Julian Colombo, CEO
A secondary room and the worst presentation slot—nothing worse could have happened for N5 Now presenting their financial industry-exclusive platform at a banking innovation event in Europe. However, what transpired in the next hour set the pace for the company which they are riding till today. “Upon finishing the presentation, we saw that in 45 minutes most of the people from the other rooms had come to ours. We didn’t even have a booth at the event and we had to sit around answering questions in a hall for almost an hour,” recalls Julian Colombo, the CEO at N5 Now. On the last day, the company had so many private demos requests that people from Brazil, Chile, and Argentina teams started setting remote demos simultaneously from South America. The event ended up being something that boosted N5 Now’s sales exponentially. “In 90 days, we had closed more clients than we expected to have in two years,” exclaims Colombo. Such is the value proposition of N5 Now’s.
Today, N5 operates as one of the first operative ecosystem tailored for the financial industry, providing financial institutions with a set of tools and applications— N5 Suite—specifically designed for the industry. The company’s Fintech platform, N5 Suite, allows clients to evolve and adopt new technologies without replacing or eliminating existing legacy systems.
Today, financial institutions are tired of a CRM implementation project, a channel platform, or a simple BPM taking years to implement, being very expensive, and having neither user adoption nor visible results. “We are much faster and more precise because we do not develop multi-industry products,” mentions Colombo.
We are much faster and more precise because we do not develop multi-industry products
N5 Suite is less extensive and yet deeper than that of the other competitors, as it only has to solve this one specific industry’s needs. The platform uses a technology called event sourcing in which each transaction, conversation, interaction, and even the particular navigation marks in an app from clients, prospects, and employees, generates a reusable data-trace. This is added to other data sources, and a multichannel platform with artificial intelligence is generated in real-time.
What makes N5 Suite unique is that the platform’s channel is simply a particular expression of it. This is why a client can start an interaction in one channel, follow it in another, and end it in a third party, making everything perfectly f luid in real-time. In an instance, one of the largest insurance companies in Europe, had the problem that its best sales, both in ticket and price, were produced by human channels. However, the physical issuance of policies was very cumbersome and expensive, and customers preferred to close sales on a remote channel. With N5 Suite, telephone or face-to-face sellers simply began to send a QR to the client after closing the sale, which could be formalized in five clicks. This increased the sales by 11 percent in one year and helped the client reduce the cost by nine mn Euros.
Being in the industry for over a decade, N5 Now understands its clients’ business goals in granular form. The company has worked with some of the most successful banks, insurance companies, payment companies, wealth management, and fintechs globally and are thus updated continuously on the best practices in the industry. For the future, Colombo believes that open banking and the fragmentation of the value offer will generate multi-brand distribution entities. Further, the eruption of cryptocurrencies backed by States or mega-corporations is based on less distorting and more international financial ecosystems. To this end, Colombo informs, “The best way to know where the financial industry is going is to watch one of our demos.”