Investor and fintech expert N’Gunu Tiny on how the fintech sector is rising to the challenges presented by coronavirus by providing free technology to banks
Times of crisis and challenge bring out the best in many individuals. And during the COVID-19 pandemic, the fintech sector is proving its ability to empathize with clients, consumers and customers by offering free tech to banks and financial institutions.
“The fintech sector has grown from a small cluster of disruptive and talented start-ups that began to provide innovative solutions to new consumer demands,” says N’Gunu Tiny . “This ethos is at the core of a sector that continues to boom, and behind its success in attracting record levels of investment. It’s no surprise that the fintech sector is positively impacting the vast challenges presented by the pandemic.”
Providing free tech to banks is a new focus for fintech during the crisis
Fintech has made financial products and bank accounts accessible to people in all corners of the world, sometimes for the first time. And this is partly behind Mr Tiny’s interest in fintechs. He says: “The fintech sector’s potential to do so much good in the world fuels many of our investment decisions at the Emerald Group.”
This Forbes article lists a growing number of fintechs around the world that are providing free or heavily discounted services to banks, credit unions and financial services during COVID-19.
Adds N’Gunu Tiny: “This drive to solve problems for consumers and businesses during a time of crisis is an important insight into the fintech sector. I believe it is well positioned to survive coronavirus and have outlined a few of these companies and their tech offerings during the pandemic.”
Fintechs offering solutions for free during coronavirus
Arnexa Binbox is a secure messaging system that is the first in the world to completely eradicate phishing. Only legitimate messages make it through the system to the sender and receiver, making it ideal for banks and financial companies. Arnexa are offering accelerated deployment during the pandemic.
Using Botdoc, banks can move customer data with secure encryption without having to use a login, PIN or to download an app. Botdoc is offering free use for up to 15 users a time for 60 days during COVID-19.
This company produces tax returns and business loan underwriting from financial statements within five minutes. During COVID-19, Fincura is offering its complete platform for free to every commercial lender for at least 90 days.
Moxtra is a one-stop client interaction hub. It gives banks the tools to digitally interact with their customers. Developed by founders of WebEx, it’s offering a three-month trial for free to new users.
This automated savings platform allows users to save for emergencies and shares interactive information and advice from the client bank. They’re offering sign up with no platform fees for the first three months.
SPENDiD
SPENDiD’s application program interface (API) is currently still in beta and they’re waiving all fees and onboarding costs for developers who want to use it to build fintech apps.
A fintech platform for 401k retirement plans in the US, Vestwell is offering deferred bulling, six months free sign up and other options to clients during the COVID-19 crisis.
This company helps banks to automate processes and are offering fast-tracked deployment for its Customer Insight Management solution. It’s also waiving subscription charges for the first two months of sign up.
RES NET
Res Net offers risk management tools to the financial sector, including mortgage companies and credit unions. During the crisis they’re offering free implementation of their services and tools, free training and no set up costs.
7 Chord has its own proprietary AI engine called BondDroid that generates real-time streaming prices for more than 22,000 corporate bonds. The company is offering it for free for at least three months.
Active.AI
This company provides a built-in virtual assistant that offers conversational banking assistance, which can be customized to the bank or credit union using it. They’re offering fast sign up and a free 30-day trial, and for customers who sign up now, there is another 30 days free.
Agolo generates summary feeds of information quickly and accessibly. They are now distributing specially created specialized AI generated feeds about COVID-19’s impact on various sectors. The sectors include energy, media, IT, healthcare and finance
“These are just a few of the global fintech companies offering services and products to banks for free during the COVID-19 pandemic,” says Mr Tiny. “Banks that have been stalling on digitizing and shifting online now have to. In fact, the pandemic could be the catalyst to lasting change within the banking and financial sector that ensures fintech thrives during these challenging times.”
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