Enabling FinTechs to collaborate with the Banking & Insurance sector
A new source of innovation in Financial Services has emerged from financial technology start-ups (“FinTechs”) and technology companies (“Techos”). These new firms have been quicker than banks to capitalise upon advances in digital technology, developing banking products that are more user-friendly, cost less to deliver and are optimised for digital channels.
These new players are less burdened by the demands of regulatory compliance affecting banks. They are unencumbered by complex organisational structures and more agile and nimble. They are smaller organisations, designed for the purpose of innovation. They can focus on creating single-purpose solutions, designed to offer an improved experience within just one product or service. Significant investment has been made into the sector and of this investment, 27% has been in consumer lending, 23% in payments and 16% in business lending. FinTechs have two unique selling points: better use of data and frictionless customer experience.
Burning questions for FinTechs
How can we successfully market and disrupt the existing business models of Banking and Insurance organisations?
How can we boost our profitability and strategic growth through collaborations, strategic partnerships and fast-growth strategies?
How can we position ourselves at the forefront of change, driving a culture of innovation in a traditional sector?
This is where we come in
For almost three decades, TAS has been supporting the Banking and Finance sector in meeting their technology, compliance and processing needs, through the delivery of robust, highly secure and complaint technology services. With over 50 financial institution customers, TAS has an intimate knowledge of the challenges and untapped opportunities facing the sector. When it comes to joining the dots between FinTechs and the industry at large, this is especially the case.
TAS can assist both FinTechs and Banking and Insurance organisations to collaborate. Banking and Insurance is a key market channel for FinTechs—especially with TAS providing new innovative solutions to Banking and Insurance organisations. We provide FinTech with in-depth advice and guidance on APRA alignment. We also uses agile methodologies to rapidly deploy and improve pilot solutions, while ensuring that security and alignment requirements are met. Talk to one of our experts today on +61 2 9647 4600 or email us at email@example.com