Elsewhen and Pacemakers launched Bank of the Future, Vodeno was chosen as the technology partner

By Joy Dumasia

Elsewhen and Pacemakers have joined forces to launch Bank of the Future (BOTF): a transformative, customer-centric concept that challenges banks and other brands to rethink financial products and services exclusively from a customer perspective.

The two companies are working with Vodeno to help deliver the concept with its VODENO Cloud Platform, one of the most comprehensive fully cloud-based banking platforms on the market. The three firms are seeking other progressive organisations keen to adopt the BOTF model to revolutionise the way consumers use financial services.

BOTF provides customers with their own real-time, automated personal Bank, dedicated to acting in their interests and responding to their needs around three core functions: spending, borrowing and saving. Customers can allow many day-to-day banking decisions to be taken automatically by their Bank, based on real-time and historical behaviour, while still manually approving more significant decisions and transactions.

BOTF will focus solely on customer needs and outcomes, simplifying the banking process into an invisible intuitive customer experience through seamless UI, natural language interfaces and automatic recommendations based on customers’ data and support their financial ambitions. In an intensely competitive market, what differentiates the Bank of the Future from the other players are its core assets of the trust, ease of use and transparency.

BOTF will become the catalyst for embedded finance to deliver banking-as-a-service to consumers by empowering communities of customers across retailers, telcos, manufacturers, sports clubs, entertainers and more.

The Bank of the Future model is already possible with Vodeno’s technology. The BOTF is the first genuinely customer-centric Bank, finally acknowledging that customers do not want to buy banking products; they want solutions to help them achieve their financial goals.

Leon Gauhman, chief product and strategy officer, Elsewhen, said: “In a world driven by accelerated customer expectations, Elsewhen and Pacemakers envisage a new paradigm that views banking exclusively through the customer’s eyes. Bank of the Future will help customers achieve their financial objectives through deep personalisation, real-time advice and a focus on customer outcomes.”