This week marks the start to Fintech Fortnight – a celebration of all things financial, digital and tech across the UK.
Currently, there are more than 60,000 people working in fintech within the UK alone. The sector itself is worth a staggering £7 billion, and this is only set to increase in the coming months and years.
As fintech continues to grow in popularity, and thus competition, here are five tech providers financial service firms should look toward implementing if they want to maintain an edge.
1 – PCA Predict (a GBG company)for KYC onboarding
Capturing data according to the Know Your Customer (KYC) regulations is an important step to prevent money laundering, fraud and other criminal activity.
PCA Predict’s (a GBG company) software aims to make data capture and validation easy for banks and finservs looking to implement KYC onboarding. Their validation software streamlines the overall user experience by removing friction with the aim of making sign ups quick and easy. PCA Predict’s platform can be customised to fit any interface and fits applications throughout the customer process, from verifying new customers to updating existing records.
2 – Fidor Solutions for white labeling
Fidor Solutions specialises in providing middleware solutions and front end mobile and internet banking through the cloud. They’ve produced fidorOS, a digital platform using open APIs and enabling banks and fintechs to plug in and offer their own financial products.
Under the new PSD2 regulations, fidorOS’ integration makes it easier than ever for banks and fintechs to offer and aggregate services for customers across a range of partners and providers while minimising costs.
3 – Onfido for identity verification
Rooted within machine learning technology, Onfido works to verify identity through biometrics and ID like passports or drivers’ licenses.
Onfido’s technology cross checks identity documents across databases to protect against identity theft. A key part of this technology is in-app identity verification that seeks to simplify the user experience for consumers, while also conducting due diligence on behalf of financial organisations.
4 – Acellere for software development
Software technology company Acellere is focused on developing ‘clean code’. Their flagship platform – called Gamma – enables developers to identify, address and resolve problems within software.
What this means for the financial industry is twofold. Firstly, user experience could be improved by streamlining online interfaces and minimising glitches within programming. Additionally, security can be strengthened through accurate and efficient code, limiting threats from hackers or fraudsters.
5 – Kurtosys for website design
Kurtosys’ platform helps financial institutions to organise and sync data across websites and portals to improve sales, marketing and customer satisfaction.
The platform is customisable depending on needs, and gives overight to finservs’ overall operations, including marketing and engagement.
With all tech providers out there today, it’s crucial that your company chooses the right partner. These are some of the companies leading the way as service providers within the fintech and finserv space. Implementing just one of any of these providers can give you the upper hand against the competition within the fintech space.