- August, 2021
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The fintech industry is getting more prominent each day, but nowhere more than in Switzerland. This country currently holds 10% of all European fintech companies, while Zurich is the city most of these companies call home. Swiss fintech companies, about half of them, are also driving the most developed segment of the industry, the cryptocurrency and blockchain sector.
All of these facts are leading to a single conclusion: Swiss innovation-driven environments by using their cutting-edge approach are pushing the fast digitalisation transformation of the financial sector, not only in Switzerland, but also the banking industry on a worldwide scale.
Our partner, CREALOGIX, as a Swiss global leader in digital banking, is a perfect example of a company that has taken an innovative approach by developing the Digital Banking Hub. This software solution makes it possible for financial institutions, banks and wealth management firms to expand their digital banking services at a steady pace, enabling careful implementation of innovations that will speed up their digital transformation. This innovative Fintech company is making all that possible with Artificial Intelligence (AI), APIs and chatbots.
Artificial intelligence (AI)
By using artificial intelligence, financial institutions are able to capture and analyse large quantities of data and provide a clear path for decision making process across different sectors of a company. For example, the presented data can be used in the marketing department, back-office operations, for enhanced customer experience, improved product delivery risk management, and compliance. Organisations can also benefit from forecast of future outcomes and trends, and automatisation of cognitive processes, as well as realistic interactive interfaces.
Application Programming Interface (API) are software solutions that act as a connection between various services. In that sense, organisations do not have to limit themselves to in-house solutions, but they have the possibility to explore and implement the most feasible systems. APIs have become immensely utilised in recent years and it came as no surprise that they found their use in the fintech industry.
By using APIs, banks and financial institutions have the option to exchange data, products and services which gives them a wide array of services that they can provide to their customers. Innovators in the industry have greater flexibility to choose the best features and services that will increase their competitiveness on the market. As a global result, APIs created a revolution in the financial industry and business banking, by sparking an environment where everyone on the market is trying to provide the most desirable features.
One of the innovations that actually provided the most significant help to the fintech industry are chatbot systems (also known as conversational interfaces, talkbots and even just as bots). While on paper they do not look like they offer much, chatbots are sophisticated and advanced software solutions that use artificial intelligence and machine learning to resolve all customer inquiries. Chatbots in the fintech industry are most commonly used as a customer services replacement, making support and FAQ pages on websites obsolete. In the era of virtual assistants, many financial providers are also using chatbots to help their customers keep track of upcoming payments or even help them manage their money and give recommendations for future investments.
Rise to the top of the Global Innovation Index
Everything said so far makes up for one final verdict: Switzerland is long past its old traditional ways, as the companies in the country are making bold steps into the new era. However, if anyone needed further proof that the country is a leader in innovations they can look no further than the Global Innovation Index 2020, where Switzerland is said to have the world’s most innovative economy, leading the chart in front of the economic superpowers such as Sweden, USA, United Kingdom and the Netherlands.
Author: enjoy.ing team