Why banks can be the driving force behind digital identity schemes

| December 4, 2018

article image
The first internet protocol, invented back in the 1960s, only allowed machines to talk to each other and could not enable the secure identification of the person using them. This was not a problem for the first generation of internet users, who trusted the website they were on. But as the number of organisations offering services online increased, users were required to provide proof of identification. Due to the absence of a ubiquitous identification framework, the identification processes used for services such as eGovernment, banking or telecoms have evolved independently, leading to fragmented and inconsistent solutions with variable levels of security and visibility.

Spotlight

Genus Capital Management

Vancouver-based Genus Capital Management provides institutions, community organizations and families with perfect-fit investment solutions to better meet their unique needs. Our clients enjoy the customized service and personal attention of a boutique, a consistent and distinctive investment approach, appropriate investment strategies for today’s environment, and a 27-year track record of stable and competitive returns.

OTHER ARTICLES

Benefits Of Outsourcing Software Development To The Fintech Industry

Article | March 17, 2021

Introduction In the ongoing technological era, the outsourcing software development company transports their valuable resources to their core business model and helps businesses to save a lot of time and money. To survive the digital era for financial institutions helps to drive efficiency in Fintech companies. Moreover, software development outsourcing companies offer solutions that enable financial institutions to manage bulk data, tech products, and much more to build an efficient environment with their tech services. The financial service industries are becoming a leader in software development and corporate new strategies for fintech businesses. Many companies are planning to use this working model that is specialized in all processes and seek more agility and quality. Outsourcing software development to the fintech industry can bring many gains to companies, so, in this blog we’re going to look at them closely. According to research, investments in fintech are expected to reach $40 billion in 2021. Additionally, software outsourcing companies makes the development process smooth and improves the quality of data analytics in the industry. Read on to know the benefits of outsourcing software development to the fintech industry and achieve the dedicated digital transformation goals of your business. What Are The Benefits Of Outsourcing Fintech Software Development? Expand your business development The benefits of outsourcing software development services creates a pleasing and commending condition for the fintech industry. It becomes easier to execute actions and plan for the company’s expansion if the management focuses on the core business and internal quality processes. Additionally, the development service provider also helps to sustain the growth of the operation without investing huge investments in infrastructure and technology. Economies of scale If you’re planning to internally develop a software application requires both money and time. And not everyone has an extended IT team with dedicated developers. In such situations, software development outsourcing companies become your partner. The services provided by software outsourcing agencies for fintech development helps businesses to achieve economies of scale and allow them to invest more time on core competencies and perform critical tasks. However, software development outsourcing offers competitive advantages to fintech industries by minimizing costs, better customer service, and maintaining product quality with an affordable budget. Optimize time for dedicated professionals and managers Hiring outsourcing software development services helps businesses a practical and sensible optimization of the time of professionals and managers. If your business is planning to enhance the process of professionalism. To such a degree, fintech industries can directly help to increase the capital and implement strategic tasks and analyze surveys that collaborate to make the right decisions. Thus, outsourcing software development helps to monitor indicators and supervise the possibility of risk to the company. Risk Management/ Critical-path method IT outsourcing software development service providers carry a lot of risks. So to grab the absolute advantages, an organization should build effective risk management plans. Reducing the number of data breaches is one of the most important challenges faced by many fintech industries. This challenge is even more critical when you consider the information type such as salaries, credit card information, social security numbers, and much more which can be used by criminals for gaining profit. Various components and operations help to reduce risks and provide a successful path for outsourcing when you know the challenges and tackle the situation. Increased profits through data analytics Finance is the leading data collection and analytics industry that helps to increase software profit via data analytics. Popular investment banks like Goldman Sachs and JPMorgan have employed specialists who analyze data when issuing trading futures. These fintech software development industries are now identifying customer data and helping them to increase sales and promote customer loyalty. To analyze creditworthiness and provide services to each customer they use credit scores and demographic data that also helps them to build analytics software with the Python programming language. Reduce software server load via cloud computing To implement cloud computing technology, the fintech industry has been reluctant to use web-based storage for bulk data which is vulnerable to hackers. There are few improvements in data security that have led banks to begin integrating modern technology into their core business functionalities. To store sensitive business information related to accounting and communications, many banks are using cloud computing. In recent years, it is reported that the SaaS model is one of the best models that is implemented by fintech software enterprise to store emails, contact lists, and other important information online. Faster product development Hiring software outsourcing companies helps fintech industries to start your projects quicker and complete them before the deadline. The outsourcing enterprise implements traditional hiring processes for software development projects and instructs those dedicated developers to perform critical tasks who can start product development without investing much time on the hiring process. The dedicated team of developers working at any outsourcing companies help to shorten the fintech software development lifecycle and work on multiple projects to quickly resolve common problems and reduce the overall length of the software. The Verdict The fintech enterprise is investing millions of dollars to build custom software according to their business requirement to survive in the new data-driven marketplace. Leveraging a fintech software development service is much bigger than just launching a system that enables the creation of innovative fintech solutions in the future. Many of these companies are switching to fintech software development that provide a dedicated development team to perform critical and complex tasks of any software and reach their goal without distracting from their core missions.

Read More

How to grow your customer base

Article | August 26, 2020

Need more repeat customers? You’re not alone. Businesses of all sizes struggle to win over new shoppers and to inspire brand loyalty in the ones they already have. Pulling off both at the same time is even harder. The key to growing this group is acquiring and retaining new customers. While marketing plays a role in the process, sales and support teams are typically responsible for winning and keeping new users.

Read More

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.

Read More

The Covid-19 impact on fintech: now is the time to boost investment

Article | April 20, 2020

While the coronavirus pandemic sweeps the entire world, governments’ response to the international health crisis has led the global economy to a standstill. Extensive lockdowns and social distancing measures are leading to massive unemployment spikes and numerous businesses are already seeing dramatic loss of revenue and struggling to maintain their operations.

Read More

Spotlight

Genus Capital Management

Vancouver-based Genus Capital Management provides institutions, community organizations and families with perfect-fit investment solutions to better meet their unique needs. Our clients enjoy the customized service and personal attention of a boutique, a consistent and distinctive investment approach, appropriate investment strategies for today’s environment, and a 27-year track record of stable and competitive returns.

Events