★★★★★FinTech Innovation Map Reveals Emerging Technologies

FinTech Innovation Map Reveals Emerging Technologies

Our Innovation Analysts took a deep dive into the future of financial services. Through analyzing more than 14.000 startups, we identified the rising stars and emerging technologies bound to impact the industry in the near future:

Related topics:FINTECHINNOVATION MAPTECHNOLOGY

FinTech innovations have been at the forefront of tech disruptions in recent years. By the end of 2017, there were more than 30 FinTech Unicorns globally, including European companies such as Klarna, Adyen, and Transferwise. It is not surprising that established banks are seeking to partner with FinTech startups to reinvent their business models: in 2016, more than €22 billion was invested in FinTech worldwide.

At StartUs Insights, we focus on technology and innovation scouting to identify the rising stars and innovation areas in the industry early on. Through a large-scale analysis of 14.000 FinTech startups, we identified technologies that will cause major disruptions in the financial industry in the near future.

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FinTech Innovation Map (c) StartUs Insights

 

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Mobile Banking

Mobile banking has come a long way: from SMS Banking, which first appeared in 1999, to today’s smartphone banking apps that allow for mobile payment and management of all banking and financial services on-the-go. Not only does mobile banking reduce location dependency of financial services and operation costs, but it also provides an end-user interface for the expansion of Banking-as-a-Platform (BaaP).

Blockchain

A cryptocurrency frenzy over the past two years is how most people got introduced to the blockchain. Aside from using cryptocurrencies for private and fast online transactions, blockchain provides a transparent, secure, immutable and reliable ledger to document contracts, transactions, and records. Innovations such as Blockchain Bonds, blockchain clearing, and settlement systems have already been used to make intra-bank and inter-bank transactions cheaper and faster.

Big Data

In addition to traditional financial data collection, new data sources such as mobile banking and the Internet of Things (IoT) provide an additional layer of data gathering. Combined with Artificial Intelligence, Big Data analytics utilize large amounts of old and new data to discover hidden patterns for better risk management and fraud detection. New insights from big data improve the understanding of customer behaviors and help banks to create better and more customized products and services.

Artificial Intelligence (AI)

AI helps banks to analyze their Big Data to improve existing solutions and make better decisions. A more recent AI trend is to use its cognitive abilities to go through a large amount of unstructured text and data to generate more insights and to learn natural language. A more intelligent AI chatbot or virtual assistant can take over repetitive “low-value” operations, such as performing small amount transactions, explaining financial products and providing basic financial advice to customers.

 

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Regulatory Technology (RegTech)

Most RegTechs are services and tools using Big Data and Cloud Computing to enhance a company’s ability to monitor, report and comply with regulatory requirements. These startups use AI and predictive analytics to automate compliance tasks, reduce risk fraud, perfect authentication and identity management. As global banking regulations become ever complex, RegTechs help banks to increase transparency and consistency, while lowering the cost of compliance.

Biometrics

Biometric technologies are often seen as the holy grail of data safety and security. They use physically unique features of an individual, including fingerprints, face, voice, retina, and other forms of recognition to enhance security and identity verification. With more smart devices equipped with better sensors, banks are able to safeguard their users, prevent cyber crimes, and identity theft better than ever.

Open Banking Application Program Interfaces (APIs)

Among the innovation areas mentioned in this article, Open Banking APIs may have the largest disruptive impact on the traditional banking model. Through open APIs, banks give not only users but also partners more transparency and access to banking data and encourage the creation of new value chains and services. Until recently, Banking-as-a-Service (BaaS) was seen as the main model of how FinTech startups leverage Open APIs to create new services and products that improved the banking experience for consumers and generated value. Baking-as-a-Platform (BaaP), seen as the next Open API model, allows banks to provide curated third-party different financial services and products to customers. It allows banks to retain control of customer data and ensure the quality of services provided on their platform.

Disruptive Startups In The FinTech Industry Include:

• Monese is a complete mobile banking company that significantly simplifies the process of opening a bank account in the UK (“instant account for mobile people”). Additionally, the startup enables users to send money abroad, receive salary transfers, and pay bills among other functionalities – all by smartphone.
• Having raised roughly 12€ million to date, Abra takes full advantage of the blockchain technology to merge money transfer and payments by a digital cash wallet that works worldwide. No bank or other traditional organization is participating in managing, storing, sending, or accepting funds. The startup seeks to enable the purchase and storage of digital currency like Bitcoin directly on the smartphone, getting around the issue of lack of local exchanges.
• Cignify makes use of big data to meet the needs of millions of people owning a smartphone but having no access to financial services. Through analyzing data solely from smartphones, they are able to create valid credit risk scores.
• French startup Cognitiv+ has built an Artificial Intelligence Engine capable of identifying topics of interest in unstructured text as well as relationships between topics, companies and more. For financial institutions, AI can be used to gain quick and thorough insights into their legal documents by analyzing data from legislation and contracts.
• The core activity of the London-based startup Percentile revolves around the needs of risk officers working in capital markets. With the help of “automation, good data management and removal of the black box and spreadsheet-driven risk processes”, Percentile achieves greater transparency and consistency for internal and regulatory needs.
• Swedish iZettle counts as one of the front-runners enabling payment via smartphone, tablet, and the web. The functionalities of this startup’s solution are available to developers, also allowing them to integrate it with their own, thus creating new apps and services.
• By working on predicting a user’s identity by their typing pattern, Romanian startup TypingDNA takes the application of biometrics in FinTech further. Their ambition is to use biometric typing, also known as keystroke dynamics, to protect ePayments, SaaS, apps, and devices. Developers can secure an application simply by typing biometrics through their application program interface (API).

The finance industry has already experienced many changes and disruptions caused by FinTechs. Technologies such as mobile banking, mobile payment, and biometrics have changed how many consumers interact with their banks and financial institutions every day. Blockchain and cryptocurrencies have become a known phenomenon in recent years, but their real disruption potential in the financial industry has yet to be seized.

Other less visible FinTechs in the areas of BaaP, RegTech, Big Data, and AI will bring fundamental change to the business model of banks. Traditional banks need to move fast in order to adapt to the next wave of disruption. Here at StartUs Insights, we provide comprehensive analysis and actionable innovation intelligence that facilitates the collaboration between FinTech startups and our clients so that they can stay ahead of their competition.

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FinTech Innovation Map, 새로운 기술 공개
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모바일 뱅킹
모바일 뱅킹은 1999 년 처음 등장한 SMS 뱅킹에서 이동 중에 모든 뱅킹 및 금융 서비스를 모바일 결제 및 관리 할 수있는 오늘날의 스마트 폰 뱅킹 앱에 이르기까지 먼 길을 걸어 왔습니다. 모바일 뱅킹은 금융 서비스 및 운영 비용의 위치 의존성을 감소시킬뿐만 아니라 BaaP (Banking-as-a-Platform) 확장을위한 최종 사용자 인터페이스도 제공합니다.

블록 체인
지난 2 년 동안 cryptocurrency 열풍은 대부분의 사람들이 블록 체인에 소개 된 방식입니다. 개인 및 빠른 온라인 거래에 암호 화폐를 사용하는 것 외에도 블록 체인은 계약, 거래 및 기록을 문서화 할 수있는 투명하고 안전하며 불변의 안정적인 원장을 제공합니다. 블록 체인 채권, 블록 체인 청산 및 결제 시스템과 같은 혁신은 이미 은행 내 및 은행 간 거래를보다 저렴하고 빠르게하기 위해 사용되었습니다.

빅 데이터
기존 금융 데이터 수집 외에도 모바일 뱅킹 및 사물 인터넷 (IoT)과 같은 새로운 데이터 소스는 추가 데이터 수집 계층을 제공합니다. 인공 지능과 결합 된 빅 데이터 분석은 많은 양의 오래된 데이터와 새로운 데이터를 활용하여 더 나은 리스크 관리 및 사기 탐지를위한 숨겨진 패턴을 발견합니다. 빅 데이터에 대한 새로운 통찰력은 고객 행동에 대한 이해를 높이고 은행이 더 나은 맞춤형 제품과 서비스를 만들 수 있도록 도와줍니다.

인공 지능 (AI)
AI는 은행이 빅 데이터를 분석하여 기존 솔루션을 개선하고 더 나은 의사 결정을 내릴 수 있도록 도와줍니다. 보다 최근의 AI 트렌드는인지 능력을 사용하여 구조화되지 않은 많은 텍스트와 데이터를 통해 더 많은 통찰력을 얻고 자연 언어를 배우는 것입니다. 보다 지능적인 AI 챗봇 또는 가상 어시스턴트는 소량 거래 수행, 금융 상품 설명 및 고객에게 기본적인 재정 조언 제공과 같은 반복적 인 "저가"작업을 대신 할 수 있습니다.

 

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규제 기술 (RegTech)
대부분의 RegTech는 빅 데이터 및 클라우드 컴퓨팅을 사용하여 회사의 규제 요구 사항을 모니터링,보고 및 준수 할 수있는 기능을 향상시키는 서비스 및 도구입니다. 이 신생 기업은 AI 및 예측 분석을 사용하여 규정 준수 작업을 자동화하고 위험 사기를 줄이고 완벽한 인증 및 ID 관리를 수행합니다. 글로벌 뱅킹 규정이 점점 복잡 해짐에 따라 RegTechs는 은행이 투명성과 일관성을 높이는 동시에 규정 준수 비용을 낮추는 데 도움을줍니다.

생체 인식
생체 인식 기술은 종종 데이터 안전 및 보안의 성배로 여겨집니다. 그들은 지문, 얼굴, 음성, 망막 및 기타 형태의 인식을 포함하여 개인의 물리적 특징을 사용하여 보안 및 신원 확인을 향상시킵니다. 더 나은 센서가 장착 된 더 많은 스마트 기기를 통해 은행은 사용자를 보호하고 사이버 범죄를 예방하며 신원 도용을 그 어느 때보 다 잘 할 수 있습니다.

개방형 뱅킹 애플리케이션 프로그램 인터페이스 (API)
이 기사에서 언급 한 혁신 분야 중에서 Open Banking API는 기존의 뱅킹 모델에 가장 큰 영향을 줄 수 있습니다. 개방형 API를 통해 은행은 사용자뿐만 아니라 파트너에게 더 많은 투명성과 은행 데이터에 대한 액세스를 제공하고 새로운 가치 사슬 및 서비스의 생성을 장려합니다. 최근까지 BaaS (Bank-as-a-Service)는 FinTech 스타트 업이 Open API를 활용하여 소비자의 뱅킹 경험을 개선하고 가치를 창출하는 새로운 서비스와 제품을 만드는 방법의 주요 모델로 여겨졌습니다. 차세대 Open API 모델로 간주되는 BaaP (Baking-as-a-Platform)는 은행이 고객에게 선별 된 다른 재무 서비스 및 제품을 제공 할 수 있도록합니다. 이를 통해 은행은 고객 데이터에 대한 통제력을 유지하고 플랫폼에서 제공되는 서비스 품질을 보장 ​​할 수 있습니다.

FinTech 산업의 파괴적인 신생 기업은 다음과 같습니다.
Monese는 영국에서 은행 계좌 개설 프로세스 ( "모바일 사용자를위한 인스턴트 계좌")를 크게 단순화하는 완벽한 모바일 뱅킹 회사입니다. 또한 스타트 업을 통해 사용자는 해외로 돈을 보내고, 송금을 받고, 다른 기능들 중에서 청구서를 지불 할 수 있습니다.
현재까지 약 1,200 만 유로를 모금 한 Abra는 블록 체인 기술을 최대한 활용하여 전 세계에서 작동하는 디지털 현금 지갑으로 송금 및 지불을 병합합니다. 은행이나 다른 전통적인 조직은 자금 관리, 저장, 송금 또는 수락에 참여하지 않습니다. 신생 기업은 스마트 폰에서 직접 Bitcoin과 같은 디지털 통화를 구매하고 저장할 수 있도록 노력하여 현지 거래소 부족 문제를 해결합니다.
Cignify는 빅 데이터를 사용하여 스마트 폰을 소유하고 있지만 금융 서비스를 이용할 수없는 수백만 명의 사람들의 요구를 충족시킵니다. 스마트 폰에서만 데이터를 분석하여 유효한 신용 위험 점수를 만들 수 있습니다.
프랑스 스타트 업 Cognitiv +는 비정형 텍스트에서 관심있는 주제와 주제, 회사 등의 관계를 식별 할 수있는 인공 지능 엔진을 구축했습니다. 금융 기관의 경우 법과 계약의 데이터를 분석하여 AI를 사용하여 법률 문서에 대한 빠르고 철저한 통찰력을 얻을 수 있습니다.
런던에 기반을 둔 신생 기업 백분위 수의 핵심 활동은 자본 시장에서 일하는 위험 담당관의 요구를 중심으로 이루어집니다. 백분위 수는 "자동화, 우수한 데이터 관리 및 블랙 박스 및 스프레드 시트 중심의 위험 프로세스 제거"를 통해 내부 및 규제 요구에 대한 투명성과 일관성을 향상시킵니다.
Swedish iZettle은 스마트 폰, 태블릿 및 웹을 통한 결제를 지원하는 선두 주자 중 하나입니다. 이 스타트 업 솔루션의 기능은 개발자가 사용할 수 있으며, 개발자와 자체 통합하여 새로운 앱과 서비스를 만들 수 있습니다.
루마니아어 스타트 업 TypingDNA는 타이핑 패턴으로 사용자의 신원을 예측하여 FinTech에서 생체 인식을 한층 더 적용합니다. 그들의 야심은 ePayments, SaaS, 앱 및 장치를 보호하기 위해 키 스트로크 역학이라고도 알려진 생체 인식 타이핑을 사용하는 것입니다. 개발자는 API (응용 프로그램 인터페이스)를 통해 생체 인식을 입력하기 만하면 응용 프로그램을 안전하게 보호 할 수 있습니다.
금융 산업은 이미 FinTechs로 인한 많은 변화와 혼란을 경험했습니다. 모바일 뱅킹, 모바일 결제 및 생체 인식과 같은 기술은 매일 많은 은행과 금융 기관과 상호 작용하는 소비자의 수를 변경했습니다. 블록 체인과 암호 화폐는 최근 몇 년간 알려진 현상이되었지만 금융 산업에서 실제로 붕괴 가능성은 아직 파악되지 않았습니다.

BaaP, RegTech, Big Data 및 AI 분야에서 눈에 잘 띄지 않는 다른 FinTech는 은행 비즈니스 모델에 근본적인 변화를 가져올 것입니다. 기존의 은행은 다음 번 파동에 적응하기 위해 빠르게 움직여야합니다. StartUs Insights는 FinTech 스타트 업과 고객 간의 협력을 촉진하여 경쟁 우위를 유지할 수있는 포괄적 인 분석 및 실행 가능한 혁신 인텔리전스를 제공합니다.

FinTech의 미래에 대한 더 많은 통찰력을 얻으려면 연락하십시오!