Today’s financial landscape is inundated with increasing regulatory requirements, intensive competition, security risks, information management, and data quality challenges. How can banks navigate this landscape while continuing to profit and grow? The answer to this is Fintech. As headline-grabbing traditional banking approach struggle to find their feet, a crop of innovative and exciting fintech is already racing to market.
As technologies and digital media create ripples across industries, the proliferation of fintech into the financial services sector has created a great impact in the banking industry. The increasing competition and the services that are offered at lesser costs are enabling wider access to financial services and reaching out to the underserved customer clan. Organizations are investing in financial technologies to overcome the challenges of security, speed and convenience and get ahead in the market. Today’s global banking space is anchoring the best of BI, machine learning, AI and blockchain combined with services to enhance their interactions and make business decisions more effectively. The scope of fintech has grown way beyond online banking and is now churning out an impressive set of offerings and developments that extend to messaging technology for marketing services, 24 by 7 virtual assistants, mobile applications, voice banking, social media integration tools and much more.
Meanwhile, the changing consumer expectations and the ease of access to technology are heavily influencing the financial landscape, prompting banking institutions to digitalize their processes with the latest advancements and improve their customer service. Service providers are deploying advancements like robotic process automation to help financial institutions increase their efficiency by reducing the time spent around data entry and repetitive tasks. In addition, mobile banking and blockchain will see rapid growth and implementation in the banking industry due to their increased security and ability to prevent fraud. Another development that will support the adoption of mobile payments is the deployment of 5G technology, which will ensure that networks are able to handle the large-scale transactions.
In the years ahead, fintechs will look to respond more to shifting consumer demands by building products, offering services and expanding into new markets. Understanding the evolving times, APAC CIOoutlook has compiled a list of the Top 10 FinTech Consulting/Service Companies to guide financial institutions and other organizations associated with the finance sector in anchoring the power of the latest tech to tackle today’s banking-related challenges.
In the light of these technological developments, we are glad to highlight the best-of-breed service providers that have brought in a new era of banking and other services through their offerings. These enterprises are constantly proving their worth in the financial landscape with their innovative capabilities and solutions. Through this issue of APAC CIOoutlook, we hope you are able to find the right partnerships that your firm needs to foster a technology-driven environment.
We present to you APAC CIOoutlook’s “Top 10 FinTech Consulting/Service Companies 2019.”