Synopsis:
The event was centered on discovering cutting-edge trends, strategies and technologies shaping the future of FinTechs against the backdrop of the sector’s current headwinds.
During a speaking session in the digital banking track, Alex Kloubek, Chief Growth Officer of WNS’ Banking & Insurance business and Brex’s Chief Operations Officer, Michael Tannenbaum, discussed ‘Strategies for a successful FinTech’s Service Delivery Model.’ The leaders shared their experience working with global FinTechs to help them address their cost and regulatory compliance challenges.
Key Takeaways
During the event, based on the overall sentiment and discussions with business leaders, we observed that:
- Companies have been leveraging technology to provide online lending platforms.
- FinTech firms increasingly focus on data aggregation to gather and analyze financial data from various sources.
- Lenders are utilizing alternative data sets beyond traditional credit histories to assess creditworthiness. The use of AI and ML models is prevalent across the board.
- FinTech companies operate online lending marketplaces, connecting borrowers directly with lenders.
- Fraud remains one of the biggest challenges facing FinTechs; digital identity threats are on the rise, giving way to the integration of biometrics into customer identification, and the application of cryptography.
- New regulatory and security challenges have led to newer technology solutions and advisory services to combat those challenges.
- Innovation to optimize cost and increase efficiency is the need of the hour as FinTechs shift their focus to cost savings.
WNS is a trusted partner of FinTechs in their transformative journey to becoming large-scale companies. WNS partners with leading financial institutions and banks to re-imagine risk and compliance for process efficiencies and internal controls. WNS FINSIBLE – WNS’ custom-designed services built for FinTech & Neo-banks – and an intelligent as-a-service suite of solutions, WNS Compliance-in-a-Box, addresses the imperatives of financial crime compliance.