By Adrian Black, CEO, Contego
Today’s financial institutions face a dizzying array of threats, including complex fraud schemes involving the theft of money and data by sophisticated cyber criminals, and the need to satisfy demanding regulatory requirements – both within their home markets and overseas.
Thankfully, with the emergence of the FinTech sector, traditional financial institutions have access to easily scalable solutions to tackle these complex problems:
- Embed innovation as a core competency: FinTech companies innovate at an incredible rate, whereas large banks typically do not possess the infrastructure and culture to support innovation at a similar rate.
- Develop a deep understanding of the problems facing financial institutions: A FinTech’s leadership team often include former executives from within the financial services sector as well as other verticals that face similar challenges. As a result, the Fintech’s executive team possesses real-world experience of the problems facing the industry.
- Integrate cost-effective solutions: Due to their limited size, FinTech companies do not maintain significant infrastructure costs that they must pass on to customers. In order to establish a competitive footing, Fintech companies must employ a laser-like focus on developing cost-effective solutions that produce sustainable results.
FinTech companies have the ability to enable banks to address their business process models, embrace innovation and change, and solve complex problems. Contego runs comprehensive checks on people, companies and ID documents, to reduce risk and improve process efficiency within the financial services sector. Contego’s ability to conduct comprehensive checks resulted in Accenture selecting the company to participate in the 2016 Fintech Innovation Lab. Contego’s participation in the lab recognises the company’s performance to date, and more importantly, its potential to help global banks adapt and meet the challenges of the rapidly changing financial services marketplace.
As a member of the Fintech community, Contego will be exhibiting at Innovate Finance Global Summit 2016.