Sales tool for retail banks based on social networking platform. Better prices for customers and better economics for banks thanks to virality and network effect.

The problem: high cost of sales in banking with uncertain long term return. C.a. 50% of banks costs are related to sales, thus c.a. 50% of prices cover just costs of sales. The solution: leave this money in customers pockets in a way to create free acquisition of viral marketing and loyalty of network effect. Ybanking is a social networking platform where customers can connect with friends, buy banking products and get benefits. Ybanking acquires customers for banks, receives commission for sales and pays it back to customers. Customers: Get paid monthly for just buying loans or deposits via Ybanking. Rate of payback depends on matching of loans and deposits of connected peers. Benefits from 0.25% p.a. without connections, up to 2% if loans and deposits are fully matched. No fees, no risk, full confidentiality. Banks: Cost of sales proportional to revenues, not one-offs with uncertain return. Target price sensitive customers without interfering a standard offer. Target YZ generations with sharing economy philosophy. Long term virality - fluctuation of deposits and loans incentivizes to invite new peers from time to time. Loyalty from network effect – the more customers, the lower effort, bigger benefits and harder to switch.

Name CEO: Pawel Turczynowicz
Founded in: 2015
Country: Poland
Website: ybanking.com
Company Twitter: @PTurczynowicz
Category: Alternative Finance


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