Breaking the Bank: How Asian FinTechs Are Redefining Financial Services

| January 13, 2019

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Asia's online financial services market is on track to reach US$ 72 billion by 2020. From China to Southeast Asia, fintech companies are rivaling banks in helping customers transact. While banks continue to play integral roles as pillars of the local economy, fintech firms are grabbing up very niche segments of financial services away from traditional institutions.

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Dealstruck

Dealstruck's team of entrepreneurs, small business lending experts, and technologists understand that the financing options facing successful business owners are often costly, confusing, and inflexible. Dealstruck combines technology with a unique suite of financing products designed specifically to offer your business a credible pathway to mature financing. Using our proprietary online application process, your business can receive real-time feedback on its borrowing options and prequalify instantly for financing suited to your specific needs. We offer various financing products from $2500 to $500,000 that give you the flexibility you need to keep your business growing.

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Core finance - taking a strategic approach to cloud

Article | February 21, 2020

This post focuses on the benefits of a strategic cloud approach. The first blog post in the series titled, 'How a focus on the customer can help you fight for a digital finance transformation' can be read here and the follow up on laying the foundation for the future of finance can be read here. As organizations continue to plan and execute digital finance transformation strategies, CFOs are looking to reap the business benefits and the competitive advantages offered by cloud solutions.

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How Blockchain is Changing the Banking Industry

Article | June 28, 2021

How Blockchain is Changing Banking and Finance Industry We all have basic knowledge about Cryptocurrency and Blockchain technology, and many peoples understand its complex structures and its valuable benefits for the future. That's why many peoples believed that it's the future of currency exchange. Apart from Cryptocurrencies like Bitcoin, Dogecoin, Etherium, etc., Blockchain has the potential to use the existing technology up to its peak to exchange transaction information and data. With more security and easy to trace back previous transactions benefit, we can say it is the new age of Electronic currency to avoid human errors and frauds. Blockchain technology in Banking Around the many conspiracies and fake theories about Blockchain and Cryptocurrency, many organizations and even countries like Australia, China, Japan, and other developed nations embraced this Blockchain in Banking as a future of seamless exchange of transactions. Apart from that, its decentralized transactions are easy and more secure than we have today. Blockchain could change the current banking technology used by its admins to trace and track the record of every exchange of digital money to lessen the frauds and reduce the time and human efforts. Prominent players of the Bank and Finance Industry like the Bank Of America, JP Morgan Chase, Citi Bank, and other renowned players of finance sectors using Blockchain in banking to improve funds transfer between banking institutions globally and maintain every record of their history of transactions effectively. How Blockchain is helpful in Banking Blockchain technology is a decentralized ledger of transaction which enables the bank to keep track of all the transactions publicly and transparently. It provides a direct connection between the sender and receiver of payments. No intermediary and complete control of the transaction exists in between them. Because of this reason, it provides a way for financial services to work more specifically and without errors to make payments securitization more precisely. This makes Bitcoins that uses Blockchain technology a better option of investment. Benefits of Blockchain in Banking As you continue to read this article, you might have an idea about this new age technology's immense benefits in the finance sector. Let's take a look at how it can be more helpful in the upcoming future. Security: The primary concern of 21st century’s banks is their security. No one knows who will hack their systems and scatter with the money of people who trust the financial system. With Blockchain technology, security issues such as suspicious activities are easily tracked. It is hard to decode the encryption of the Blockchain and takes too much time because the data is not stored on one server but across a huge network of computers. These computers constantly check and verify the records and data. This feature allows a noteworthy use for Blockchain in banking. For a hacker, it is hard to breach many servers. Every transaction that gets recorded in a Blockchain ledger undergoes complicated sets of encryption interconnected with the next block, which results in an unaltered series of coded data "blocks," each dependent on a ledger series. That's why it is one of the best cyber-protection against hacks in this internet world. Fast transaction: If you want to transfer money to someone living in another country, you go to the bank and might have to stand in the long queue for your turn. Once you forward your request, it takes 5 to 10 days to credit the amount in the bank of the recipient. Blockchain can easily reduce such a long time-consuming process. It has the potential to complete the transaction within minutes, not in a day. It saves your valuable time, though. Easy to track and transparency: No doubt that it is a highly transparent and traceable system as compared to the traditional finance system. Every record of amount can be easily tracked with a digital recording system. It reduces the need for time-consuming and costly third-party verification tools. Also, it undoubtedly offers visibility into the transaction history within the banks' operations. Reduce fraud: It can reduce hacking, DDOS attacks, and other scams. Blockchain helps banks to identify their user's IDs and confirm their detail with digital Blockchain ID. It automatically reduces future frauds, which is the biggest concern of the banking system. How bank can use Blockchain: With Blockchain in banking, financial institutions would not need to depend on the network of custodial services and regulatory bodies like SWIFT. They can easily settle transactions directly on a public Blockchain. Here are few benefits of using the new-age technology. Verifying Digital Identity: Banks can't process online transactions without the verification of a person. This process can be done via face-to-face verification, logging in with passwords, or sending OTP on registered mobile numbers. Although, after the application of Blockchain technology, this process becomes more seamless and more secure due to its accurate data reading capability. Smart Contracts: It might be possible to automate the process of transaction, which costs time, added complexity, and delays the transactions using smart contracts. It is a contract with terms and agreements between the buyers and sellers' business. This computerized contract permits the trustworthy transaction completely free from any central authority or external enforcement mechanism. The new way to do business is here. Faster lending: Loan processing takes too much of the user’s valuable time. It can be reduced with Blockchain. This use of the technology is called Blockchain lending. Blockchain lending can give direct benefit to customers by reducing the growing costs. It provides lenders with a competitive offer and helps them do the transaction faster and without any security defect. Blockchain-based Smart Contracts ensure that loan seeker and lender agree viable and fair terms regarding proof of funds and payment planning for future installments. Blockchain technology has lots of advantages and revolutionary benefits to finance and banking institutions. Though, still, people are generally unaware of this technology and fear of adapting to it. This might cost us time to unify our currency and have a better future. Frequently Asked Questions: How is Blockchain used in finance? Blockchain technology can improve finance and lending services by lowering counterparty risk and shortening issuance and settlement periods. It enables: authenticated paperwork and KYC/AML data, reducing risk exposures and facilitating real-time financial document verification. What is an example of Blockchain? Bitcoin is a well-known example of Blockchain in operation. This is a type of digital money (commonly called a cryptocurrency). This electronic form of funds may be transmitted safely from user to user without the need for intermediaries. In other words, there is no requirement for a central bank or administration. Bitcoin isn't the only currency that uses Blockchain technology. Where can Blockchain be used? Blockchain uses extend well beyond cryptocurrencies such as Bitcoin. With its capacity to increase openness and fairness while also reducing businesses' time & expense, the technology influences a wide range of areas, from contract enforcement to making government run more effectively. What software is used for Blockchain? There is multiple software available in the market for Blockchain technology; some of them are: Solidity is one of the most widely utilized programming languages among Blockchain developers. Geth is a Go-based Ethereum node implementation. Mist is the authorized Ethereum wallet created by Ethereum's makers. Is Blockchain the future? Blockchain technology has several uses in a variety of sectors. Blockchain is already being utilized to help with identity management, smart contracts, supply chain analysis, and many other things. The full potential of Blockchain technology is unlikely to be realized. Till then, it is safe to assume that Blockchain is the future of the Fintech industry. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "How is Blockchain used in finance?", "acceptedAnswer": { "@type": "Answer", "text": "Blockchain technology can improve finance and lending services by lowering counterparty risk and shortening issuance and settlement periods. It enables: authenticated paperwork and KYC/AML data, reducing risk exposures and facilitating real-time financial document verification." } },{ "@type": "Question", "name": "What is an example of Blockchain?", "acceptedAnswer": { "@type": "Answer", "text": "Bitcoin is a well-known example of Blockchain in operation. This is a type of digital money (commonly called a cryptocurrency). This electronic form of funds may be transmitted safely from user to user without the need for intermediaries. In other words, there is no requirement for a central bank or administration. Bitcoin isn't the only currency that uses Blockchain technology." } },{ "@type": "Question", "name": "Where can Blockchain be used?", "acceptedAnswer": { "@type": "Answer", "text": "Blockchain uses extend well beyond cryptocurrencies such as Bitcoin. With its capacity to increase openness and fairness while also reducing businesses' time & expense, the technology influences a wide range of areas, from contract enforcement to making government run more effectively." } },{ "@type": "Question", "name": "What software is used for Blockchain?", "acceptedAnswer": { "@type": "Answer", "text": "There is multiple software available in the market for Blockchain technology; some of them are: Solidity is one of the most widely utilized programming languages among Blockchain developers. Geth is a Go-based Ethereum node implementation. Mist is the authorized Ethereum wallet created by Ethereum's makers." } },{ "@type": "Question", "name": "Is Blockchain the future?", "acceptedAnswer": { "@type": "Answer", "text": "Blockchain technology has several uses in a variety of sectors. Blockchain is already being utilized to help with identity management, smart contracts, supply chain analysis, and many other things. The full potential of Blockchain technology is unlikely to be realized. Till then, it is safe to assume that Blockchain is the future of the Fintech industry." } }] }

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Five lessons US banks can learn from fintech disruptors

Article | March 15, 2020

The financial crisis of 2008 levelled the legacy banking industry quickly and decisively in North America. And rebuilding has been a long process — culturally, operationally and technologically. With the market once again in a state of volatility in part due to the spread of COVID-19, we’re facing the question once again: what does it take for financial institutions to weather the storm?

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6 Digital Banking Best Practices During the COVID-19 Outbreak

Article | April 7, 2020

As the financial industry navigates the uncertainty of the COVID-19 pandemic, one thing is clear: digital banking has never been more important to financial institutions and their customers. While digital channels like mobile banking apps have always offered convenience, they now offer physical safety as well. With a digital approach to these extraordinary circumstances, banks and their customers can rest assured that social distancing does not mean financial isolation. Here are six best practices your institution can use to encourage and enhance digital banking channels given the unprecedented nature of COVID-19.

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Spotlight

Dealstruck

Dealstruck's team of entrepreneurs, small business lending experts, and technologists understand that the financing options facing successful business owners are often costly, confusing, and inflexible. Dealstruck combines technology with a unique suite of financing products designed specifically to offer your business a credible pathway to mature financing. Using our proprietary online application process, your business can receive real-time feedback on its borrowing options and prequalify instantly for financing suited to your specific needs. We offer various financing products from $2500 to $500,000 that give you the flexibility you need to keep your business growing.

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