mmob, the embedded finance technology toolkit, was selected as a finalist to take part in “PoChallenge” – a Proof of Concept challenge by AkBank, one of Turkey’s largest banks.
AkBank is committed to serving its customers with the latest cutting-edge solutions and being at the forefront of innovation – and runs regular innovation challenges through AkBank Lab in order to find the next best products and services to partner with.
AkBank Lab has so far facilitated almost 50 Proof of Concepts with technology partners, half of which have gone on to be live solutions in use by the bank. It is committed to working in true collaboration with fintechs on well-defined use cases.
mmob’s solution, which will allow AkBank to remove the time, cost and complexity of API integration for embedded finance, was one of six finalists chosen to demo of a total 65 applicants.
Group COO Ian Carter presented mmob’s solution, explaining how mmob enables banks to become true digital ecosystems, providing a wide range of products and services that support customers at every stage of life.
mmob’s embedded finance technology toolkit means banks can add a range of API-based products and services – like retail investing or rewards – with a fully bespoke UX, through a single snippet of code.
Carter also shared how institutions like AkBank could externalise their own products into partners’ channels – so new customers could access products like loans and credit cards through a digital platform they already know and trust, like an ecommerce provider.
The event also included inspiring talk by Brett King on the future of financial services, detailing how banks must compete with what fintechs are already doing in the realms of hyper-personalisation and rapid customer acquisition, as well as the opportunities and threats of AI and quantum computing.
Burcu Civilek Yüce, AkBank’s Consumer Banking and Digital Solutions EVP, also discussed the company’s journey to becoming one of the most innovative in the region. Participants were also given a taste of what it’s like to work with AkBank, as Alberto Diaz Souto shared the experience of current partner, Strands. Diaz Suoto shared how AkBank supports tech providers every step of the way in navigating the organisation and is constantly iterating to make the most of collaborations.
Other companies chosen to showcase on the day included Odynn, Pulse iD, Moneythor, Merlin Investor and Binclusive.
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