The convergence of financial technology (FinTech) and insurance technology (InsurTech) has helped transform the broader financial services industry. The pace of these transformations was accelerated by technological advances, which led to the combination of these two service industries gaining widespread attention. Over time, this out-of-the-box mix began to reveal its potential for innovation and growth, which translated into a range of new opportunities.
Guide to Selecting the Right FinTech Development Partner
FinTech companies in recent years have become the initiators of change in the financial sector. They are credited with revolutionizing the transformation of traditional banking and financial services. In an effort to remain competitive, these companies are choosing to partner with entities that are developing modern solutions that advance modern finance. All of this is done in order to get as close as possible to the customer and, at the same time, respond to their current needs. A well-chosen development partner is able to provide technical expertise, industry knowledge, as well as provide the necessary resources required to implement FinTech initiatives.
Integrating Blockchain-based Identity Verification in FinTech Apps
Identity verification is a process that plays an important role in the financial industry. It prevents fraud and the occurrence of money laundering. Conducted in the traditional way, identity verification posed quite a few inconveniences due to the cumbersome and time-consuming nature of the process. Among the requirements, it was necessary to provide detailed documentation and have a lot of control over the processes carried out by the verified entity. However, the growth of the FinTech industry has meant that verification is no longer a post-terror. The growing emphasis on digitalization has contributed to the development of faster yet more secure identity verification processes.
Designing a Cloud-based Accounting System for SMEs
Modern entrepreneurs have taken a liking to cloud-based accounting systems to better manage their financial data. The aforementioned solutions offer a number of benefits, which include cost savings, better accessibility or greater data security. Small and medium-sized enterprises (SMEs) are opting for cloud-based accounting systems due to resource constraints that affect investment in traditional software.
Building a secure payment gateway using Open Banking standards
Online shopping has dominated all kinds of online payment gateways in recent years. The need for a secure payment gateway for online transactions is directly proportional to the growing number of online purchases. Therefore, quite a few entrepreneurs are making the decision to invest in payment solutions that will secure sensitive customer data. Among the options available on the market today, the use of open banking standards often stands out.
The Role of Artificial Intelligence & Machine Learning in MedTech
The rapid adaptation of artificial intelligence and machine learning to our world has led to many innovative solutions. The medical industry, too, has decided to capitalize on the potential that lies in this disruptive phenomenon. This bold step from the medical point of view is extremely important. And that's because it contributes to the development of devices that make it possible to save patients' health and increase the possibilities for modern medical treatment.
Empowering consumers: An overview of Australia's CDR initiative
The Railwaymen blog has already featured two articles on important regulations that are related to the FinTech industry. After zooming in on PSD2 and the CFPB, it's time to mention a bit more about the legislation undertaken in Australia as part of the Consumer Data Right initiative. I will try to give a more detailed overview of this regulation and the details that it involves.
How the CFPB is balancing innovation and consumer protection?
The development of the financial sector and accompanying technologies has led to rapid progress for both consumers and businesses. These activities have also had a direct impact on embodied innovation, which has significantly improved the way financial services are accessed and managed. However, with the growth of the FinTech sector came the need for consumer protection and guarantees of market stability. To this end, many countries decided to start working on regulations that would control all dependencies that occur within financial activities.
Blockchain Technology Implementation: From Concept to Reality
Blockchain technology, also known as the blockchain ecosystem, has taken our daily reality by storm. Its role is to transfer and store information about online transactions. Companies are leveraging blockchain to build decentralized networks that enhance transparency, security, and efficiency in their operations. The collected data is presented in the form of blocks arranged in a suitable form. Each block holds information on a certain number of such transactions. When data saturation occurs, another block of data is created.
How Lucidtech OCR is changing Enterprise Data Management
Enterprise data management is most often associated with a time-consuming, manual process using numerous resources for data acquisition, extraction and analysis. However, advances in optical character recognition (OCR) technology are making it possible for companies to increase their efficiency, accuracy and speed through process automation. One of the popularizers of OCR capabilities is Lucidtech, which has a range of OCR tools focused on enterprise documentation.