by: Grow VC Group
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Digitally disrupted or reinvented? This is the provocative question of the last Accenture report on fintech (i.e. “The Future of Fintech and Banking: Digitally disrupted or reimagined?”), which clearly represents the crossroad many traditional finance actors have to face these days. Banks and other financial players know they have to take action to innovate their offerings and business models if they want to stay competitive and relevant to the consumer.

While many larger banks have already initiated corporate venturing activities or innovation programs to expand and upgrade their offerings into the fintech sector, smaller, local credit institutions are responding at a slower pace, often not sure of which of the many digitalization paths to pursue. We at Crowd Valley have seen various of these cases and have assisted banks’ Innovation Directors and internal ventures to deploy the best innovative solutions for their needs.

In some cases banks may want to adopt new digital tools in order to deploy and pilot new business lines, such as commercial credit or consumer lending applications. This is something, for example, that is already happening frequently in the UK, where a recent law makes it mandatory for banks to refer rejected loan requests by SMEs to alternative finance portals.

In some other cases, financial institutions may want to digitalize their funds administration process, which is a set of various and often complex activities carried out in support of the actual process of running a collective investment scheme. This often involves regulatory compliance, multiple stakeholders and a good dose of paperwork.

By adopting a digital solution, like Crowd Valley Digital Back Office, banks can have access to a simple interface through which administer and streamline multiple funds a products, while ensuring every procedure is compliant and standard security measures are in place. This results in more efficient operations, which can help reduce overhead costs and allow to focus more on the quality of the service.

Read the whole article on Crowd Valley Blog.

Bank back office

Image credit to: UnknownNet Photography

 


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Grow VC Group The Grow VC Group is the world leading, global pioneer of securities crowd funding, peer to peer marketplaces, new investment models and global business development. Established in 2009, the Group has developed new investment models on six continents and continues to innovate the global market.

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This entry was posted on Saturday, February 20th, 2016 at 12:30 am and is filed under Business Updates. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.