With KapitalWise, financial institutions will be able to seamlessly integrate their customer relationship operations with a pool of relevant information and indicators that will increase efficiency and overall sales while improving the customer experience. So far the company has signed agreements with major banks including Bank of America and Standard Chartered Bank UK and ABSA (formerly Barclays South Africa). The company also has multiple letters of intent from mid-market banks within the US and has signed partnership agreements with ICBA and Finastra. 

The finance industry looks at FinTech as the obvious progression for the next market segment to take off, with many of the largest financial institutions hedging their futures by investing in FinTech. COVID-19 will change the way people bank forever and financial institutions will ‘double down’ on digital solutions

Source

As Millennials and Generation Z come of age, they’re expecting a seamless user experience on par with all of the other technology they are used to. The financial institution industry’s evolution into the digital era has sparked plenty of growth and increased efficiency, but we believe it has failed to find a way to improve those client relationships that are valued so highly now.

This has resulted in a significant first-year churn rate for new customers hovering around 20-25%. In order for financial institutions to truly keep up with the modern-day customer, we believe they need to customize and personalize their customer experience - empowering the individuals to feel in charge of their finances.

KapitalWise has built a platform that aims to help financial institution relationship managers elevate their work, with new and relevant insights into their client’s financial life and recommendations for how to best help customers achieve their financial goals.

Managers can use this platform and their improved understanding of their clients to upsell and cross-sell appropriate products and services.

Financial institutions can also use our platform for marketing and other insight-driven operations. 

We’ve created a way to extract behavioral insights from financial information on a massive scale. We believe that with the insights we can provide, financial institutions will be able to create the customer experience that everyone wants.

Source

The FinTech industry is already a major contributor to the global financial sector, but Goldman Sachs analysts have predicted that it may eventually disrupt up to $4.7T of the revenue now stemming from traditional financial services.

Source

Credit Unions and Banks are hyper-aware of this trend, and how important these tech solutions have become to their businesses: 60% of credit unions and 49% of banks say they believe that a partnership with a FinTech firm is important.

And among the big players like Goldman Sachs and Citigroup, diversifying some of their investments in FinTech has become a way to future-proof their portfolio.

Source 1 and Source 2

In just a few years since our founding in 2017, KapitalWise has graduated from the Barclays Techstars and Fintech Innovation lab and received over $500K from investors and accelerators like Techstars, Breega Capital,  and the Independent Community Bankers of America (ICBA).

We already have paid evaluation contracts signed with Bank Of America, Standard Chartered Bank UK and Barclays South Africa (ABSA). Additionally we have a Letter of Intent from one of the top US digital banks, as well as innovation and sales partnership agreements with Finastra, ICBA, and Barclays Rise.

From 2018 to 2019 we’ve seen year-over-year revenue growth of over 150%.

KapitalWise has developed an artificial intelligence (AI)-enabled platform that analyzes transactional data with the goal of detecting a consumer’s characteristics and preferences, predicting their future cash flow, and detecting changes in their financial condition. By predicting and recording these events, we help financial institutions identify and link customers to appropriate products and services. This data can also be used by financial institutions to better help their customers reach their financial goals.

Our algorithm uses proprietary models, with inputs from first-party bank data (call center, bill pay, and customer profile data), KapitalWise-gathered open web data (weather information and census data), and third-party data (credit scores).

With the combination of all of this, we’ve been able to open new doors to understanding consumer behavior.

We are pursuing a B2B model for our distribution.

By utilizing volume-based pricing we charge $1.80 to $3.00 per account per year, as well as additional fees for FICO and credit inquiry access.

We also charge an installation fee for onsite installations which range from $150K to $300K.

KapitalWise utilizes a proprietary algorithm powered by AI and ML that actively detects and predicts upcoming events and changes in the lives of the bank’s customers, and in doing so, enables financial institutions to fit their sales and management tactics to each individual. 

We have a unique third party product detection algorithm that helps financial institutions detect third party products subscribed to by their customers.

We believe that our technology is truly more effective than everything else on the market.

In the next five years, our goal is to become the market leader in financial institution customer engagement. 

We know that the future of financial institution relationships is digital, and with an accessible, affordable (to mid-market banks), and highly effective platform, we believe that we can lead the way.

Sajil Koroth is a serial entrepreneur who has left his mark on brands like Oracle and LearnVest (where he was the lead engineer), and founded two FinTech startups in New York.

Raymond Tuckler was a founding member of the OnDeck sales team, personally originating $150M in new business. Before KapitalWise, he was the Director of Sales at Exponea.

Paul Stamoulis is an experienced banker and investor, and a veteran of retail and investment banking. Before KapitalWise, Paul held various senior roles at ScotiaBank and TD Bank.

The FinTech market has become one of the most interesting and important sectors of finance in recent years, as everyone is looking for the next piece of tech that can give them an edge over their competitors.

We believe our proprietary algorithm is going to be a game-changer for the financial institution relationship manager.

Our team has done this before and is tapped into this industry. With three paying customers — including ABSA (formerly Barclays Africa Group) — we believe we have proved that our product is filling a gap in the market.