Although the history of financial technology stretches back to the first electronic funds-transfer systems of the early 20th century, the true potential of fintech has only recently become apparent. With the advent of easily-available smart-device technology, new financial services (such as online/mobile banking) and currency systems (such as cryptocurrency) further cemented the connection between finance and technology. Today, according to the Vantage Market Research, this union has expanded into an industry valued at approximately USD 112.5 billion in 2021 setting new standards of advanced capabilities, improved customer service, and integrated B2B solutions in the financial world.
Unfortunately, fintech’s meteoric rise has also created an environment crowded with fintech solutions. Finding the right financial technology partner to meet your unique needs means not only understanding your customers, but also what these solutions can bring to the table.
In this article, we’ll walk through fintech solutions, and why to choose TAB Bank as your trusted fintech strategic partner. But first, let’s define a few terms.
What is Fintech?
Fintech is a combination of two words: finance and technology, and generally refers to practices where the two industries combine. By integrating advanced technologies into financial services, organizations can more effectively meet customer needs while also improving internal processes and data security.
Fintech is a broad category that touches on many different technologies and capabilities, but in every case, the goal is the same: to provide faster, safer, and more cost-effective solutions to a range of financial activities.
What is a Fintech Solution?
At its most basic, a fintech solution is any service, product, tool, or strategy that applies technology to enhance a financial service. More specifically, the term fintech solution generally refers to a third-party software that supports fintech company operations. For example, if a company offers fintech operations, such as online payments or the exchange of cryptocurrency, fintech solutions are in play to ensure the proper software and security are used to complete the transaction.
There are hundreds of ways in which fintech solutions are needed. If you are engaging in any type of online financial transaction, fintech-enhanced activities are happening in the background to help everything run smoothly. Fintech providers are crucial in supplying and maintaining the technologies that keep customers safe and make fintech practices possible.
As such, more and more businesses are moving away from building internal, proprietary tools, and are instead choosing to work with external fintech solutions. In fact, the Cornerstone survey shows that two-thirds of financial institutions have committed to one or more fintech partnerships over the past three years. This is because the right fintech partnership can provide businesses with the digital resources they need to scale their financial services and better serve their customers.
Your Trusted Fintech Partner
All of our strategic partners benefit from fintech solutions that both innovate their online banking experience and secure their accounts. TAB Bank provides a trusted strategic partnership with our one-stop-shop for all of your business’s fintech needs.
Additionally, all of our strategic partners benefit from fintech solutions that provide their customers an innovative online banking experience and secure accounts. Our most popular customer-focused fintech solutions include:
Smart Chip Technology
Banks are constantly looking for ways to protect their customers from fraud and theft by providing top-of-the-line security. Smart chip ATM cards use EMV technology embedded in the chip. This technology uses a one-time password for each transaction used by the card, whereas magnetic stripe technology uses the same pin for all card transactions. This one-time password significantly increases the safety of the card since the code is only valid for one transaction. Even if someone is able to steal the code, it will not be usable beyond one transaction.
Open Banking Platform
Open banking platforms allow customers to access their financial data across various apps. These platforms allow banks to securely share secure information with third parties through an API that allows customers to connect their banking data. Open banking platforms are essential for connecting with cryptocurrency investments and popular apps that can help offer financial management. With TAB Bank’s open banking platform, you have almost unlimited potential service offerings by connecting with third parties.
Mobile Banking
Mobile banking is crucial for ease of use for customers, and customer satisfaction. Mobile banking platforms offer account opening software to onboard new customers quickly and efficiently. At TAB Bank, opening a new account takes only a few minutes. Plus, our account opening software gives detailed reporting and provides a customizable user interface to help provide ease of use for new customers, without having to contact the bank personally.
Additionally, good mobile banking platforms like TAB Bank also include an identity decisioning platform (IDP). IDPs allow customers to seamlessly provide identity verification, while also helping banks securely decide whether to accept or reject an applicant. With mobile banking and account creation, IDPs play a major role in keeping banks and their customers safe.
Branchless Banking
Fintech solutions have reduced the dependency on brick-and-mortar stores to function. Some of the most successful banks, like TAB Bank, are completely online with no brick-and-mortar storefronts. Our online-only banking experience brings an enhanced online customer journey that is often missing with other banks.
TAB for Businesses
Your customers are central to your business, but the best fintech solutions are those that provide as much internal support as external. TAB has created a powerful reputation in the financial industry for enhancing its strategic business partners’ fintech capabilities. Our three pillars of fintech offerings are:
Card Sponsorship Programs
Gain easy, fast access to major credit cards, including the ability to issue on MasterCard®, Visa®, and Discover® networks. TAB Bank offers debit, credit, and prepaid card programs for both consumer and commercial use.
Loan Sponsorship Programs
Get the resources you need to take your essential internal projects from conception to deployment. We offer loan sponsorship programs for consumer and commercial clients in all ranges, from small- to high-dollar lending. Our loan programs include unsecured installment loans and revolving lines of credit, so you always have the capital you need without placing your business at risk.
Banking as a Service (BaaS)
When you need a firm banking infrastructure to support your company and your clients, TAB BaaS is the answer. We provide direct access to our world-class BaaS platform and essential card networks. TAB Bank BaaS includes standardized REST APIs for a flexible, accessible way to integrate applications. From back-end systems, to up-to-date regulatory frameworks, to knowledgeable support options, our open banking platform handles the details so you can focus on running your business.
Choose TAB Bank
TAB Bank is a technology-driven bank that is committed to offering custom banking solutions to individuals and commercial businesses. We help customers track and leverage their money to greater financial success. Contact us today to learn more about the benefits offered at TAB Bank.
