- Business Wire
European financial software developer W.UP has announced that Balázs Vinnai is joining the company as investor and president, effective from 15 September 2018. His main focus will be helping international banks become champions in digital sales and get ahead of digital-native rivals.
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Balazs Vinnai, President of W.UP, the digital sales company for banks (Photo: Business Wire)
Prior to joining W.UP, Balázs Vinnai served as chief digital officer of Finastra, the world's third largest financial technology company, where he was in charge of delivering innovative and engaging digital banking solutions.
W.UP is the go-to digital sales company for banks in Europe and beyond. Since its foundation in November 2014 in Budapest, the company has seen exponential growth. The fintech startup generated a revenue of 7 million Euros in 2017. Its innovative solutions help banks enhance user experience with highly personalised, meaningful interactions and take digital sales to a new level. Its digital sales and engagement software, Sales.UP, won "Best of Show" Award at this year's FinovateEurope. The new president will devote his time to engaging closely with customers across Europe and the Middle East. As an investor, he will provide further resources for ramping up product development.
Today, the question is not whether the financial sector needs to go digital but who will sell more products and services in the digital space. As shown by McKinsey, origination and sales generate 65% of global banking profits, totalling about $1,152 billion in 2016. These profit drivers are threatened by increased competition from digital-only challenger banks and big technology firms like Amazon and Google.
"I've seen hundreds of digital transformation attempts and banks are struggling to get real results, as understanding customers and their needs is still not their main focus. My role will be to give banks the support they need to avoid the traps along their journey to digital transformation. Creating relevant and personalised banking experiences instead of blatantly pushing products is the only way to achieve real growth in digital sales. W.UP provides easy-to-implement solutions for banks to create such experiences for their customers and they also have the flexibility to translate strategy into fast execution and success." - Balázs Vinnai explained.
Vinnai (41) was co-founder and CEO of IND Group that became the leading developer and provider of digital banking solutions in Europe and the Middle East. IND Group was acquired in 2014 by financial software provider Misys, where Vinnai became vice president responsible for digital channels. Before joining W.UP, he had served as chief digital officer and vice president of Misys successor Finastra.
W.UP is the go-to digital sales company for banks in Europe and beyond. Its innovative, award-winning solutions help financial institutions boost user experience and take digital sales to a whole new level. Based in Budapest and London, W.UP was established in November 2014 by a group of highly skilled fintech specialists, each with more than 15 years of experience in digital banking.