The aim of neobank, myTU, is to create an accessible and truthful banking service for people who have traditionally been excluded. Cloud applied sciences and synthetic intelligence are serving to the agency obtain this goal, however how?
With over 25 years of expertise in banking, Raman Korneu has held senior roles throughout finance, together with consulting roles at Ernst & Younger and PwC, the place he labored on over 100 initiatives for over 50 main banks and firms. We sit down with Korneu to find out about his newest enterprise, myTU, and his function as CEO and co-founder.
Inform us extra about your organization and its providing.
myTU is a neobank that harnesses the ability of cloud-only infrastructure and synthetic intelligence to rework client banking. Our mission is to offer accessible, safe, and cost-effective banking options tailor-made to the distinctive wants of underserved markets and purchasers, equivalent to households, freelancers, digital nomads, and companies usually missed by bigger banks.
We provide a complete suite of services, together with our ‘Payouts API’. It allows companies to streamline their monetary operations, automate fee processing, and handle loans in real-time. By leveraging superior applied sciences and our deep understanding of the banking trade, we ship progressive options that empower our purchasers to thrive in an more and more digital world.
What downside was your organization set as much as resolve?
myTU was based to deal with the longstanding problems with accessibility, safety, and cost-effectiveness within the conventional banking sector. We recognised that many people and companies, significantly these in underserved markets, have been being left behind by the gradual tempo of innovation and the inflexible, one-size-fits-all strategy of bigger banks.
By leveraging the ability of cloud-only infrastructure and AI, we got down to create a extra inclusive and customer-centric banking expertise that caters to the various wants of our purchasers. Our aim is to interrupt down the limitations that stop folks from accessing important monetary companies and to offer them with the instruments they should obtain their monetary objectives, no matter their background or location.
Since launch, how has your organization advanced?
Since our launch in 2019, myTU has undergone a exceptional evolution.
We began as a small, formidable crew with a imaginative and prescient to rework the banking trade, and at present, we have now grown into an up-and-coming neobank with greater than 50,000 prospects representing over 100 nationalities. Alongside the best way, we have now repeatedly tailored to the altering wants of our purchasers and the quickly evolving fintech panorama.
Now we have expanded our product choices, built-in applied sciences like AI and machine studying into our operations, and constructed a strong, scalable infrastructure that enables us to serve our purchasers extra effectively and successfully.
What has been the largest problem or most ‘difficult second’ to beat?
One of many largest challenges we confronted in our journey was the choice to construct our personal core banking system from scratch. Initially, we had relied on a third-party banking platform to launch our companies shortly. Nevertheless, we quickly realised that this strategy restricted our capacity to innovate and customise our choices to satisfy the distinctive wants of our purchasers. Making the daring resolution to develop our personal infrastructure was a frightening activity, however it proved to be a game-changer for myTU.
Overcoming this problem required immense dedication, resourcefulness, and resilience from our crew, however it in the end allowed us to create a extremely environment friendly, safe, and scalable platform that units us aside within the trade. Trying again, this ‘difficult second’ was a defining level in our firm’s historical past, and it has paved the best way for our continued progress and success.
What are your largest achievements or ‘proudest second’ up to now?
A big achievement has been our capacity to keep up a lean, agile, and extremely environment friendly operation whereas serving a quickly rising buyer base. The whole financial institution runs on lower than €1,000 per thirty days in infrastructure prices on Google Cloud. Our crew consists of simply 25 folks, however can deal with 1,000,000+ purchasers. Our success in leveraging AI and automation to drive operational excellence and ship distinctive worth to our purchasers is a testomony to the talent, dedication, and progressive spirit of our crew.
How would you describe the tradition of your organization?
At myTU, our tradition is all about embracing the unconventional and difficult the established order. We’re a various bunch of innovators, risk-takers, and problem-solvers who share a standard aim: to problem the banking trade and make an actual distinction in folks’s lives. We imagine that one of the best concepts can come from anyplace, which is why we foster an open, inclusive setting the place everybody’s voice is heard and valued.
Consequently, our workplace is a melting pot of backgrounds, experiences, and views, and we wouldn’t have it some other manner.
We’re a tight-knit crew that thrives on collaboration, belief, and transparency. We’re not afraid to have frank discussions, problem one another’s concepts, and push ourselves out of our consolation zones. We all know that the important thing to our success lies in our capacity to adapt, iterate, and innovate at lightning pace.
On the finish of the day, what actually drives us is our ardour for making a optimistic influence. Whether or not we’re serving to a small enterprise proprietor streamline their funds, enabling a household to attain their dream of homeownership, or empowering a enterprise to cut back transaction prices, we by no means lose sight of the human factor behind all the things we do.
What’s in retailer for the long run?
We’re dedicated to empowering our purchasers with progressive, accessible, and customer-centric monetary options. Within the close to time period, we’re targeted on increasing our product choices to incorporate worldwide transactions, journey loans, and an enhanced loyalty system, additional strengthening our place as a complete, one-stop-shop for our purchasers’ banking wants.
We additionally see super potential within the embedded finance house, and we intention to turn into the popular fee methodology on a variety of platforms, from area of interest service suppliers to bigger e-commerce websites.
As we glance additional forward, we’re excited to proceed leveraging the ability of AI, automation, and different rising applied sciences to drive operational excellence, enhance our companies, and unlock new alternatives for progress. Our imaginative and prescient is to turn into a world chief in digital banking, setting the usual for innovation, safety, and buyer expertise within the fintech trade.
