FlowX.AI: Empowering Banks to Build Modern Apps & Platforms

For the past 20 years, Ioan Iacob has been creating companies that build software in the enterprise world and when he established FlowX.AI in 2020, he struck gold. 

Capitalising on a simple observation, FlowX.AI brings AI to banking modernisation to enable what seemed utterly impossible only a few years ago: it helps banks integrate thousands of existing disjointed systems into a single source of truth, and enables unprecedented ongoing agility in developing modern streamlined omnichannel experiences. 

This consolidation is boundless, bringing together modern or heritage mainframe systems, legacy technologies, databases, APIs – the list goes on. 

Banks can massively accelerate modernising applications and business processes without having to change their existing infrastructure, giving their business a much-needed win in agility and speed - and then can use the FlowX.AI platform to accelerate modernising and consolidating underlying systems and infrastructure.

FlowX.AI: Why support the banking industry? 

FlowX.AI’s technology can be applied to a range of industries, so why choose banking? For Ioan, it was about finding a place where FlowX.AI can have the biggest impact. 

“We believe banking plays a vital role in deploying capital,” he says. “This capital is what stimulates the economy, leading to economic growth, societal development and technological innovations. As a modern technology company ourselves, it felt right to help fuel further innovation in the economy.”

“But it’s also because we understand what the people handling technology in banks are going through. For over a decade we have been working side by side with them to deliver complex digital transformation programmes. 

We know the complexity they have to deal with and all the challenges they need to respond to while having to make do with obsolete technology. They are the unsung heroes working to pull together civilization with whatever technology they’ve been handed - but the banking customers don’t see that, they just blame them for not having a great experience. 

While banks have continued to act as a pillar of civilization, providing leading customer experiences is something that has fallen by the wayside. Now, FlowX.AI is helping financial institutions deliver the solutions banking customers are demanding. 

“Banks are under enormous pressure today, which comes from multiple directions,” adds Ioan. “It comes from regulatory and market changes which ultimately result in technology implementations. For most banks, these technology implementations are traumatic - massive costs, delays, and many failures - to the point that cost of technology implementations becomes an existential issue. 

“Second is generational change, with trillions of dollars/euros being transferred from one generation to another in the next decades. The new generation has different behaviours too, not only in how they save and invest but also in how they use technology.

Then, there is competition - going to market with a new product, or a new pricing faster than your competition means acquiring or defending market share.”

Banks have historically leveraged either massive custom development projects or vendor point solutions to deliver new products to market. It is becoming clear that inflexible vendor point solutions are limiting drastically the bank’s ability to do business. Banks cannot mould bank-in-a-box models to exact specifications.

Huge development projects bring high costs and risks - not just risk of project failure, but the risk of breaching the integrity of systems already in place. 

FlowX.AI, agile solutions can be unlocked in weeks instead of years, and that’s also a big win in terms of operational costs. 

NBC: Reaping the benefits of FlowX.AI

One FI seeing benefits by partnering with FlowX AI is the National Bank of Canada (NBC). The bank is looking at leveraging FlowX’s enterprise AI Core and multi-agent strategy approach to accelerate modernisation of hundreds of applications in the coming years.

“Our AI sits on an incredibly robust architecture,” continues Ioan, “and FlowX.AI delivers the first-ever specialised AI built specifically for modernising large banks that is safe to use and has all the appropriate controls for such an environment.

“Today there’s a lot of excitement around AI and Gen AI. We have always looked at AI and Machine Learning as a way to conquer the complexity of banking technology landscapes. FlowX represents over a decade of specialised investment in AI and Machine Learning - when it comes to delivering tangible solutions for banks using this technology, there’s nothing on the market today that even comes close to FlowX.AI.”

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