Future of Fintech — Beyond Covid-19
Covid-19 has put GECKO in a unique position as it has highlighted to companies their need for oversight software in their companies, making FinTechs more topical than ever.
The pandemic has proved excellent at uncovering many opportunities, and in this case, the opportunity lies in the FinTech industry. Having executed the largest business continuity exercise of their history, the first lesson is the need for state of the art technology, ensuring that there is continued professional delivery of services in such volatile and pressurised conditions, while remaining highly responsive to increased information and data requests from regulators and other stakeholders.
Industry’s Reaction — Accelerating Digital Transformation
FinTech solutions cover a variety of operational areas from personal finance, payments, banking software, crypto assets and stablecoin, InsurTech and RegTech. The adoption and implementation of technology has accelerated throughout 2020, despite the continuing budget challenges that firms face.
According to Thomson Reuters Regulatory Intelligence survey, ‘FinTech, RegTech & the Role of Compliance in 2021’, 70% of firms reported the virus had increased their reliance on technological solutions, rising to 81% in financial service institutions globally. The survey represents more than 400 compliance and risk practitioners with a quarter of respondents reporting that boards along with risk and compliance functions needed to be more involved in FinTech solutions. In recent years, the main reasons for firms’ lack of involvement and why they had not deployed one was because of weaknesses in appropriate corporate skill sets, the limitations of existing IT infrastructure and ever-increasing regulatory requirements.
Adhere to ever-increasing regulatory updates globally -
Regulatory processes are increasingly being managed through technology. There are a number of areas that GECKO can alleviate that regulatory burden including: risk and compliance management, identity management, regulatory reporting and fraud management to name but a few. Built by a team of experienced former compliance and financial services employees, the GECKO team can provide firms with extensive financial expertise and knowledge as they navigate their technology implementation.
Enable a plug & play API centric environment -
Disruptive technologies such as cloud, open source, big data, Artificial Intelligence, API and Chatbots are being utilised more than ever, making information faster and easier to access and distribute. Artificial intelligence and its underlying driver, machine learning, have the potential to revolutionise many aspects of business, and financial services is no exception. These technologies have been available however in 2020, we saw rapid, widespread adoption of digital tools for everyday tasks due to remote working and dependence on software.
At the heart of this digital transformation we expect it will be the migration to an “API economy”. This is the combination of business models and processes designed around the use of APIs in today’s digital environment — increasing connectivity, improving existing services, and allowing firms to work and interact more efficiently.
GECKO is an API centric software solution based on the secure access and exchange of real-time high-quality data with a highly experienced team that ensures clients are utilising it’s capabilities to its full potential — API will play a pivotal role in meeting this demand.
Automated compliance -
RegTech solutions will not only alert compliance managers to risks in real-time so they can be eliminated immediately but will strengthen compliance with streamlined business operations across your entire organisation and on-going cost savings and efficiencies. The possibilities are endless and the cumbersome and costly task of navigating the increasingly complex regulatory environment will continue to generate more innovations in this field.
To conclude, lessons learned in 2020 have been to adapt, diversify and collaborate. Now that the world has realised the true potential of digital transformation, greater business opportunities will emerge for FinTechs in many areas such as digital payments, RegTech, and InsurTech among others.
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