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Fintech is a core of the banking revolution

February 18, 2021 Leituras de 3 min
Digitalization is changing the world. Covid-19 is forcing banks to embrace the change. Fintech responded with open banking. Continue reading to learn how this will affect our world.
Anton Komuhin
Head of Product
Anton Komuhin
Head of Product

Living in a digital world

Technology is advancing at breakneck speed these days. 

AI can convincingly swap faces in videos, Bitcoin has become the world’s fifth-most circulated currency by value, and battery-powered artificial hearts have just been approved by the EU! 

Pick any industry you like and you’ll find examples of technology being embraced as innovation grows.

The COVID-19 crisis accelerated business transformation

The business world has seen a big leap forward in embracing technology during the coronavirus outbreak. 

McKinsey revealed that the leap forward in business digitalization means we are now in a position that wasn’t predicted to materialize until seven years from now.

Overall, the pandemic has had a devastating effect on the global economy. But, it’s a true statement that any crisis provides an opportunity for those who can adapt and are willing to change. 

Companies that successfully pivoted from a physical store to an online presence have been less adversely affected. Online retailers were well-positioned to take advantage of the situation and are busier than ever. The next market leaders are moving all their processes online and taking advantage of increased automation. 

Digitalization is forcing banks to innovate

Want to know the secret to surviving, or even thriving, during these difficult times?

The answer’s pretty simple—the companies that are thriving are the ones that have maintained a customer-focused approach. In other words, they have adapted their offerings and services to make things more convenient or engaging for their customers. 

Fintech companies are uniquely positioned to help provide a more customer-centric service. They’re at the forefront of digital transformation, constantly adapting and developing services to help companies interact with and meet the needs of their customers.

Open banking is creating a revolution in the way people view banks and how they store their money.

Why?

Because open banking places customers firmly in the driving seat when it comes to managing their finances.

So, what exactly is open banking?

It is a kind of blockchain—basically a digital ledger that comes with impressive security. 

Open banking contains a record of all the financial information a bank holds about a customer. With open banking, customers have control over who can access this data. They can share it with any company they wish. This allows the implementation of features and mechanisms previously not available: smart onboarding in a few seconds, the ability to manage different bank accounts in one application, KYC procedure, and much more.

We’re very confident that in the next two to three years, this technology will create a huge shift in the financial industry. 

According to the Open Banking Expo, “Open Banking APIs are now being seen worldwide – already touching more than 50 countries and affecting more than 10,000 banks.” This trend is only going to continue as more countries and banks adopt it.

Ultimately, this will be a good thing for customers, as open banking will make the financial industry more open and transparent.

Let us take you into tomorrow

Businesses can harness the power of open banking to provide greater value to their customers.

One way to do this is to integrate innovative fintech tools and services into your existing business model.

Here at Unlimint, we work with innovative and ambitious companies to provide cutting-edge technological products. We help businesses connect with their customers more efficiently and deliver greater value and convenience.

Unlimint uses digital models to transform financial services around the world. We are pioneers in the world of open banking, helping to enable cross-border payments and transactions, which is a $22 trillion market that continues to grow.

As a global player, we understand the importance of digitalization. We know that it’s about more than just new features. We take a ‘big picture’ view of digitalization and how it is transforming internal and external business processes and practices. Our focus is to deliver secure and streamlined payment processing that is fully automated.

Our financial ecosystem lets us provide a comprehensive range of financial instruments: global card acquiring, a wide range of local payment methods, banking accounts, bespoke card issuing, and much more. We make things easy by offering a broad range of tightly integrated financial products. 

To discover how Unlimint offers business interfaces that meet all of your needs, as well as those of your customers, contact us today.

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