Technology for Participation and Transparency
For me, working in a bank was never a dream… until Paul and the impak Finance team explained the real power of a bank. A bank is a great tool to develop a sustainable economy and to protect the planet. And creating tools that enable change is what I love to do!
At impak Finance, we want to create a bank. Obviously, technology will play a central role. It will allow significant cost reductions, which will result in lesser fees for customers while guaranteeing the bank’s profitability. For example, at Fidor — an online bank based in Europe — using the Ripple blockchain allowed to reduce costs and accelerate interbank transactions. And choosing robust, cutting-edge technologies and offering a mobile service will enable us to avoid many of the problems faced by traditional banks: aging IT, expensive maintenance, agencies with all their networks and infrastructure, etc.
Technology for a better client’s experience
But technology isn’t only about cutting cost. It can also instigate progress by empowering customers to manage their budget and avoid certain bank charges, for example. Near real-time transaction processing allows to present an updated balance, to anticipate spending and even to prevent costly overuse of credit cards. Truly dedicated to customer service, this proactive bank will be based on a constant concern for the user experience combined with artificial intelligence technologies.
This already exceeds the traditional bank offering, but we want more. Impak Finance wants to be different: a tool available to the community, a transparent bank that listens. Wouldn’t you like to know how the bank uses the money from your savings and the impact it generates?
Technology and transparency
Today, this is possible, thanks to big data. Such transparency is useful. When you buy goods and services from businesses supported by impak Finance, you act concretely and make a difference in your ecosystem. You also prompt more companies to adopt the positive impact criteria required to join the community and to obtain a loan. A real virtuous circle is taking shape…
Technology also allows for transparency in the selection process of companies who will benefit from impak Finance credits. And as you have access to the relevant information, why not give your opinion and participate in decision-making? Mobile technology improves the bank’s transparent governance and allows you to become an active member of its ecosystem.
At impak Finance, technology and design serve our mission: to create a responsible ecosystem, useful to the community and the planet, where everyone plays a role.
Co-Founder and Head of Products