Startup Spotlight: Vizolution
Welcoming Vizolution to FinTech Connect!
Twitter Handle: @vizolution
Bill Safran, CEO
Founded: Wales, 2013
Tell us about yourself: Vizolution is a market-leading customer experience technology company that helps enterprises streamline their complex customer journeys into effortless experiences by replicating the qualities of face-to-face interactions within their remote channels.
Our digital suite allows customers and agents interacting remotely, over the phone or online, to share, display, exchange, complete, verify and sign documents as if they were face to face, and works without requiring customers to download any software or apps.
We are used by over 30 global enterprises from the financial services, telecoms and utilities industries, including HSBC, Santander, RBS and O2 (Telefonica).
Founded in 2013 and headquartered in Wales, we employ over 150 people across international offices in Port Talbot, London, Bristol, Boston and Toronto, and are backed by HSBC, RBS, Santander Consumer Finance, Development Bank of Wales and Notion Capital.
Why did you choose FinTech Connect? As the UK’s largest fintech trade show,
we attended last year and made lots of valuable connections and learned many valuable insights.
Do you have customers yet? If not, how far into your business lifecycle are you?
We are in the Scale-up stage of our business lifecycle and count over 30 global enterprises as clients.
How have you funded your growth to date?
We are funded by a mixture of private and public funds.
What's your 'origin story'?
The Vizolution suite of products was born from a problem affecting complex remote journeys, initially in the financial services industry, which typically suffered from high costs and high customer drop-off rates. As banks had orientated journeys around business needs, rather than to meet evolving customer expectations, journeys would often take place over several poorly connected steps and across multiple channels, resulting in both customer frustration and business inefficiency.
With a belief that the customer experience is the ultimate differentiator and driver of value creation for businesses, Vizolution set out to utilise technology to simplify complex customer journeys in remote channels and disrupt the financial services sector.
Where and how do you differentiate yourselves against the growing FinTech start-up demographic?
While other technology providers may provide a single-trick point solution to solve individual problems within a customer journey, e.g. signing contracts or verifying identity electronically, Vizolution is unique as it offers a truly end-to-end platform that streamlines a journey from the first purchase or service enquiry, through to resolution.
Vizolution’s suite of solutions sits above legacy technology and does not require time-consuming integration with existing bank systems. The value and differentiation that Vizolution adds to its clients, like RBS who, using Vizolution technology, is offering the UK’s first paperless mortgage process, enables them to offer unique and innovative customer-centric journeys.
What's been your greatest challenge in growth to date?
We are already firmly established in the UK & European financial services and telco sectors and have the potential to disrupt other regions and markets. Although we are gradually gaining new clients in North America, and have been able to expand our presence in the U.S. market with non-American customers such as Santander, HSBC and others, we are finding it challenging to continue our North America expansion at the same pace as in other regions.
What is your advice to people seeking to kickstart their own business?
I think it’s important to be very determined whenever kickstarting your own business, especially whenever one is introducing a new technology or idea that has the potential to disrupt a long-established market or sector. When I first founded the company in 2013, I held, and still hold the view, that the best customer experience offered a combination of high tech and high touch. At the time, this was contrary to popular CX tech opinion. By doing this, we can add real value to our clients.
Who do you admire most as a business (in or outside of the start-up world)?
I have been very fortunate to have the professional backing and financial support from many inspiring people along the way, but my family has always remained a consistent driving force that never fails to propel me onwards on my personal and professional journey.
What are your predictions for the next 18 months in FinTech?
Buyer behavior is changing - today’s consumers are hyper-connected, on-the-go and have higher expectations for brands than ever before. Customer experience, including the speed, accuracy and effectiveness of the customer journey, has become a critical component.
Vizolution’s suite of solutions are addressing the needs of today’s largest and most innovative financial institutions by helping them meet the digital needs of today’s on-the-go customers, while also addressing their need for human interaction, especially when dealing with high-value interactions, such as loan applications.
As financial institutions continue to embrace digital interactions, they must also balance this with human interaction to provide customer journeys that help improve customer satisfaction levels, increase the speed of transactions and further boost revenue.
What are your goals for the next 18 months?
We will continue to create innovative and effortless self-service platforms, while also exploring the opportunities offered in all of the different industries that require interface between customer and agent, including insurance, telecoms, utilities, automotive, pharmaceutical, travel and healthcare industries. In the next 18 months, we plan to scale across different regions and markets, and continue to acquire new clients in Europe, North America and South America.
What is your greatest achievement as a business thus far?
I suppose one of the things I am most proud of in my career happened just last year, when three of the top UK banks became shareholders in Vizolution. They were already clients, but to also become investors was testament to the capability of our technology and the value we add to our clients.
Why should our community come and meet you at the show?
I love to see the look on people’s faces when they experience how it all works and realise the benefits of our solutions. Come and see how we help enterprises replicate the qualities of face-to-face interactions within their remote channels.