Fintechs have developed bespoke and single application solutions to either incrementally advance or radically change a banks internal processes, usually with an improved customer experience, faster speed and at lower cost. This includes the digitization of existing processes or the redesign of these processes using technology
Media coverage of the fintech space has been dominated by innovative solutions that fit in “Horizon 3”, i.e. technologies that may provide substantial growth well into the future – a good example is the blockchain technology that may revolutionise the future of banking. The “Horizon 2” technologies also garner significant interest where there are incremental innovations, notably in the field of mobile banking and payment systems. “Horizon 1” technologies are largely ignored since it focuses on increasing performance to maximize remaining value.
However, a great deal of existing banking systems and processes account for a significant amount of costs. These range from digitation of paper processes to software to manage end to end processes. In particular, the banks have a large number of processes that have been designed to comply with regulations or for security purposes but seldom with the employee/user experience in mind. Several fintechs have stepped into the breach to design solutions that are largely invisible to the customer except that it may enhance speed and reliability.
The main areas of process automation include:
- Generic solutions – these are technologies that can be applied to most generic processes in the bank
- Specific solutions – these are designed specifically for certain areas, e.g. mortgages
- Lending – these are solutions that assist and enhance credit decisioning and management, which is a mainstay of banking
- Reporting – these solutions simplify the process of reporting
Generic process automation
- Autopilot is a web-based workflow solution that allows clients to automate their document driven processes
- Digitised and automated back office process system
Specific process automation
- Accelerated credit decisioning and management system
- Platform to simplify credit application process for non retail lending
- Automation of the complete supply chain financing process
- Web based workflow solution to manage the entire mortgage loan and collection process
- Using artificial intelligence systems to simplify and manage cash cycle management
- Efficient source-to-report banking reporting solution for finance teams
- Contact Terence Singh for specifics about any of the solutions mentioned above
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More on Matchi: Matchi is a global fintech innovation match-making firm, since 2013. Matchi has worked with over 100 leading banks and insurance companies (FIs) around the world, and has a database of over 2,500 fintech firms. Matchi provides both a highly curated portal of fintech solutions, as well as bespoke projects for FI clients to source targeted fintech solutions aimed at the FIs focus areas / pain points. The global Matchi team has run Innovation Challenges and Market Scans for multiple FIs around the world, in markets as diverse as Canada, Japan and India, as well as searches in other geographies.