Top Revolutionary Fintech Companies Transforming Business in 2021

ISSN 2582-127X

SEPTEMBER 2021

TOP Revolutionary

FINTECH COMPANIES Transforming Business in 2021

Successful CEOs: Four Essential Qualities that Matter With the Right Business Leadership, Companies Reap the Rewards

CLAIMATIC Claimatic's SaaS to Transform the Insurance Industry

Larry Cochran Founder

Trends for the Future of the Fintech Industry - 2021 and Beyond

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ccording to the Global Fintech Adoption Index 2019, fintech adoption was doubling every two years before the pandemic struck. From 2015 to 2019, the industry grew from 16% to 64%. This growth can be credited to fintech's developed agility compared to brick-andmortar financial institutions. When the world was struck by the COVID-19 pandemic, fintech became an essential sector for businesses to survive the chaotic times. The true power of fintech enabled the rapid migration to digital payments at a time when even the skeptics had no choice but to embrace the new transaction solution. This digital transformation of the finance industry is expected to grow and continue in 2021. If 2020 was about the adoption of fintech, 2021 and beyond will be about innovation and survival.

During the onset of COVID-19, convenience became a priority for people to buy goods and services.

Social distancing and quarantine made people inevitably embrace contactless fintech solutions.

According to a survey conducted by the Nation Retail Federation in America, 19% of people made their first contactless payment in May, at a time when locals were hoarding hand sanitizers and grocery packages. In 2022 and beyond, this desire for convenience will continue with newer demands from the public, that is what fintech companies should be prepared for.

Another transformative application of fintech that will leverage this industry is bringing the “unbanked” closer to financial services. As per The World Bank Group's Global FIndex Database, approximately 1.7 billion adults lack a traditional banking account of any sort, be it from a financial institute or a mobile money provider. Now banks and government agencies can collaborate with fintech companies to help bring more people in the economy closer to a system by providing them access to new fintech solutions.

For all the right reasons, the world is discussing sustainability at all levels. With every industry trying to become more environmentally friendly, the finance industry can also become inclusive by innovating the fintech route. As more awareness is being spread about the environmental crisis, the majority of the people believe that their banks should actively contribute to help the environment and their credit and debit cards should be made of eco-friendly materials. For fintech companies, this is an important trend to keep in mind for any customer-facing projects.

From convenience, bringing “unbanked” people closer to the system, and sustainability, these trends come from the needs and concerns of the customers and the communities of health and hygiene. As an encouragement, fintech organizations across the world should use these trends to address some of the most pressing concerns of our time. Keeping the future in mind, innovation should accelerate towards satisfying the wants and unforeseen requirements of the people and society. No one expected the fintech boom to happen in 2020, but the pandemic was an unforeseeable crisis that made it happen. With the right strategy for the future, fintech organizations should lay a solid foundation for continued growth with futuristic features.

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Editor-in-Chief

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COVER STORY

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CLAIMATIC

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AXLETREE SOLUTIONS

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CONNECTPAY

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OPEN BANKING EXCELLENCE

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MONETA MARKETS

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PINCAP

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PROFINCH SOLUTIONS

ARTICLES 18

Eight Emerging Technologies That Are Shaping FinTech Industry In 2021

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The Impact of Fintech Companies on Investment Planning

COVER STORY

Claimatic's SaaS to Transform the Insurance Industry

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laimatic, a SaaS solution that integrates with insurer claims management systems to automate the claims routing process is helping to transform the insurance industry.

Founded in 2006 by Larry Cochran with a mission to take advantage of new technology to assist the insurance industry through the process of vendor consolidation, Claimatic now manages thousands of resources to quickly evaluate claims.

How It Started Claimatic was born out of necessity, specifically as an answer to the technology infrastructure challenges faced by insurance adjusting firms. Recognizing that getting the right claim to the right person as quickly as possible is very difficult when dealing with large volumes of claims, Cochran saw a need for improved structure and process. As decision processes and workflows can quickly become error-prone and inefficient leading to increased cost and frustration for all parties involved, Claimatic sought to simplify the process.

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Larry Cochran Founder

Claimatic

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The main thing we hear from claims ops people is that Claimatic has simplified the very complex process of automating the matching claims and resource management, without needing consultants or IT. Larry Cochran Founder, Claimatic

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What It Solved Creating an algorithm to automate the claims process, Claimatic was able to streamline claims distribution based on real-time dynamic data. Claimatic seamlessly integrates with existing claims and human resource systems as a plug-in to intelligently and dynamically distribute claims, instantly and consistently.

Unlike most claims systems, Claimatic provides powerful predictive analytical tools using historical data allowing for continuous improvement of claims distribution and management.

Its SaaS has helped speed up the response time for carriers contacting their policyholders after a claim. As the most vulnerable part of the claims process, Claimatic has added value to the process through transparency which in turn has improved the customer experience and reduced internal costs and resolution time.

Claimatic's innovative SaaS solves the problem of “the last mile in insurance.” The claims industry has previously been plagued by slow and disjointed processes. With Claimatic's

technology, notoriously siloed departments come together with an integrated solution that makes the implementation process quick and easy.

“The main thing we hear from claims ops people is that Claimatic has simplified the very complex process of automating the matching claims and resource management, without needing consultants or IT,” says Cochran.

Additionally, Claimatic reduces costs related to claims and resource management. Many managers have noted how much faster and consistently they are able to get claims out and in the right hands to help their customers, especially during critical catastrophic events.

“Enterprise sales cycles are typically long and arduous, so the sales team has to be aggressive yet patient to successfully navigate those journeys. Hiring the right executive team is incredibly important because when you get the right people in the right seats, results happen,” says Cochran.

What This Means for Fintech FinTech is going to become much more “consumer-sized” and that poses a big question: Will tech continue to allow data to be bought or will consumers have the opportunity to control their own data?

Cochran believes Claimatic is the answer, at least when it comes to the insurance industry.

“Simplicity, transparency, and control are what everyone wants, whether you're buying a pair of shoes or dealing with a claim. Using intelligent automation to accomplish this is a progressive process that Claimatic is at the very forefront of and has been building for over a decade now. www.analyticsinsight.net

As we've knocked down the early, large barriers, we continue to work our way to the more subtle and discreet opportunities to automate that will eventually lead to a world where you might file a claim and within 24 hours, not only have your claim addressed but your home or car being repaired or restored right away. After all, that's really all people want with insurance - to be relieved of their problem and put back to where they were before it happened with the least amount of inconvenience,” says Cochran.

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Claimatic

ConnectPay

Larry Cochran

Marius Galdikas

Founder & CEO

CEO

Claimatic is a SaaS solution company that integrates with insurer claims management systems to automate the claims routing process and is helping to transform the insurance industry. Founded in 2006 by Larry Cochran with a mission of taking advantage of new technology to assist the insurance industry through the process of vendor consolidation, Claimatic now manages thousands of resources to quickly evaluate claims.

ConnectPay is one of the fastest-growing Electronic Money Institutions (EMI) in Lithuania, the leading fintech hub in continental Europe. The company’s prime focus is on providing banking payment services to business and institutional clients. SEPA & SWIFT payments, multicurrency accounts, corporate cards, and merchant accounts are its most popular services.

ConnectPay’s top priority is to simplify banking processes and enhance user experience.

www.claimatic.com

www.connectpay.com

Open Banking Excellence

Moneta Markets

PinCap

Helen child

David Bily

Praveen Sinha

Founder

Founder

Founder

TOP Revolutionary

FINTECH COMPANIES Transforming Business in 2021 Profinch Kiran Kumar, Jaskaran Singh & Ashok Kumar Co-founders & Executive Directors

Open Banking Excellence (OBE) is a network of open banking and open finance pioneers, including fintech, banks, regulators, and big techs, who come together to streamline broader implications of open finance. It is a global center of community and knowledge.

OBE creates exceptional platforms and content that promote new thinking and partnerships within the industry, catalyzing the adoption of open finance and data for be er financial inclusion worldwide.

Moneta Markets, a subsidiary of the Vantage Group of brands, offers traders of all levels unrivaled access to 350+ currencies, indices, commodities, share CFDs, and crypto markets on the powerful MT4, MT5, and nextgen WebTrader platforms.

Being a FinTech company at heart, the company has been built from the ground up using the most technologically advanced trading infrastructure to provide unmatched trading conditions, stability, and security.

Pinnacle Capital Solutions Private Limited (PinCap) is a Gurgaon-based Non-Banking Financial Company (NBFC) and one of the seven NBFCs that are into factoring business in India. With the availability of data and advanced AI, PinCap has emerged as a technologyled data-driven company that has enabled various industry verticals to leverage their expertise to scale new-age financial solutions. The company provides massive opportunities to empower digital lending in India.

Profinch is a bootstrapped Indian Fintech company founded in 2014. The company enables the 360-degree transformation of core operations, processes, digitization, data for banking, financial services, and insurance institutions, all by employing trendse ing practices and technologies that help customers to achieve their immediate and strategic goals. Profinch currently works with more than 100 financial institutions across 50+ countries with 5 Fortune 2000 / Billion $ corporations as customers.

www.openbankingexcellence.org

www.monetamarkets.com

www.pincap.in

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Axletree Solutions

Klarna

Green Dot Corporation

Robinhood

Mohan Murali

Sebastian Siemiatkowski

Daniel R Henry

Vlad Tenev

President & CEO

Co-founder & CEO

CEO & President

Co-founder & CEO

Axletree Solutions is a popular fintech company providing automated financial connectivity, enterprise integration, and treasury management for all types of financial institutions. It is focused on delivering missioncritical services across the financial transaction ecosystem by leveraging cu ing-edge technologies. The company stands for stability and dependability to gain a competitive edge in this techdriven market. Axletree Solutions helps banks and businesses get future-ready.

Founded in 2005 in Stockholm, Sweden, Klarna aims to make it easier for people to show online. For the past fifteen years, the company has evolved, excited, and transformed the commercial space by making paying simple, and same, and above all, smooth. Klarna offers direct payments, pay after delivery options, and installment plans in a smooth one-click purchase experience that lets consumers pay when and how they prefer to.

Green Dot Corporation is a financial technology and registered bank holding company commi ed to transforming the way people and businesses manage and move money. It makes financial wellbeing and empowerment more accessible for all. Green Dot’s proprietary technology enables faster, more efficient electronic payments and money management, powering intuitive and seamless ways for people to spend, send, control, and save their money.

Robinhood was founded on a simple motive to democratize finance for all. The company believes that everyone should have access to the financial markets, so it builds solutions to make investing friendly, approachable, and understandable for newcomers and experts alike, regardless of wealth or industry knowledge. Robinhood leverages commission-free investing and sophisticated tools to put customer’s money in motion.

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www.klarna.com

www.greendot.com

www.robinhood.com

Mohan Murali President and CEO

Axletree Solutions

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Reigning Fintech Ecosystem with Innovative Connectivity Solutions

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xletree Solutions is a global fintech company providing automated financial connectivity, enterprise integration, and cash and bank account management for all types of financial institutions. It is focused on delivering mission-critical services across the financial transaction ecosystem by leveraging cutting-edge technologies. The company stands for stability and dependability, providing reliable solutions for their clients in this tech-driven market.

The Fintech industry is determined to transform the financial sector with smart and efficient functionalities and innovative solutions across the world.

Journey To Impressive Endeavors Axletree Solutions helps banks and businesses get future-ready. For over 20 years, Axletree Solutions has been trusted by organizations around the world, including industry-leading Fortune 500 companies.

The company ensures that these organizations can effortlessly connect with global payment ecosystems through their market-leading technology, longstanding industry expertise, and the latest global standards that seamlessly connect with their internal systems.

The single-window connectivity solutions, any-to-any financial messaging integration and automation, cash and bank management, business intelligence

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services, etc. provide digitization and workflow optimization with cost savings, enhanced directly for their clients.

Perfect Placement of Securing Operational Success Axletree's mission has always been to secure the operational success of banks and businesses by leveraging comprehensive and future-proof solutions to manage their financial messaging with optimal efficiency.

As an innovative leader in the financial connectivity and automation solutions industry, Axletree has been providing trusted service and global support to clients around the world for 20 years, with over USD 50 billion worth of transactions flowing through their systems daily. The previous logo symbolized their stability and reliability, with the globe representing the company's clientele, and the banyan tree with its prop branches representing Axletree's robust worldwide support and services. Axletree's new logo represents the company's growth and evolution, with the all-encompassing banyan tree portraying the commitment to a strongly rooted foundation of experience and trust.

Inquisitive and Experienced Fintech Leader At the helm of Axletree is Mohan Murali, President and CEO of the company since its inception. Mohan has been at the forefront of financial technology

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Each offering is rooted in Axletree's core values of providing valuable expertise, exceptional experiences for clients around the world, and helping them manage and leverage disruptive technologies.

Mohan Murali President and CEO, Axletree Solutions

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innovation for the last 25 years, building and leading teams of fintech experts and consultants to pioneer industry-first and customer-centric financial solutions.

Mohan is driven to deliver a best-in-class experience to Axletree's clients, ensuring peace of mind and securing continued financial operational success for their organizations. Under his leadership, Axletree has earned a renowned reputation in the fintech industry for its top-of-the-line solutions, masterful use of technology, 99 percent client retention, and 24/7/365 reliable global support.

Embracing Technology for Innovative Solutions Axletree plays a key role in the fintech industry, with its innovative technology solutions playing a positive role in economic growth. It provides bank and nonbank institutions with the tools and infrastructure they need to optimize their financial transactions for processing speed, efficiency, communication accuracy, and proper compliance reporting – all of which are key in maintaining a competitive advantage in the global financial ecosystem.

Disruptive Technology with Valuable Expertise Each offering is rooted in Axletree's core values of providing valuable expertise, exceptional experiences for clients around the world, and helping them manage and leverage disruptive technologies. It is captured in the new logo's interconnected branches that join to form a world connected through technology, at Axletree.

Establishing Through Rebranding At the heart of Axletree is the aim to provide cuttingedge innovative solutions to help clients comprehensively manage their end-to-end payment lifecycle needs and provide peace of mind through their expertise and reliability. Axletree's new logo doesn't only signify its rebranding but also is an embodiment of their deeply rooted expertise in helping clients to face the nuanced challenges of the financial transaction ecosystem. The prop branches of the banyan tree rooting back into the ground represent the company's range of fintech solutions for their clients, and how each helps to firmly root and support the company in their mission to provide

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peace of mind to all their stakeholders.

Staying On Edge Despite Challenges These trusted solutions have been refined and refreshed to address changes occurring across the market. These include an automated cash and bank account management software, a connectivity solution that integrates seamlessly with SWIFT and other financial networks, a financial transformation service that communicates with counterparties' unique internal systems and instructions in any format, and the ability to leverage data in real-time and provide visibility into deeper financial analytics.

The company's Professional Services offerings tackle other independent and current needs of the industry.

For example, Axletree is currently transitioning organizations to the new ISO 20022 messaging standard, and is also executing the SWIFT Customer Security Program (CSP) independent assessment to help secure organizations' compliance with SWIFT's security protocols.

Contributing To Community: Global Recognition Axletree has received market recognition and numerous awards for its exceptional work in enabling digital financial transformations, such as being recognized in IndustryWired magazine's “Top 10 Most Trusted Brands Rising to the Top in 2021”. They were also recognized by TIE as one of the “Top 100 Companies Founded by Indians in the USA”.

Established as the first SWIFT Service Bureau for Banks and Corporates in North America, Axletree was the first certified SWIFT Service Bureau in the Americas region, the first Service Bureau in the Americas to receive the SWIFT Premier Operating Practice Label in 2014, and the only approved partner of FIS for implementing Prime Compliance Suite.

Next Moves to Expand Brand Axletree has established a global presence with offices in the United States, India, and South America. Soon Axletree will be extending its presence into key markets, including Asia, the Middle East, and Europe as well. It stands ready to innovate and adapt to changing industry and consumer landscapes while staying rooted in the commitment to secure peace of mind for all stakeholders.

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Marius Galdikas CEO, Lithuania, Europe

ConnectPay

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Shaping the FinTech Industry with Innovative Solutions

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ithin three years of its launch, ConnectPay is already one of the fastest-growing Electronic Money Institutions (EMI) in Lithuania, the leading fintech hub in continental Europe. The company holds a secure second position among 80 Lithuanian EMIs by the volume of operations and third by the customer funds held in the account. ConnectPay's prime focus is on providing banking payment services to business and institutional clients. SEPA & SWIFT payments, multicurrency accounts, corporate cards, and merchant accounts are their most popular services.

Aiming to Build a “One Stop Shop” For The Clients Licensed in 2018, ConnectPay has grown from a team of 5 to a strong fintech family of 75! The company has increased its monthly payment turnover from 422 million in June 2020 to 918 million in June 2021.

The company stands for “Banking made easy” and their top priority is to simplify banking processes and enhance user experience. An integral part of the “Easy Banking” approach is the company's aim to build a “One Stop Shop” introducing all banking services under one roof.

Featuring a large and extensively experienced compliance team, the company can offer deep knowledge of different legal jurisdictions and industries. Even if it takes extra time and human resources to evaluate every case individually, www.analyticsinsight.net

walking that extra mile is what helped to build the company so fast.

A Leader Turning Vision into Reality Marius Galdikas joined ConnectPay at a very early stage of the company development, helping build it from scratch by leading the technology department.

In less than a year of successful growth, Marius' CTO position acronym was complemented with the letter 'E'— making him the company CEO. Marius has always had a clear vision of turning a niche EMI into billion worth fintech organization with a wide range of services.

Besides being a technology-driven fintech enthusiast, Marius is also an example of pure positivity. He promotes simplicity and easy-going communication, along with a fair and respectful approach towards everyone. Marius' lifestyle is also a rare example of well managed work-life balance — he's a Thai Box enthusiast, kite-surfer, father of three & CEO. ConnentPay's Unexcelled Contribution in the Fintech industry ConnectPay closely cooperates with the Bank of Lithuania & the “GovTech Lab” agency to deliver time and effort-saving RegTech solutions. The goal is to automate regulatory reporting by enabling market participants to send microdata to the regulator in real-time, saving costs and time for both parties.

ConnectPay largely contributes to the Lithuanian economy — the company has paid 425K in taxes

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The real impact of AI usage in the digital payments market will reveal itself over time. It shows a wider implementation of AI-driven integrations is inevitable, as it carries the promise of nextlevel actionable solutions that would sustain the growing demand for digital payments.

Marius Galdikas CEO, Lithuania, Europe, ConnectPay

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during Q1 2021, which is 111% more than the same period last year.

Impact of Advanced Technology in Fintech According to Marius, Big tech cloud providers, such as Amazon or Google, have played a major role in the rapid and efficient development of innovative cloud solutions and services. However, there has been rising chatter about the unbalanced concentration of power as a result of this everincreasing migration of sensitive business data to the cloud. While security warnings might lead some companies to deploy a private cloud, Marius believes, in terms of risk, setting up infrastructure that matches the standards of big tech from scratch is a difficult and expensive undertaking and, at the end of the day, probably will prove to be a riskier choice than choosing a public service.

Public cloud providers, big tech included, have significantly contributed to innovation in the finance sector, whereas IaaS and SaaS solutions are usually the building blocks of every new company. Moreover, public cloud streamlines scaling, enabling to bypass capacity issues or sinking millions into underutilized infrastructure upfront.

When it comes to Artificial Intelligence driven technology, it is gaining momentum in the digital payments market, both in backend operations and customer-facing payment systems. For example, a face-powered payment confirmation system helps to decrease customer effort in restaurants and shops to the bare minimum, which improves the experience. Furthermore, AI-based solutions are gaining more attention as they can assist with recognizing patterns and exceptions, minimizing fraud for complex, high-volume transactions. Human error is one of the more pronounced weaknesses, so using task-specific AI to recognize dubious transactions will have a significant impact on the overall fraud resistance of digital payment systems.

Without a doubt, the real impact of AI usage in the digital payments market will reveal itself over time.

That being said, it seems a wider implementation of AI-driven integrations is inevitable, as it carries the promise of next-level actionable solutions that would sustain the growing demand for digital payments.

service provider by the Mare Balticum Gaming Summit in 2019 and again in 2020. Also, the company's deputy CEO Agne has been recognized as the Rising Paytech Star by Paytech Awards in 2020.

ConnectPay was also recently named as one of the Best Fintech Companies to watch in 2021 by the Silicon Review.

When it comes to important and meaningful initiatives, ConnectPay has recently partnered with Wise and other fintech companies like N26, Revolut, Monese to tackle the IBAN discrimination issue.

Additionally, the company has joined the Tech Zero task force to help fight the climate crisis and contribute to positive environmental change.

Challenges and Drawbacks One of ConnectPay's strategic goals is to utilize open banking via merchant API that is powered by Payment Initiation and Account Information services (PIS/AIS). Open banking and the PSD2 directive have changed the banking sector dramatically by enabling and regulating the provision of access to client data to third-party providers. However, to have it working in practice, ConnectPay is faced with some major challenges such as: Regulation interpretation & implementation differentiation per country/specific banks.

Showcasing a universal integration that could be cloned country by country, bank by bank seems plausible but does not work in practice.

Lack of integrity in data and technical requirements throughout the market as PIS/AIS service implementation is still an object of interpretation.

Digital Currencies: Future of Fintech Industry When it comes to the ever-changing world of fintech, users are constantly looking for fast & simple solutions. Therefore, the revolutionary future of digital banking and the whole fintech industry is moving in that direction. Marius believes that cryptocurrencies and such initiatives as central banks' digital currencies are going to irreversibly change the world of fintech.

Valuable Achievements and Partnerships ConnectPay has been awarded as the best payment www.analyticsinsight.net

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Eight Emerging Technologies That Are Shaping FinTech Industry In 2021

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ithin a decade FinTech organizations have utilized innovation, inventive cultures, excess to data, and progressed analysis to change the financial ecosystem. From payments, infrastructure, and access to financial services to distribution and sustainability components, solutions from FinTech firms have impacted everything in the banking sector.

Big Data Joined with artificial intelligence, big data uses all old and new information to find hidden designs for better fraud detection and risk management. Apart from this big data insights help banks to understand customer behaviors and create products and services as per their needs.

Artificial Intelligence (AI) At first, traditional banking providers viewed FinTech solutions as competitive threats. But that didn't stop developing FinTech firms from impacting the action plans of legacy banks and credit associations, there is an expanding trend to team up with FinTech suppliers for faster development of advanced solutions desired by both purchasers and organizations.

The eagerness of users to try new computerized finance services developed drastically because of the pandemic, speeding up innovation within the financial sector. With the admittance to branches shut down, both conventional and non-conventional banking service providers expected to respond to the requirement for a quick, consistent solution that made banking simpler.

Many emerging technologies in the FinTech industry directly impact the delivery of retail banking products and services.

These trends (and others) should be considered as essential planning measures as every technology has an uplifted degree of urgency as a user and business banking practices keep on evolving.

Here are eight innovations that will cause a significant impact on the financial industry in the future:

Mobile Banking Mobile banking has made significant progress: from SMS Banking, which initially showed up in 1999, to the present smartphone banking applications that let you perform digital payments and manage banking and financial services from anywhere and everywhere across the globe. Along with that mobile banking also provide an end-user interface in order to increase the horizons of Banking-as-a-Platform.

Blockchain A cryptocurrency is the main reason due to which the majority of people got acquainted with the blockchain. Apart from utilizing cryptocurrencies for private and quick online transactions, blockchain gives a secure, transparent, stable, and dependable ledger to report agreements, transactions, and records.

Technologies like blockchain bonds, blockchain clearing, and settlement frameworks have effectively been utilized to make intra-bank and inter-bank transactions less expensive and quicker.

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Artificial intelligence assists banks examine their big data in order to enhance the quality of solutions and decision-making.

The latest AI trend is to utilize intellectual capacities to go through a pile of unstructured content and data to produce more insights. In the future, AI chatbots or virtual assistants can perform repetitive activities, like performing small transactions, giving financial guidance to clients, and more.

Regulatory Technology (RegTech) Companies use regulatory technology or RegTechs to improve their ability to monitor, report, and comply with regulatory requirements. With the help of big data, cloud computing, AI, and predictive analytics, these start-ups are able to automate compliance tasks, reduce risk fraud, perfect authentication and identity management. Regulatory technology can also help banks to increase transparency and consistency while reducing the expenses of compliance.

Biometrics When it comes to data safety and security, biometric technologies are the most trusted innovations of all time. Why? Because they use physically unique features of a person that includes fingerprints, retina, face, voice, and other forms of recognition to improve security and identity verification that helps banks to safeguard their customers, avoid cybercrimes, and more.

Open Banking Application Program Interfaces (APIs) Open Banking Application Program Interfaces (APIs) will affect the traditional banking model more than any innovation.

Through open APIs, banks give clients and partners more transparency and admittance to banking information and empower the making of new value chains and administrations.

Up to this point, Banking-as-a-Service was viewed as the principal model of how FinTech start-ups influence Open APIs to make new administrations and products that further develop the financial experience for buyers and create esteem. But Bankingas-a-Platform is now the next Open API model, which permits banks to give curated different third-party financial services to clients. Also, banks can hold control of client information and guarantee the best quality services on their platform.

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David Bily Founder

Moneta Markets

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Transforming the Financial Landscape with FinTech Revolution

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oneta Markets, a subsidiary of the Vantage Group of brands, offers traders of all levels unrivalled access to 350+ currencies, indices, commodities, share CFDs and crypto markets on the powerful MT4, MT5 and next-gen WebTrader platforms. With the lowest trading costs in the industry, traders can access the most liquid instruments with true ECN spreads from 0.0 pips on Forex and indices.

Journey in the FinTech Industry Being a FinTech company at heart, Moneta Markets has been built from the ground up using the most technologically advanced trading infrastructure to provide unmatched trading conditions, stability and security. Since its inception in 2019, Moneta Markets has grown to be recognized for its superior trade execution, low trading costs and award-winning customer service, catering to both novice and professionals alike. By partnering with the technical leaders in their space, the company has become the preferred online broker, offering seamless integration between its MT4, MT5 and WebTrader platforms, and account funding in 20+ cryptocurrencies with local regional deposit and withdrawal options for countries around the world.

A Transformational Leader Founder, David Bily started Moneta Markets with one primary objective - leveraging technology and streamlining every step of the trader's journey to create the ultimate trading platform. Every other FX broker in the industry has failed to evolve with the emergence of new technologies, which results in each component required being disjointed. Having www.analyticsinsight.net

spent over a decade transforming Vantage FX into one of the biggest and most reputable brokers in the industry, there were some key learnings as to where the traditional broker model could be improved, and based on this David, founded Moneta Markets with the intention of transforming the landscape and to set a new benchmark for FX and CFD brokers to aspire to.

Obstacles That Came on the Way to Success A lot of what the company has built and are building has not been done before. Naturally, being a pioneer in the FinTech space has presented some monster challenges, but Moneta Markets has never been afraid of monsters. When the company hits a roadblock with a component or product that it is building, it finds a way around it, which often leads to creating a better solution. This is how the company is able to continue to better itself, to continually meet and exceed the expectations of its clients and peers. Another ongoing challenge, industry wide, is ensuring that the company meets the highest level of regulatory compliance. The industry has seen its fair share of criticism, so by maintaining complete transparency and strict adherence to the regulations of various jurisdictions the company is able to reassure its clients that their data and funds are safe and that it is offering a secure trading environment with the best trading conditions.

Passing the Milestone of Success Moneta Markets has partnered with leaders in the FinTech space to build a true all-in-one platform that is at the technological forefront of the industry. This enables a significant improvement in the client's

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In finance, every touch point matters, and it takes a wellexecuted user experience to build brand trust. As an industry leader, it's never been more important that we continue to adopt customer-centric FinTech solutions to stay ahead of the pack.

David Bily

Founder, Moneta Markets

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user experience and enables Moneta Markets to reduce any overhead costs which the company can then pass on to clients by offering some of the lowest spreads in the industry. Moneta Markets has partnered with Panda TS, Adobe, Praxis, and other industry leaders to improve every aspect of the traditional broker model, creating a seamless experience for clients, partners, payment gateways, liquidity providers and the Moneta Markets back office and operations team. The result is a brokerage that is recognized industry wide as a technological leader, and this continues to be built upon and further improved.

Achievements Through the Past Years Despite being a relatively new broker, Moneta Markets have achieved recognition in the industry by being awarded M&A Today's 2020 winner for Best Customer Support, CV Magazine's 2020 Most Advanced Web-based CFD Trading Platform, and AtoZ Markets' 2021 Best SouthEast Asian Broker.

Moneta Markets has also been featured in case studies by Panda Trading Systems and Adobe and is regularly featured in industry publications. Having quite rapidly amassed a sizable network of clients and partners, the feedback has been overwhelmingly positive and constructive. Of note is the feedback regarding the all-in-one WebTrader platform. It features everything a trader needs to open an account and start trading in just minutes.

Everything is largely automated which includes streamlined onboarding, funds management, and trading functionality. As a client-centric broker, it's important that the company listens and takes on board what the clients are saying. This has led to the company integrating with local regional deposit methods, increase the company's product range as well as continue to cut trading costs wherever possible. It's network of affiliate partners and IBs have noticed a sizable increase in their conversions, and with an extensive range of trading tools and educational resources on offer, client retention has increased quite significantly. Increasingly, Moneta Markets is noticing that many of its current clients switch from other brokers, which is a testament to its growing reputation in the industry.

Disruptive Technologies Play an Important Role Moneta Markets was founded to disrupt the industry, and with the emergence of technologies like AI, big data, cloud computing the company is continuing to do this. It leans heavily on AI for www.analyticsinsight.net

multiple components, none more important than risk management and security. Forex is a trilliondollar market that never sleeps, and the safety of its clients' funds is paramount, so the company have advanced artificial intelligence models in place that ensure clients are protected from data breaches, black swan trading events, and that both client and company funds are completely segregated and secure. With the emergence of big data and cloud technology, it also uses AI models to optimize the way that its prices are delivered to clients. This means increased speed, precision prices, maximum platform uptime and improved liquidity, all of which are passed on to the company's clients to offer a more stable and superior trading experience. It is also able to gain key insights into trading behaviours to continually optimize our products and material based on what specific clients actually value.

The Key Component is Innovation David believes that if one doesn't innovate, one gets left behind. By partnering with industry leaders like Panda, Praxis, Moneta Market is constantly able to refine and build on what it offers. By working closely with the Panda team, both companies are expanding in what they are able to provide, by introducing and building new components that no other broker can offer, such as its new IB Portal and in-built social trading module. The company's CRM is also seamlessly integrated with Marketo, and as such it is able to automate nearly all B2C communications, whether operational or promotional, and by leveraging their advanced velocity script functionality the company is able to provide these communications by dynamically switching between 14 languages based on a client's preference. And, it's all automated. Its partners are vital in not only continuing to innovate to stay ahead of the competitors, but to improve every component of a client's interaction with the brand.

Future Endeavors Ahead It's an exciting time ahead, and as an increasing number of trading technologies are made available, the FinTech industry is able to evolve at a rate never seen before, says David. It has never been more important for brokers to embrace technology or they will simply get left behind. There are new concepts that are constantly being created and improvements that benefit the clients to offer them. By positioning itself at the forefront of technology, Moneta Markets will continue to be a pioneer in the FinTech space.

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Helen Child Founder

Open Banking Excellence

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The World's Premier Community of Open Banking Professionals

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pen Banking Excellence (OBE) is a network of Open Banking and Open Finance pioneers, including fintech, banks, regulators, and big techs, who come together to learn, exchange experiences, ignite discussion, and, most importantly, collaborate. It aims to be the true voice of a worldwide movement of like-minded professionals who work together to give technological, regulatory, and legal insight into Open Banking and its broader implications for a dynamic and inventive financial industry. OBE is a community where the industry can share, learn, and create awareness about the benefits of making bank data available to third parties.

purposeful, clear, concise and relevant.

Maximizing Impact and Growth in the Sector OBE's mission is to enable the Open Banking community to connect, collaborate and innovate, maximising its impact and growth in its sector.

Amit Mallick, Managing Director, Global Open Banking and APIs Lead of Accenture says “New analysis from Accenture, built on data sets covering 20 of the largest economies responsible for over 75% of global GDP worldwide suggests that as much as $416 billion in revenue will be at stake as the open data wave arrives.

Acting as a conduit for independent industry discussion, OBE leads the conversation at campfires which provide a warm and authentic place for the community to learn from like minded peers, share common challenges, collaborate and drive change within their businesses.

It started with 38 Open Banking pioneers being served warm wine by men in kilts at an after-work networking session. There was an energy and excitement in the room, a sense that fintechs were setting out on a journey driven by a passionate desire to improve financial services for the customer. OBE agreed to meet again, before outgrowing the company's next home, and the next and then the next. (This is called a first-class problem the company is told!). It was phenomenal organic growth. Lockdown came and OBE flipped to digital, choosing to partner with a team that could handle scale and create a platform that allowed it to stand out from the crowd. Retrospectively, this was one of the best moves the company made, allowing it to focus on supporting its community, knowing that a world-class production team was working with it.

The OBE community is time-crunched. So, the company focuses on cutting through the noise and the swathes of content out there to deliver resources that are

OBE is still a rapidly growing global community of Open Banking pioneers including fintech, big techs, banks, regulators, policymakers and services providers, who

Enabling Independent Industry Discussion OBE is a global knowledge centre driving change in Open Finance backed with a growing community encompassing the whole Open Banking ecosystem. It creates exceptional content and provides elevated platforms to promote new thinking and partnerships within the industry – catalysing the adoption of Open Finance and data for better financial inclusion worldwide.

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www.openbankingexcellence.org

It's truly never been more exciting to be a part of this industry. With Visa and Mastercard both acquisitive, the landscape is rapidly changing. It's a privilege to play a part in shaping the conversation and to be seen as the arbitrator of an independent community discussion. Exciting growth ahead for everyone in Open Banking.

Helen Child Founder, Open Banking Excellence

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are all like-minded people that want to learn, share their stories, collaborate and spark debate..

However, OBE is much more than a community. After working with the media to educate journalists on Open Banking and the wealth of opportunities it presents for fintech, OBE developed a PR team. The company is now behind many of the industry stories people read in the national and fintech press.

Collaborative Teamwork Wins Helen Child, Founder of OBE, was recently voted one of the most influential women in fintech by Innovate Finance and has delivered pioneering industry firsts within her field. Helen was the founder and former CEO of a card issuing company that was the first to be awarded licenses by both Mastercard and Visa. It was the fifth in the UK to be awarded an FCA E-Money License - Google was the sixth.

The OBE “Appathon 2.0” is sponsored by Mastercard & AWS and is the industry’s annual competition to inspire innovation among fintech start-ups/scaleups and call on them to build innovative open finance solutions.

The company has seen some exceptional awardwinning products created at the company’s OBE Appathon and some valuable commercial relationships formed.

One of the projects OBE is most proud of is a collaboration with Streeva and Moneyhub that demonstrated the power of Open Banking payments by allowing charitable donations to be made in seconds using a QR code - enjoy watching our conversation with one of our chosen charities SSAFA. The company believes in karma - and this is a beautiful way of promoting its sector and encouraging the company’s global family to give back to those who are less fortunate.

An Exceptionally Talented Leader A keen cyclist, Helen loves nothing more than to start each morning with a ride along the beautiful Morecambe Bay beach where she lives. Helen is an accomplished fintech entrepreneur, with a background in payments who believes that open banking payments should be ubiquitous.

By constantly taking the pulse and listening to the feedback from the company’s community, she has developed the company’s services in response to its www.analyticsinsight.net

needs. This is why OBE has launched its first Campfire in Brazil on 1st September 2021 with Mastercard, Accenture, the DIT, Central Bank of Brazil, to name but a few attendees of the new Famíla.

Collaboration has always been fundamentally important to Helen. When on the Counsel of Lancaster University, she was the Founder of Infolab, the meeting place for blue chip companies and fintech.

A mentor to fintech at Plug and Play, Helen says that it's always a privilege to share your knowledge and get to meet more fascinating businesses along the way too.

Pioneering a Perfect Work-Life Balance OBE’s universal challenge is shared by all: working remotely through lockdown. The company is now all the more aware of mental health and well-being. At OBE, it has ‘Zoom Call Free Fridays’ which is proving to be a great balance to the end of a busy week. The company’s team will continue to work remotely, so they need to consciously make the effort to have monthly team days together. Once travel restrictions allow, the company is going to visit Giovanni, OBE Head of Research and Blogs who is based in Lake Como!

The company is about to launch a coaching service with its community. Anyone who loves sport knows the power of coaching, which helps get the best results from people. Given what the company has all been through, now is a good time to take some time to reflect on what makes an optimum performance and invest in its teams.

“It’s truly never been more exciting to be a part of this industry. With Visa and Mastercard both acquisitive, the landscape is changing. Open Banking Excellence would like to share three recent capital raises from its community that should inspire everyone.” says Helen.

“Nigel Verdon, Co-Founder & CEO of Railsbank, and his team recently raised $70m to continue their global expansion. Nigel is also the Founder of Currencycloud, which was acquired by Visa for $1 billion.

“Sam Seaton, CEO at Moneyhub, has just completed an $18m raise — one of the largest female-led rounds in European Fintech thus far. And finally, Salesforce and its acquisition of Slack. We think this power duo will be at the forefront of the changing face of work.”Throughout the pandemic, Open Banking Excellence (OBE) found its place in the ecosystem as the global centre of community and knowledge driving change in Open Finance.”

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Praveen Sinha Founder

Amit Pandey CEO

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Navigating FinTechs through partnerships & Factoring the MSMEs: How PinCap is taking a quantum leap nly seven NBFCs in India were given Factoring License and Pincap is one of them. PinCap's business and operational models are based on AIML and advanced analytics that seamlessly facilitate the design, launch, implementation and execution of FinTechs with swift structured & transparent processes.

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solutions by leveraging his understanding of not only technology but also softer aspects, network and cross integration of digital stack and industry vertical. Praveen has leveraged his rich experience of Strategic Advisory, Investments, Business Building and Execution, by making Pincap a tech ready NBFC in India with the remarkable talents in its team.

Pinnacle Capital Solutions Private Limited (PinCap) is a Gurgaon-based Non-Banking Financial Company (NBFC) and one amongst the seven NBFCs that are into factoring business in India. With the availability of data and advanced AI, PinCap has emerged as a technology-led data driven company that has enabled various industry verticals to leverage their expertise to scale newage financial solutions. In short, the tailor-made financing and month-on-month growth is what sets PinCap stand out from its peers giving massive opportunity to empower digital lending in India.

On July 20th, 2021, the Indian Parliament passed legislation to liberalize NBFCs' participation in the factoring business. With this amendment, PinCap is very well placed to enable investors & innovative FinTech to capture the market.

Praveen Sinha, Founder of PinCap, is known for venturing into space where technology can disrupt the market by changing the way business is done.

For instance, he is also the co-founder and exmanaging director of one of India's first fashion ecommerce Jabong.com. He brings with him the experience of creating significant and innovative www.analyticsinsight.net

While commenting on the new development, Praveen Sinha, says, “India's adoption rate for FinTech products stands at 59%, which is the secondhighest pace worldwide & this gives not only smart Indian companies & startups, but also global finance FinTech companies to enter into this space. I am glad that the Parliament has done this, as international trade continues to increase, the opportunities for the factoring industry are growing at a similar pace.”

PinCap provides an environment to innovators and testers to execute their innovative financial products in the real market within a well

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India’s adoption rate for fintech products stands at 59%, which is the secondhighest pace worldwide & this gives not only smart Indian companies & startups but also global finance FinTech companies to enter into this space.

Praveen Sinha Founder, PinCap

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regulatory compliant framework. This acts as a great extension to the startups testing their products in FinTech sandbox.

Since PinCap has been into the financial market over the decades now, it has figured out some of the crucial areas where it can leverage its expertise with the help of technology. PinCap has enabled FinTechs to plug & play their solutions to leverage over their core competencies in no time. PinCap combines the best-in-class technology experience & data analytics capabilities at its disposal to offer high-end services to the seeding FinTechs in India.”

BUSINESSES SEE THE FOLLOWING BENEFITS WITH PINCAP: Ÿ Ÿ Ÿ Ÿ Ÿ Ÿ

Competitive Commercials Ready to Live Collaboration Models with Cost Intensive Processes Co-Lending Partnership & Revenue Model Designing Compliant Management of NBFC and Partner FinTech Companies Dedicated account manager for Real-time Support End to end support on technology integrations.

“India's supply chain has huge appetite to grow which is restricted by the availability of credit. We at Pincap are trying to build solutions using technology (Alternative Data, AI, Fraud Detection, Invoice Validation etc.) that can be customized as per client's requirement. Our solution varies from channel finance, distributor to dealer finance, invoice discounting. I am surprised to continuously get so many enquiries from my network for supply chain finance” says Amit Pandey, CEO of PinCap. Globally, Indian FinTech ecosystem is 3rd largest and has attracted the most private capital in India after e-commerce over the past 5 years. Indian FinTech companies have raised approximately USD 10 Bn & FinTech sector valuation is expected to reach USD 150-160 Bn. The growth of www.analyticsinsight.net

individuals & several small and medium enterprises in India is hindered because banks and organized finance companies do not find it feasible to fund them. We have many innovative startups with amazing and capable founders, focused on the need of underserved & underfunded segments in India who don't have the financial records or data as per the requirement of conventional financing systems.

Commenting on how PinCap is helping other FinTech to scale through partnerships, Avdhesh Tripathi (Director) says, we are building synergies with such founders by combining our lending strengths & compliant channels with their FinTech solutions while being regulatory compliant. We not only provide guidance for compliance but also provide capital based on their track record. Adding to that Praveen (Founder) says, we are aggressively looking for such FinTech partnerships. We understand that our digital Partners have immense geographical reach with the best available Technical Algorithms.

With the introduction of the joint contribution model, we open the doors for our Partners to achieve priority sector targets by leveraging the reach & efficiency of their Tech & Digital platforms.

Further, being an RBI registered NBFC, we navigate our Partners through the proper regulatory channels to help them reach their business goals. PinCap + Smart Tech: A WIN-WIN combination is what makes us stand uniquely into our space. Several FinTechs have partnered with us and the outcomes were outstanding” Amit, an expert in Procurement, Supply Chain along with Avdhesh, specialist in Fintech & Strategic Partnerships are leading PinCap. . .

Praveen Sinha, the turnaround specialist & an expert in startups is the brain behind the establishment of PinCap and is a well-known face in the Indian start-up sphere.

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Left to Right

Ashok Kumar, Jaskaran Singh, Kiran Kumar Co-Founders

Profinch Solutions

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A FinTech Creating Waves in The BFSI Space

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rofinch is a bootstrapped Indian Fintech company founded in 2014. The company enables 360-degree transformation of core operations, processes, digitization, data for banking, financial services, and insurance institutions, all by employing trendsetting practices and technologies that help customers to achieve their immediate and strategic goals.

Profinch currently works with more than 100 financial institutions across 50+ countries with 5 Fortune 2000 / Billion $ corporations as customers. With offices in India (Bangalore, Pune), Dubai, Singapore, Europe, and Canada, the company offers services to clients across geographies. The current team of 550+ strong work across offices and client locations.

The Idea That Started Over Coffee Profinch was founded by Kiran Kumar, Jaskaran Singh Bhogal, and Ashok Kumar in 2014.

The founders decided to leverage their extensive experience and take a plunge out of the corporate after working for over two decades each in tech giants. The idea that started as a casual conversation over coffee soon shaped up into Profinch, a company offering innovative technology solutions to financial institutions.

Armed with an in-depth understanding of the financial services world, the founders identified gaps in the existing technology offering to create solutions to bridge some of these gaps. Profinch flagged off its journey by becoming Oracle's solutions partner, offering a suite of services for its financial products/technologies including consulting solutions, supporting implementations, upgrades, migrations, customizations, and support.

As Profinch grew in scale and confidence, the company launched its data and digitization products. The products www.analyticsinsight.net

have received a very encouraging response across markets, charting an exciting growth trajectory for the company, with both the products gaining wide acceptance in various markets.

FinCluez and FinFlowz: Trailblazing Products The products space consists of two products built by Profinch: FinCluez and FinFlowz. The company has 20+ product customers proof pointed. Two of its customers are a Central Bank in Middle East and a global banking giant (multi-country rollout).

FinCluez is an award-winning packaged analytics and reporting platform with an inbuilt banking Data Lake and Data Warehouse, providing analytics and insights across banking functions. The product comes with a robust central bank reporting framework and is accredited by customers as one of the most comprehensive RegTech products. It has been built using a composable, platformagnostic framework with low code and comes with prebuilt banking data models.

FinFlowz is another award-winning omni-channel and midoffice digitization hub that focuses on process automation for BFSIs, branch-less banking, and agency banking through online apps/ offline apps / USSD rendered across platforms such as mobiles, tablets, and desktops. The use-case-specific modules of FinFlowz provide a composable enterprise experience across stakeholders (customers, agents, employees). Both FinCluez and FinFlowz are built on futuristic composable digitization platforms and data fabrics.

In the consulting space, Profinch focuses on core banking consulting, digital banking consulting, analytical and applications consulting, ERP consulting, revenue management, and billing consulting, lending and leasing

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We are extremely bullish about the future and the value our proof-pointed products have to offer. We will continue to delight customers and look forward to partnering with our customers' immediate and strategic goals.

Kiran Kumar Co-Founder, Profinch Solutions

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consulting through Oracle's suite of products. Profinch also provides managed and infrastructure services to financial institutions.

Adding Value To The Country and Clients Profinch's products are 'made in India' with all the ideation and development happening in Bengaluru, India.

The company has over 100 product innovation specialists.

Profinch takes immense pride in the fact that its products enable customers to be data and insights-driven, digitallydriven, compliance-driven, and platform-driven.

Role of Emerging Technologies in FinTech The future belongs to companies that can move nimbly, keeping pace with ever-emerging trends and changing consumer behaviours. Artificial intelligence from a financial services context is driving change in a slew of areas including automated customer support, client risk profiling, trading and money management, regulatory compliance, security, and fraud management. Companies far and wide are focusing on unique use cases of AI in the aforementioned areas to drive value for FS organizations.

Big data has, to a far-reaching extent, revolutionized how the industry works and makes use of data. Credit scoring and hyper-personalization are some of the use cases already being worked upon by FinTechs. In a not-sodistant future, we will also see more regulators being open to the idea of partnering with FinTechs to fast-track their initiatives.

On the cloud front, end-user organizations are working towards cutting flab and making systems and processes more efficient and FinTechs are partnering with financial institutions in driving efficiencies through cloud. The processing power that cloud computing guarantees along with the flexibility to scale up or down makes it lucrative for a business to invest in it.

Delighting Customers with Innovations More than 80% of the Profinch's business is from repeat customers, which enunciates the values the company is able to offer to every single client they partner with.

Innovation to the company is to “do everything to delight the customer”. And it takes multiple forms; in the consulting business, innovation encompasses Profinch's processes, know-how, templatized frameworks to ensure all the company's projects are successful in meeting timelines and delivering exactly as per requirements.

In the products space, it is about developing fast and easy-to-deploy solutions, and solutions that fast-track ROI. Profinch uses the best-in-class technologies that are unified, configurable, low code, platform-agnostic, cloudready, collaborative, and secure. With an astute use-casedriven approach, the company is addressing specific industry problems and plugging critical gaps, which in turn is helping the company to scale its products and business swiftly.

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Converting Challenges into Opportunities As Profinch builds a brand that offers sustained value to customers and employees alike, one of the initial challenges was to retain young talent and keep them invested in the company's ethos and vision.

On the competition side, the market has been competitive with new entrants offering cheaper solutions that aren't innovative and tailored to meet specific needs.

Scaling rapidly and latching on to some of the opportunities initially was a challenge, but Profinch has managed to address that over the last few years with the company growing in scale and maturity. With an increase in scale, capacity, confidence, and experience over the last few years, the company has ramped up tremendously, and now at any point of time, Profinch delivers multiple diverse projects across an array of geographies.

Remarkable Recognitions, Still Counting Profinch has had many feather in the cap moments. The company has been awarded Most Innovative IT Solution Company for Banks And Finance Organizations in 2017, Best Innovation Awards In Banking And Finance IndustryTechnoviti 2017, Top IT Solution Provider And Implementation Partner 2017, One of the Best Tech Companies In Asia- Silicon Review Magazine 2018, Red Herring Asia 100 Winners 2019, IFM-Most Innovative Digitization Solution For Banks in India 2019, Most Impactful Project In Process Automation-IBS Global Fintech Innovation Awards 2020, and Best Innovation For A Financial Sector Enterprise in 2020.

Envisioning a Future with Fintech Advances From an India perspective, the entrepreneurial culture is enabling many young entrepreneurs to take risks, innovate and drive value in myriad areas in the financial services industry. This has led to mushrooming of startups in the fintech space. The private equity and funding ecosystems are also booming with entrepreneurs having easy access to funds. The space is further evolving and more areas are being catered to by FinTechs.

The traditional banking ecosystem is opening up and realizing the urgent need to embrace FinTechs to provide more innovative solutions, reduce time to market and be technologically savvier to tap consumers when young. The increased internet and smartphone usage have enabled consumers to meet almost all financial requirements through the click of a button, opening new possibilities of what can be achieved through mobiles. This is further fuelling growth in the fintech space.

Overall, Profinch envisions a bright future for FinTechs in India with the entire ecosystem strongly supported by favourable government policies and initiatives.

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The Impact of Fintech Companies on Investment Planning

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or a long time, the wealth management sector has been anticipating the arrival of technology. With the rise of fintech businesses, what began as a move from analog to digital in banking more than two decades ago has ultimately matured into something far more disruptive. The fact that India has become a top destination for fintech deals in Asia is a testament to their success. India has the second-largest number of Fintech companies in the last three years, after only the United States. FinTech's success is due to the unique experience they have provided to wealth management, which has made it more accessible, easy, and transparent.

Making it More Democratic: While wealth management has been practiced for generations, it has always been considered the realm of the wealthy. FinTech firms have been able to break through this mentality with relative ease. They are considered a cheap choice because most of them demand a fair cost. A fintech's simple style aids in the de-mystification of investments, making them more accessible and usable. Because they are accessible over the internet, nearly anybody can utilize them from any location. Users can benefit from a highly competitive marketplace due to the coexistence of numerous investing platforms. Regardless of beginning money or location, an investor can join a fintech at a very low cost. As a result, it's a truly democratic money management tool.

Unbiased and Trustworthy Advice: Fintech firms, unlike most traditional financial managers or platforms, do not rely on brokerage or commissions from manufacturers to fund their operations. Instead, they charge the consumer a consultation fee. While this may appear to be counterintuitive, it lays the groundwork for a more open and ethical advising system. Because of their obligations, conventional non-fintech platforms, brokers, and agents may push goods to clients. A fintech's allegiance is to its consumers since they charge them. Because their income is not dependent on the manufacturers on the opposite end of the range, their counsel is likely to be neutral.

All Products Get Holistic Advice: Fintech companies are increasingly adopting a holistic strategy using a variety of technologies. Many wealth management fintech, for example, begins by charting the user's objectives, which might range from vehicle purchases to children's schooling to early retirement. Other wealth management solutions aren't limited to investing. Fintech

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firms are gradually broadening their reach to include a broader range of items in their offering. Until recently, the majority of sites have only concentrated on mutual funds.

Now, several fintech firms are focusing on fixed-income securities such as public sector, corporate, and perpetual bonds.

Services are Carried Out More Smoothly: Because of the flexibility of their services, fintech companies provide a great deal of ease to investors. The majority of these platforms provide services through a variety of channels, including mobile apps. Automation is a product of digitization, which promises more efficiency and faster outcomes. Because the advice is digital, it is also simpler to keep, record, and distribute. Another advantage of having accounts is that it helps investors to track their progress toward their objectives. Users may simply follow their portfolio and its history at any time. They may examine its performance about their objectives to determine whether they are on track, if they are falling short, or if they have exceeded their initial investment objectives.

The Importance of Artificial Intelligence-Based Tools: When it comes to the adoption of AI-based technologies, fintech companies have taken the lead. They are more enthusiastic about adopting new technologies. They've got a leg up on the competition with technologies ranging from account authentication to predictive analytics and the ground-breaking Robo-advisors. While some conventional platforms have gradually adopted these technologies, fintech businesses have been more proactive. The companies have usually been more active in pushing AI-based solutions, even where they are utilized. In the case of rSSobo-advisors, for example, most conventional platforms still use a simple advisor form. Fintech companies are employing cutting-edge AI technologies that require little human interaction while offering a considerably more comprehensive service.

In the field of wealth management, the introduction of technology is nothing new. In many situations, the sector has taken the first steps toward technology adoption, such as increasing record-keeping and general efficiency. The development of fintech businesses, on the other hand, maybe viewed as a genuine game-changer. Traditional methods have been challenged, and greater democratization has been brought through better access, services, and transparency. What these fintech firms have offered today may well become the industry norm in the future, resulting in a long-term shift that will revolutionize the sector.

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