Flowe, the environmentally-friendly Italian challenger bank, reaches 700,000 accounts
Temenos, the cloud banking platform, announced that Flowe, the digital bank of Banco Mediolanum, has reached a major milestone with 700,000 accounts in its first 18 months since its launch. With Temenos open platform for composable banking, Flowe is growing twice as fast as its nearest competitor. It received 150,000 new sign-ups in one week with peaks of 30,000 new customers per day.
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Flowe offers digital services at scale, paving the way for future profitability and bringing sustainable banking to over 60 million Italians. Supported by Temenos cloud technology, Flowe is the first bank in Italy to be certified as a B-Corp and become carbon neutral. Flowe’s CEO will be speaking on the topic of ESG at Temenos Community Forum, 17-19 May in London.
Flowe’s mobile banking app combines fully-automated onboarding, a first-class user experience and eco-friendly banking services. Its target market consists of young people who need to manage their money effectively to pay rent and other bills and prefer to use innovative, ethical service providers.
Through a fully remote implementation with Temenos, Flowe went live in a record time of just five months, in June 2020. Temenos pre-composed banking services and simple customization through open APIs significantly accelerated the process. The bank’s highly differentiated value proposition has paid off – in 2021, Flowe won the prestigious Prodotto Dell’Anno (Product of the Year), an Italian product innovation award based exclusively on consumers’ votes.
Ivan Mazzoleni, Chief Executive Officer, Flowe: “We chose Temenos Banking Cloud because it enabled us to go live fast, scale massively, and provide a seamless onboarding experience to our customers. Flowe went live in a record time of just five months, and we onboarded 15,000 customers in our first week alone. With Temenos, we’ve been able to bring new products to market quickly and offer truly personalized experiences in line with our sustainable mission. Supported by Temenos Banking Cloud, we can grow sustainably, passing on benefits to customers for a cleaner, greener planet and a better society.”
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Max Chuard, Chief Executive Officer, Temenos, said: “Digital innovation in banking is thriving in Italy. And it’s an important market for Temenos, where we have a strong and growing presence. Banks are ready to break free from the legacy core banking systems that have inhibited innovation, whereas new digital entrants are coming to the market. Flowe’s success shows that Temenos open platform for composable banking can help Italian banks provide highly-differentiated, sustainable banking experiences at scale. C************** to the team for demonstrating that a powerful mission combined with leading technology can change the face of banking.”
Cloud adoption has accelerated since the pandemic. A recent Economist Intelligence Unit report supported by Temenos finds that more than seven in ten banking respondents state that incorporating the cloud into their organization’s products and services will help them achieve their business priorities. Challenger banks specifically look for agility, scale, and easily composable banking services that allow them to assemble best-of-breed providers into an open ecosystem. On Temenos Banking Cloud, pre-composed banking services can be consumed from a self-service portal, easily configured, extended, or deployed anywhere. Composed Temenos Banking Services consist of pre-configured and pre-assembled Temenos Banking Capabilities plus optional integrated third-party solutions from the Temenos Exchange.
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