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First Fully Digital Bank – Space Transforms Georgia’s Banking System

Structured as an autonomous business, Space provides customers with the full range of retail banking services including loans, saving products and payment cards. The business was developed from concept to launch in just eight months with the support of software-as-a-service engine Mambu.

Interview with Lasha Gurgenidze, project leader at Space.

What is Neobank and what can it do for your customers?

Imagine a bank without branches, physical spaces, papers, complicated products and bureaucracy. Imagine financial services that are as easy to use as sharing your photo on Facebook or shopping in your favorite online shop.  This bank exists only in your mobile phone so you will never have to go to branch and waste your precious time.

We believe that there should be an alternative to outdated daily banking service. That is why we created space – the first fully digital bank in Georgia. Our goal is to change the way people handle their daily banking needs with a fusion of technology and design.

Why did you come up with the idea of creating digital banking system?

We believe that future is now. Innovation changes our behavior and daily life. Facebook has changed the way we communicate, Uber has changed the way we get a ride, etc. Transformations like this are not rare and all of them share same success formula – Improvement is done by taking something, making it simple, adding technology and a bit of design. We believe that daily banking should be simpler, so we came up with the idea to create a Neobank.

TBC bank supported us. In a way, they supported their own competitor. They accepted the challenge and realized that this change brings a new reality not only to TBC but also to the Georgian banking sector. It will try to change the way people receive their daily financial services.

Our aim is to deliver a full daily banking mobile service with superior customer experience. We put a special focus on differentiating by design, customer care, price transparency and instant service delivery.

You have mentioned in foreign media that you have created Neobank in just eight months with agile methodology, how was this possible and what is the reason of such fast move from your side? What other innovations and solutions did you use?

We don’t believe in long and big projects. Our strategy is to tackle only the short term projects that can be executed quickly, make experiments in order to get instant feedback from customers and involve them in product development and improvement.

We tried to use the best innovation technologies available globally. We cooperate with industry-leading vendors. We used cloud technologies and agile product development approach. Combination of above mentioned factors and empowered and autonomous organization structure enabled us to launch Space in just eight months.

Tell us more about Space Neobank, what are its main features and how does it work?

The application offers unique customer experience through simple processes and products, beautiful and intuitive design, instant service delivery and transparent pricing. All the products and services are distributed in just one click distance. You don’t need any physical interaction at all, everything is done remotely. The application is super easy to use, with fun, modern and joyful interaction details.

“Space” is offering common banking products:

  • Remote account opening
  • Consumer loans
  • Money transfers
  • Bill payments
  • Debit card
  • Possibility to add and use cards of any other Bank

What other innovations will you initiate with Space in future?

Space was launched in May, 2018 and it already achieved around 100,000 app downloads.  At this moment we concentrate on simplifying daily banking services but we believe that in the nearest future there won’t be any financial service left where we do not bring technological and innovative changes.