Artificial Intelligence, Streamlined Payments and Big Data are taking center stage in the FinTech evolution. Bet you’ve already heard enough about that!
We at Global Fintech Series bring you a compilation of different Fintech evolutions and the challenges that come along with it in this roundup.
As new innovations are introduced in fintech, the segment will continue to fragment and grow says Simon Fairbairn, Director of Solution Development for Western Europe at Ingenico Group.
The increasing digitization of services and focus on customer experience, and the use of data and AI to support the delivery of services, have all had a part to play in the fairly rapid transformation of the financial sector. We now have new tools coupled with new thinking which help to solve what are often old problems.
Read More: GlobalFintechSeries Interview with Lil Roberts, CEO & Founder at Xendoo
With every emerging technology though, there are a fair share of challenges come along with it.
To begin with, John Findlay, CEO & Founder of Lemonade LXP, tell us about the unique challenges financial institutions face because of their continued efforts to migrate customers to their digital channels. To tackle this challenge, Lemonade LXP used a mix of game-based learning to teach foundational knowledge, technology simulators to drive product knowledge and role-play scenarios to let staff practice recommending digital products in a risk-free environment. This recipe has been driving excellent results. John further highlights the difference between gamification and game-based learning above.
Another challenge that Dan Ushman, Founder and CEO of TrendSpider, a Chicago and Denver-based trading platform talks about in his interview with Global Fintech Series is that the financial technology world is all about results – and our technology performs – so much of this impediment goes away the moment a client hits that “a ha” realization. And that doesn’t take long once they open their eyes and give us 15 minutes to show them. Getting people to take the time to let us show them the product is the biggest challenge.
These were the product related challenges now comes another challenging factor that is to streamline the payment models!
Greg Ott, CEO of Nav mentions – The need-of-the-hour for global businesses today revolves around getting access to streamlined payment models and processes that facilitate more timely payments. Catch the complete Global FinTech Series interview to read more on Greg’s thoughts with regards to the evolving fintech segment.
Yet another inspiring journey of streamlining payments is of Will Chu, CEO and Co-founder at Vector. Read this Global FinTech Series interview, where Will discusses his journey as a tech entrepreneur and how Vector helps streamline and digitize the payments process for supply chain and logistics.
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Coming to the most talked about fintech evolution that is changing the name of the game in fintech – Data aggregation, Kim Snyder, CEO and Founder of KlariVis, an easy-to-use solution that enables institutions to access and interpret their data in a more strategic manner joins us in this GlobalFinTechSeries interview where she talks about her journey and what will drive the need and demand for new fintech solutions in the industry.
She feels the challenge most financial institutions (“FIs”) face is not a lack of data. FIs have access to an abundance of information; every day an institution will send millions of data points though expensive networks and applications in order to process, transmit and maintain daily operations. But having this massive volume of data does not automatically correlate to having valuable insights. The value is found in being able to easily turn this cache of data into actionable insights that drive the institution’s ability to serve its community, streamline operations, manage risk and ultimately, compete with larger institutions and non-bank competitors
Do you think we missed talking about some key Fintech evolutions?
Team GlobalFintechSeries will be happy to hear your feedback! Until then stay home, stay safe, we will be back with more such interesting compilations!
Read More: Three Ways AI Enables Personalized and Engaging Customer Experiences in Financial Services