As Amazon Web Services (AWS) and other cloud service providers continue to gain ground, many banks are moving their fintech applications to the cloud. They have sound reasons for doing so, as cloud computing saves costs, boosts efficiency, and offers layered security approaches as well as automated deployment models. Moreover, the barriers to entry are lower than ever before. Lower-cost, more efficient Cloud computing is less expensive and more efficient than traditional computing in a number of ways. With cloud services, organizations only pay for what they use; they
Financial institutions once viewed fintechs as a threat to their business, but banks are increasingly recognizing the value of partnering with them. Because they are smaller and nimbler, fintechs can typically innovate much faster than banks can. In a fast-moving marketplace, this dexterity can lend banks a competitive advantage. The key to success lies in identifying the right fintech partner. What to look for To lay the groundwork for selecting a fintech, banks should first evaluate their own products and services to
The ability to open financial accounts digitally—online, via mobile device, or (preferably) both—is in high demand among bank customers. The traditional account opening process is usually a cumbersome one that requires a visit to the branch to close the deal. But today’s customers—especially younger ones—are branch-averse and want to do their banking activities online. It stands to reason, then, that banks currently lacking digital account opening capability should seriously consider adding it soon.
– Accelerates credit union and fintech ability to deploy services for credit union members – ATLANTA , August 8, 2018 – Xtensifi, a digital consulting firm that enables financial institutions to create and execute their mobile and online strategies, announced the availability of its Xtensifi Tile Accelerator Program (XTAP) for the Constellation Digital Platform, an open digital banking platform provided by Constellation Digital Partners (Raleigh, N.C.), a leading credit union service organization (CUSO). The Constellation Digital Platform is unique in