Poland's Idea Bank launches SME business platform on cloud

Source: Idea Cloud

Idea Cloud is the world's first transactional platform integrated with a complex business management system.

This innovative banking cloud enables SME owners to administer accounts, payments, documents, clients’ or contractors’ data, and plenty more - all from a single dashboard.

Idea Cloud is a major breakthrough for the corporate banking sector. Not only have entrepreneurs gained a new transactional platform, they were also provided with a wide range of tools that successfully simplify all processes associated with business management by moving most of them to the cloud. Idea Bank was the first to combine e-banking with a multifunctional system which integrates accounts, communications and billing services, anticipates the company’s budget, reminds about overdue payments, and even stores valuable corporate documents in a virtual vault.

- We have created a tool that makes running a business a lot easier than before, and personally I am very proud of it. Idea Cloud allows entrepreneurs to save time and reduce operating costs. I hope that it proves to be more than just a technological innovation and that it will be of great help to small business owners – says Dominik Fajbusiewicz, Idea Bank board member and the very author of the banking cloud concept.

Relieving the entrepreneurs

Idea Cloud’s intelligent system remembers the recurring tasks carried out by its users and responds accordingly, e.g. by reminding about a due transfer to a contractor or the tax office. Learning users’ behavior patterns, it is capable of assessing when a particular invoice will be actually paid. The same algorithms allow Idea Cloud to anticipate the company’s financial situation and to warn an entrepreneur of an unexpected deficit – or an upcoming surplus. In case of a cash shortage, the system will automatically suggest a solution (like factoring or a loan), so that the company can operate without disruption. Moreover, Idea Bank’s platform offers many unique solutions, like the possibility to order multiple transfers with a single click or from different bank accounts.

One of the system’s most distinguishing features is its virtual vault, designed specifically for storing valuable corporate documents – presentations, sensitive personal and financial data, etc. They are a lot safer in a banking cloud than on a computer’s hard drive, where they can easily get damaged or stolen. Idea Cloud offers the highest levels of security. Removing any data from the vault requires completing the same authorization process as in the case of ordering a transfer. Moreover, entrepreneurs may access their valuable resources anyplace and anytime.

Innovation acknowledged by experts

Even before its launch, Idea Cloud was appreciated by many world-renowned experts. In 2014 it was awarded the Disruptive Innovation in Banking title in the prestigious BAI-Financial Global Banking Awards. It was also honoured at the 2014 Impactor Gala and selected as a finalist in last year’s Financial World Innovation Awards, a competition that rewards the most dynamic and visionary projects in the financial industry worldwide.

Responding to consumers’ needs

Idea Bank’s e-banking project was developed as a response to entrepreneurs’ needs. Before bringing the cloud to life, Idea Bank surveyed 1000 entrepreneurs in order to assess the market’s readiness for new technologies. Sixty per cent of the respondents declared that they already used cloud solutions in their everyday work, mostly for communication and storage purposes, and two-thirds agreed that cloud technology might significantly reduce their company’s operating costs. At the same time, many entrepreneurs complained that administrative chores consume approx. 75 minutes of their day, meaning that every week they waste a whole day on bureaucracy.

Idea Cloud is already available to the bank’s new clients. The rest will join the cloud within the next few months. Using the platform is not associated with any additional charges.

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