October 12, 2017
In an age where collaboration is key for success in the financial services industry, banks and technology providers are looking to build deeper relationships with FinTechs. The task at hand is not an easy one – the total number of FinTechs in the industry today stands at more than 15,000 (MEDICI estimates), which makes finding the right FinTech partner a daunting task. The key to successful collaboration is to have in place a comprehensive program that identifies, evaluates and onboards FinTechs that are best suited for each bank’s unique requirements. Infosys Finacle, the industry-leading banking solution provider, runs Finacle FinTech Connect – a partnership program to co-innovate with startups. The program identifies promising FinTechs whose solutions can bring value to Finacle’s vast clientele of banks across 94 countries.
Finacle selected five FinTechs through its recent program: Niki.ai, Active.ai, ToneTag, Moneythor & Artoo. These startups are currently working with Finacle on various areas such as conversational banking interfaces, sound-based payments, digital banking and digital lending. The image below illustrates how the program is helping the FinTech startups:
Here is a deeper look at some of the joint-solutions already announced in the market:
The joint solution enables banking customers to initiate conversations on the bank’s online and mobile applications and complete transactions without leaving the chat interface.
The e-commerce services include booking for movies, buses, taxis and hotels, as well as, paying utility and phone bills. The entire deployment can be completed in a very short span of time using an easy-to-plug-in software development kit (SDK).
The Active.AI platform, integrated with Finacle, is delivered with pre-integrated banking services and pre-trained data models for banking services.
With this joint solution, end-customers will be able to interact with software bots in a natural language through voice and chat interface to access account information, pay bills, make transfers and access several other banking services.
The joint solution uses artificial intelligence to better understand customer interactions across channels. It will also be able to personalize conversations to make tailored offers to customers.
The solution is available in multiple languages and is offered through Finacle digital channels solutions such as Finacle Online Banking and Finacle Mobile Banking.
With this solution, banks are able to offer contactless payments on traditional point-of-sale machines without adding any new hardware device.
The solution empowers consumers across segments to enjoy the tap-and-go experience at the merchant location. At the time of payment, the sound-based technology will enable the exchange of essential information for payment processing such as merchant ID, device ID, transaction reference number and amount between the point-of-sale machines and consumers’ phone. Based on this information, consumers can approve the transaction on their phone, without sharing the card or account information with the merchant. The unique aspect of this solution is that unlike NFC-based proximity payments, which require expensive handsets and new-age point-of-sale-machines, the sound-based contactless payments can be offered on all smartphones and feature phones.
The contactless technology from ToneTag, combined with biometrics authentication capabilities of Finacle solutions such as fingerprint or facial recognition, will enable consumers to have a completely frictionless experience while shopping.
With a successful cohort in the last chapter, Finacle is now accepting applications from FinTech startups for this program. Applications will go through three rounds of assessment. The judging panel will consist of Finacle representatives and executives from leading banks globally. Eligible startups must have a working demo of the solution and at least one live banking client.
Startups can register for the program here. Applications close October 15, 2017.
As an established global knowledge network for collaborative innovation in the FinTech industry, and a recognized thought leader, the LTP Team strongly encourages FinTech startups to take part in a truly collaborative global program that offers an unprecedented platform for beneficial partnerships on a truly grand scale.