The financial
technology sector is expected to become an 8 billion dollars market globally this
year. In fact, one out of every four people are likely to turn to mobile
banking by the end of 2015, and by 2017, half of the world’s population will
own a smartphone. South Florida, which already is an important financial hub in
the US, is capitalizing on the trend. Tampa, a city located in the state’s
tech-corridor is significantly contributing to the region’s fin-tech boom. IT
solutions are being developed in Tampa to exclusively serve the region’s financial
institutions. These innovative solutions, which include business process
management (BPM), loan processing, investor services and low-latency trading
tools, among others, are enabling the region’s financial institutions achieve
operational efficiency and cut costs.
Drivers for
the City’s Fin-Tech Boom:Be
it banks, credit societies, lenders or trading companies, all the businesses in
this sector are looking for ways to become more agile, as the majority of
today’s customers prefer online and mobile over traditional transactions.
Keen
on delivering personalized, diversified services to their clients, these
institutions are looking for technology that would offer a consolidated view of
their clients’ accounts.
In
the age of social media, protection of brand image has become a top concern for
banks and other financial service providers. Regulatory compliances are also
becoming more and more stringent for the financial sector. Subsequently, firms look
for solutions that would allow them to adhere to stringent regulatory
compliances, and help them avoid the risks of reputation damage and thereby build
up a loyal clientele.
Segments
Addressed by the Solutions:
Based on new-age
analytics, mobile and cloud technologies, a wide variety of fin-tech solutions are
available across the financial services spectrum. The areas include:
Retail
banking
Investment
banking
Governance
and risk compliance
Housing,
auto and student loan segments
Credit
card management and payment processing
Wealth
management