AI-powered ChatbotsBanks and most of the businesses in the consumer industry have to deal with so many customer inquiries. It requires them to set up dedicated staff members or a complete call center to keep answering the questions that may not directly benefit their business. The artificial intelligence relieves the financial institutions in this hassle with modern-technology equipped chatbots. These virtual assistants are smart in understanding the user queries and providing them with the most viable answer.

New technologies, like machine learning/artificial intelligence, predictive behavioral analytics, and data-driven marketing, will take the guesswork and habit out of financial decisions. "Learning" apps will not only learn the habits of users, often hidden to themselves, but will engage users in learning games to make their automatic, unconscious spending and saving decisions better. Fintech is also a keen adaptor of automated customer service technology, utilizing chatbots to and AI interfaces to assist customers with basic task and also keep down staffing costs. Fintech is also being leveraged to fight fraud by leveraging information about payment history to flag transactions that are outside the norm.

Fintech technology number one: The growing number of RegTech solutionsRegulatory technology is benefiting from recent groundbreaking fintech software innovations, creating automated solutions to manage regulation monitoring, compliance, and reporting. Keeping track of new restrictions in a single database is a comfortable way of adopting a financial institution to legal requirements.

Sopra Banking Software launches its Marketplace and consolidates its open FinTech ecosystem strategy

Smart data discovery According to research analyst firm Gartner, smart data discovery will accelerate business intelligence capabilities and enable a new generation of data-driven decision making. For banks, this will mean a more accurate understanding of their customers, but also the ability for all employees, not just data scientists to make sense of the data.

Big DataIn 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.

The fintech industry is lagging behind in cloud adoption. The industry as a whole was cautious about moving information to the cloud due to security concerns. However, the adoption of cloud technology is accelerating.Public cloud adoption has many benefits for financial businesses. The cloud provides a faster way to deliver services to consumers. Companies have to invest less capital.It streamlines operations and helps build consumer-centric processes. According to a PWC report, the public cloud will be the main infrastructure model for financial services by 2020.

Vigor Crypto Labs set up to formalize the testing of the trading strategies in preparation for B2B commercialization WASHINGTON, DC, Feb. 11, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Xalles Holdings Inc. (OTC: XALL), a fintech holding company providing technology and financial services solutions, announces strategic initiatives to capitalize on the growing digital asset and cryptocurrency market. 

Cryptocurrency pioneer and early Bitcoin thought-leader Diana Biggs has joined Swiss-based startup Valour, which lets investors easily buy digital assets through their bank or broker. The move is significant with the news that Tesla has bought $1.5 billion worth of bitcoin, thus massively boosting the mainstream markets for crypto assets. Biggs explored the potential for blockchain technology to help solve humanitarian challenges through her venture, Proof of Purpose, in 2017, and her TEDx speech on Blockchain Technology that year is considered by many in the blockchain space to be one of the best in the genre

FinTech companies such as PayPal, Visa, Square, Mastercard and others are expanding cryptocurrency (crypto) and blockchain capabilities but several factors could limit widespread acceptance in the near term, says Fitch Ratings. We expect strategic crypto investments to have a limited near-term effect on credit profiles, given modest capital deployed and the long ramp time. However, adding crypto capabilities opens up incremental revenue streams for these companies, even if the return on investment over time and compliance risks are uncertain.

How to Send Money with SimbaPayThere are several options that one can use to send money to and from Kenya with SimbaPay. By partnering with various financial institutions in the country, SimbaPay has eased international money transfers.Option 1: Using the SimbaPay appAll you need to do is to download the SimbaPay app either on Google Play or App Store. Input the needed details including the amount you intend to send and the recipient’s information. You can choose to pay via a debit card or by a bank account transfer.

The partnership between Family Bank Limited and London-based financial technology firm SimbaPay will enable the 23,946,174 active M-Pesa users in Kenya to send money to over 1 billion active WeChat subscribers in China.

This is not the first cross border transfer initiative by SimbaPay. The London-based company supports more cost-effective and efficient transfer of funds across Africa and Asia (11 countries – 9 African, 2 Asian). These are Nigeria, Kenya, Uganda, Tanzania, Rwanda, Burundi, Ghana, Madagascar, Niger, India and now China.

Simbapay is an Africa-focused money transfer startup that lets customers send money to friends and family around Africa in a fast, seamless, and cheap way.Platforms: Android and IOSCountries serving: All African countriesTransfer fees: Yes, but you can send up to £45,000 for free

More than seven million Kenyan customers and businesses can now transfer money internationally through SimbaPay Family Bank, a leading financial institution in Kenya, has partnered with SimbaPay so that its customers can make instant money transfers to China

As early as 2016, established banking and mobile phone companies were competing alongside specialist start-ups to become leaders in fintech, especially in Africa.In November last year, Nairobi-headquartered Prime Bank launched an international money transfer service in collaboration with London-headquartered SimbaPay, giving Prime Bank customers in Kenya access to mobile payments.

According to SimbaPay, China is Kenya's largest trading partner with businesses in Kenya importing more than $4 billion worth of goods from China last year alone. As it stands, sending money to China from Kenya takes several days, in some cases requiring a person to physically visit an agent to access their money. The new service overcomes those barriers. The companies also said it will result in traders in Kenya being able to replenish stock faster, which in turn will bolster trade between the two nations.

Prime Bank, a leading private bank in Kenya, has partnered with London-based FinTech SimbaPay, to launch an instant international money transfer service via the bank’s digital platform PrimeMobi.Through SimbaPay, Prime Bank customers will now be able to instantly and securely send money directly to bank accounts or mobile wallets across 15 countries in Africa, Europe, and Asia including India, United Kingdom, China (WeChat Pay), Germany, Uganda among others, the company said in a media statement.

In addition to the China (WeChat) service, SimbaPay also supports money transfer to Kenya, Uganda, Tanzania, Rwanda, Burundi, Ghana, Nigeria, Madagascar, Niger and India. 

This is simply the low cost, simple and secure way to send money worldwide online. What you can do with SimbaPay Bank Deposit: Transfer money directly to your receiver’s bank account. Mobile Wallet: Send money directly to a mobile money account.