FinovateMiddleEast Sneak Peek: Efigence

A look at the companies demoing live at FinovateMiddleEast on 26 and 27 of February in Dubai, U.A.E. Pick up your tickets today and save your spot.

Efigence, a company specializing in implementing innovative technologies and designing UX for banks, presents a new features from the EF14 Digital Banking Platform: EF14 Analytics.


  • Real-time analysis both on public and secure sites
  • Conversion of insights into recommendations with sales automation
  • On-premise solution ensures that the bank remains the sole owner of data gathered

Why it’s great
Take control with EF14 Analytics, your one-stop tool to manage all customer data securely and effectively and transform it into real-time recommendations.


Andrzej Szewczyk, Vice President and Managing Director 
Szewczyk combines technology knowledge with experience in business management, creating innovative solutions for banks and other financial market players. He has been in the internet industry since 1999.


Marek Lesiak, President and CTO 
A fintech evangelist specializing in innovative product development, Lesiak has almost 20 years of experience in designing web solutions.


FinovateEurope Sneak Peek: Efigence

A look at the companies demoing live at FinovateEurope on the 6 through 9 of March 2018 in London. Pick up your tickets today and save your spot.

Efigence – a company specializing in implementing innovative technologies and designing user experiences for banks – presents a new feature from the EFI4 Digital Banking Platform: EFI4 Analytics.


  • Real-time analysis both on public and secure sites
  • Conversion of insights into recommendations with sales automation
  • On-premise solution, ensuring that the bank remains the sole owner of data gathered

Why it’s great
Take control with EFI4 Analytics, your one-stop tool to manage all customer data securely and effectively and transform it into real-time recommendations.


Andrzej Szewczyk, Vice President and Managing Director
Szewczyk combines technology knowledge with experience in business management, creating innovative solutions for banks and other financial market players. He has worked in the Internet industry since 1999.

Marek Lesiak, President & CTO
Lesiak is a fintech evangelist specializing in innovative product development. He has almost 20 years of experience designing web solutions.

Efigence Partners with Alior Bank, Telekom Romania to Help Launch Telekom Banking

Alior Bank’s Romanian branch has teamed up with Deutsche Telekom Group’s Telekom Romania Mobile Communications to develop a new digital financial service. And providing the online exchange for this service is none other than Alior Bank’s long-time partner, Efigence. “We have been working together on the Polish market in the field of technology for almost 10 years with very good results,” Marek Lesiak, Efigence President and CTO said. “We are delighted that Alior Bank appreciates our cooperation and decided to work with us on the international market as well.”

The online exchange platform from Efigence will be paired with the Telekom Banking daily online banking service, providing a new solution for customers in the Romanian market. In addition to providing the platform, Efigence designed the interface, and managed technology implementation and integration.

Left to right: Hubert Czerski (Head of Product Management), Paweł Haltof (Innovation Director), and Łukasz Wełniak (Head of Front-End) demonstrating the Efi4 Digital Banking Platform at FinovateEurope 2017.

“Through the online exchange platform, Telekom Banking’s customers benefit from real-time exchange rates for 10 foreign currencies,” said Head of eFX Commerce for Alior Bank, Tomasz Dośpiał. He added that customers using the exchange benefit from being able to initiate trades with only 5% of the total amount, and then provide the balance within two working days in order to complete the transaction.

Founded in 1995 and headquartered in Warsaw Poland, Efigence demonstrated its Efi4 Digital Banking Platform at FinovateEurope 2017. The platform supports online and mobile internet banking, features a payment and transactions automation module, as well as currency trading tools, PFM, and social and financial data aggregation tools for credit scoring. Modules include financial forecasting, through which customers receive contextual, relevant recommendations such as setting up a savings goal, or offers like an increase in credit limit or a personal loan based on their income and spending patterns.

In August, the company was hired by Emirates NBD to help the Middle Eastern banking group build a new interface and UX for its banking platform. In addition to its long-time partnership with Alior Bank, Efigence has also partnered with mBank (FinovateEurope 2013) and Idea Bank (FinovateEurope 2014), demonstrating banking platform innovations such as social media integration and transaction systems for SMEs.

Finovate Alumni News


  • Efigence Teams Up with Alior Bank, Telekom Romania to Help Launch Telekom Banking.
  • Mastercard Takes Blockchain Mainstream with API.
  • Zighra Launches Flagship Continuous Authentication Product.
  • Stash Reveals Plans to Launch Mobile-First Banking Service.

Around the web

  • Latvian Bank Citadele secures mobile and online banking with VASCO’s DIGIPASS for Apps and CRONTO
  • Azimo’s momentum continues with triple-digit growth.
  • Visa to offer ThreatMetrix technologies through its Visa ID Intelligence platform.
  • Lendio joins lending platform association.
  • Dream Payments unveils its point of sale solution for First Data’s Clover merchants.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Emirates NBD Enlists Efigence for UX/UI Makeover

When we first met efigence back at FinovateEurope 2013, the Polish customer experience designer for financial services companies was sharing the stage with Bank 3.0 innovator mBank. A year later, efigence was back on stage, this time arm–in-arm with SME-banking specialist, Idea Bank.

You get the feeling that efigence has a way with banks.

The latest bank to partner with the company is Emirates NBD, which announced this week that efigence helped the leading Middle Eastern banking group build a new interface and enhanced user experience for its bankingplatform. In addition providing a new graphical user interface (GUI) and improving the platform’s information architecture, the new solution will enable customers to personalize their online experience, manage finances from a “smart insights” equipped dashboard, and use video banking and chat via FaceBanking to talk with a bank advisor. Suvo Sarkar, SVP and Group Head of Retail Banking and Wealth Management at Emirats NBD said the new technology “brings Emirates NBD’s clients to the future of banking.”

“Making use of our broad experience, together with the client’s team, we created a completely new innovative digital banking experience,”Andrzej Szewczyk, VP and MD of Efigence, added. “(This) means that Emirates NBD leaves the competition in its wake. Szewczyk referred to the partnership as “re-invent(ing) digital banking from scratch.”

Founded in 1999 and headquartered in Warsaw, Poland, Efigence most recently demonstrated its Efi4 Digital Banking platform at FinovateEurope 2017. The company’s platform includes a tailor-made interface and experience for users, as well as forecasting, payments, and transactions automation modules. With Efi4, Efigence provides a digital banking solution that marries off-the-shelf technology with UI and UX customized for each financial institution. This enables the company’s technology to provide banks with fast implementation, while retaining the look and familiarity of the bank’s brand.

Finovate Alumni News


  • Roostify Celebrates Growth, Role of External Developers on its Platform.
  • Emirates NBD Enlists Efigence for UX/UI Makeover.

Around the web

  • Icon Solutions initiates functional testing between the Instant Payments Framework and EBA Clearing’s RT1 platform.
  • Infosys to acquire product design and CX specialist, Brilliant Basics.
  • TechCrunch: Coinbase to provide support for Bitcoin Bash in 2018.
  • celebrates the first anniversary of the first crowdfunded REIT, MogulREIT 1.
  • AutoGravity announces reaching 500,000 download milestone for its app.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateEurope Sneak Peek: Efigence


FE2017-V2-wdateA look at the companies demoing live at FinovateEurope on the 7 and 8 of February 2017 in London. Pick up your tickets today and save your spot.

Efigence is a technology company specializing in designing customer experience and implementing innovative technologies for banks and financial services.


  • Efi4: a robust, nimble, and versatile digital banking platform
  • Tailored UX for unique look-and-feel
  • New generation PFM with a smart-support forecasting tool

Why it’s great
Efi4 is a seamless digital banking experience to guide retail banking customers through the complexity of the banking world using a three-screen environment.


Pawel Haltof, Innovation Director & Board Member
Haltof is consultant, strategist, and co-creator of the most innovative design concepts awarded many times by the most important international bodies. He has 10+ years of experience in cooperation with banks.



Hubert Czerski, Head of Project Management and Analysis
An experienced manager focused on implementing innovation in banks, Czerski has a proven track record in cooperation with banks in EMEA region.


Finovate Alumni News


  • Finovate Debuts: Moonraft Innovation Labs

Around the web

  • Huron Community Bank of Michigan to leverage Insuritas to launch insurance agency.
  • Experian partners with reporting and analytics platform dv01 to enable dv01 clients to access to richer borrower credit attributes.
  • FIS teams with Verifone to enable consumers to pay at the point of sale using loyalty points linked to a credit or debit card.
  • Business Insider names Gusto, App Annie, and BlueVine as 3 startups to bet your career on in 2017.
  • Token announces strategic partnership with VirtusaPolaris.
  • TransferTo to provide bridge linking between EcoCash and Mama Money mobile money services.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateEurope: Behind the Scenes with Avoka, BehavioSec, The Currency Cloud, and Efigence

In our final behind-the-scenes look at companies that demonstrated at FinovateEurope last month, we talked to Avoka, BehavioSec, The Currency Cloud, and Efigence (which demoed with IdeaBank). This range of companies covers everything from small business solutions and biometric security to Bank 3.0 makeovers and B2C2C currency exchange.

In case you missed any of the previous behind-the-scenes features, you can check them out below:



What they do
Avoka’s online form-based transaction technology brings the form-filling process to a new level by supporting all channels and creating a seamless transition among them. With this solution, users can begin filling out a form on one channel, leave it, and pick it up on another channel where they left off.

    • 100+ employees
    • Offices in Australia, USA, and UK
    • Tier 1 & 2 Financial Services clients, government clients in USA, UK, and Australia
The experience
Users can begin their account opening experience on their mobile device. In this case, the user has started filling out a mortgage application. At the top, they are provided a tracking number which they can use to reference their application to a customer service representative.

The graphic below illustrates how the user, who began the application process on an iPhone, can resume filling out their mortgage application on a tablet. Since it picks up in the same spot that they left off, there is no need to enter the same information The phone on the right shows the same application on a smaller sized screen, which demonstrates Avoka’s use of responsive design.
In the event the user has difficulty at a point in the application, they can call a customer service representative or opt to schedule a time for the representative to call them at their convenience. The customer only needs to provide their tracking number located on the screen of their device, and the representative will be able to see their progress and location in the form-filling process.
The customer service reps are given visibility into completely abandoned forms. They can view the customer name, their email address, and at which point they abandoned the form. This gives the CSR the ability tailor the way they follow up with the client, depending on where they abandoned the form.

Thumbnail image for BehavioSecLogoFEU14.jpg

What they do
BehavioSec is a leading Swedish IT mobile security company that specializes in behavioral biometric authentication. Behavioral biometrics is a way of verifying identity based on how users act and interact with everything from their desktop computers, to websites, to mobile devices.
    • Raised €1.5 million
    • 12 employees
Biometrics as Security’s Cutting Edge
Anyone who fears that fintech professionals don’t take security issues seriously enough would have to explain why BehavioSec continues to be a favorite among Finovate audiences.
In picking up another Best of Show award at FinovateEurope this spring, BehavioSec continues to impress with an argument that what’s good enough for the security professionals at DARPA should be good enough for the consumers of financial products, as well.
keystroke-dynamics.jpgHow does BehavioSec’s technology work? Keyboard strokes, swiping patterns and other gesture dynamics (pressure, speed, cadence) are as uniquely identifiable as fingerprints and arguably far more so than passwords and PINs. BehavioSec records these inputs as the user of the PC, website or mobile device goes about her business. 
If and when the technology encounters behavior that is inconsistent with how the user has interacted in the past – a different rhythm in the typing of the keys, a different pressure or an uncommon hesitation in the middle of a swipe or gesture, the attempt fails.
gesture-dynamics.jpgAll of this security is provided in real-time. BehavioSec also presents its data via a dashboard that makes it easy to monitor transactions as they happen or conduct forensic review afterwards. “If it isn’t you trying to make a particular transaction,” said Neil Costigan, BehavioSec’s CEO, “who is it?” BehavioSec’s platform makes it easier for banks and financial institutions to find out.
I caught up with Neil late in the day on Wednesday. The final networking period of the day was already underway and most attendees and presenters alike were milling around, drinks in hand, waiting for the Best of Show announcements later that evening.
We didn’t have a lot of time, but it’s always great to catch up with Neil and find out about the prospects of further behavioral biometric adoption by more banks and financial institutions.
“The takeaway? That’s it’s cool and it works,” Neil said in response to a question about his technology’s enduring appeal. He admits there is still a little mystique surrounding behavioral biometrics (“James Bond stuff”), and it cuts both ways, by impressing some and making others a little more cautious.”
BehavioSec continues to have great success in the Nordic countries, where the company was founded, and Neil pointed to the 2.5 million people who will be using the technology at Denmark-based Danske Bank. And the company continues to be close with the U.S. defense industry. Stay tuned for news on that front in the months to come.
But the company is not resting on its laurels, looking to expand into more markets – and more kinds of markets – around the world. “The technology is proven,” Neil said, “we don’t need to invest in R&D.” Instead he mentioned new fields, suggesting that the company has moved beyond investment on research and development to focus on new areas of business such as the account sharing problem for software licensing. 
And expansion into London is another option, particularly given the strong reputation many of the Nordic banks have in the U.K. “We’re looking at offices and interviewing people for a UK presence,” Neil said.”It’s an easy next step from the Nordics. We are similar in customer profile.” 
“Also our references carry weight here,” Neil said with a smile. “You walk around San Diego and say, ‘I’ve got a bank in Norway’ and they say, uh, what part of Wisconsin is that?” 

Thumbnail image for CurrencyCloudLogoFEU14.jpg

What they do
The Currency Cloud helps businesses make international payments faster, more affordable, more transparent, and more secure. The company’s Payment Engine technology takes over and automates the entire process, from initial receipt of funds, through conversion to final payment.
    • Employs 42 staff members
    • Raised $8 million in funding
    • Has 50 new direct clients and more than 1,000 indirect clients on boarded since January 2013
    • Has 40,000 end customers
    • Processes payments in 40 currencies in more than 200 countries
    • Delivers 95% of payments within 24 hours
    • Processes $400 million in payments monthly
    • Clients include Finovate alums:
      • azimo
      • CurrencyTransfer
      • Fidor Bank
      • TransferWise
Giving Companies “Global ACH”
The Currency Cloud considers itself a technology company rather than a FX company, at heart. The company specializes in providing the infrastructure that makes it not only for businesses to make international payments, but for international payments companies themselves to do their business better. “We are very much in the background,” explained Todd Lathan, Vice President of Marketing for the company, “We’re B2B2C. We enable companies to have a global ACH.”
This year at Finovate, the company showcased a new feature, Cash Manager, which allows customers to send payments in advance. This turns what is often a 5-6 day process using traditional methods, into a far shorter process for companies that make sizable, regular international payments. 
The idea of the Cash Manager came from customers. As CEO Michael Laven explains it, The Currency Cloud’s customers seek help with two primary issues: speed and transparency. In the name of speed, the company’s Cash Manager enables customers with predictable, end-of-month payment runs to pay in advance, taking days out of the payment cycle.
And in the name of transparency, the Currency Cloud has built a new notification facility that shows a complete chain of payments, the location of the funds and what transactions have been executed. From the Finovate stage, Laven cited a conversation with an attendee who said that “the major thing missing from their payment world” was precisely this kind of functionality. “We solved this problem and made it very, very easy,” Michael said.
Click the image above to watch a video introduction to The Currency Cloud
Going forward, what goals for 2014 does The Currency
Cloud have? Making the process even faster is a top priority, as is expanding the company’s global footprint. This expansion will have to come on a country-by-country basis, due to the differences in regulation, and explains why the company looks to find and make partnerships in the areas they seek to expand into.
“It’s all about where our customers are and what regulations they are operating under,” Todd said.


What they do
Efigence creates a host of solutions from PFM technology, to online banking, and even currency exchange tools. At FinovateEurope, however, it teamed with IdeaBank to show off its platform that provides tools and data visibility for entrepreneurs to manage their small business.

    • Founded in 1999
    • Product launched Q2 2014
The experience
The screenshot below shows the client dashboard that gives them an overarching view of the business’ finances, cash flow, account balance, payments, and invoices. The responsive design interface works well on a variety of screen sizes, and the large buttons make it touch screen friendly. 

The top screenshot below shows Turbo Payments, a feature that recognizes monthly expenses and enables users to pay a suggested amount on those recurring items with the click of one button. Similarly, Turbo Invoicing recognizes recurring monthly invoices, and allows users to send multiple invoices with one click.
In the graph near the bottom of the screenshot below, the platform notifies the user if their cash flow is endangered, as indicated by the red zone that dips below zero. When the user clicks on the section to gather more information, they are presented with the option to repair their cash flow by applying for an instant loan or receive factoring services for multiple, unpaid invoices.
The system also has a Virtual Vault that can be used to store items like documents or photos. The files are encrypted and protected from unauthorized users, so it is a safe place to store and exchange sensitive files.
The video below shows the implementation of the solution with Poland-based IdeaBank:

Efigence Teams Up with Idea Bank to Present New Transaction System for SMEs

Thumbnail image for EfigenceAndIdeaBankLogo.jpg

This post is part of our live coverage of FinovateEurope 2014.

Coming to the stage now is the combined team of efigence, builder of web and mobile IB platforms, and Idea Bank, a specialist in SME banking.

“We are presenting a tool for small and medium enterprises. It is a new transaction system for SMEs that is connected with accountancy systems and a company’s cash flow analysis.”
Presenting Marek Lesiak (CTO, efigence), Andrzej Szewczyk (Managing Director, efigence), and Steve Sutton (Innovation Manager, efigence)

Product Launch: Q1 2014
Product distribution strategy: Direct to Business (B2B), Direct to Consumer (B2C)
HQ: efigence: Warsaw, Poland; Idea Bank: Warsaw, Poland
Founded: efigence: 1999; Idea Bank: 2010
Twitter: @efigence, @IdeaBankSA