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Savana Secures New Funding to Accelerate Digital Banking Solutions Development

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Savana Aims to Revolutionize the Banking Industry with its Digital Platform

In a bid to transform the banking industry, Savana has secured $54.2 million in capital to date, with the latest round being its Series A funding. This significant investment will help the company scale its operations and expand its team from 200 employees to nearly 400 by the end of the year.

The Need for Digital Transformation

With over 50% of today’s consumers preferring digital-only banking, Savana is capitalizing on this trend to provide banks with a comprehensive digital platform that meets evolving customer expectations. The company argues that upgrading technology infrastructure is essential for banks to thrive in an increasingly competitive market.

Advantages Over Competitors

Savana believes it has an advantage over its competitors due to its experience building digital systems for banks and financial institutions. With a team that includes experts like Mike Wolfel, the president and CTO, who formerly led process automation systems across mortgage origination and serving, corporate administration and finance as a consultant, Savana is well-equipped to address the challenges faced by banks in implementing new technologies.

Overcoming Implementation Obstacles

Banks often face significant upfront investments in technology, which can amount to 10% of their annual expenditure. Additionally, research has shown that nearly 70% of financial services executives believe a lack of skills or insufficient training remains the biggest barrier to a new digital initiative within their organization. Savana aims to mitigate these challenges by providing its clients with a user-friendly platform and comprehensive support.

Savana’s Vision for the Future

The company’s vision is to enable banks to upgrade their technology infrastructure and provide a seamless customer experience, ultimately distinguishing themselves from those that may struggle to adapt to changing expectations.

Key Takeaways:

  • Savana has secured $54.2 million in capital to date.
  • The company aims to scale its operations and expand its team from 200 employees to nearly 400 by the end of the year.
  • Over 50% of today’s consumers prefer digital-only banking.
  • Savana believes it has an advantage over competitors due to its experience building digital systems for banks and financial institutions.
  • The company aims to provide a comprehensive digital platform that meets evolving customer expectations.

Conclusion

Savana is poised to revolutionize the banking industry with its innovative digital platform. By addressing the challenges faced by banks in implementing new technologies, Savana aims to enable banks to upgrade their technology infrastructure and provide a seamless customer experience. With its significant investment and experienced team, Savana is well-positioned to succeed in this rapidly evolving market.

About Kyle Wiggers

Kyle Wiggers is a senior reporter at TechCrunch with a special interest in artificial intelligence. His writing has appeared in VentureBeat and Digital Trends, as well as a range of gadget blogs including Android Police, Android Authority, Droid-Life, and XDA-Developers. He lives in Brooklyn with his partner, a piano educator, and dabbles in piano himself.

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Share your thoughts on Savana’s vision for the future of banking. What do you think about the company’s approach to addressing the challenges faced by banks? How will digital transformation impact the industry in the years to come?