Foreword

Cover Story

The Future of FinTech lies in Open Finance, Data, Artificial Intelligence and Machine Learning

The financial industry is undergoing a fundamental transformation. The central driver of digital transformation is the dramatic change in customer behaviour and the associated changes in demands, which traditional players in the financial sector are often no longer able to meet.

With the increasing presence of FinTech in the larger ecosystem of things, and not just in the domain of digital banks and services, Intellect was quick to recognise that the key to meeting radically changing customer needs and the increased demands on products and services, lies in coherent collaborations between financial service providers and FinTechs, along with the establishment of a functioning ecosystem. Such ecosystems bring together the best of both worlds and enable a clear focus on the future. Now, FinTech is playing an increasingly greater role in blockchain technology, insurance, alternative finance, regulation and even Robo-advisors and personal finance.

To keep up with these fast-evolving customer expectations, our solutions are now all API-led, which enables them to rapidly integrate banking data with new digitised and personalised online applications. This empowers our customers to respond much more quickly to their customer’s expectations, tailor new innovative and customised experiences, and attract and retain desirable relationships with more ease.

Similarly, Cloud technology has advanced the banking and finance sector, for it to have much more flexible and agile business models that are focusing on their growth to accelerate the process of innovation in banking. Our cloud-native solutions are helping our customers reap benefits like data management opportunities, reduced operational cost, automated analysis systems, customer service, business continuity, scalability and overall improvements to business efficiency.

For us and our customers, the most important goal is delivering a superlative customer experience. For every financial institution that partners with us, this is assured, as our solutions harness the power of Artificial Intelligence and Machine Learning. Artificial Intelligence technologies are becoming increasingly integral in this evolving world, and have become a need for financial institutions to remain relevant.

Based on these current and emerging trends, it is apparent that the future of banking is increasingly becoming more ‘open’. This growth also includes a wider spectrum of financial products that is known as ‘open finance’. Open finance looks to move beyond the realms of traditional banking operations that we have known for decades, to include areas such as investments, unsecured lending, pensions, insurance, and home loans. It connects deeper with customers by leveraging third-party capabilities to access data across customers’ full financial lives.

Once again, Intellect is proud to have started down the path of open finance earlier than competition. Upon accurate analysis and assessment of markets, Intellect was able to predict the rise of these trends early, giving us the chance to integrate these technologies into solutions before any other FinTech, and to have the golden opportunity of pioneering the world’s largest cloud-native, API-led, microservices-based, multi-product FinTech platform.