New technologies transform both life of the customer and the business life cycle. Innovation and advanced technology increase value of products and services offered by nowadays organisations.
Recently I have been reading a lot about innovation in the financial sector and how important it is for banks to become relevant to their customers by adopting new technologies and having an impact on every aspect of the business. As said by Capco, a global business and technology consultancy that is committed to the financial services industry, relevance is achieved by close matching of the customer’s hierarchy of needs to the services provided by the bank and the operational changes needed to deliver those services. During my research I have come across the Fintech 50 that introduces the 50 most innovative and disruptive brands in financial technology for 2014.
According to Julie Lake and Nicky Cotter Founders, The FinTech50 and FinTechCity,
I would like to list few companies that have been mentioned in the Fintech 50 list 2014 as the game changers in Financial Technology.
- ABUNDANCE GENERATION
- BOTTOMLINE TECHNOLOGIES
- FIDOR BANK
- FIVE DEGREES
- FUNDING CIRCLE
- LINEDATA SERVICES SA
- PENSIONSFIRST ANALYTICS
- THE CURRENCY CLOUD
For instance, Abundance Generation with the use of new technologies has created renewable energy investment products, which benefits not only the planet but also gives the individual a chance to gain high financial profits.
- Large and growing international markets
- Disruptive and best in class
- Attractive business model with strong recurring revenues
- Demonstrable opportunity to drive top line growth
- World class management teams
- Unquantified strategic relevance to the buyer will
I N N O V A T I O N –
T E A M E D W I T H I N D U S T R I A L I S A T I O N T O E N A B L E T A I L O R E D C U S T O M E R E X P E R I E N CE
According to Alex McCracken, who is Director in Venture Services and Origination at Silicon Valley Bank’s UK Branch:
The days of large financial services businesses having a “one size fits all” policy and developing in-house systems are over. Instead, to avoid going out of business, banks must be able to make changes rapidly by partnering with or acquiring new FinTech businesses.
I agree that keeping pace with regulatory changes across global markets is essential for any FinTech business wishing to grow while remaining compliant. It is pleasing to see FinTech businesses developing solutions to help existing banks adapt to meet modern demand.