Source: D3 Banking
In 2014, D3 Banking, a leading innovator in omnichannel, data driven digital™ banking, received a capital infusion, doubled its employee base and introduced new product innovations that challenged the industry’s existing approach to data analytics and money movement.
The company closed a round of funding in the fourth quarter of the year, raising $10 million in equity capital led by Route 66 Ventures, LLC. D3 Banking is using the capital to expand its sales and marketing reach, invest in the development of a small business digital banking solution and deploy a SaaS-based solution for financial institutions that prefer the managed option to an on-premise deployment. Three industry veterans joined its executive and sales team, bringing more than 60 years of collective experience in assisting banks and credit unions develop strategic solutions for their delivery channels.
D3 Banking CEO Mark Vipond said, “The 2014 launch of our omnichannel, data driven digital consumer banking solution will be followed by the release of a digital offering created for the small business customers of banks and credit unions in 2015. Additionally, our SaaS-based offering will go live this year, enabling us to reach institutions in our target market that want an option to on-premise deployment. D3 Banking’s innovations in data analytics and money movement will continue to be the cornerstones of all our solutions.”
The company presented its integrated data analytics engine and innovative money movement services this past year at FinovateSpring, BAI Retail Delivery and NetFinance Interactive. The data analytics engine automatically analyzes every single transaction for each of an institutions’ digital customer, and categorizes them with a learning algorithm that boasts an accuracy that exceeds 98 percent. If the customer chooses, they can use this information with the integrated digital financial management services in D3 Banking. The data is kept current, which allows banks or credit unions to use it to personalize the services they offer to its customers or members.
The company’s innovative money movement service offers a new approach to account-to-account (A2A) transfers, person-to-person (P2P) payments and bill pay. The D3 Banking solution returns control of user experience and customer data to institutions, simplifying the process for customers and giving organizations options for savings using least cost routing.
According to Vipond, “Consumers are not focused on how their money moves. They want to get a certain amount to a specific party at a given time. When we ship a package, we don’t care if the carrier uses a plane, truck or boat; we only want just assurance that it will reach its destination on the desired date. Our money movement solution uses a recipient and schedule based approach to provide this.”
To support its approach to money movement, the company partnered with two companies that provide payment services and share D3 Banking’s commitment to giving the consumer a consistent, simplified experience. Additionally, D3 Banking formed a third partnership with a technology company that implements innovative IT and business process solutions. D3 Banking will work with this company to facilitate deployment of its products.