Julian Colombo, CEO
Over the last two decades, business moguls such as Google, Amazon, and Facebook have successfully redefined the B2C market by adopting a strategy based on universality, scale, and freemium pricing model. Noticing that individuals are less diverse in their needs and less demanding in the services they receive, especially when offered in a freemium model, companies began creating scalable universal and undifferentiated products, which can be leveraged by as many users as possible.
With time, this approach has made its way to the B2B world as well, where many businesses use the freemium model for lead generation. Users can simply sign up for a free/trial account—which is ideally universal—and later on, upgrade to a paid/premium plan to unlock more features and functionalities. While this modus operandi works well for certain types of businesses and their customers, it does come with its fair share of drawbacks. For instance, such services do not fit the bill for customers that require complex process orchestration and customization, even with the premium plan. Undifferentiated services also do not address the increase in the demand— especially in the financial industry—for solutions oriented to remote assistance, mobility, and industrialized decision making, which is mostly fueled by technologies like AI and distributed team management.
This is precisely where N5 Now comes into the picture.
Founded in 2017, N5 Now addresses these requirements with its operative ecosystem approach—a series of integrated modules fed by legacy systems’ data, offering a diverse set of functionalities with core business impact. The company’s key differentiator is its total focus on a very narrow portion of the market. Instead of creating hybrid products to serve clients from multiple industries, geographies, and sizes, they only focus on those banks and insurance companies that have difficulty transforming themselves.
“These organizations often have slow, inflexible, and expensive legacy systems as a result of the flood of mergers and acquisitions they experienced. By focusing more on continuity and robustness, rather than innovation and customer experience, they struggle to provide modernized service with maximum security,” says Julian Colombo, CEO, N5 Now.
N5 is a platform that connects to the most diverse legacy systems and provides banks with a true digital ecosystem (CRM, BPM, systematics, analytics, omnichannel, etc.) to give their clients the experience of a Fintech with the strength of a traditional company. “In N5, we adapted our platform to be able to be compatible mobile devices and personal computers of all the employees of a bank, so that they can operate from their homes or the street, in the same way that before they did it from the buildings of their company, and without losing security,” says Colombo. “We also created an AI layer to solve not only the communication with customers, but also the internal processes of the organizations, which used to be relegated, but demanded a lot of human effort.”
In one instance, an insurance company in Europe had the problem that its best sales— both in ticket and price— were produced by human channels. However, the physical issuance of policies was very cumbersome and expensive, and customers preferred to close sales on a remote channel. With N5 Now’s platform, telephone or face-to-face sellers simply began to send a QR to the client after closing the sale, which could be formalized in 5 clicks. The increase in sales was 11% in one year, and the cost reduction of 9MM Euros. “We can also say that one of the largest banks in the world declares in its 2017 Annual Report that our platform gave it an increase in commercial productivity of 24%, and that number is higher than the 53% average in smaller banks,” prides Colombo.
With many such success stories up its sleeves, N5 has grown 500% per year in its last three years. “Our mission is to demonstrate that the same success rates (+50% increase in sales productivity, for example) apply no matter who the customer is or what their starting situation is. Every person at N5 must have worked at least 10 years in the financial industry, the company average is 15 years and many have been executives in 3 or more countries. Our focus on the industry is total, and our knowledge is rare,” concludes Colombo.