The State of Fintech Infrastructure - Jan-Feb 2023 Roundup
With the world rapidly evolving and adopting new trends along the way, customers demand innovative products like never before, while also seeking protection from the escalating threat of online fraud. In tandem, businesses are seeking to adapt their operations and payment collection methods to keep pace with the changing landscape.
For all you curious minds out there, our comprehensive Fintech Infrastructure - Jan-Feb 2023 roundup report comes packed with all the insider deets on the hottest fintech infrastructure trends. Grab your copy now to learn about the exciting developments driving the modernisation of core platforms, empowering businesses to reach new heights!
While fintechs hold a distinct advantage in their ability to adapt quickly and nimbly, allowing them to create and implement new features rapidly, traditional financial institutions are now adopting a similar level of agility to offer their customers an array of options. In order to meet the needs and wants of the tech-savvy demographic, financial institutions are prioritising the creation of tech-forward products that appeal to this generation's unique preferences.
Industry innovators are revolutionising the landscape by addressing pain points and introducing modular, elegant, and user-friendly money movement technology across various segments, such as:
Payments Technologies: The diverse players in the fintech ecosystem have united to drive the digitisation of payments, offering customers vastly improved payment developments – from real-time payments to seamless cash bill integration, and frictionless cross-border transactions.
Lending Technologies: Collaboration has proven to be a powerful tool in the arsenal of digital lenders seeking to enhance their services. B2B lending infrastructure providers have been instrumental in simplifying loan portfolio aggregation and issuance, driving greater operational efficiency and enhancing the customer experience.
Core Banking and Cloud Adoption: With a focus on improving their technological capabilities and enhancing functionality in key areas such as loans, deposits, and payments, banks have turned to core banking providers to upgrade their back-end infrastructure. In addition, banks have looked to cloud infrastructure providers to adopt cloud technologies, enabling them to scale operations beyond traditional brick-and-mortar branches.
Onboarding Technologies: As the threat of fraud looms ever-present, both fintechs and traditional banks have taken steps to ensure secure onboarding and protect against malicious actors. By partnering with a diverse range of online verification providers, they are able to conduct comprehensive creditworthiness and user identity checks.
Looking ahead, those with the requisite infrastructure capabilities will emerge as the victors in a rapidly changing market. The ability to learn and implement new strategies will be crucial in keeping pace with market changes and capitalising on new opportunities.