Meet Philipp Buschmann, CEO at Smart Banking Platform: AAZZUR

AAZZUR is a B2B2C fintech start-up changing the way fintechs are built, how they interact with customers and how they use customer data by embedding smart finance components. AAZZUR was founded in 2017 and pivoted to the embeddable finance space in 2019.

The general philosophy of AAZZUR is to enhance existing banking apps with additional features, that follow a consumer-centric user-experience approach providing the customer the right products at the right place throughout the financial journey. AAZZUR’s platform connects the core banking system (card, account, payment) and integrates third-party services (e.g., insurance services from bSurance, FX from TransferWise, investment products, etc.) as well as groups internal services and products to deliver sets of new engaging functionality (Smart Finance Blocks) that will be integrated into the bank’s frontends.

What makes AAZZUR different is that it utilizes generalized technology, but acts as a boutique, tailored, futureproof solution as it follows 80% off the shelf and 20% customization to fit the bank and its customers’ needs based on the bank’s data.

Whether a start-up, a corporate, or a bank – AAZZUR’s API platform, and smart front-end solutions enable businesses to give customers greater financial freedom. AAZZUR has been a part of global investment and innovation platforms like TechStars, F10, Plug and Play and have helped banks, insurance companies and start-ups with their fintech propositions.
 
 

 

How did you come up with the idea for the company?

 
The story of AAZZUR began in Vienna with my co-founders Martin Damaske and Richard Unger. We had many great ideas, but all agreed on the future of embedded finance. We wanted to target financial improvements and ultimately combine and re-bundle financial products to make them more relevant and of use to the customer, depending on their lifestyle and spending habits.

We were looking to effectively monetise the customer base. Our solution would solve the problem of innovation in banking and challenger banks that mainly give away their services – such as cards and accounts – for free, while also solving a problem in real time regarding customer-centric features.

There were numerous areas in financial services just waiting to be reimagined. We had a group of people who had the ideas, skills and know-how to build a solution. So, we decided to build a tool to tap into this market. That is how we came up with the idea behind AAZZUR in 2017.
 

How has the company evolved during the pandemic?

 
The first six months were challenging, Fintech adoption was already on the rise, but the pandemic further accelerated digital adoption. We had to adapt fast enough to changing dynamics and address the demands while promoting innovation, managing customers, investors and the business.

On a more positive note, it reshaped our relationships with ourselves and with our near ones. We had enough time to reflect and focus better on our present and future when we would have spent time in networking, meetings, conferences and travelling.

It was much easier to connect with the right person virtually. It was also humbling to see children around at home and in zoom backgrounds, I think it gave a new purpose to the business – the future of banking is digital, to make banking better, easier and smarter for future generations.
 

What can we hope to see from AAZZUR in the future?

 
Our current and future focus is on working with early adopters, and smaller banks in Europe but we can see this growing significantly over the foreseeable future. In 3 years’, time we plan to be established as a major player in the BAAS industry and we envisage the entire banking sector will have changed significantly in this time.

We will be opening our second international office servicing clients from across the UK, EU and other markets. We will grow with our clients and reimagine banking as we know it.