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The Impact of BPM On the Banking And Finance Sector

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There is an increasing demand for technology inclusion across every market share. This rising demand continues to revolutionize the global digital market, which has basically led to the naturalization of new business process management techniques. The new technology, also referred to as BPM, therefore, helps businesses to manage operations such as production, sales, marketing, customer support, communication, and many more easily.

Business Process Management (BPM) is the means by which a business creates, edits, analyzes, and organizes the processes that make up its key operations. Business process management is therefore more than just task management or project management as it represents a business discipline through which a company looks at all processes in total and individually. As software from Creatio, BPMS focuses more on repetitive processes and ongoing ones especially those that follow a particular process management criteria or pattern. BPMS is therefore more vigorous in helping companies to nurture their supply, improve efficiency, and upsurge customer satisfaction by positioning processes and goals for this kind of evolution.

Impacts Of BPM On The Banking And Finance Sector

Amplified productivity

By saving the company time, BPM makes it much possible for employees to focus their efforts and time more productively on other responsibilities which increases the overall output of every individual working in the company. This is a huge impact on the bank and business sector as it improves customer satisfaction too.

Low risk

The risk of human error may cause massive losses to a bank or any finance sector business. However, by automating business processes such as money counting that have previously been carried out manually, BPM cuts on possible jeopardies of human error. In addition, the AI system and enhanced documentation buffers the bank compliance system and helps increase revenue. Creation provides unique synergy of BPMS and improves risk management across the finance sector.

Added flexibility

Both traditional and analog processes have the tendency to slow down business processes as they require long winding procedures. They also make an organization too rigid for change. BPMS is however more optimizable as well as highly adaptable. It, therefore, makes every business more ready to face technological and business challenges that make them better placed to grow.

Learn from business leaders and industry experts about how they transformed their business processes with low-code powered BPM software solutions—down the ACCELERATE Global, free online event packed with insights, trends, real-world cases, networking, and practical workshops.

Impact on the costs of performing tasks

Business process management helps the banking sector by cutting a lot of costs. By cutting on the time spent on tasks, it causes a reduction in the costs of running business processes. The use of AI in ATM automation for instance reduces time and costs of banking. In essence, this increases ROI for the finance sector as the number of bank tellers can be considerably reduced and the ATM left to conduct the similar repetitive actions of the teller employees.

Real-time process and task monitoring

This business tool makes it much easier for every company to monitor business processes, detect flaws, and be in a position to improve where necessary. This also means that BPM software has the capability to identify problems with a business process and help the management to mend the cracks before they cost the company. By recognizing gaps and stitching them before they cause stagnation, it makes business growth a reality.

Customer satisfaction

As already stated, BPM focuses more on customer outputs. Consequently, more customers get satisfied with the company’s business process. With a better experience, more referrals are earned, the return rate is increased, more leads are attracted to the business and sales go up. This chain effect leads to exponential business growth.

Analytics

BPM supports various reporting levels. They also integrate with a number of third-party reporting tools that support business process performance analytics. These reports are usually attached to Key Performance Indicators of the business and are used to provide the needed data on processes, individual performance actions, process actors, and many more. By identifying process bottlenecks and offering opportunities for business process improvement, BMP impacts more positively the finance sector by improving process analytics.

All these will however be much more executed through dedicated software. Business Process Management Software or BPMS is a collection of business technologies also referred to as Business Process Management Suite. Companies use the software to improve business processes. This is achieved by defining, automating, and analyzing business processes. This is therefore one key reason why every business using BPM should adopt BPMS.

Important to note, therefore, BPMS is a combination of ideology and is a crystal-clear system that drives and delivers quantifiable outputs that all contribute to the growth of a business.

Source: Calvin Jordan is an expert in engagement marketing with a core belief that people transform business. Companies turn to Calvin for his keen understanding of how to get a key message to the market that motivates, engages, recognizes, or educates the intended audience. The results are strategic, innovative, creative, and results-driven.

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Crowdfunding

Payment Service Provider PingPong Payments Secures E-Money License in Luxembourg

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PingPong Payments, a payment service provider for e-commerce sellers, announced on Wednesday it has received its authorization as an Electronic Money Institution (EMI) by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. Founded in 2015, PingPong stated that its mission of helping global e-commerce sellers keep more profits, by beating the rates traditional banks offer.

“Today, the company serves more than 600,000 online sellers worldwide, has processed more than $10 billion in cross-border payments for e-commerce merchants to-date, and transfers more than $100 million per day for international e-commerce sellers. Global merchants around the world trust PingPong Payments to help them save on cross-border payments, VAT & supplier payments, and more.”

PingPong reported that the license enables it to offer a more flexible array of services and increase the scope of customers in the future. Speaking about the license, Ning Wang, Co-Founder and Chief Business Officer at PingPong, stated:

“We are extremely proud to announce obtaining an EMI license in Luxembourg, a world-renowned fintech hub and pioneer within the EU market. This will strengthen our existing services which can support customers on different market places such as Amazon, eBay and Walmart and grant us the flexibility to broaden our business model to beyond e-commerce platforms.

Pierre Gramegna, Minister of Finance, Luxembourg added:

“Today, Luxembourg is one of the leading payment and e-money hubs in the EU and I’m happy to see that it continues to grow. In this sense, I welcome that PingPong has just upgraded its Luxembourg presence with a new e-money license that will help it better serve its European customers.”

Source: https://www.crowdfundinsider.com/2020/12/169785-payment-service-provider-pingpong-payments-secures-e-money-license-in-luxembourg/

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Big Data

Do China tech giants pose a risk for European banks?

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China’s Ant group may have been dealt a setback with the shelving of its IPO but European banks remain wary that Chinese tech giants may soon be their main competitors.

The European finance sector has in recent years seen the emergence of a large number of startups—called fintech—which have sought to disrupt brick and mortar banks by offering digital services.

While they have yet to really threaten established banks, the fintechs have forced them to dust off their operations and invest massively into providing similar digital services.

“The real competitor of tomorrow will likely be the GAFAM or the Ants of the world which have the capacity to invest considerable sums,” the head of France’s Societe Generale bank, Frederic Oudea said recently, using a French acronym for Google, Apple, Facebook, Amazon, and Microsoft.

US tech giants have been making more beachheads in financial services an area where their Chinese rivals are already well advanced.

From chat to super app

Ant Group, which was hoping to raise a record $34 billion with its IPO before the Chinese government pulled the rug out from under the operation, is the owner of Alipay, a payment platform which is now an unavoidable element of daily life in China.

Its prinicipal rival in China is WeChat Pay, owned by Internet giant Tencent.

“The companies which originally developed chat software have a strong interest in enhancing these activities as they enable them to cover an even broader range of people’s day-to-day activities,” said Christopher Schmitz, an expert on fintech at Ernst & Young.

“Gradually, an ever larger-growing share of people’s spending goes to these companies,” he added.

The Chinese have widely adopted paying by flashing QR codes of vendors on their smartphones using Alipay or WeChat Pay due to its convenience.

Alipay alone has 731 million monthly users.

In just a few years these two platforms have transformed China from a country where cash was king to a society where smartphones are the payment medium of choice.

These companies are not content with just offering payments. They offer more financial services, including the ability to obtain a loan with just several clicks.

“Alipay generates more revenue from the financial services that it offers, such as investment schemes and loans, than the payments themselves, which is really just the tip of the iceberg of what has become a super app,” said Adrien Boue, a consultant on the electronic commerce market.

He said “the goal is that users stay in the app as long as possible. From morning to night, there is always a functionality there: speaking with friends, ordering a taxi, ordering food and even working on collaborative projects.”

Cultural barriers

“The most advanced model in the financial sector—it’s China,” said Oudea.

The question is just how much of this model can be reproduced in Europe, especially after Ant Group’s IPO setback, which some observers see as a move by the Chinese authorities to bring an overly ambitious firm to heel.

“Our banks are still a bit protected,” said Julien Maldonato, a financial services expert at the Deloitte France consultancy. “There are still cultural barriers, but these won’t protect us forever.”

One of those cultural barriers are QR codes.

“In Europe, payments based on QR codes are noy very popular,” said Ernst & Young’s Schmitz.

The fragmented nature of Europe with its different languages and cultures also makes it difficult for an outsider.

But Maldonato noted that American tech companies are already very much present in the daily lives of Europeans, and China’s TikTok has attracted young users who are “the banking clients of tomorrow”.

It is the capacity of the Chinese companies to plough money into developing new technologies and acquiring customers—they each plan to invest some $70 billion over the next five years—that could really change the game.

“That worries the Americans who will accelerate” their investments as well, said Maldonato, while European companies will have trouble coming up with even a few billion.

Source: https://www.fintechnews.org/do-china-tech-giants-pose-a-risk-for-european-banks/

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Big Data

Nordigen launches first-ever free open banking platform to challenge Tink and Plaid

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Nordigen launches first-ever free open banking platform to challenge Tink and Plaid

Latvian fintech Nordigen today launches the first-ever free open banking API platform. This will enable developers in companies of all sizes to access PSD2 open banking data from major banks from across Europe via a single API. In addition to offering free open banking connectivity, Nordigen will continue to provide premium data analytics and insights services, which it currently offers to more than 50 global fintechs, banks and lenders operating across 19 countries. Nordigen’s new platform provides connectivity to 29 countries in the European Economic Area, including the UK.

For the majority of fintechs, accessing open banking data is prohibitively expensive. Incumbent open banking companies require payment for every single connected end user, meaning the cost of access rapidly rises for fintechs as they scale. Moreover, the market is difficult to navigate – there are more than 380 AISPs in Europe, many of which offer connectivity as a service. Each of them has a different pricing model and API documentation. This makes accessing open banking data both expensive and technically challenging, while the limited geographical coverage of most existing providers forces clients to resort to a patchwork of different solutions. Usage of PSD2 is not yet mainstream beyond the UK. Nordigen’s new freemium, pan-European model removes the financial barrier while simultaneously simplifying the process of choosing and integrating to an open banking platform.

Rolands Mesters, CEO and co-founder, Nordigen, said: “In Europe, the business model of charging for open banking data, as Tink and Plaid do, will soon be history. Nordigen is the first to launch a free open banking data service, but we certainly won’t be the last. We believe the future of open banking is in the freemium model and that the rest of the industry will soon follow.”

Unlike competitors, who require heavy technology stacks using custom bank integrations built before the age of open APIs, Nordigen is able to offer a freemium service thanks to a lightweight technology stack that relies exclusively on PSD2 bank connections. Nordigen built its platform with pure open APIs in mind right from the start, focusing on providing the raw banking data that most developers are looking for. This is done in a steady, robust way and without the need for screen-scraping or reverse engineering.

Rolands Mesters, CEO and co-founder, Nordigen, continued: “By removing the barriers to accessing financial data, we’re aiming to enable more companies to translate their ideas into reality and drive the innovation and competition open banking regulation was originally meant to foster. It’s ironic that companies wanting to make finance more inclusive and fairer should find open banking data, of all things, out of reach for financial reasons.”

“Our new freemium model is there to help more fintechs solve real-world problems, and there has never been a more crucial time for this. The Covid pandemic is accelerating uptake and showing us a glimpse of the transformational potential open banking has to offer, but we need something more to help companies turn their bold visions into reality. Free access to open banking is that, ” he added.

Nordigen’s new data connectivity platform complements its expertise in data analytics. Since 2016, the company has helped clients across the globe extract more value from data to make better decisions, especially when it comes to assessing the creditworthiness of loan applicants. Nordigen is planning to raise a Series A in 2021.

Source: https://www.fintechnews.org/nordigen-launches-first-ever-free-open-banking-platform-to-challenge-tink-and-plaid/

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Fintech

London-based fintech startup Ziglu successfully raises €6.6 million on Seedrs to grow its personal money app

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Ziglu, the personal money app, has successfully closed its crowdfunding campaign, having raised over €6.6 million from over 1250 investors. 

Ziglu aimed to raise around €1.1 million but hit this target within 3 hours of the campaign opening, and with this very high investor demand Ziglu went on to raise 500% more than their initial target. The campaign, the largest Seedrs equity raise of 2020, was more than five times oversubscribed.

The investment will go to fund the technology and product development teams, international expansion and meet the growing demand for Ziglu’s personal money app.

Ziglu’s Chief Growth Officer, Yang Li, added: “We wanted to give our customers the opportunity to be a true part of Ziglu through ownership. We have been overwhelmed by support for the crowdfunding round, resulting in Ziglu becoming the largest equity campaign on Seedrs this year. Our vision for financial inclusion and community support translates through all our initiatives whether it’s crowdfunding, charitable giving or personal finance – providing fair and equal access to everyone – the same approach we take to crypto.”

As an innovator in the fintech space, Ziglu has been classified as a Knowledge Intensive Company (KIC) by HMRC, enabling KIC investors to claim tax relief on investments up to the value of around 2.2 million. This means that the research and development Ziglu is completing as a result of the funding will be the key driver of growth and income for years to come.

John Lake, Chief Commercial Officer at Seedrs, said “Ziglu is an exciting fintech platform that is changing the way we handle digital and traditional currency – something we’ve not really seen before. The passion, ambition and legacy of Mark and the Ziglu team is fuelling the company’s growth as a global challenger in the fintech space. We are thrilled to see how engaged Seedrs investors have been with Ziglu’s campaign.”

The firm recently celebrated the launch of its limited edition power pink Mastercard debit card by enabling Ziglu customers to support their community through FareShare, the UK’s largest charity fighting hunger, with a donation every time they use their card at a supermarket. 

Ziglu offers an account for the digital age, with traditional and digital currencies managed seamlessly in one app. The cryptocurrency platform gives everyone easy access to digital currencies including Bitcoin, Bitcoin Cash, Ether, Litecoin and XRP. Increasing financial inclusion by providing greater accessibility and control across all currencies with instant and secure digital money management.

Source: https://www.eu-startups.com/2020/12/london-based-fintech-startup-ziglu-successfully-raises-e6-6-million-on-seedrs-to-grow-its-personal-money-app/

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