Behind the Scenes: FinReach
In the heart of Berlin, surrounded by the contrast of historic museums and sky-high buildings lies FinReach, a FinTech startup whose solution reflects its surroundings as it strives to resolve archaic issues in retail banking with modernised solutions.
FinReach is a multi-product SaaS company that partners with retail banks by introducing agile digitalized mechanisms that require low integration efforts. With a specialisation in matters related to acquisition and onboarding, up-selling and customer retention FinReach delivers long-lasting benefits for both banks and their customers. Headquartered in Berlin, the team of 20 is led by Managing Directors Matthias Eireiner and Sascha Dewald; each has profound experience in aspects that relate to entrepreneurship, technology, consulting and marketing making them the perfect match to drive forth the venture in a competitive environment.
The venture was launched in 2014 and is currently live with two products. The Account Switch Kit launched in September 2015 addresses issues that arise when switching accounts from one bank to another. It allows customers to automatically switch all standing orders, direct debits and incoming payments thereby increasing customer lifetime value. It is strongly favored by both banks and customers as it has revolutionised a highly laborious and paper intensive operation into a quick task available on any device. The service is transparent, simple and secure and can be completed in 10 minutes. The Account Switch Kit embodies FinReach’s success story as it is currently live in more than 100 banks in Germany and has facilitated more than 50,000 account switches.
FinReach’s newest product is the Depot Switching Solution which expands gains in a low-interest rate environment. The product focuses on the revenue that is earned in portfolio commissions. FinReach provides an increase in stock depot activation through a media break free process. The service improves the management of customer expectations and reduces processing time through a fully digital, user-friendly, transparent and secure procedure.
FinReach’s accomplishments can be attributed to the dedication of a team of serial entrepreneurs and passion brought by a very diverse group of individuals. The company’s ability to combine data mining, analytics and UX is FinReach’s distinguishing factor and guarantees the success of their future products.