Fincoro is an Ukrainian fintech that provides claim management solutions for payment providers and merchants. The platform help businesses to control and automate the investigation and processing of customers’ claims. It allows mediating the dispute with cardholders and merchants within a single platform, reducing the number of complaints through the payment systems and drastically optimising the workload.
The company won the Open Banking Hackathon – CEE edition, that took place in Bucharest, at the end of September 2022. Olga Gavrina, the founder of Fincoro, gave an interview with the Paypers in which she explained what the developed solution consisted of.
„Our platforms help businesses to control and automate the investigation and processing of customers’ claims. It allows mediating the dispute with cardholders and merchants within a single platform, reducing the number of complaints through the payment systems and drastically optimising the workload.” – said Olga Gavrina.
She added: „We are not a mainstream product for x, y, or z-generations. Our product isn’t something new that everyone wants. And we do not enter a Blue Ocean market. We solve a problem that has been ignored for a long time.
By the way, have you ever thought about how much time and cost businesses and customers lose on typical claims? Let me provide some statistics:
. 70% of bank customers can’t recognise all transactions on their statements.
. 30% of customer applications are rejected.
. The minimum time for claim investigation is 5 working days. Sometimes it can last up to 60 days.
. 20% of merchants raise prices as a result of claims.„
„All those reasons pushed us to create solutions for them, help them get rid of those issues, and provide them the possibility of not spending their time on claim management but their business development.” – Olga concludes.
Read the full interview here
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More than 45 fintechs from across Europe have registered to join this year’s 4th edition of Open Banking Hackathon – CEE Edition 2022. After careful consideration, 15 teams from Poland, the Czech Republic, Slovakia, Romania, Ukraine, Croatia, Greece, and Spain have been selected to move forward with the competition that started on 26 September and lasted until 30 September 2022.
The 5 days remote hackathon challenged fintechs to build value creation applications on top of the battle tested Open Banking data aggregation platform provided by Finqware.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
