July 30, 2018 | Written by: IBM Staff
Categorized: AI | Blockchain | Cloud | FinTech
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When describing the financial services industry, you often hear words like “transformation” or “evolution.” These words were commonly said during the rise in popularity of secure internet browsing, voice recognition, or mobile devices and apps. While these now ubiquitous technologies are used by practically everyone across the industry and beyond, the financial industry is still evolving.
We are in a new phase with blockchain, cognitive and machine learning, and platform computing becoming key transformational forces. As these technologies penetrate the financial landscape, collaboration between financial firms, large and small, has never been more prevalent. Firms are agilely partnering to create personalized, cognitive driven, secure solutions aimed at both improving customers’ experiences and driving lower operating costs. For this reason, many predict we are in the ‘golden age of FinTech’ where customer needs and expectations are paramount. Leveraging big data to create ultra personalized banking experiences, financial institutions are using the vast amounts of data being created every day to make better decisions, understand their customers better, and provide a level of service not seen before.
“Partnerships (banks-Fintechs) cannot scale to cause any meaningful change in financial institutions. A new business model called platforms is what’s emerging instead. Bank platform providers are trust brokers, filling the gap in tech skills that banks need.” – Ron Shevlin, Director of Research, Cornerstone Advisors
A new thought leadership eBook from Envestnet | Yodlee discusses the current relationship between long-established financial institutions and newer, more agile FinTech organizations – not only can these firms exist together, but they actually need each other to survive. Titled “Fintech Rising: Creating Synergy in Financial Services,” the eBook attempts to explain why we are in the golden age of FinTech and how digital technology is the avenue to engaging customers at the highest level not seen before.
For the last 17 years, Envestnet | Yodlee has partnered with more than 1,100 financial institutions and FinTech innovators, including 13 of the top 20 U.S. banks in providing a data aggregation and analytics platform to drive innovation in the financial services landscape. They are experts in not only partnering with firms, but also providing the highest level of industry intelligence based on extensive data processing and analysis. We invite you to download this educational and informative eBook to learn exactly why we are in this golden age of FinTech, why one of the biggest trends in the industry is not actually a kind of technology, but rather cooperation between the established and the startups.
Get the “Fintech Rising: Creating Synergy in Financial Services” eBook here.
Learn more about IBM Banking and Financial Markets Technology, here.