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by Seth Parker on February 25th, 2020

Bank Austria to adopt PayKey’s solution

Bank Austria, which is a subsidiary of UniCredit, has declared the incorporation of Israeli-based fintech firm PayKey’s social banking solution into its platform.

With the help of this feature, the clients will have immediate access to numerous financial services, including P2P payments and balance checking via mobile applications.

Robert Zadrazil, who is the CEO of UniCredit Bank Austria, praised the innovation. He said that while many people talk about digitalisation it was essential to fulfil the anticipations.

He underlined the importance of communicating with customers via mobile phones and added, that almost one in two customers use mobile banking, the trend, which will continue in the future as well, considering the rapid technological ascension.

What is PayKey?

PayKey was based in Tel Aviv, and the platform allows banks, telecommunications companies and mobile wallets to offer their clients instant access to a number of financial services. It provides a Social Payments Solution, which, if adopted by companies, further enhance the engagement of their customers.

PayKey is recognised by different organisations and has won Best Fintech Award twice in 2018 and 2019.

Bank Austria used the same solution of PayKey to create UniCredit Bank Austria Keyboard for its customers.

Zadrazil declared, the innovative PayKey facilitates modern banking through a smartphone keyboard, and mobile banking is becoming increasingly popular day after day.

Guy Ziv, who is a chief sales officer of PayKey, said that fintech’s solution allows UniCredit Bank Austria to transform its services into users’ digital lives. 

He also emphasised the importance of having one of the largest banking groups in Europe as a partner.

Bank Austria continuing to keep up with modern trends

It is not the first time Bank Austria incorporated something innovative in its services. In recent years, it has introduced its customers to other exclusive innovations, such as the “Photo Transfer” feature, which allows users to use a smartphone photo to make transfers without requiring a payment slip.

In order to boost digital development, UniCredit is investing a lot of money in IT and digitalisation.  

Bank Austria has joined 20 other banks and digital wallets across the world that have already adopted PayKey’s solution, including ING, HSBC and Standard Chartered.

This move from Bank Austria should be considered brilliant, as, in modern banking, it is vital to have a system which is highly sophisticated and adjusted to customers needs. Decent user experience plays an essential role in every field of business.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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