Fintech Power50 Coronavirus Survey: Modularbank

The Covid-19 pandemic has been an unprecedented time for many. Despite this, and that many businesses are struggling to get by, the fintech industry has proved itself to be particularly resilient this year, taking advantage of the opportunity to grow and prove itself as a vital sector. In light of this, The Fintech Power50 has conducted a survey of its members earlier in the year asking how their business was fairing during the pandemic to help support a community sentiment.

Modularbank is the most modern cloud-based banking platform built by seasoned banking technology experts. Based in Estonia, Modularbank offers easy to implement and configure suite for core banking (both for retail and business banking). Here CEO Vilve Vene and Kalli Kulla, Head of Marketing and Communications, tells the Power50 about their 2020 experience. 

What was the main challenge as a result of the pandemic for your company, and how did you work to overcome this? 

Kalli Kulla: Truth be told, fortunately, Modularbank has been affected by the Covid-19 pandemic a lot less than most of the companies around the globe. When the virus started to spread in Europe in March, all our employees settled at home offices. The way we work has always been location agnostic and we fully embrace all the digital tools for collaboration on a daily basis. Hence, remote working did not prove to be a challenge for us. The communication with clients and carrying on with the investment round was neither held back by the team members working from home. Rather we can say that it has been easier to arrange meetings with potential customers and investors as people were not so much on the fly.  

Over the past 6 months we have also been constantly growing our team both in the Tallinn and Berlin office and although the travel restrictions and working from different countries have not proved to be an obstacle, bringing the teams responsibly together from both locations is and remains our goal.

What was your main focus when navigating through these uncertain times?

KK: From the business perspective, the pandemic has shed more light on the importance of digitalisation and providing more contextual experience to customers in the financial services space. This is where Modularbank’s next-generation core banking platform comes into play, helping any company rapidly offer seamless, tailored financial services to their customers 

What are your plans moving forward to ensure a successful operation as the pandemic continues?

Vilve Vene: “Pandemic or not, our mission and goal is to support our customers to build new value propositions for their clients so they can react swiftly to changing circumstances and their customer needs. And this does not only mean a convenient and fully digital process of accessing your finances or applying and accepting the loan offers from the safety of your home. More importantly, it applies to redefining the access to financing and financial services, as these are becoming embedded into everyday services. This reflects on the wider idea that banking as such should never be a separate activity on its own.

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