Fintech (Financial Technology) is a set of new innovative methods designed to use technology in order to provide an alternative to traditional financial services and incumbent banks. Indeed the advanced technology gives Startups a business opportunity to offer similar services as banks or loan companies or even insurance companies, but with much lesser investment. Fintech companies thus rely on the use of Mobile phones, Smartphone Apps and Internet.
Fintechs are wrongly thought as a bank’s digitization. A bank that digitizes its processes does not reach the level of agility that a Fintech company may have. In fact, a Fintech company is a true innovation where all financial processes are reinvented, to suit a different usage scheme, a different user-experience, and a completely redefined customer-relation.
Thus, agility and lesser complexity are key for a Fintech business success. While many Fintechs invest a lot in acquiring their own solution, in learning curve for building their services, in maintenance, they most of the time find themselves spending more time on the technicalities rather than on the business itself and in growing their customer-base.
As we have been delivering several Mobile Financial Services tools over the last decade, we have identified the need to help Fintechs, go quickly through the technical aspect of their business and be ready to operate the services in the shortest time. Besides, when improving the service and user-experience, those Fintechs would need a flexible tool which allows them to adapt the service without extra costs.
With this vision in mind, we have created our Cloud Fintech Platform. VYZYO CloudFintech Platform is a Platform As A Service infrastructure, available anywhere in the world which gives any Fintech the ability to instantly get access to its own virtual Mobile Financial Services Platform, where it can choose from various features and services to use. The Fintech can customize fully its services and create its own business rules for the services, such as: Processflows, applicable fees for the services, split of fees, various limits on transactions, etc. Besides, VYZYO Cloud Fintech platform offers additional professional services and resources for Marketing strategy, Regulatory Framework, Reports and Analytics.