How the banking sector benefits from the new wave of Fintech

Fintech app

With the advent of financial technologies (Fintech), financial organizations are now realizing how they can harness that shift to make their own operations more agile and more valuable. Disruption used to be at the core of the digital transformation, but new technologies perceived as a threat in the past are now being embraced by whole sectors to become more agile and more resilient.

Fintech, insurtech and trends such as the open finance movement have all passed their initial disruptive phase, and now it is up to large and established brands to integrate the solutions those newer technologies have developed, to make their business more valuable and to better address their customers needs.

There are different ways to create value. Digital transformation translates into increased mobility for sales representatives, who can securely access the company’s data remotely, and better meet the needs of potential clients while on the road. MOLO17 has recently provided such a solution to one of the largest Italian banking groups, to great success. 

Using the data it already possesses about its own market, an organization can better tailor its services and marketing strategies to target a specific group of customers. Rewarding recurrent business through a loyalty program, or by offering complementary services for users of a specific application or service, is another way of creating more value for both a company and its customers. One great example for this is the medical services application we developed for another of Italy’s largest banking group, who wanted to reward its most loyal customers in such a way and even attract, at the same time, new customers.

Fintech: proven and cost-effective

Banks and financial institutions are not technology companies at their core, so managing a whole new set of digital tools is not something they are expected to be good at. Fintechs who have successfully understood this have come about offering specific and trustworthy services that take care of aspects such as risk management and data governance for them.

Embracing open standards and adopting the industry’s best practices make it easier for larger institutions to keep pace with the evolution of technology and offer the best user experience at all times. Platforms such as Couchbase Server, an open-source, distributed multi-model NoSQL document-oriented database the Auth0 multi-platform identity access management service, embody this phenomenon. They allow to combine external processes with legacy systems in order to provide centralized, trusted and convergent governance.

Fintech: agility and reliability

In a world of constant change, adopting a human-centric design philosophy allows that change to happen without sacrificing the relationship a company has with its clients and other business partners. By understanding the way people interact with it, new tools and applications can be developed that attach to that company’s current infrastructure, which can generate more value at very little extra cost.

Also known as Industry 4.0, the current digital transformation does not only upgrade the tools companies use to conduct business on a daily basis, it is an evolution similar to what the industrial revolution was 200 years ago. Choosing the right partners and providers for such a transformative operation is primordial.

MOLO17’s method is simple and built for the long term: it increases the agility of our clients in the ways to reach new markets and customers, without compromising their own legacy and focus. The market is growing and habits are evolving. Larger institutions are understandably very cautious but still want to be a part of that change. What we do is create relationships on which to build long-term solutions, safe and robust, that aim at making that situation possible, while ensuring the safety of data and improving user trust.

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