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Fintech Services

What is Fintech ?

Fintech, short for financial technology, describes technologies that are being leveraged to make financial processes easier, more efficient, and more profitable. Fintech companies develop a variety of software platforms, apps, hardware solutions, and more to achieve these goals.

Fintech uses

Modern financial services range from the simple to the complex, including:

  • Online and mobile banking platforms
  • Person-to-person (P2P) payment apps
  • Peer-to-peer and other tech-focused personal lending platforms
  • Mobile payments
  • Contactless payments, allowing consumers to pay in store without swiping or inserting their payment cards
  • Robo-advisors, digital financial advisors that use algorithms and artificial intelligence (AI) with little to no human intervention
  • Budgeting apps
  • Blockchain technology and cryptocurrencies
  • Brokerage services, including stock trading apps
  • Software that automates previously laborious and tedious tasks

Mobile Banking

Mobile banking has come a long way from SMS Banking, which first appeared in 1999. Today, smartphone banking apps allow for mobile payment and management of all banking and financial services on the go. Not only does mobile banking reduce location dependency of financial services and operation costs, but it also provides an end-user interface for the expansion of Banking-as-a-Platform (BaaP).

Blockchain

A cryptocurrency frenzy over the past two years is how most people got introduced to the blockchain. Aside from using cryptocurrencies for private and fast online transactions, blockchain provides an immutable ledger. This enables transparent, secure, and reliable documentation of contracts, transactions, and records. Innovations such as Blockchain Bonds, blockchain clearing, and settlement systems have already been used to make intra-bank and inter-bank transactions cheaper and faster.

Big Data

In addition to traditional financial data collection, FinTech staturps are collecting data from new sources. Open banking platforms and the Internet of Things (IoT) devices provide an additional layer of data. Combined with Artificial Intelligence, big data analytics utilize large amounts of old and new data to discover hidden patterns for better risk management and fraud detection. These insights improve the understanding of customer behaviors and allow banks to create improved and customized products and services.

Artificial Intelligence (AI)

AI helps banks to analyze their Big Data to improve existing solutions and make better decisions. Startups use cognitive AI to go through a large amount of unstructured text and data. For financial institutions, this generates valuable insights from loads of data. A more intelligent AI chatbot or virtual assistant can take over repetitive “low-value” operations, such as performing small amount transactions, explaining financial products, and providing basic financial advice to customers.

Regulatory Technology (RegTech)

Most RegTechs are services and tools using Big Data and Cloud Computing to enhance a company’s ability to monitor, report, and comply with regulatory requirements. These startups use AI and predictive analytics to automate compliance tasks, reduce risk fraud, perfect authentication and identity management. Global banking regulations are becoming ever complex to tackle cybercrime and other sophisticated threats. RegTechs enable banks to increase transparency and consistency, while lowering the cost of compliance.

Biometrics

Biometric technologies are often seen as the holy grail of data safety and security. They use physically unique features of an individual, including fingerprints, face, voice, retina, and other forms of recognition to enhance security and identity verification. With biometric devices, banks are able to safeguard their users, prevent cybercrimes, and identity theft better than ever.

Open Banking

Among these innovation areas, open Banking may have the largest disruptive impact on the traditional banking model. Through open APIs, banks provide more transparency and access to banking data and encourage the creation of new value chains and services. Until recently, Banking-as-a-Service (BaaS) was seen as the main model of how FinTech startups leverage Open APIs. Startups use these platforms to create new services and products that improved the banking experience for consumers and generated value. Banking-as-a-Platform (BaaP) is an emerging next Open API model. It enables banks to provide curated third-party different financial services and products to customers. Moreover, it allows banks to retain control of customer data and ensure the quality of services provided on their platform.