is to implement the bank's current strategy of being a digital rebel. The new service is supposed to hit the market in late January or early February next year.
Bancovo is an online financial marketplace. Initially its offer will include Alior and Inbank loans, as well as smaller loans from three loan companies, including Happi, which is owned by the same company as Provident. Soon Bancovo's offer will be expanded to more banks and lenders, including Wonga. By the end of next year Bancovo wants to sell cash loans from six banks and eight non-banking companies. After that, Alior's company is planning to sell other products, such as insurance and mortgage loans.
What sets Bancovo apart from numerous other financial comparison tools available online? - Our solution is unique because it's a fully transactional platform that allows customers not only to compare various offers, but also to be granted a loan in a manner of minutes because it is integrated with our partners’ transaction systems - says Michał Chyczewski, Alior's deputy CEO and acting CEO. Just moments after entering the required information, the customer should see a selection of binding offers from banks and loan companies. Thanks to a clear layout, they will be able to easily choose the one that suits them best.
Bancovo claims to offer a very simplified application process. - We would like our customers who are applying for one of the products we offer to focus on expressing their needs, which is why we limited the information we ask for to a bare minimum. Most customers don't remember their bank account number, their employer's data or even their ID card number. The Bancovo platform uses advanced tools that can fill out this sort of data automatically - says Wojciech Rudzki, business development director for New Commerce Services, the company responsible for Bancovo’s development.
The Bancovo project is being implemented by a team led by Monika Charamsa, who has been involved with the consumer finance sector since 2001. Her experience includes working with startups - opening Polish branches of loan companies and building as well as implementing innovative financial solutions, among other things. She has been working for the Alior group since 2015. Before that she worked for GE Financial Services, Axcess Financial, Dollar Financial Corporation and Meritum Bank.