Startup Of The Month: Contovista, A Personal Finance Banking Software Companyby Fintechnews Switzerland November 2, 2016
Founded in 2013, Contovista is a Zurich-based company providing banks with personal financial management solutions that leverage big data, business intelligence and data visualization. (Finanzprodukt.ch was one of the first page who reported about this company in April 2013)
Its PFM solution uses advanced account statement visualizations that make it easy for online banking customers to understand the dynamics of the account. Transactions are aggregated by category, tag or any other available dimension, enabling customers to analyze their spending habits easily and in real-time.
The company’s Analytics Engine translates unstructured financial data into structured data enriched with meta-information. This data forms the basis for the company’s products in PFM, Business Analytics and marketing, and can further be leveraged to build custom applications.
Contovista’s software adds semantics to account statements by automatically categorizing transactions which can be enriched with custom tags, comments or documents.
Contovista’s solutions have already been integrated into Zürcher Kantonalbank. More integrations are expected to take place this year, according to a press release.
In March, Contovista raised funding from the Aduno Group, a Swiss specialist in cashless payments, which now holds a 14% participation in the startup. The new capital was aimed at helping Contovista accelerate its growth and promote the company on the national and international levels.
For the Aduno Group, the deal enabled the firm to offer a full-featured PFM and innovative data analytics solutions to its customers and partner banks.
“Digitization affects all business segments and is gaining importance in the financial sector. This requires strong partnerships with fintech companies such as Contovista,” said Martin Huldi, CEO of the Aduno Group.
“Our customers want individual solutions that are user-friendly. With the personal financial assistant we can meet their requirements and enable our customers an attractive 360° view of their financial transactions. We are delighted about this strategic partnership and we are able to offer our partner banks a service which allows to benefit quickly and cost-effectively from these new technologies.”
Qontis is another Swiss online PFM platform provider. The solution offers an overview of users’ personal finance details and includes a number of features including budgeting tools that can analyze a user’s transaction history, cost optimization suggestions and capital accumulation support.
In August 2015, Qontis announced a partnership with St. Galler Kantonalbank to integrate the startup’s PFM tool into the bank’s e-banking platform. Qontis’s PFM solution is based on Meniga‘s software, which has been providing over 20 banks with more than 35 million customers its PFM platform since 2009.
Meniga is the European market leader of white-label PFM and next-generation online banking solutions. Last year, the company signed a global contract to deploy its PFM solution across Santander Group markets.
Featured image by Pressmaster, via Shutterstock.com.