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INTERVIEW Banking with bubbles
Crealogix has a history of presenting audience-favourite solutions at FinovateEurope. The company experienced success again with its new Gravity mobile banking product. IBS Journal spoke with commercial director Jo Howes to discover the future of the project
Senior Fintech Reporter Alex Hamilton
IBS Journal: What’s the history of the product; when was it originally conceptualised?
Jo Howes: Finovate always asks for a new product which demonstrates an understanding of what the current market needs. At Crealogix what we do, prior to any of these events, is look at what the customer we have is planning to do in the future and we combine that with our product roadmap ideas. We then create a futureproof plan that includes features, functionality and also regulatory control. For Finovate specifically we combined that kind of input we already had with some targeted surveys.
For the creation of Gravity, we carried out some targeted surveys of millennials, which we believe is a market still not being properly represented in the marketplace. Banks are quick to say “oh, we have our existing customers and that’s alright”, but they forget that every year millennials are getting that little bit older, and most of them will want bank accounts. What our survey told us was all the obvious stuff – that millennials can’t cope without their phones, that they don’t believe banks are properly geared up to meeting their requirements and how apps should look.
With our in-house expertise we came up with the look and feel of Gravity, which looks a little different from what most banking apps look like today. It combines natural functionality with that millennial need for gamification.
IBSJ: Is Gravity a proof-of-concept or something that Crealogix plans to put out there in real terms?
JH: It’s a proof-of-concept but it’s connected to real data and does what we demonstrated. One of the key things about Finovate is that you are
required to demonstrate something that its actually real – you can’t use video clips or imagining products. You have to be able to deliver what you say you’re delivering. So, while it may be in proof-of-concept stage at the moment, it is a live product and the UI is operational. Of course, it’s limited by what kind of data can be provided by the bank’s core banking system but we can integrate to any third-party product and any core banking system. In theory, technically, we can do everything we showcased. In practice, we’ve actually tested it with our own database, which is no doubt slightly less complex than the ones handled by core banking systems, but nevertheless it delivered.
IBSJ: Did you have a fair number of people expressing interest in the product? Any big names?
JH: I have to say we got a lot of interest, even though we were presenting to an audience comprised of mainly suppliers, as opposed to banks. A lot of our customers and clients, though, were at the show and they were particularly interested in how Gravity could integrate with their existing product roadmaps. While obviously I can’t disclose the names of the prospective customers, especially at such an early stage, what I would say is watch this space in the coming months.
IBSJ: What sort of target market is Gravity aimed at? Can it scale upwards?
JH: The thing about our solutions is that they’re completely scalable because they’re based on a front-end presentation layer that utilises functionality from the core banking system, as well as some third- party products before delivering the final solution. What this means is that the bigger the bank, the bigger the levels of customisation available to them. Most of them have some form of online digital solution in place now, but in a very basic form, that they don’t want
www.ibsintelligence.com | © IBS Intelligence 2018
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