Fintech is one of the fastest evolving industries with new BFSI applications, processes, products/service plans, with one or more additional technological financial services such as Artificial Intelligence (AI), Big Data, VR/AR Digitalization, smart contracts, and digital wallets. The pandemic drove users to adopt fintech on convenience and the quantum leap impact on banking, e-commerce, crypto, blockchain has been noteworthy.
BFSI & FinTech - Banking, Asset Management, Financial Services, Insurance, PE/VC
Use FinTech to accelerate change
FinTech gained momentum swiftly and transformed the scale and efficiencies of BFSI companies. The majority of financial actions, such as trading, personal financing, and exchanges of money, can simply take place virtually using financial technology. By end of 2022, the worldwide FinTech market is predicted to increase by 24.8% and reach $309.98 billion.
With the automation of various IT tools and financial turnaround services, Practus empowers innovation through new technologies, which allows a firm to progress in financial workings. We study processes within the risk and settlement department, generate impact analysis reports, automate e-cash vouchers, payout models for vendors, and tax working models for employees, improving productivity and efficiency in the organizations.
Competition from FinTech companies, fast-evolving business models, disruptive technologies, regulations, and compliance are all challenging the banking industry. Despite all of the efforts, banks and other financial institutions are falling short of rising customer expectations of personalized and meaningful experiences. Outdated mobile experiences and recurring news of security breaches have added to the woes and cause poor customer enrolment and retention.
Practus understands that new concepts and ways for competing on a larger scale will be required in the future of banking. With digital transformation that provides agility and scalability and innovation with insights, Practus can help banks embrace the future. Today’s banking customer wants more from their bank, including faster access and better results than in the past. Practus would enable banks and financial institutions who are unable to meet these expectations, allowing them to maintain long-term sustainability with modern technologies like cloud computing, AI, and bots that reduce costs and improve customer satisfaction, delivering ROI on engagement.
The accelerated adoption of digital transformation in the payments sector has been reciprocated by consumers. We are witnessing rapid growth in the digital payments sector with new players who are investing heavily for future gains. The legal/compliance regulations for online payments processing are very strict and need to be renewed regularly. There is apprehension about consumer data security, especially in cases where companies from the Big Data background have diversified into online payments. The promising growth is littered with fraudulent transactions for which the company is liable for the loss.
Practus brings several compliance tools that ensure proper SOP for online payments. Gaining people’s trust and having them believe in an unfamiliar product requires a lot of time and effort. Practus provides guidance for marketing and sales for B2C efforts and tracks consumer behavior with your product to learn more about how they engage with and use it. This gives you an idea of what’s going well and what might be causing you problems. Practus helps to improve your product and service regularly. We will make sure that your customers are satisfied, and a happy customer always stays.
While the FinTech sector has shown a meteoric rise, the challenges are unique and the industry has to resolve them before moving ahead. Data security, compliance risks, excessive legacy systems and complexity of new systems, lack of manpower with relevant skills, limited adoption of automation of processes and report generation, assistance in financial planning, payment and receipt reconciliation are the majority of concerns of FinTech companies.
Practus brings expertise in resolving these challenges and onboarding FinTech companies with IT Audit, process mapping, systems integration, and compliance management tools. With a combination of diagnostic study, LMS tools, an overhaul of data management to match the current landscape, bringing automation and RPA to overcome unreliable and time-consuming manual tasks of claim processing, and BI tools for report generation, Practus can assist FinTech companies to overcome existing barriers and deliver ROI on fees.
As consumers gain more knowledge, they demand a better level of care and a more personalized experience. Insurance technology must bridge the gap between clients and producers by offering each of their customers a unique, consultative, and high-value experience, all while demonstrating their worth in terms of aiding consumers with specific financial demands and overall financial well-being.
The ability to examine a customer’s past data, whether through a client portal or a full internal platform, would allow brokers to better meet their clients’ demands. Every customer can receive a ‘personal touch’ by knowing their unique circumstances, past emails, and notes, as well as personalized financial advice or information. A well-defined, intuitive process will be enabled Practus for businesses to effectively utilize their time, and thus their productivity, by assisting them in maintaining an adaptable strategy.