Connect with us

Fintech

5 Key Fintech Trends for 2021

Avatar

Published

on

This is a sponsored post by Accusoft.

While 2020 made its mark on the financial industry by causing tremendous disruption, 2021 is shaping up to be a year remembered for transformation and adaptation. Companies are hard at work building new digital strategies that will help them to thrive in an increasingly volatile economy.

Fintech developers are taking up the challenge to meet the functionality and performance demands of the financial industry as firms embrace true digital transformation. Their ability to build applications that deliver new features and integrate new capabilities into legacy solutions will be critical for helping firms reshape existing technology infrastructures.

Top 5 Fintech Trends to Watch in 2021

1. Customer-First Solutions

With so many fintech applications to choose from, financial organizations must take the time to consider which solutions are best suited for the needs of their customers. Banks and investment firms once put their own needs at the center of their processes, but in an increasingly competitive marketplace, they have realized that providing a high-quality user experience is paramount to success. They can begin transforming processes by eliminating friction to allow customers to access the services and products they need more quickly.

Fintech developers can help them to eliminate manual processes, reduce external dependencies, and automate common tasks by designing unified digital solutions that address multiple challenges and streamline workflows. By integrating features like document viewing, file conversion, and form data capture into their applications, innovative developers are finding ways to strengthen the connection between firms and their customers.

2. Enhancing Digital Collaboration

In response to the COVID-19 pandemic, much of the financial industry has embraced remote work arrangements for the foreseeable future. The transition has created significant demand for digital tools that can facilitate effective and secure collaboration. Not only must physical documents be converted into digital form, but firms also need ways to make those files available to remote employees without threatening data security or causing version confusion.

Organizations frequently turn to a variety of incompatible software solutions and improvised workarounds to meet their viewing, editing, and document management needs rather than implementing a dedicated, all-in-one solution. Unfortunately, these ad hoc measures create inefficient third-party dependencies, expose data to unnecessary risk, and make human error more likely. Fintech developers can integrate these features into a single application through the use of SDKs and web-based APIs.

3. Managing Big Data

Financial services firms gather massive quantities of data on a regular basis. Although much of that data is unstructured and needs to be filtered through sophisticated algorithms to bring notable trends and risks to the forefront, the industry also collects a great deal of data from structured forms. Structured documents such as loan applications, tax filings, and financial statements all provide valuable data insights that organizations can use to make more informed strategic decisions.

Fintech applications with the ability to extract and process data from structured forms accurately is essential for improving the performance of powerful analytics tools deployed by today’s financial firms. Software integrations can further enhance fintech solutions with image cleanup, document alignment, and form recognition features that make the data collection process more efficient and accurate.

Data as Oxygen for Your Business_FinovateFall
Financial services firms gather massive quantities of data on a regular basis, and businesses need to improve their data management in order the reap the rewards.

4. Disaster Mitigation

After seeing how the COVID-19 pandemic caused massive disruption to global markets and supply chains, financial organizations are reviewing the way they do business to reduce the impact of similar disasters in the future. One of the key steps in this process will be the rapid transition to paperless workflows and an expansion of electronic data capture capabilities to reduce the reliance upon manual processes.

Solutions that incorporate streamlined document viewing, file conversion capabilities, and data extraction tools will be essential to these “disaster proofing” efforts. By automating previously manual tasks, such as data entry, document assembly, and signature authentication, Fintech solutions can help financial companies protect their business processes from future disruptions.

5. Expanded Partnership Opportunities

Although traditional financial institutions like banks have been skeptical of many fintech solutions, the rapidly-changing market has caused them to reassess their technology in order to reach a new generation of customers. Collaboration between banks and innovative fintech startups was already on the rise before the pandemic reduced longstanding barriers to digital transformation. The challenge they now face is how to integrate their operations and data while also launching innovative services across multiple channels.

Fintech developers can streamline this process by building flexible software applications capable of handling a variety of file formats without the need for any burdensome third-party dependencies. In some cases, that may mean building entirely new solutions, while in others it might call for integrating additional features into firmly entrenched legacy applications. The fintech companies with the ability to get innovative software platforms to market more quickly will be able to make the most of their partnership opportunities.

Building Better FinTech Solutions with Accusoft

Accusoft’s diverse library of SDKs and APIs allows developers to easily integrate robust content processing, conversion, and automation capabilities into their solutions. Whether they’re using PrizmDoc Suite to give their web applications the ability to natively view, edit, and convert documents, extracting data from multiple form types with FormSuite for Structured Forms, or building image cleanup, OCR, and PDF annotation features into their on-prem applications with ImageGear, FinTech companies can trust Accusoft to help them overcome the challenges of 2021 and the years to come.

The post 5 Key Fintech Trends for 2021 appeared first on Finovate.

Checkout PrimeXBT
Source: https://finovate.com/5-key-fintech-trends-for-2021/

Fintech

Lakeba ranks in FT’s High Growth Companies for the second year running

Avatar

Published

on

The annual Financial Times Asia-Pacific High Growth Companies ranking places Lakeba as the fastest growing Fintech in Australia.

“Our no-nonsense approach is paying off,” says Lakeba’s CEO, Giuseppe Porcelli.

Lakeba’s growth is driven primarily by its fintech business portfolio, including eziTECH, Verimoto, ezidox, BRICKLET and Quixxi. Whilst it has 12 businesses in its portfolio, its fintech businesses deliver hyper growth. With the Financial Times also recognising Lakeba as part of Australia’s Top Fastest.

Lakeba’s eziTech Banking as a Service technologies are now being utilised by a growing consortium of organisations in the financial services sector, including some of Australia’s most progressive neobanks.

Verimoto provides remote asset and identification verification for vehicle and asset financing. It posted 170 percent YoY growth in March.

Lakeba’s electronic document curation platform, ezidox, saw significant growth. Fuelled by increased broker usage while COVID restrictions eliminated physical document transactions, and deeper integration in one of Australia’s big-5 banks and their key challenger bank. Its CDR accreditation is already fuelling the growth of ezidox’ development as a data rights intermediary.

Quixxi Security’s patented obfuscation technology is used by one of the biggest US insurers, Allstate Insurance Company; Africa’s Standard Bank Group and some of Australia’s most recognised brands. Increased adoption of 5G and eventual 6G technologies in financial services accelerate the need for Quixxi’s technology.

While Lakeba’s property fragmentation service, BRICKLET, remains unchallenged the world over. Currently limiting fragmentation to Australia, it’s portfolio of property fragments is growing in excess of $45 Million.

“We were quite happy to be the biggest fintech you’ve never heard of. But this two-year consecutive ranking by the Financial Times and Nikkei Asia puts pay to that”, smiles Porcelli.

Lakeba‘s doubling down on recruiting senior financial services executive talent, adding to its appointments of Ubank, Judo Bank, eftpos and Citi Bank executive, Alex Twigg; Goldman Sach’s Frank Zhu and Macquarie Bank’s Telly Desillas. Recently hiring Adrian Valinno, BNY Mellon’s former Digital Transformation Lead.

“It’s really important to us to keep attracting the right talent and challenging the ridiculous notion that fintech shareholders need extreme patience in seeing their returns. Our continuing rate of achievement blows that notion out of the water,” concludes Porcelli.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://australianfintech.com.au/lakeba-ranks-in-fts-high-growth-companies-for-the-second-year-running/

Continue Reading

Fintech

Praemium FUA up, opens Edinburgh office

Avatar

Published

on

The platform has recorded increased funds under administration (FUA) of $37.9 billion as it expands its presence in the UK with the opening of an office in Edinburgh, Scotland.

For the March quarter, Praemium recorded an 11% increase in FUA, and a 96% increase compared to March 2020.

The Australian platform FUA increased 224% on the previous corresponding period to $16.9 billion while the international platform increased 42% to $4.4 billion.

The platform recorded $801 million in net platform inflows with $448 in the Australian platform for the quarter, up 149% on the previous corresponding period.

Praemium has doubled in size over the past year. Despite the pandemic, the past 12 months have been the most transformational in our story thus far,” Praemium chief executive Michael Ohanessian said.

The results follow the opening of a Praemium office in Edinburgh.

To read more, please click on the link below…

Source: Praemium FUA up, opens Edinburgh office | Financial Standard

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://australianfintech.com.au/praemium-fua-up-opens-edinburgh-office/

Continue Reading

Fintech

Mambu research reveals global consumers are hesitant to use Open Banking

Avatar

Published

on

A study of 2,000 global consumers released by Mambu, the market-leading banking and financial services platform, revealed that a significant misunderstanding of open banking is hampering its adoption. The Censuswide survey, commissioned by Mambu, found that more than half (52%) of respondents have never heard of open banking and 61% have never used it, in spite of 80% of respondents using one or more mobile finance apps.

“The research reveals the majority of customers don’t understand what open banking is, how it works and what it means for them”, said Elliott Limb, Mambu’s Chief Customer Officer. “But it also reveals they do care about receiving better financial services that support their lifestyles – smart banking. If banks address this need and lack of understanding, it will help banks build customer loyalty and provide genuinely innovative, differentiating, revenue-generating services.”

Kristofer Rogers, General Manager ANZ for Mambu, added, “In Australia, one of the main reasons for the slow adoption of open banking so far is that open banking is built on modern technology, and the Australian banking and financial services industry is not. There’s a huge disconnect, with many established banks simply unable to deliver on the regulatory requirements of open banking with their existing technology – they need to adopt API-first, cloud banking tech to truly embrace open banking. And it’s imperative that we do make progress on this because beyond technology, open banking is ultimately an ideology of creating better financial outcomes for every Australian, and who doesn’t want that.”

Open banking sees increase post-COVID despite consumers being ‘scared’ to use it

Open banking has witnessed an increase in adoption globally as a result of the COVID-19 pandemic, and the research indicates a marked change in attitude and priorities as a result of the crisis. According to our survey, 52% said they wanted more control over their finances. At the same time, 40% said the pandemic had changed their attitudes to privacy and 24% to data sharing. Another boost came from the 41% who said they have had more time for research.

  • I have needed to take more control of my finances (52%)
  • I have had the time to do my own research and understand it better (41%)
  • My attitude to privacy has changed since the pandemic (40%)
  • I’m less worried about sharing data (24%)
  • I have had more time to set it up (40%)

However, existing concerns remain with 48% of consumers claiming they are ‘scared’ to use open banking and 53% still believing that open banking is a dangerous use of data sharing.

“Banks must accept that open banking is still a not fully comprehended phenomenon so this is the starting point,” said Dmitrii Barbasura, CEO and Co-Founder, Salt Edge, a Mambu partner. “We believe they need to invest time and effort in educating customers about the new possibilities they get access to, and also inform them about their rights and the high safety level covered by open banking.”

Change the Record

Demonstrating the opportunity for open banking, the survey revealed that 57% said they would be more likely to use it if their bank had more successfully implemented and promoted it.

When exploring further what consumers want from open banking, the survey shows that nearly half of respondents want instant digital money transfers; more than a third want aggregated bank balances at a glance; a third want tips on better money management and a quarter want money-saving suggestions for their bills.

  • Instantly transfer money between different accounts (48%)
  • See different account balances together at a glance (38%)
  • Help boost my savings automatically calculating spending patterns and moving spare money into savings or investments (36%)
  • Receive helpful hints about better money management (34%)
  • Receive one overall monthly bank statement (34%)
  • Allow access to banking data to receive automatic suggestions about money saving on bills and insurance (26%)

This is the first study of Mambu’s newly launched research series, Disruption Diaries. The series seeks to understand what customers think of the key trends driving the development of the financial services industry, in an effort to identify opportunities for banks and others. The full report on open banking can be found here: Let’s talk openly.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://australianfintech.com.au/mambu-research-reveals-global-consumers-are-hesitant-to-use-open-banking/

Continue Reading

Fintech

Zip Co raises $400 million for international expansion

Avatar

Published

on

Zip Co (ASX: Z1P) has priced $400 million of senior convertible notes to fund expansion into new regions on the back of major growth in the US.

Co-founder and COO Peter Gray says the move will keep shareholders happy, with the notes set to mature in 2028.

“We are very pleased with the strong global demand for this offering,” says Gray.

“This transaction further diversifies Zip’s sources of capital and allows us to pursue our global growth aspirations while reducing potential dilution of existing shareholders. Another fantastic outcome for Zip and its shareholders.”

The $400 million in convertible notes mirrors the approach recently taken by buy-now pay-later (BNPL) competitor Afterpay (ASX: APT).

However, Zip’s latest raise doesn’t come close to the whopping $1.5 billion secured by Afterpay’s settlement of convertible notes due in 2026.

The offering is being marketed to eligible investors and the notes are set to be listed on the official list of the Singapore Securities Trading exchange. Settlement is expected on or about 23 April 2021.

To read more, please click on the link below…

Source: Zip Co raises $400 million for international expansion

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://australianfintech.com.au/zip-co-raises-400-million-for-international-expansion/

Continue Reading
Esports2 days ago

Free Fire World Series APK Download for Android

Esports5 days ago

DreamHack Online Open Ft. Fortnite April Edition – How To Register, Format, Dates, Prize Pool & More

Esports5 days ago

Hikaru Nakamura drops chessbae, apologizes for YouTube strike

Esports2 days ago

Dota 2: Top Mid Heroes of Patch 7.29

Esports4 days ago

Ludwig Closes Out Month-Long Streaming Marathon in First Place – Weekly Twitch Top 10s, April 5-11

Esports11 hours ago

Overwatch League 2021 Day 1 Recap

Esports3 days ago

Position 5 Faceless Void is making waves in North American Dota 2 pubs after patch 7.29

Esports5 days ago

Apex Legends update 1.65 brings five new LTMs for War Games

Blockchain5 days ago

Welche Probleme bringen US-Bitcoin ETFs mit sich?

Esports4 days ago

Fortnite: Patch Notes v16.20 – Off-Road Vehicle Mods, 50-Player Creative Lobbies, Bug Fixes & More

Blockchain5 days ago

Which crypto exchange platform is faster, coin transfer or Godex?

Esports5 days ago

Complete guide to romance and marriage in Stardew Valley

Esports4 days ago

Wild Rift patch 2.2a brings tons of champion changes and the addition of Rammus later this month

Esports5 days ago

TenZ on loan to Sentinels through Valorant Challengers Finals

Blockchain4 days ago

Bitcoin Preis steigt auf über 60.000 USD, neues ATH wahrscheinlich

Esports4 days ago

Fortnite Leak Teases Aloy Skin From Horizon Zero Dawn

Esports5 days ago

flusha announces new CSGO roster featuring suNny and sergej

Esports3 days ago

Capcom Reveals Ransomware Hack Came from Old VPN

Esports5 days ago

LoL: MAD Lions Are The New Kings Of Europe, Is The Reign Of G2 Esports And Fnatic Finally Over?

Esports4 days ago

Epic Games Store lost $181 million & $273 million in 2019 and 2020

Trending