HAS FINTECH MATURED IN 2020 ?
“ Simply put , the events of 2020 brought the future forward ”
— Eli Rosner , Chief Product and Technology Officer , Finastra
another technology that has been used by centralised cryptocurrency markets for some time . However , it has not yet become widespread in the finance sector , yet .”
Microservices : Edgardo Savoy , Chief Technology Officer at TransferGo , told us , “ At the heart of each operation is the customer experience . Every service or microservice that we design has the customer at its starting point and is anchored to the experience we want to deliver . This not only gives us flexibility but also allows us to develop new services and offerings at speed and in line with client needs .”
Open banking and automation : “ Open Banking has offered an immediate remedy while preserving the level of due diligence required to process loans responsibly ,” comments Simon Cureton , CEO of finance marketplace Funding Options . “ Automated decision-making has also accelerated the lending process to a matter of minutes from application to approval . Currently , Funding Option ’ s record for ‘ application to approval ’ is just two minutes and 56 seconds .”
Cloud : “ Finastra has a strategic , multi-year cloud agreement in place with Microsoft to help accelerate the digital transformation of financial services . Cloud is a key enabler in this regard and has helped our ability to deliver remotely too . Cloud technologies are also helping to drive our initiatives to deliver better outcomes for everyone , including the financially excluded , small businesses , and entire communities ,” says Rosner .
HAS FINTECH MATURED IN 2020 ?
The endurance and continued success of fintech despite the overwhelming number of challenges , restrictions and pressures is highly encouraging . However , it could be argued that the ‘ divide ’ between startups and incumbents has never been more apparent than how each has reacted to the pandemic ’ s paradigm-shifting effect .
29 fintechmagazine . com