Banqsoft has taken a firm grip on the banking and finance industry in the Nordic region. With our unique concepts, we get our customers quickly and cost efficiently into production and out to new markets.
“Both Banqsoft and our customers are growing rapidly, and it’s inspiring to see that our “In a box”concept is an attractive alternative to complex core systems in the market”. – Tone Grotmoll, Country Sales Manager in Banqsoft.
Tone also states that the concept allows companies to quickly come out of the market with standardized package solutions, as when Banqsoft realized Avida Finance in only 60 days.
Recently, our Country Sales Manager Tone Grotmoll was interviewed for the newspaper supplement “Fintech & Handel”/businessnorge.no. With their permission, we reproduce the interview here:
Think big, act small
Banqsoft is the small challenger who has achieved a solid foothold in the Nordic banking and financial industry. Through Banqsoft’s unique concepts, their customers enter quickly and efficiently into new markets.
The IT company specializes in delivering standardized and pre-configured solutions, and was earlier this year established as a Nordic banking data center. Banqsoft manages 85 installations for 65 companies who serve customers in 30 countries.
Establishing a bank in 60 days
“Both Banqsoft and our customers are expanding fast, and it’s inspiring to see that our concept “In a box” is an attractive alternative to the complex core systems that exist in the market”, says Tone Grotmoll, Country Sales Manager in Banqsoft.
She explains that the concept allows companies to enter quickly into the market with a standardized package solution, as proven when they launched Avida Finans in just 60 days.
“Delivering services to the financial industry is known to be both time-consuming and costly. Our concepts are rich in features, automated and support compliance requirements such as reporting, AML, GDPR and PSD2. Our solutions are “turnkey” and includes training, allowing our customers to enter quickly into the operation phase. Once they get started, we can collaborate on their further business development and make adjustments as needed”, says Grotmoll.
Expanding the service portfolio
The “In a box” concept covers business areas such as Retail Banking, Consumer Finance, Leasing and Factoring. The concepts are based on the same Microsoft.NET platform, making it easier for a bank to start offering leasing services or to expand to new countries, without changing their system platform or supplier.
A significant number of Norwegian banks renew their existing core solutions to meet future challenges. This can take many years and limits the ability to offer new products and services. Therefore, Banqsoft experiences a certain pressure from banks wanting to run parallel operations.
“In anticipation of core bank renewal or as the start of a major transition, these banks can use Banqsoft’s “Sandbox” to experiment with new concepts for a fastest possible product launch”, says Grotmoll.