At one point in time, ATMs were considered a revolutionary by-product of banks…with the latest innovations in fintech, there’s a lot more that banking and finance can do enable consumers goals today.
Forget those ATM machines and online card payments, the advent of Fintech has led the banking and financial services entering a new era, a new world. Whether you sip a cup of coffee in Starbucks or need to manage your billions, Fintech has a ubiquitous presence everywhere. From PayPal to bitcoins, fintech is present in most of your everyday transactions. The last decade has brought with it plenty of technological developments and thus, each institution needs to know them and implement them to stay ahead in the industry.
Banks as well as the top financial institutions across the globe are trying to benefit more from intelligent technologies. They wish to integrate the best SaaS and BaaS software tools in their system to stay a step ahead of the competition. Here’s a look at few top financial tech platforms like the ones below that are helping legacy banks to streamline their online banking operations.
Founded in 2014, Fraugster turned out to be an excellent tool to analyse a shopper behavior and precisely process each transaction to keep frauds and scammers at bay. Fraugster utilizes data from multiple sources, checks them and processes them to determine if a transaction is authentic or spam. With minimum integration set-up, it is a boon for modern-day online banking needs.
A Chinese credit provider company, Qudian offers cash and credit products in merchandise as well as digital forms. It works as a convenient online platform and provides access to customers from their mobile devices. Qudian works in a fool proof principle where liquidity issues are sorted very well. It utilizes institutional, regulated and secured funding sources to cater to the problems businesses are facing in this era.
Adyen is an Amsterdam based payment enterprise utilizing heavy technology to offer pristine and precise financial services. With the help of Adyen, it is possible for small and large organizations to accept their e-commerce payments conveniently. Adyen is based on such infrastructure that the users can connect with other cards and payment schemes directly.
Avant is another popular name in Fintech, which is striving hard to streamline financial transactions globally. The company offers SaaS tools for eased out loan experience along with various consumer lending services backed by well regarding investors in the market. It is an Illinois based company popular for two offerings – Transparent credit and Personal Loans.
Another Chinese Fintech firm, founded in 2013, this online platform offers easy online insurance. The company offers excellent business opportunities for household property insurance, cargo insurance, credit insurance and many other internet based businesses.
Thought Machine is a UK based fintech firm disrupting the banking world. This Fintech is founded and owned by four ex-Googlers. The company spent two good years in developing a SaaS called VaultOS, which is a core banking platform in itself. Since then, it has created partnerships with IBM, Lloyds Banking Group and Atom Bank.
A relatively new Fintech firm, currently in its nascent stage, but with a bright future – The facilities of the fintech are available for early access customers, and the aim of the company is to keep together all the bits to allow easy payments across different geographies backed by robust anti-fraud, analytics and compliance controls.
Currencycloud is a fintech start-up that helps ease cross border payments. The fintech tool has an in-built API that allows partners like Starling Bank, Standard Bank and Visa to conveniently offer cross border payments. The company has raised an E-funding of $80 million in January 2020.
TrueLayer is a fintech start-up, which is responsible for the introduction of open banking in the UK. With the help of TrueLayer, big banks can ease their customer’s account and transaction processes. TrueLayer has a in-built API that provides access to the newly opened banking data.
Traditional banks looking to offer precise payment solutions and risk management can benefit from products like Verifi to get rid of the risks and frauds associated with cross border online payments. The fintech offers a platform that helps cardholders, merchants and issuers get access to real time data for quick resolutions.
From simple online transactions to blockchain technologies, AI based software, smart ledgers, plenty of innovations are disrupting the Fintech Sector at a rapid pace. While start-ups are doing extremely well, the traditional banks are still struggling with cloud computing.
It is time for each bank to embrace new technology and integrate the best fintech tools to upgrade the banking operations.