What Do FinTech Companies Do?
At the core of every successful FinTech development company, there are consistent characteristics that make it rise and become critical tools in the industry.
Technology First
Successful FinTech companies put technology first, disrupting existing processes and improving financial wellness tools
Customer-Centric
Customer feedback & needs are their guiding principles, so the tools they build are helpful and easy to use
Simple
Managing money can be intimidating, these solutions focus on user-friendly designs, ease of use, & accessible language
Scalable
Growth is the name of the game for any FinTech company. Mass appeal and scalability is built into their DNA.
The Future of FinTech
What's Next?
Recent FinTech products have noticeably embraced machine learning and Artificial Intelligence (AI), creating better and better personalised experiences for companies and individuals alike.
Machine Learning
Machine learning is achieved by training and refining the software. Once the software receives a correction, it doesn’t make the same mistake again. Over time, it becomes smarter and less likely to make mistakes. Whether the task is approving loans, managing assets, or assessing risks, machine learning makes the financial industry smarter and more efficient. The Lending sector greatly benefits from machine learning tools.By aggregating a borrower’s financial history, including income and expenses, machine learning can more accurately predict how a borrower will perform, reducing errors and cutting costs in the process.
Artificial Intelligence
In finance, artificial intelligence and machine learning are terms that are sometimes used interchangeably. While the two concepts are closely related, they are not the same. Machine learning is one popular technique for achieving AI results. Tools like Erica, Bank of America’s virtual assistant, apply artificial intelligence to keep customers informed of their monthly spending path, trends in where they are spending money, changes in credit score, and more. This proactive, personalised education allows consumers to live healthier financial lives.
Big Data
Big data describes a large volume of data that is used to reveal patterns, trends, and associations, especially relating to human behavior and interactions. FinTech companies are using big data for forecasting and personalisation in industries like retail. Amazon uses big data to predict what a customer might buy next while Walgreens used it to predict the demand for hair products based on the weather. The more FinTech companies can leverage big data to create customer-centric experiences, the more likely they are to be successful.
How Envestnet | Yodlee Empowers FinTech Companies
Envestnet | Yodlee is a passionate partner in the FinTech ecosystem in many ways. Our suite of developer tools helps secure access to data and facilitate growth in FinTech companies. We offer developer solutions to help validate FinTech ideas and launch them into full-blown solutions.
We are particularly experienced at helping FinTech startups reach their potential through our Incubator program. The Envestnet | Yodlee Incubator helps startups launch disruptive products and solutions that leverage transactional financial data. This 6-month program offers a chance to develop a vision or prototype by tapping into Yodlee’s award-winning platform, technical support, mentorship, guidance, and exclusive membership in the broader Envestnet | Yodlee ecosystem. The Incubator program is stage-agnostic and open to any FinTech startup regardless of location. We don't charge for the program and we don't ask for stock in return.
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