Dr. Sina Wulfmeyer and Michael Dreher, UNIQUE
In a recent interview, we had the opportunity to speak with Sina, Chief Data Officer, and Michael, Chief Information Security Officer (CISO) of UNIQUE. A Swiss startup specializing in generative AI solutions for the financial services industry. They gave us valuable insights into their roles, the company's business model, the challenges and their visions for the future.
Attesta: Could you please introduce yourselves briefly?
Sina: Hey, it's great to be here today. My name is Sina, I am the Chief Data Officer at UNIQUE. I have a long history in data and AI, with experience in financial modeling and programming. I joined Unique two years ago and am excited about our innovative solutions for the financial services industry.
Michael: I'm Michael, the CISO of Unique. I have a background in computer science and have worked in web development and technical roles. After being the victim of a hack, I became interested in security and compliance. I joined Unique to focus on the security of our platform.
Attesta: What does Unique do and what is special about it?
Sina: Unique is a Swiss startup that specializes in generative AI solutions for the financial services industry. We are the pioneers in Switzerland and Europe when it comes to implementing generative AI solutions with a focus on security and compliance. Our products include a chat function that helps banks, for example, to upload instructions and retrieve certain documents, as well as a conversation platform for transcribing and summarizing meetings.
Michael: Our business model is based on a SaaS (Software as a Service) model, where we sell subscriptions to banks and insurance companies. We also offer implementation and consulting services to help our customers set up and run projects. What sets us apart is our focus on security and compliance, which is critical in the highly regulated financial industry.
We try to take the burden off teams with our products. The aim is for users to have less admin and more customer time. We try to automate as much as possible. Attesta: What have been the biggest challenges so far?
Sina: At the beginning, finding the ideal customer profile and achieving product-market fit were major challenges. When we entered the market, IT security and compliance became major hurdles due to the high standards and regulations in the financial industry. We have invested a lot of time and effort to ensure that our Gen AI technology is safe and secure.
Michael: Internationalization and finding the right balance between innovation, security and compliance has been a constant challenge. We are also working on scaling up from proof-of-concepts to larger projects and expanding our presence beyond the Swiss market.
What would you describe as a success factor?
Sina: I think one success factor for UNIQE is the existing team. Especially the IT security and compliance team. We are a very diverse team when you look at the skill sets and the different experiences. I think that's one of the success factors for us.
Michael: We provide solutions for financial institutions that are highly regulated. We had to do a lot in terms of IT security and compliance to prove to our counterpart that our solution is secure. This ultimately led to the decision for the ISO certificates and now also for the SOC2 certificate, which we are currently working on. Attesta: Where do you see UNIQUE in five years' time?
Sina: Our vision for UNIQUE is to grow internationally and further expand our customer base, especially with large international banks. We want to integrate our chat and conversation components to offer a comprehensive solution for financial institutions.
Michael: In five years, we see UNIQUE as a trusted market leader with a strong customer base and established relationships in the financial industry. Building trust and maintaining close relationships with our customers will continue to be a top priority.
Attesta: What key takeaways would you give to founders and young entrepreneurs?
Michael: I would recommend founders and young entrepreneurs to prioritize security and compliance from the start. Investing in these areas early on can save time and money in the long run. Additionally, building a diverse and collaborative team is key to success.
Sina: Smart investments in security and compliance early on are crucial. It's essential to build awareness around these areas within the organization and not underestimate their importance ...and be brave. Daring to try something new requires courage and personality in order to assert yourself against the generally accepted opinion. Ask for feedback and build an ecosystem, a network of partners, to test your ideas and get feedback - especially from critical people. Then focus your energy on what you do best.
Attesta: Thank you very much!