DEFINITION
Fintech
Fintech, which stands for Financial Technology, refers to the use of innovative technology in the financial sector. Fintech companies leverage specialized software, platforms and tools in order to improve the efficiency, convenience and accessibility of banking and finance processes. Some notable examples of modern fintech trends include digital portals, the use of automation, AI, and the blockchain.
Synonyms
Financial Technology, digital finance
Acronyms
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Synonyms
Financial Technology, digital finance, banking technology solutions
Acronyms
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Examples
Atfinity is a fintech company that offers banks and other financial institutions an easy way to automate key processes, such as onboarding and loan origination, and orchestrate their entire tech stack. Atfinity can also be integrated with select partner fintechs for added functionality, such as SaasCada for core banking, Scrive for e-signatures or Tagit for mobile banking.
FAQ
How have fintechs affected the banking industry?
Fintechs have introduced many innovations in the finance sector that have forced many banks to upgrade their current system. Notable examples are mobile banking, embedded finance, and utilizing automation and AI for processes such as onboarding and KYC/KYB.
What are some examples of fintech services?
Fintechs typically offer solutions for specific processes. For example, Atfinity’s clients use our software to automate their onboarding process. However, we also offer Client Lifecycle Management, loan origination, and KYC/KYB solutions.
What challenges do traditional banks face from fintech companies?
The main challenge more traditional banks now face due to the rising popularity of fintechs is that customers expect a lot more. Therefore, many banks are forced to implement features such as mobile banking or self-serve portals in order to stay competitive.
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worldwide trust Atfinity to drive their digital transformation.
Book your demo today and see why leading financial institutions worldwide trust Atfinity to drive their digital transformation.