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Austria’s biggest banking group trusts in fintech made in Switzerland

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Contovista is renowned in the Swiss banking industry. The startup’s solid reputation meanwhile reaches across borders with Raiffeisen Banking Group Austria counting on Contovista technology when launching their finance portal Mein ELBA. Already for years the startup successfully collaborates with different banks helping them to roll out their digital transformation strategy. Many banks trust in white label software and data analytics solutions by Contovista. Together with Raiffeisen Banking Group Austria the fintech startup now not only enters the international market but also provides technology to the biggest banking group in Austria.

Raiffeisen Austria has a market share of around 40%. Currently, the group records more than one million online banking logins per day — and online usage is expected to grow over the upcoming years.

“Client acquisition und an engagement increase are significant aspects in digital transformation. To be successful, software has to be capable of supporting a growing number of simultaneous users”, says Contovista CEO Gian Reto à Porta, “Therefore, our architecture is especially designed to be smoothly scaled for increasing data volume and user numbers. We appreciate the confidence which is placed upon us by Raiffeisen Austria and it makes us proud that now almost one in every two Austrians can operate his or her personal banking based on Contovista.”

Raiffeisen Banking Group Austria is comprised of 407 independent Raiffeisen banks and 8 state banks. The entire group including affiliated companies were involved in the launch of the finance portal. For the success of a project of this magnitude a technology was needed which could be implemented into an existing system infrastructure. Contovista guarantees such a seamless integration and furthermore high quality data categorisation with maximum performance.

The Swiss banking experts provided their so-called Enrichment Engine to Raiffeisen Austria. With this engine unstructured transactional data is translated into structured data and enriched with metadata. This means, the bank’s customer gets a complete overview of his or her personal finances in the finance portal. Income and expenses are automatically assigned to different top level categories such as housing, transportation, leisure, household, insurance, etc. as well as to related subcategories. The engine is self-learning, making the categorisation of income and expenses more and more accurate over time, resulting in an increasingly intuitive personal finance management.

About Contovista — Delightful Banking

Contovista enables data-driven banking. We believe that data analytics and superior user experiences lead to delightful banking. Our white-label software, data and analytics solutions allow banks and financial service providers to optimise their digital banking experience and obtain actionable customer insights. With data enrichment and machine learning we help to understand, engage and serve customers better. This empowers organisations to increase customer retention and share of wallet. Contovista is headquartered in Zurich, Switzerland.

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