BankShift by ShiftSense, Inc. took a new Fintech product from idea to reality in less than six months. Diligence and the mentality of a warrior, led Rob Thacher, ShiftSense CEO, and his team to develop a new way of bridging the gap between financial institutions and consumers. In an intense 6-month sprint, BankShift was born.
When the world shut-down last spring, and our lives went virtual, consumers were shut off from so many daily interactions. Using money, who doesn’t do that on a daily basis? For most big banks connecting with their customers via the internet and apps is a regular offering, but do most people only have one bank account or one investment account? Probably not. And, how many people have sticky notes with usernames and passwords splayed all around their office, er, dining room.
It was the perfect time for Thacher and his team to brainstorm a solution to the disparate account experience. Thacher reflects on his team’s achievements:
“In just 6 months of production level development, we’ve launched and are now a revenue generating company. It’s been a blast working on something that I am crazy passionate about. I couldn’t have done it without the right people, partners and shared passion.“
The BankShift team faced the challenges any fintech would, regulations, compliance, security, and how to bridge the gap between an online experience and real people. Connecting accounts was the first step. The team developed APIs and security protocols to link accounts. With different financial institutions now connected on the BankShift platform, how could the app expand beyond the basics of linking existing online accounts?
That’s where partnerships come into play. With BankShift, even smaller banks and credit unions can gain brand prominence, product advertising, co-marketing, and no fee payments or transfers for their customers. The app offers a secure and compliant service for the small financial players to stay competitive and lower customer attrition, while the partnership connects them to new and existing customers.
So, there’s the consumer aspect, the small financial institution aspect, and then the whole Fintech thing. Building a secure, robust financial management platform takes years for banks and investment companies. With the BankShift team’s experience trudging through corporate red-tape, they knew what to do to move quickly without compromising the user experience or security. Through deep security protocols, government identification and biometrics, consumers safely transact with real people and vetted partners through the BankShift app.
BankShift wasn’t born overnight, but in the world of fintech, it might as well have been. Since launching earlier this year, BankShift has demonstrated the app offers a direct line to consumers’ multiple financial accounts and banking relationships. The development doesn’t stop here. Thacher and his team are working to expand offerings for trading stocks and cryptocurrencies.
So you want to know how BankShift was born? Join us for a series of podcasts on how we built BankShift from ideation to market. Subscribe to the Kunai Podcast and stay tuned.
About ShiftSense, Inc.
The ShiftSense team’s years of developing fintech solutions naturally led them to a solution that brings together financial institutions and consumers in a simple, secure and technologically forward-thinking way. Today’s consumers need a way to manage finances virtually. Not only does the BankShift solution connect consumers to their disparate financial accounts, it brings opportunities for financial institutions to broaden their reach and deepen their customer relationships.