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Many financial institutions struggle with deciding where they should focus their strategic modernization efforts. Should they prioritize back-office and core capabilities or more strategic front-end and point solutions? Trying to choose the best option often leads to significant resource use and major inefficiencies. With rapidly changing customer expectations driven by generational shifts in technology, this struggle means that financial institutions need to quickly rethink their approaches to modernization and innovation if they hope to remain competitive.
This is where fintech enablement comes in. Fintech enablement empowers financial institutions to access and leverage new technology and tools to improve operational and decision-making processes, in turn offering streamlined products and services to their customers.
What is Fintech Enablement Platform?
Designed to accelerate the launch, servicing and expansion of financial solutions and new customer journeys, a fintech enabled platform is a technology infrastructure that serves as an operating system to implement the many capabilities of fintech enablement. They can often be thought of as a one-stop-shop for all financial technology solutions including digital wallets and payment gateways.
Fintech enablement platforms are also uniquely designed to integrate with existing systems in a cost-effective manner to achieve a seamless transition. They include prefabricated and modifiable components that can be deployed quickly in a more agile and responsive manner than most traditional systems. Built to be highly scalable and customizable, the Fintech Enablement Platform allows businesses to address the needs of their customers now and in the future.
5 Key Components of Fintech Enablement Platform
There are several key components that can typically be found within a fintech enablement platform. If you are thinking of partnering with a fintech enabled platform provider, make sure they have these five components.
1. Product Definitions and Components in Important Product Areas
Having well-defined product definitions and components across key product areas such as lending, savings, mortgages, insurance, payments and embedded finance ensures that the platform is clear and consistent for all involved.
2. Data models that sit on top of existing data sources
For data sources such as legacy core and open baking, having a data model built on top of existing data sources enables the platform to integrate with a wide range of data sources, including legacy systems, cloud services, and third-party APIs.
3. Ability to Create Customer Journeys
Effective fintech enablement platforms should have the ability to create customer journeys that use embedded automation and streamline both workflow and customer experience, giving the platform a more personalized feel and gathering valuable insights about user behavior.
4. SaaS Ecosystem Connectors
SaaS ecosystem connectors that can be orchestrated across the customer journey and bring external innovations into the mix, leveraging the latest software innovations in a cost-effective manner.
5. Self-use tools
Self-use tools that allow non-technical staff to build, service, and update solutions using little-code or no-code can reduce turnaround time and cut costs for simple changes or customizations can do.
Getting Started with Fintech Enablement
Whether you are a large financial institution or new to the market, a Fintech enablement platform could be the solution you are looking for. learn more Here,
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