Fintech, Fintech, Fintech. Marsha, Marsha, Marsha. Bank leadership can barely hold an executive meeting without the topic coming up. FI's need to be continually "in the know" about new tech offerings in the digital world.
Here are five savvy fintechs pushing the envelope on how we do business. #5. AI leveraged inventory management.
A London-based insurance agency allows its users to scan a room with their phone camera and, using AI, detects household items, auto-building an itemized insurance inventory. FI Mindset: This tech could improve collateral assessment and floor plan workflows.
#4. App-less banking.
Zelf's service offering is a long-term winner. Users control their finances without leaving their favorite messaging app using text commands and conveniently placed buttons. FI Mindset: Users are exhausted and overwhelmed with another app they need to download. Use existing platforms for less overhead and instant adoption.
#3. Carbon Based Banking.
Tomorrow, a German-based fintech built around sustainability uses Deposits made via the app to invest in sustainable projects like renewable energy. Users even have an option to zero-out their entire carbon footprint. FI Mindset: Merge customers' social awareness priorities with existing viable income streams.
#2. Foreign-based Twig allows users to sell unwanted items directly to the institution. Users can upload a photo and input key details about their goods (which can range from clothes, books, electronics), after which they'll receive a real-time asset valuation. Should the customer agree, the FI buys the goods directly and instantly credits' their account. FI Mindset: Business naturally flows to paths that remove steps, putting higher portfolio risk on current customers who rely on the middle-man income stream.
#1. Shopify Capital collects transactional data to pre-qualify businesses for capital injections. We know that freeing up cash flow is critical for a business. FI Mindset: Partnering with tech that holds forward-looking, actionable data can be more profitable than historical data mining. Do you need research on possible fintech offerings that could set your FI apart? Have someone in your back pocket. BackPocketCIO@Outlook.com