By @SimonCocking great interview with Aidan Lawlor, Head of Marketing at Leveris. Aidan will be speaking on the panel ‘Future trends to watch’ at our #Fintech20 event on October 26th. Get your tickets here.
1 min pitch for what you are doing now?
Leveris is a technology company who have built a completely modern, modular, non-legacy, SaaS banking platform that is specifically architected to address the key challenges facing financial institutions today.
It has been designed as a cost-effective, flexible and quick-to-market platform to accelerate the transformation of financial services.
We are currently implementing our platform for various clients in Europe. These businesses range from lenders (P2P, personal, mortgage) to loan servicers (BPO’s) to digital banks.
How was the last year, what worked well, what didn’t move as quickly as you would have liked?
Sales cycles in financial services can be painfully slow. Especially so if you are a relatively new startup and you are selling a core banking system.
Moving to a new banking platform used to be a mammoth task for a bank, so decisions of this magnitude can take a long time.
However banking is changing and banks are starting to realise the predicament they are in and are in fact starting to make decisions a lot quicker than ever before.
Where before timelines were 24 months, it’s now down to 6 to 9 for core bank projects and 3 to 6 for lending projects.
Progressive banks want the most technologically advanced and extensible core banking platform on the market today. We see our banking platform as the antidote to a myriad of bank problems which can get banks to market a lot quicker than what was previously ever imagined.
So if 2017 has been somewhat slow to get deals done, 2018 will be fast and furious as we go live with 4 or 5 banking projects.
What are your plans for the future?
Keep doing what we are doing. 2017/2018 are massive years for us. We will be delivering 4 or 5 projects in different jurisdictions throughout Europe. After that our main challenge will be how to scale. How do we implement 10, 20, 50, 100 platforms a year?
That will be the next challenge. But we are already talking to distribution and implementation partners that will help us do this. So the future is bright.
What will you be talking about at this event?
I’ll be talking about the value of data in financial services. And especially how banks are in an excellent position to help their customers truly benefit from their own valuable data.
Google and Facebook offer you free search and social media in return for your data. They make billions of dollars annually selling your data. Shouldn’t you benefit from your own personal data too? We think so.
If you look at it from the bank’s perspective; the data a bank has on it’s customers is far more valuable than just ‘search intent’ or ‘likes’.
Imagine your bank started to leverage your data to provide you with products and services that will save you money and ultimately make your life easier?
It can be done, it just hasn’t been done yet due to legacy systems.
— Irish Tech News (@Irish_TechNews) September 19, 2017
What inspired you to attend it?
Being a fintech and hearing so much about last year’s event, we made sure that this year we will attend in force. The Irish fintech scene has grown exponentially over the last few years and this event gives us the opportunity to meet with our peers and help promote Ireland as one of the best fintech hubs in the world.
— Leveris (@WeAreLeveris) September 28, 2017
Which influencers and websites do you follow to keep up to date with the latest developments?
Obviously Simon and the team at Irish Tech News is one of my first port of calls when I need to catch up on fintech news and technology news in general.
I am also a massive fan of Chris Skinner and his site http://thefinancer.com. We have had the privilege to be invited to a few events hosted by Chris around Europe this summer. We definitely sing from the same hymn sheet with regards the future of banking.
Another website and friends of ours are the 11:FS team. David Brear and co. have had us on their hugely popular podcast ‘Fintech Insiders’ as well as featured on their blog. The 11:FS team and Chris Skinner are definitely the most vocal about the benefits of marketplace banking platforms. Luckily for us, we’ve built what they preach.
How can people find out more about what you are working on?
We are currently hiring in our Dublin office. We are looking for Project Managers, Business Analysts, Frontend developers amongst other roles. So if anyone reading this would like to come work for a young Irish company set on being one of the biggest financial services technology companies in the world. Then get in touch.
You can see details on our careers page https://leveris.com/careers
Anything else you’d like to add / we should have asked?
What does the future of banking look like?
The future of banking looks a lot like what email, messaging or social media is today. Free to use with the ability to connect users to products and services they want and need.
Essentially a platform that connects every aspect of the user’s financial life. We can already see this from a social standpoint in China with WeChat and that is the way Facebook messenger is heading here in the west.
Banks will go from being a profit focused business to a relationship and service provider. Essentially a platform that connects every aspect of the user’s financial life.
I see in the next 5 – 10 years banks will be using platforms like ours where their core banking products and services will be delivered in real-time and completely free.
The future bank will make money by creating new ways to deliver value through data. This will happen by opening their platforms to 3rd party products and services that are not core to the bank.
Ultimately banks will become data platforms and to a lesser extent, banks.
— Leveris (@WeAreLeveris) September 25, 2017