The hottest fintech trends are ever-changing
When it comes to our daily lives, as we witness the rapid advancement of technology, we also demand that processes become faster, easier, and smoother. Many businesses have responded to these demands by inventing new solutions and expanding their technological applications. Factors that have contributed to these advancements include the effects of COVID-19, the consequent need for automation, increased security threats, and the development of disruptive technologies, such as artificial intelligence (AI) and machine learning (ML), big data analysis, and cloud services.
In the finance industry, several key technologies have emerged as the core of the new and evolving concept of “fintech.” The trends of virtual and open banking have been dominant, especially as consumers have needed to perform financial transactions during the pandemic without stepping into a bank. Businesses have implemented robotic process automation (RPA) technology to handle rule-based processes that ordinarily would be handled by humans — and prone to error. In addition, to keep pace with technologically advanced competitors, financial institutions have needed to recruit staff that is highly knowledgeable and experienced with disruptive technologies.
Cloud Interactive has responded to many of these industry challenges by integrating some of these modern technologies in our solutions. We’ve compiled a retrospective that highlights particular solutions that our finance industry clients have implemented in order to address specific customer needs and grow their business.
Case Study 1: Well-Known Bank
Challenge: With its large market capitalization and adherence to international standards, this well-known bank has been recognized as one of Taiwan’s domestic systemically important banks (D-SIBs). As a market leader, the bank wanted to create a secure mobile platform for its worldwide enterprise banking clients.
Solution: The mobile app we created enables enterprises to easily and securely perform B2B transactions, exchange currency, and conduct review, approval, and governance processes. What’s more, the cryptographically secure environment also means that clients experience peace of mind that data won’t fall into the wrong hands whenever they use the app.
Case Study 2: Chailease Financing
Challenge: As a premier TWSE-listed financial solutions provider, Chailease Financing is well established in the Greater China area yet services clients worldwide. Providing a wide range of services including wealth leasing, installment, factoring, direct corporate loans, and off-shore financing, its number of daily loan applications was especially high: on average 8,000 per day but up to 40,000. Chailease needed a way to automate processes and save time unnecessarily spent on repetitive tasks, as well as reduce human errors.
Solution: CI introduced RPA as a method to validate documents and speed up the approval process. This meant that loans could be processed and disbursed in less time and with fewer errors, ultimately increasing customer satisfaction. It also reduced the risk of potentially catastrophic data breaches.
Case Study 3: Bondlinc
Challenge: Bondlinc is a rapidly growing fintech company that specializes in providing private banks a platform for bond trading. As with most startups, it struggled with balancing the financial constraints of its early start-up stage with its need for software engineers who were experts in developing financial software.
Solution: Cloud Interactive’s team first developed AIDEN, Bondlinc’s fixed income trading platform. By using staff augmentation instead of full-time staff, Bondlinc then saved money on overhead expenses associated with training and retaining full-time employees, while still having appropriate resources at its fingertips. It also had the flexibility to adjust labor requirements according to the ebb and flow of business operations.
How prepared are you for the future of fintech?
Fintech is quickly becoming a requisite for companies looking to stay competitive in the financial industry. With the goal of making lives easier and more efficient, technologies continue to evolve — and no one knows for sure what’s in store. While Cloud Interactive has helped with a variety of existing technologies, our developers and designers are prepared to take on the challenges of the newest waves of fintech, which may include digital wallet payment solutions, cryptocurrency and blockchain, and biometric systems. Contact us now to discuss your specific needs!
About Cloud Interactive
Cloud Interactive is a design centric software development and managed services company founded in 2010.
Follow Cloud Interactive
Website： https://www.cloud-interactive.com/
Facebook： https://www.facebook.com/CloudInteractiveInc/
LinkedIn：https://www.linkedin.com/company/cloudinteractiveinc/