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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
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.”