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Fintech Friday: Family Finances

Publish date: 15 February 2019
Author: Family Finances

Iván Muck, Co-Founder and CEO at Family Finances told Efma’s Boris Plantier about the company’s evolution and his plans for the future.

After meeting at university and becoming firm friends, Iván Muck and Gábor Fodor Papp decided to go into business together.

“After graduating, we both began work as fintech analysts at a global management consulting firm,” Muck explains. “Here we got to know more and more about the fascinating world of fintechs. Once we went to have a glass of beer after work, where my twin brother Feri also joined us. We had a heated discussion on the low level of financial consciousness of Gen Z students, and how this was the fault of the educational system. Feri and I volunteered in a non-profit organization dedicated to preparing high-school students for their final exams, so we had seen how serious this issue truly was. So right there, we decided to take this matter in our own hands and try to revolutionize financial education by founding our own company. That’s where the idea of Family Finances was born.”

Recent statistics suggest that 53% of millennials don’t think their bank offers anything different to other banks, and one in three would switch if a better option came along. What’s more, 93% of youngsters expect faster and easier payments and transfers, and only 5% of millennials feel that their bank fully understands their financial needs. “With these facts in mind, we offer gamified, mobile-first, easy-to-use, design-driven solutions to acquire and engage users and we provide ready-to-implement, white-label solutions for chat-based payment, smart investments and for many more,” Muck explains. “We think that edutainment and the move beyond banking functions can help youngsters gain financial knowledge and thus help to develop a society with better financial consciousness that eventually results in a stronger economy.”

Family Finances provides its partner banks with both a comprehensive, end-to-end research-design-implementation service and off-the-shelf, easy-to-implement boxed products. “Our solutions enable banks to engage their clients with design-oriented digital interfaces,” Muck says. “Our products offer a comprehensive solution for all banking functions, including savings, transactions, personal financial management and integrate beyond banking features, such as education, merchant offers and social media integration.”

The company offers four easy-to-implement boxed products which can be tailored to customers’ needs: RocketMoney – an allowance manager that enables parents and children to send, save and spend money on a shared platform; drops. – a chat-based transfer solution that takes your youth banking strategy to the next level; SpendInvest – a hassle-free investment experience for millennials; and EduTainment – a solution which teaches financial consciousness for teenagers.

“Our easy-to-integrate solutions connects to the bank’s API through our modular middleware, while providing a white-labelled, customizable front-end,” Muck continues. “Our applications can be integrated through a PSD2-compliant onboarding process; we develop native iOS and Android applications following only one rule: we create every feature modularly as a software development kit and, with the help of these Lego pieces, each of our solutions is highly customizable.”

With these solutions, Muck believes that Family Finances can help both financial institutions and IT vendors to focus on their core activities while it focuses on what it does best: understanding the younger generations and providing them with the solutions they truly need.

“We truly understand the target group,” says Muck. “Our extensive research and meaningful insights help you understand Gen Z and millennials as well to provide them what they actually need.

“We design state-of-the-art solutions, so our design-driven focus enables us to create a user experience that keeps you ahead and engages customers. We have a scalable team of technology experts who have gained insightful knowledge in the financial services industry, so we deliver the perfect design and front end on iOS, as well as Android platforms, while providing web development services for all devices.”

And this is just the start of what Muck hopes to achieve. “We have several goals for the following three years, and we would like to accomplish various plans regarding our product, business and team development,” Muck concludes. “As we are a multi-product startup we are working on expanding our digital product portfolio to also be able to provide financial institutions with more and more ‘plug ‘n’ play’ boxed solutions. In order to do so we are working on developing more easy-to-implement, white label solutions, continuously improving our existing solutions in terms of the available functions as well as UX and UI to stay ahead of competition and be able to meet the rapidly changing expectations of younger generations. To reach our product development related goals, we are constantly validating our new ideas with members of the target group through our research panel, a local NGO teaching teenagers in high school.

“We would also like to implement digital youth banking solutions at 10+ financial institutions. We’re already on the right track with this: we have secured a commercial deal with OTP Bank, and started to work on two applications for them and got our first tranche of revenues, while we also started a proof-of-concept with Intesa Sanpaolo.

“We are also working on scaling up our team of 10 to 22 in order to contribute to as many banking engagements as possible to help them provide the right customer experience for digital natives.”

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