Fully Configurable FinTech Comes of Age in 2022

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Advances in information and operations technology are accelerating digital uptake and engagement for businesses and other organizations.

Many observers point to the coronavirus pandemic as a spur to distance-keeping, labor-saving technology in workplace settings. But many entrepreneurs — including small- and middle-market players — recognize that improvements in technology are at least as potent, and bound to outlast the public-health crisis as an abiding incentive for making digital transformations.

In this light, Covid-19 may have fixed our collective attention on low-touch and remote capabilities, but these options wouldn’t exist in the first place without nimble fintech developers. 

It goes further. Changes taking place right now in how people work and do business are the result of next-gen automation, artificial intelligence, and enhanced customer-experience technology. There’s a simple reason for that. To get traction, technology solutions must be engineered to meet the general and specific needs of verticals such as healthcare, retail, and a host of B2B settings from mining and agriculture to manufacturing, storage, and distribution.

BaaS now speaks the language of your industry

Thematically, these enhancements to work-related technology stacks are often linked to concepts such as “embedded finance,” referring to a suite of financial services and capabilities, and “banking as a service,” or BaaS, the cloud-based technology that empowers organizations to put embedded finance services to work for their customers.

Together, says technology think tank Gartner, these advances are driven by a quality called “composability.” 

For Gartner, a “composable enterprise” is one whose employees are equipped to complete tasks, solve problems, and improve workflows using technology that addresses the needs and priorities of particular industries. But to harness the power of composability in the name of providing BaaS, the technology in question must be easy for non-technical business users to use no matter what vertical they’re in.

“We’re talking about a big breakthrough in ‘no code’ workflow, which breaks through functional barriers between industries,” says Dmitry Voronenko, CEO and co-founder of TurnKey Lender, a leading provider of point-of-sale financing and loan-portfolio management technology used by consumer-facing and B2B enterprises in more than 50 markets worldwide. 

“In a composable enterprise, technology opens the door to working smarter and faster with much less human error — for the simple reason that technology like ours can be intelligently reconfigured to address new issues or issues specific to the vertical in question,” according to Voronenko.

This dynamic and user-friendly fintech can be refined to meet the needs of specific organizations using “packaged business capabilities” to “compose no-code processing and technology solutions” for an inevitable“revolution in how businesses relate to and create with technology,” Voronenko adds.

[download] 

Likely results and how to achieve them

Among the chief impacts on non-technical organizations of increasingly user-friendly and configurable fintech are:

  • Ability to add revenue and stake out an increasingly vital point of differentiation as a customer-centric service provider
  • Help navigating regulatory complexities and customer-support obligations
  • Ability, even for late starters, to improve in terms of tech-fueled customer service, customer value and business metrics

While fintechs continue refining and — at least from a user’s point of view — simplifying their offerings, organizations in need of financing and payments technology have to decide what kind of partner they want. To this end, Gartner recommends a three-phase approach.

  1. Identify BaaS opportunities across industry verticals for alignment with your organization’s needs
  2. Make sure modular BaaS offerings include (or can be integrated with) compliance, analysis, transaction monitoring, and customer due diligence
  3. Position composability in BaaS as a strategic outcome by partnering with a fintech that has the right technology and interoperability for your needs, in your industry vertical

As a timeline, Gartner suggests 2025 as the year to start extracting value from BaaS, in terms particularly of extracting additional customer value. The aim, quite simply, should be to make in-house financial-service offerings easier, faster, and more secure for customers than bank or other third-party options.

Already in 2022, Gartner estimates that 10% of large non-tech enterprises have moved to accelerate digitalization in hopes of generating new revenue by providing tech-assisted financial services to external customers.

But nonfinancial businesses eager to digitalize procedures aren’t the only organizations looking to adopt advanced fintech on behalf of their customers. 

The race is on to secure smart, easy, and agile fintech

According to Gartner, old-school banks are beating the bushes for BaaS-style fintech to help them modernize and compete on an even footing with a growing cadre of businesses that look past traditional providers for secure and reliable in-house capabilities from third parties as a fast track to modernization.

The broader rise of embedded finance, meanwhile, helps businesses improve their standing with customers. 

What’s the best way to keep customers from going elsewhere to finance purchases from your business?” asks Marc Pickren, TurnKey Lender’s CEO for the Americas. “Bring technology in-house that offers attractive financing terms, makes accurate and fast credit decisions, streamlines collections, and can be configured to the needs of your business and industry.

As the BaaS trend matures through the next few years, businesses will continue to explore opportunities to develop more attractive financing experiences for their customers. From funding consumer and business equipment purchases to special purposes such as invoice financing and non-profit community development, organizations are looking to embed fintech to attract and retain customers.

“Business leaders are getting comfortable with digital fintech,” says TurnKey lender’s Ionenko. “They see how it can be built into their existing infrastructure and workflow in ways that support growth and all-around ease-of-use.” 

Share:

Advances in information and operations technology are accelerating digital uptake and engagement for businesses and other organizations.

Many observers point to the coronavirus pandemic as a spur to distance-keeping, labor-saving technology in workplace settings. But many entrepreneurs — including small- and middle-market players — recognize that improvements in technology are at least as potent, and bound to outlast the public-health crisis as an abiding incentive for making digital transformations.

In this light, Covid-19 may have fixed our collective attention on low-touch and remote capabilities, but these options wouldn’t exist in the first place without nimble fintech developers. 

It goes further. Changes taking place right now in how people work and do business are the result of next-gen automation, artificial intelligence, and enhanced customer-experience technology. There’s a simple reason for that. To get traction, technology solutions must be engineered to meet the general and specific needs of verticals such as healthcare, retail, and a host of B2B settings from mining and agriculture to manufacturing, storage, and distribution.

BaaS now speaks the language of your industry

Thematically, these enhancements to work-related technology stacks are often linked to concepts such as “embedded finance,” referring to a suite of financial services and capabilities, and “banking as a service,” or BaaS, the cloud-based technology that empowers organizations to put embedded finance services to work for their customers.

Together, says technology think tank Gartner, these advances are driven by a quality called “composability.” 

For Gartner, a “composable enterprise” is one whose employees are equipped to complete tasks, solve problems, and improve workflows using technology that addresses the needs and priorities of particular industries. But to harness the power of composability in the name of providing BaaS, the technology in question must be easy for non-technical business users to use no matter what vertical they’re in.

“We’re talking about a big breakthrough in ‘no code’ workflow, which breaks through functional barriers between industries,” says Dmitry Voronenko, CEO and co-founder of TurnKey Lender, a leading provider of point-of-sale financing and loan-portfolio management technology used by consumer-facing and B2B enterprises in more than 50 markets worldwide. 

“In a composable enterprise, technology opens the door to working smarter and faster with much less human error — for the simple reason that technology like ours can be intelligently reconfigured to address new issues or issues specific to the vertical in question,” according to Voronenko.

This dynamic and user-friendly fintech can be refined to meet the needs of specific organizations using “packaged business capabilities” to “compose no-code processing and technology solutions” for an inevitable“revolution in how businesses relate to and create with technology,” Voronenko adds.

[download] 

Likely results and how to achieve them

Among the chief impacts on non-technical organizations of increasingly user-friendly and configurable fintech are:

  • Ability to add revenue and stake out an increasingly vital point of differentiation as a customer-centric service provider
  • Help navigating regulatory complexities and customer-support obligations
  • Ability, even for late starters, to improve in terms of tech-fueled customer service, customer value and business metrics

While fintechs continue refining and — at least from a user’s point of view — simplifying their offerings, organizations in need of financing and payments technology have to decide what kind of partner they want. To this end, Gartner recommends a three-phase approach.

  1. Identify BaaS opportunities across industry verticals for alignment with your organization’s needs
  2. Make sure modular BaaS offerings include (or can be integrated with) compliance, analysis, transaction monitoring, and customer due diligence
  3. Position composability in BaaS as a strategic outcome by partnering with a fintech that has the right technology and interoperability for your needs, in your industry vertical

As a timeline, Gartner suggests 2025 as the year to start extracting value from BaaS, in terms particularly of extracting additional customer value. The aim, quite simply, should be to make in-house financial-service offerings easier, faster, and more secure for customers than bank or other third-party options.

Already in 2022, Gartner estimates that 10% of large non-tech enterprises have moved to accelerate digitalization in hopes of generating new revenue by providing tech-assisted financial services to external customers.

But nonfinancial businesses eager to digitalize procedures aren’t the only organizations looking to adopt advanced fintech on behalf of their customers. 

The race is on to secure smart, easy, and agile fintech

According to Gartner, old-school banks are beating the bushes for BaaS-style fintech to help them modernize and compete on an even footing with a growing cadre of businesses that look past traditional providers for secure and reliable in-house capabilities from third parties as a fast track to modernization.

The broader rise of embedded finance, meanwhile, helps businesses improve their standing with customers. 

What’s the best way to keep customers from going elsewhere to finance purchases from your business?” asks Marc Pickren, TurnKey Lender’s CEO for the Americas. “Bring technology in-house that offers attractive financing terms, makes accurate and fast credit decisions, streamlines collections, and can be configured to the needs of your business and industry.

As the BaaS trend matures through the next few years, businesses will continue to explore opportunities to develop more attractive financing experiences for their customers. From funding consumer and business equipment purchases to special purposes such as invoice financing and non-profit community development, organizations are looking to embed fintech to attract and retain customers.

“Business leaders are getting comfortable with digital fintech,” says TurnKey lender’s Ionenko. “They see how it can be built into their existing infrastructure and workflow in ways that support growth and all-around ease-of-use.” 

Share:

RELATED SOLUTIONS

img_Turnkey-Lender_Benefits-of-Buy-Now-Pay-Later-services-for-consumers-and-businesses-1920-scaled

Benefits of Buy Now Pay Later services for consumers and businesses

img_Turnkey-Lender_Just Some of the Things TurnKey Lender Standard Platform is Capable of -1920

TurnKey Lender Standard Platform Capabilities (With a Bonus White Paper) 

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Efficient strategies for all collection phases

AI-based consumer and commercial credit scoring

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