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FinTech | Unlock the Financial Possibilities

Alpha Tech Consulting GroupFinTech | Unlock the Financial Possibilities

What is FinTech?

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Fintech refers to software, algorithms and applications for both computer- and mobile-based tools. In some cases, it includes hardware, too—like smart, connected piggy banks or virtual reality (VR) trading platforms. Fintech platforms enable run-of-the-mill tasks like depositing checks, moving money among accounts, paying bills or applying for financial aid. They also encompass technically intricate concepts like peer-to-peer lending or crypto exchanges.

 

Banks use fintech for both back-end processes—behind-the-scenes monitoring of account activity, for instance—and consumer-facing solutions, like the app you use for checking your balance. Individuals use fintech for everything from tax calculations to dabbling in the markets, with no prior investing experience necessary.

 

FinTech Services

We help fintech experts, financial institutions, wealth management, banking and insurance companies transform their offerings with custom financial services software and fintech software for emerging customers’ needs, speed up time to market, compete by means of technology, find valuable business insights and enrich security of end-products.

Digital infrastructure

We can build a virtual cloud environment for your financial solution that supports complete functionality, decreasing infrastructure cost and eliminating downtimes.

Legacy apps migration

We migrate critical parts of your on-premise systems to the cloud, structuring the large volume of legacy data and the most critical features in secure warehouses.

Customer-facing apps and interfaces

We design user experiences for value-focused digital solutions in payments and banking, creating user flow that engages customers with your product.

Distributed ledger technology

We apply Blockchain technology to improve security and transparency for loan management and payment processing systems.

We provide customers with data-driven organizational insights that help turn data into actionable information through visualization. Our team has the experience and expertise with Tableau solutions to provide advisory, analytics, customer solution development, and more, including maintenance and operational support.

Artificial Intelligence (AI) and Machine Learning (ML)

Artificial Intelligence (AI) and Machine Learning (ML) are some of the most used technologies in fintech, offering the potential to play an even bigger role in the finance industry as developments continue. Some of the fintech applications of AI and ML include credit scoring, fraud detection, regulatory compliance, and wealth management, among others.

Blockchain

Blockchain technology is being adopted at a large scale in the financial industry, primarily due to its capability to securely store transaction records and other sensitive data. Each transaction is encrypted, and the chances of successful cyber-attacks are relatively low when blockchain technology is employed. Blockchain technology is also the backbone of many cryptocurrencies.

FintechService

Price

A key aspect of Fintech is with each innovation comes a potential reduction in cost, not just for businesses, but for the consumer as well. An example is UK fintech firm CashPlus, who with their Payments API (Application Programme Interface) innovation, have been able to potentially save companies 50% on transactions costs normally associated with the banks. This could mean multi millions in potential cost savings overall as the product can process simultaneous payments, saving time and money.

 

Speed

Many online or digital-only lenders can offer same day lending if an applicant is approved, and this is only possible due to the advancements of Fintech. The demand from consumers to be able to get the service they need in an instant is high, with 90% of banks expecting growth in the usage of mobile applications, with an increasing focus on ‘mobile-first’ to be able to reach out to consumers.

 

Accessibility

The rapid development of Fintech is also helping to bring new opportunities to increase transparency, reduce costs and also make information more accessible. Fintech is helping to ensure that this information is at a consumer’s fingertips.

 

Security

With speed innovations come the need for tightened security protocols, and Fintech innovations have had their influence on this too. One emerging innovation that follows the lead from the rise of smartphones using the technology, is biometric authorization. Being even more secure than a PIN, using your fingerprint to authorize payments and transactions is the next step in securing digital-only transactions in the future. Both Visa and Mastercard have trialed biometric bank cards in the last year and the signs are positive for future, widespread use.