The purpose of neobank, myTU, is to create an accessible and honest 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 supply accessible, safe, and cost-effective banking options tailor-made to the distinctive wants of underserved markets and purchasers, similar to households, freelancers, digital nomads, and companies usually ignored by bigger banks.
We provide a complete suite of services, together with our ‘Payouts API’. It allows companies to streamline their monetary operations, automate cost processing, and handle loans in real-time. By leveraging superior applied sciences and our deep understanding of the banking business, we ship progressive options that empower our purchasers to thrive in an more and more digital world.
What drawback was your organization set as much as clear up?
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, had been being left behind by the sluggish tempo of innovation and the inflexible, one-size-fits-all method 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 varied wants of our purchasers. Our purpose is to interrupt down the limitations that stop individuals from accessing important monetary providers and to supply 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, bold workforce with a imaginative and prescient to rework the banking business, and right now, we’ve grown into an up-and-coming neobank with greater than 50,000 clients representing over 100 nationalities. Alongside the way in which, we’ve constantly tailored to the altering wants of our purchasers and the quickly evolving fintech panorama.
We have now expanded our product choices, built-in applied sciences like AI and machine studying into our operations, and constructed a sturdy, scalable infrastructure that permits 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 providers rapidly. Nonetheless, we quickly realised that this method restricted our means to innovate and customise our choices to satisfy the distinctive wants of our purchasers. Making the daring determination to develop our personal infrastructure was a frightening process, however it proved to be a game-changer for myTU.
Overcoming this problem required immense dedication, resourcefulness, and resilience from our workforce, however it in the end allowed us to create a extremely environment friendly, safe, and scalable platform that units us aside within the business. Wanting again, this ‘difficult second’ was a defining level in our firm’s historical past, and it has paved the way in which for our continued development and success.
What are your largest achievements or ‘proudest second’ to date?
A big achievement has been our means to keep up a lean, agile, and extremely environment friendly operation whereas serving a quickly rising buyer base. Your complete financial institution runs on lower than €1,000 monthly in infrastructure prices on Google Cloud. Our workforce consists of simply 25 individuals, 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 workforce.
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 typical purpose: to problem the banking business and make an actual distinction in individuals’s lives. We imagine that the very best concepts can come from wherever, which is why we foster an open, inclusive atmosphere the place everybody’s voice is heard and valued.
In consequence, our workplace is a melting pot of backgrounds, experiences, and views, and we wouldn’t have it every other means.
We’re a tight-knit workforce 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 means 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 impression. Whether or not we’re serving to a small enterprise proprietor streamline their funds, enabling a household to realize their dream of homeownership, or empowering a enterprise to cut back transaction prices, we by no means lose sight of the human factor behind every part we do.
What’s in retailer for the longer term?
We’re dedicated to empowering our purchasers with progressive, accessible, and customer-centric monetary options. Within the close to time period, we’re centered 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 great potential within the embedded finance area, and we goal to grow to be the popular cost 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 providers, and unlock new alternatives for development. Our imaginative and prescient is to grow to be a worldwide chief in digital banking, setting the usual for innovation, safety, and buyer expertise within the fintech business.
