NAMU Systems: Creating Rich Digital Banking Experiences

Piotr Budzinski, CEO & Co-Founder, NAMU SystemsPiotr Budzinski, CEO & Co-Founder
Over the years, mobile technology has been steadily replacing desktops as the preferred channel for consumer banking. A study by KPMG and UBS has predicted that nearly 25 percent of the world’s population will have a mobile banking account by the end of 2018. This anticipated growth in mobile banking comes with several challenges, such as application security, user-friendliness, ease of product development, and application maintenance. In response, NAMU Systems has developed an enterprise class platform and a mobile banking application to drive real-time customer experience while accessing banking services. Furthermore, the company’s mobile banking solutions leverage a unique data model, open technology stack, and cutting-edge algorithms to make the experience relevant, engaging, and entertaining. Namu’s tagline is ‘Joyful Banking’.

NAMU—the company’s mobile banking application—capitalizes on Social Circle functionality to enable consumers to identify their expenditure patterns. Elucidating on this function, Piotr Budzinski, CEO of NAMU, explains, “Life events are often documented by photos stored on our phones and social media. The same events— meals, sports, entertainment, travel, and on-the-go shopping—frequently represent financial transactions.” NAMU develops algorithms to machine match relevant pictures to transactions, thereby connecting money flow with memories. Moreover, as already established by numerous studies, imagery association significantly increases comprehension of the transactions performed. According to Budzinski, “Such image-based transactional records enable customers to have a better record of their financial activities.”

In addition to providing a picture-based transactional statement model, NAMU employs successfully tested and validated data encryption methods in its application for device security and data protection. These security features, including authentication, end user device control and management, can also be easily integrated with a bank’s safety framework to further strengthen resistance against malware and fraud. “Our mobile banking solution also enables users to submit images of documents, including national ID cards and tax filings during client on boarding or loan approval process,” adds Budzinski.

NAMU develops algorithms to machine match relevant pictures to transactions, thereby connecting money flow with memories

Besides offering a highly engaging application, NAMU offers a unique platform—consisting of a data server, application engine, and social cloud—that can be deployed at any bank to handle various complex banking operations. The platform utilizes a centralized API and data-centric architecture to offer easy, consistent, and streamlined services to the bank’s customers. This is achieved by assimilating transactional and customer data, spread across siloed and multiple product systems, to proffer intelligent analytics for customers. By adding more interesting features to its string of services, NAMU creates a new revenue stream for banks through its ability to target offers, promotions, and ad placements.

Armed with the power of innovation, the company strives to strengthen its prowess in the areas of customer behavior analytics and profiling algorithms. For this reason, NAMU has forged dedicated partnerships with various industry leaders and leading data scientists from distinguished universities such as Imperial College of London to strengthen its position as a pioneer in customer data analytics and mobile banking trends.

NAMU continues to operate at the intersection of mobile finance, social media, and advertising. The company is also developing advanced functionality to leverage social networking for information sharing and other purposes. According to the CEO, “We will keep developing user interface derivatives, as some of our partnered banks are embracing a totally visual rather than traditional spreadsheet like interface and video interactions for most of their activities, with the exception of cash withdrawal. This openness to change leaves a vast space for the unprecedented growth for our solutions.”