GFT, the international provider of innovative IT solutions and services and a leading specialist in the financial sector, announces its participation once again in the Mobile World Congress, which will take place from 27 February to 1 March in Barcelona. In particular, GFT is one of the companies that will be based in ‘4 Years From Now’ (4YFN), the international gathering of tech entrepreneurs that will celebrate its fourth edition, which hopes to reach 20,000 attendees this year. GFT’s aim is to connect with tech start-ups, including FinTech and InsurTech firms, collaborating with them through its international network of Digital Innovation Labs. This pioneering project encourages open innovation through co-creation, in which GFT makes available to the start-ups its knowledge of the sector and its technology platforms, to jointly develop the future of financial services.
Organised by Mobile World Capital Barcelona in collaboration with the GSM Association, 4YFN is the meeting point for a growing global community of technology start-ups. This business platform brings together small businesses, investors and large corporations with the aim of strengthening the entrepreneurial ecosystem. With innovation at the heart of GFT’s forward-thinking approach, the company is pleased to participate once again, with its own stand (stand 10) in the famous Montjuic venue.
"At GFT, our network of Digital Innovation Labs are a bridge between start-ups and the financial sector. Taking this collaborative approach to 4YFN provides an excellent opportunity to engage with new partners, in order to work together on the design of innovative financial services for the future", says Carlos Eres, Managing Director of GFT in Spain.
The first GFT Lab was established in 2014 at the GFT headquarters in Sant Cugat del Vallès (Barcelona), Spain. This concept has since been exported to other GFT offices in London, São Paulo and Stuttgart. In addition to being the first and most technologically developed, the Lab in Sant Cugat has a large space in which GFT has been able to evolve and adapt the environment. The Lab continues to adapt to technological change, such as new forms of interaction between the customer and the financial firm, including revolutionary mobile payment models and personalised account management, based on the profile and personal needs of each individual. In the Lab a working ‘future bank office’ has been reproduced, demonstrating how banking is likely to evolve, including technologies such as: Big Data, Artificial Intelligence and the Internet of Things.
GFT collaborates with approximately thirty start-ups across its global network of Labs. Examples of successful start-ups working with GFT include: BehavioSec from Sweden who continuously verify end-users, based on how they handle their device – adding a transparent security layer for billions of transactions to improve the user experience and stop fraud; Friendlyscore, the UK based Big Data credit scoring company that aims to use alternative data sources such as Social Media Data, Bank Transaction Data, Mobile / Cellphone Data to boost the credit scores of those who have become marginalised by traditional and outdated scoring methods; Hubtype, the Catalan start-up that enables companies to communicate with their customers via human agents or chatbots, using mainstream instant messaging channels customers already use; Kubebank from Madrid who provide their clients with advanced technology that allows the categorisation of banking movements according to a European standard; and figo from Germany, which offers financial institutions an integration ready 'Banking as a Service' platform for e.g. aggregating financial data.
CODE_n, another example of open innovation
In addition to the network of GFT Labs, another example of GFT’s co-creation with start-ups is CODE_n, created in 2011 with the aim to form a leading international innovation ecosystem for digital pioneers. Since its inception CODE_n has accelerated companies into the digital future – both established corporations as well as promising startups. While connecting GFT with the start-up community and with digital pioneers, CODE_n is also a cross-industry source of innovation for GFT. It helps identify trends and new business models that help speed up digital transformation within the financial services sector.
The presence of GFT at 4YFN, its growing network of innovation Labs and its commitment to CODE_n are part of its strategy of open innovation. The company has for many years encouraged collaboration with start-ups and other companies in the financial services sector. For GFT, these new tech companies and, especially, FinTechs are a source of disruptive thinking that help to foster innovation. For start-ups, GFT can become a trusted partner that helps to access large financial institutions and to internationalise their business. "At GFT we have been working alongside our clients, helping them to meet the challenges of banking digitalisation, developing pioneering solutions across the sector for many years. Given this experience, GFT is the ideal partner for start-ups, collaborating together to develop innovative solutions for the future of financial services", explains Carlos Eres, Managing Director of GFT in Spain.