Fintech
FlowX.AI: Empowering Banks to Build Modern Apps and Platforms
FlowX.AI: Why Support Banking?
FlowX.AI’s technology can be applied to a wide range of industries, so why choose banking? For Ioan, it was about finding a place where FlowX.AI could have the biggest impact.
“We believe that banking plays a critical role in deploying capital,” he says. “This capital is what drives the economy, leading to economic growth, social development and technological innovation. As a modern technology company, it seemed right to us to help fuel further innovation in the economy.”
“But it’s also because we understand what the people who run technology in banks are going through. For over a decade we’ve worked side by side with them to deliver complex digital transformation programs.
We know the complexity they face and all the challenges they have to meet while making do with outdated technology. They are the unsung heroes working to piece civilization back together with whatever technology they were given, but the bank customers don’t see that, they just blame them for not having a great experience.
While banks have continued to serve as a pillar of civilization, providing leading customer experiences is something that has been overlooked. Now, FlowX.AI is helping financial institutions provide the solutions that banking customers demand.
“Banks are under enormous pressure today, and it comes from multiple directions,” Ioan adds. “It comes from regulatory and market changes that ultimately translate into technology implementations. For most banks, these technology implementations are traumatic: huge costs, delays and many failures, to the point that the cost of technology implementations becomes an existential issue.
“The second is the generational shift, with trillions of dollars/euros transferred from one generation to another in the coming decades. The new generation also has different behaviors, not only in the way they save and invest, but also in the way they use technology.
Then there is competition: launching a new product or price point on the market faster than the competition means acquiring or defending market share.”
Banks have historically leveraged massive custom development projects or vendor point solutions to bring new products to market. It is becoming clear that inflexible vendor point solutions are severely limiting the bank’s ability to do business. Banks cannot model bank-in-a-box models to exact specifications.
Large development projects carry high costs and risks: not only the risk of project failure, but also the risk of violating the integrity of systems already in place.
With FlowX.AI, agile solutions can be unlocked in weeks instead of years, which is also a major benefit in terms of operating costs.
NBC: Reaping the Benefits of FlowX.AI
One FI benefiting from a partnership with FlowX AI is the National Bank of Canada (NBC). The bank is considering leveraging FlowX’s strategic multi-agent and enterprise AI Core approach to accelerate the modernization of hundreds of applications over the next few years.
“Our AI is built on an incredibly robust architecture,” Ioan continues, “and FlowX.AI provides the first-ever specialized AI, specifically built to modernize large banks, that is safe to use and has all the appropriate controls for such an environment.
“There is a lot of excitement today about AI and Gen AI. We have always seen AI and machine learning as a way to conquer the complexity of banking technology landscapes. FlowX represents over a decade of dedicated investments in AI and machine learning: when it comes to providing tangible solutions for banks using this technology, there is nothing on the market today that even comes close to FlowX.AI.”
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