The finance sector is dominated mainly by advanced technological innovations that have influenced the way this sector functions. And, as the world moves away from traditional forms of banking towards an entirely online experience, it’s clear that the European financial services industry has also matured over the decades. Nowadays, banks and other financial solution providers are set out to redefine their processes, services, and how they interact with customers. In fact, fee-free payments, personalized services, and lending platforms have emerged as a must-have in financial solutions.
Banking and financial services are already using technologies like Artificial Intelligence and machine learning to reduce errors and offer a more streamlined digital banking experience to the consumers. And, as 2020 unfolds, these industries will continue to embrace these technologies to improve their productivity and efficiency further. Going forward, more organizations are turning towards blockchain to decrease fraud and manage both regulatory and audit concerns. Plus, blockchain integrated with more devices in the world of the Internet of Things (IoT) will expedite processes like asset and money transfers, payments, and investments and eliminate processing mistakes that cause delays. With technology like robotic process automation (RPA) software, machines make quick work of tedious and repetitive data entry, allowing financial institutions to focus on customer service improvements instead of being bogged down by data collection.
Moreover, due to the expansion of connected devices, the demand for high-quality internet connection has become particularly sharp. And, with the emergence of 5G technology, networks can now provide seamless and stable connections between devices and handle higher quantities of transactions and provide a reliable experience. Through the expansion of Platform-as-a- Service offerings, institutions can adapt to changing needs with customized infrastructure, allowing them to embrace cloud platforms fully. With a need for agility and an increased reliance on tech, traditional banking and financial institutions are continuously investing in and acquiring FinTech technologies. Besides, the rise of RegTech and InsurTech are providing conventional organizations a way to update their infrastructure and cut long-term costs.
In this edition, CIO Applications Europe has compiled a list of top 10 FinTech solution providers in Europe to guide banks and other financial institutions in harnessing the power of technology to tackle today’s banking challenges, reduce workload, and increase efficiencies, without compromising on the quality. We hope this issue of the CIO Applications Europe helps you build the partnership you and your firm needs to foster a technologically-driven financial environment.
We present to you, CIO Applications Europe’s, “Top 10 FinTech Solution Providers - 2020.”