In addition to conducting a PoC as part of the Elevator Lab Challenge, the startup that transfers customer notifications gathered at the service location received investment from the CVC of Raiffeisen Bank International, Elevator Ventures.
And since customer feedback is essential in order to understand whether the bank is moving in the right direction, thanks to collaborating with Pisano, Raiffeisenbank Bulgaria is able to elevate the customer experience of its clients by allowing them to provide their instant feedback on the service quality they receive. This is how the buy-now-pay-later startup Vnoska.bg, with which Raiffeisenbank Bulgaria is partnering for the development of its first credit card for monthly repayment with no interest, enables the bank’s customers to afford to purchase more of the products and services they want. Value-added for the customers can also be in the form of making online shopping more affordable. Read more: Greek fintech Woli raises €700K to help more teens across Europe become responsible spenders With another Bulgarian startup that participated in the 2018 edition, the blockchain data privacy startup LogSentinel, the financial institution is already working in the field of cyber security.
The Bulgarian startup for e-Identification and e-Signatures, Evrotrust, which won the 2018 Elevator Lab Challenge Bulgaria, proved its potential to offer a value-added to the bank’s customers, and after doing a PoC in Bulgaria, it was also contacted for PoCs in Albania and Romania. As an example, this can be a fintech product that simplifies the process through which customers interact with the bank such as allowing them to sign documents digitally. Value-added innovation on focusīeing first in the market with a product or a service is of key importance for success but the fintech solutions that RBI is looking for should strive to bring a real value-added to the clients of the bank. This time, we are also presenting you the perspective of one of the startups that has previously participated in Elevator Labs and had the chance to do a PoC with RBI. During that time, RBI conducted more than 25 pilot projects with CEE fintech startups, which resulted in more than 10 established fintech partnerships.Īs the program is still accepting applications before the deadline on the 26th of September, The Recursive team once again met the team of RBI innovators to showcase the progress that previous participants in the program have made and to learn more about the bits and bolts of a corporate-startups partnership.
So far, there have been 4 editions of group-wide Elevator Lab programs. This is what Raiffeisen Bank International (RBI) has learned after 4 years of close collaboration with global fintech innovators as part of its Elevator Lab program for scaling fintech startups. What does it take for a big financial institution and modern fintech company to develop a successful partnership? For starters, it is a readiness to adapt and be flexible on the side of the banks, and patience and swift reactions on the side of the startups.
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