04 Jun How banks and financial institutions are benefitting from free tech from fintech companies around the world
COVID-19 is causing chaos all around the world, and challenging industry sectors to do things a different way until the crisis passes. The fintech sector is demonstrating its worth by offering free or discounted tech to banks and financial institutions during the pandemic.
Fintech has grown out of start-ups recognizing changing needs and developing solutions for them. This is what has allowed the sector to boom, to attract record levels of investment and to disrupt the financial markets around the world.
Free tech from fintech companies will make a difference during the crisis
Part of my personal interest in fintech, and the reason we invest in fintech companies and disruptors at the Emerald Group, is because of its ability to make positive changes fast. So, I’m not surprised that many fintechs of all sizes are offering tech to financial institutions and banks that need to adapt to the immense challenges thrown up by the pandemic.
An article in Forbes lists these companies and I’ve provided a synopsis below of what some are offering during this unprecedented time. Some are offering free tech sign ups from fintech, accelerated onboarding or discounts to financial institutions. It’s a fascinating insight into a sector that is well poised to survive the economic ramifications of the coronavirus around the world.
Fintechs offering free tech to banks during coronavirus
7 Chord developed its own proprietary AI (artificial intelligence) engine that can generate real-time streaming prices for more than 22,000 corporate bonds. The engine is called BondDroid, and the company is offering it for free for three months.
Active.AI offers conversational banking assistance through a pre-built virtual assistant. Answers can be easily customized to suit the bank or credit union. The company is offering fast deployment and sign up and a free 30-day trial, and for customers who sign up during the pandemic, there is another 30 days free.
Agolo generates summary feeds quickly and accessibly. During the pandemic, they are distributing a specially created set of specialized AI generated feeds specifically about the impact of COVID-19 across a number of sectors. These include the energy sector, finance, media, information technology and health care. They are also releasing some highly specialized feed summaries about specific topics of interest, including the impact of the virus on the supply chain. All of these releases are free via social media, newsletters and the web.
Arnexa’s product, Arnexa Binbox, is the world’s first secure messaging system that totally kills phishing attempts. Only legit messages reach the sender, making it the ideal choice for financial services. They’re offering accelerated sign up and deployment.
Botdoc allows banks to move customer data with full, end-to-end, secure encryption without the need to download apps, use a password, PIN or login. To help companies during the pandemic, they’re offering free use of Botdoc for up to 15 users for 60 days.
Fincura offers a service that allows tax returns and business loan underwriting to be completed in under five minutes using data from financial statements. It’s offering complete platform access to every commercial lender for free for at least 90 days.
Moxtra is used by a number of banks thanks to its one-stop client interaction hub, that gives them the tools to digitally interact with their customers. IT was developed by the founders of WebEx and the company is offering a totally free three-month trial during the pandemic.
Plinquit is a fully automated savings platforms that allows users to save for emergencies. It also gives access to interactive information and advice from the bank or credit union using it. They are offering the product with zero platform fee for the first three months.
SPENDiD has developed an application program interface (API) that is currently still in beta. For any developer that wants to use the autonomous peer validated budgeting algorithms, the company is waiving all fees and onboarding costs. It allows developers to build fintech apps cheaper and faster than other solutions.
Vestwell is a fintech platform for US retirement plans (401k). They’re offering deferred fee billing, plan freezes and six months free sign up to help clients during the pandemic.
Datanomers is a company that helps banks to automate and digitize their processes. During COVID-19 they are speeding up deployment to banks of the ‘Customer Insight Manager’ product. They’re also waiving subscription charges for the first two months.
RES NET offers risk management solutions and tools to the financial sector, including credit unions and mortgage servicers. They’re offering free implementation of their tools during the crisis, including training for free and waiving set up costs.
These are just some of the fintechs around the world that are offering services, products, sign up and solutions either for discounted prices or for free during COVID-19.
Banks and financial services that have been lagging in digitizing their services will be hastening to do so now, which will involve working with fintechs. The pandemic could be the catalyst to lasting change within the banking and financial sector and ensure that fintech not only survives this challenging time but thrives.