What makes a successful fintech ecosystem?
In today’s financial world, technology is the norm. Financial institutions utilise various software to hold secure data, streamline processes for internal teams and the people they serve, and form decisions based on big data.
44 percent of fintechs report being dissatisfied with their technology providers. When technologies don’t work in harmony, miscommunication occurs which can lead to inefficiencies and loss of income.
Curating technologies that can integrate and speak to each other within their own ecosystem seamlessly is the only way to ensure maximum efficiency.
What is a fintech ecosystem?
A fintech ecosystem is the concept behind creating an environment for various financial technologies to work in harmony. While different companies provide a service, they can integrate to allow data to travel through journeys and funnels to reach a variety of end goals. The technology can also be utilised to ensure collaboration between companies, financial institutions and regulatory bodies.
The result of a successfully implemented fintech ecosystem is a new way of more effective money management by customers and members. With spending data at their fingertips, financial literacy is improved to allow confident engagement with spending and investing, which is beneficial to the wider economy.
Developing a fintech ecosystem
The key to developing an ecosystem that creates an impact is to carefully curate each technology. Minimal overlap allows a technology to own its stage of a process, seamlessly passing through to the next until they achieve their common goal.
For example, Optimus Cards has a wide range of partners within our ecosystem, including Temenos, NestEgg and Progress Systems Limited to provide bespoke services to clients. By offering these wider services integrated into our own and connecting to an institution, implementation is seamless and can have an immediate impact on processes.
Decision making for lending, member behaviour and other factors of money management contribute to big data, allowing an ecosystem to self-regulate and provide answers to questions institutions haven’t yet asked. It allows decision makers to be forward-thinking while focusing on delivering quality services to their members.
To learn more about how Optimus Cards’ ecosystem delivers a bespoke experience for each of our members, get in touch today.