FinTech is an acronym for Financial Technology. In general, FinTech describes technologies aiming to automate financial services and to create better experience for customers of financial institutions. In essence, FinTech emerged as a way to simplify and accelerate financial operations and processes. The FinTech industry started in the early 2000s with payment systems and innovative financial institution back office systems. With the emergence of he web, many traditional financial services have become available online. Over time, FinTech companies have surfaced and specialized in delivering convenient financial services, typically over web or mobile. Lately, FinTech also started to include crypto currency related services such as crypto payment or crypto trading.
What is the FinTech Industry?
The FinTech Industry adoption of Outsourcing
The FinTech industry is younger than the Outsourcing industry. Therefore, it has adopted Outsourcing from the start. Also, the need for fast and reliable FinTech services has quickly pushed companies to adopt 24/7 operations model to deliver high quality services. Many areas in FinTech typically require outsourcing services to ensure quality operations and good user experience:
- Technology: FinTech expertise is hard to find and global community of developer has gradually been built. Usually, FinTech companies use outsourcing services to access hard-to-find, niche technical talent.
- Fraud Prevention. Many FinTech applications deal with sensitive user data, and strict Know Your Customer (KYC) processes need to be enforced. Fraud prevention is a key outsourced service in the FinTech industry.
- Customer Support. FinTech user have high expectations for speed of support response, as most deal with sensitive money transactions. Most FinTech companies have a 24/7 support in place.
Our FinTech Outsourcing Services
Feedback from our FinTech Customers
Another is a payments business. It provides full business solutions for funds in, holding of funds and currency management and then the sending of funds out. Another provides alternative or additional card processing, foreign exchange and virtual bank account and other solutions. From start-ups struggling to get access to banking and well-established business looking to spread their range of suppliers. Another is a division of AIM-listed St James House PLC.
iScale Solutions responded outside UK Business hours frequently above and beyond the SLA. Projects were delivered on time, with the appropriate QA testing. iScale Solutions provides quality products and professional personnel. They have depth of talent and knowledge within the group allowing for substitute personnel if required.
Paul Salisbury – Head of Operations