The Company
Nowo is a Swedish savings platform that offers unique ways for individuals to build wealth and plan for the future. Customer savings are automatically invested in Nowo’s Global Fund, and the company also offers free personalised pension advice and savings tips.
The Challenge
Nowo developed its app to assist consumers with their long-term savings goals and to facilitate direct distribution of its fund. As Nowo’s customer base expanded, there arose a need to integrate a scalable back-end system capable of automating the fund investment process.
Rutger Selin, CEO at Nowo Fund Management, explained, “When we first launched our savings app, we engaged two solution providers to manage the back-end investment operations. However, the growth of Nowo necessitated a more scalable solution capable of managing a larger volume of customers and transactions.”
To select the right provider for its business, Nowo shortlisted 10 potential vendors both in Sweden and overseas. The Nowo team aimed to grasp how the chosen solution would function in practice to ensure effectiveness, compliance, and cost efficiency.
The Solution
Nowo selected the investment management system from Done.ai due to its end-to-end solution offering flexibility in several areas:
- Customer front-end – Done.ai’s marketplace includes white label front-end solutions, and this allowed Nowo to brand and quickly deploy its web customer portal for withdrawals.
- Fund order management – Done.ai’s platform provides a comprehensive solution for customer management, order processing, and reporting, enabling Nowo to automate processes with a single platform.
- Swedish market support – By adopting a localised platform, Nowo gained full functionality off the shelf, implementing multiple ISK accounts for customers and handling local tax reporting and data management effortlessly.
- Integration – Done.ai’s API facilitated seamless integration with Nowo’s front-end application as well as its preferred third-party payment service provider and custody bank.
The Result
Since integrating Done.ai’s platform, Nowo has been able to focus on growing its business and now has over 100,000 savings customers with direct investments in its fund.
“With Done.ai’s platform streamlining the complete investment process, we have more time to focus on our customers and fund management. We now have a scalable system in place that will future-proof our operations as we progress,” stated Selin.
Nowo can directly access investor information and analytics through Done.ai’s platform, enabling a deeper understanding of their customer base to inform decision-making.
“Since implementing Done.ai’s platform, their team has consistently provided excellent system support for any queries we’ve had. We plan to make further enhancements to our savings app moving forward, and Done.ai’s API and support team will be invaluable for this purpose.”