Originating from the Estonian fintech sector, Inbank was the first in Poland to introduce video-verification of customers on chat and electronic signature in the cloud. Those interested in the bank's offer do not have to visit the branch, call the hotline, visit the staff or send a scan of evidence. With its simple service and innovations, Inbank wants to win customers and win the leading position in the segment of quick liabilities. By the end of the year it plans to sign contracts for over PLN 100 million.

- We are a consumer bank, we look at the credit portfolio. We plan to raise more than one hundred million zlotys in the first year of operations, we are aiming at a market share of 1 percent. The business model assumes two sources: direct Internet distribution, while Inbank's real DNA is sales finance, an instalment model, i.e. distribution through business partners," says Tomasz Rzeski, deputy director of the Inbank branch in Poland, Newseria Biznes news agency.

Internet Inbank debuted in Poland in the second half of March. It comes from the Estonian company fintech, which is one of the most innovative branches of the European economy. It also operates on markets in Germany, Hunting and Austria.

In Poland, Inbank will only operate online and all financial products are available online. Customers are to be attracted by innovation and simple procedures: concluding a product agreement does not require visiting the outlet, making an appointment with a courier to pick up documents or calling the hotline. As the first on the Polish market, Inbank introduced the method of video-verifying customers via Internet chat and electronic signature in the cloud used for signing documents and contracts online.

The bank's Internet offer does not include personal accounts or investment products. Instead, Inbank offered to the Polish consumers attractive interest-bearing deposits for 3 percent, instalment cash loans and quick loans of up to PLN 4,000 (momentaries).

By the end of the year, the bank plans to conclude agreements with a value exceeding PLN 100 million and, in time, to become a leader in the fast liabilities segment. It also does not exclude the purchase of credit portfolios. The unusual business model is to make Inbank fill the gap between traditional banks and lending companies operating on the Internet, which are gaining an increasingly strong position in the segment of loans for small amounts.

Internet banking

- We have a vacuum between universal banks and lending companies operating on the Internet. For three or four years we have been dealing with an outflow of credit customers for low amounts - for loans up to 4 thousand PLN - from the banking sector towards credit companies. Banks focus on consolidation loans with high amounts of money. We want to be a certain alternative for companies from the lending sector, this is the possibility we see in the area of direct distribution. Whereas in the area of sales finance our advantage is flexibility - says Tomasz Rzeski.

Inbank started from a direct channel and addresses its offer to consumers who are aware, self-service and looking for a convenient and simple product offer. Currently, the Estonian bank is working on implementing the sales finance model, launching an instalment loan and establishing cooperation with four business partners.

- At the moment, we are connecting a partner who, colloquially speaking, has caroled over universal banks with a request to build a process of financing the purchase of their goods in an individualised manner. He did not get such an offer anywhere. For a universal bank, which has to invest resources and IT in order to implement a partner that generates several tens of millions of zlotys of credit volume per year, it simply does not pay off. It pays off for us, that's why our flexibility and reaction time are this competitive advantage - says Tomasz Rzeski.

Two weeks ago, Inbank introduced a car loan, so far the only one that is fully available online and does not require collateral on the vehicle. The deputy director of the Polish branch of the bank informs that at the moment the institution is focusing on building a sales finance offer and the whole IT and operational infrastructure to offer customers with installment products. In the coming months it will focus on its core business, i.e. credit action and sale of loans.

- In the area of sales finance we are looking for partners in the area of technology, finance and e-commerce. We are more interested in businesses where we can count on higher loan agreements. We will be willing to finance medical procedures than the purchase of an iron on installments - says Tomasz Rzeski.

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