Wealth Digital solutions aim to enhance the wealth-management process, particularly with respect to affordability, convenience and accessibility. It has grown in popularity in recent years as wealth management has had to adapt to fundamental changes, including shifting customer tastes and expectations, more regulatory responsibilities and compliance requirements; coupled with competition from tech-savvy start-ups that continue to threaten and transform the investment-management business model.

Digital solutions in the WealthTech vertical:

• Robo-Advisors: Automated services that use machine-learning algorithms to offer users advice based on the most profitable investment options, yield targets, user’s risk profile and other variables such as, income and age. They could serve as replacements or complement the traditional financial advisors.
• Micro-Investments Platform: Apps that make it possible to invest small amounts of money with no commission. Especially geared towards millennials, they provide the possibility of generating steady savings without having to shell out large sums of money. They tend to be apps that present investments as simple, convenient, and accessible.
• Portfolio Management: Tools help investors and financial advisors to unify and manage their investment portfolios in a single platform. It also enable users to analyze how investments are evolving, make forecasts and take decisions to optimize resource allocation to different portfolios.

Regulatory technology is benefiting from groundbreaking fintech software innovations that offer automated solutions to manage regulation monitoring, compliance, and reporting. Finvent brings together a set of Fintech solutions that operate in this domain and are customizable to distinct country specific regulations.

• Compliance Risk:As the banking sector needs to adhere to many rules and regulations, it becomes difficult to manage compliance issues of every customer. The best bet here is 24X7 automation which enhances productivity by managing monotonous tasks and allowing staff to focus on areas that require human intelligence and intervention.
• KYC Compliance:Automated KYC provides a lot simpler and error-free process that requires much less staffing. The automation provides scalable alternative to a laborious, monotonous and error-prone manual AML processes that are currently deployed.

Fintech Solutions provide myriad opportunities to optimize risk appetite and assessment while retaining client personalization. Risk with the help of AI, enhanced analytics and automated processing platforms are being commoditized while banks maximize reach and optimize risk acceptance.

• Lending platforms: Regardless of what banks and financial organizations assert, the lending process is often difficult, cumbersome and stressful. Banks can now transition away from the traditional manual lending to automated workflows, instant decisioning, alternative scorecards, digital identities and OCR led document analysis.
• Fraud Detection: Technological innovations and advancements have given way to new challenges As the number of transactions increases, so does the number of fraud incidences. It has now become impossible for a bank or an institution to manually check each transaction to stop fraud. Automation has come to the rescue by flagging potential fraud automatically to the concerned departments. This has made banking more secure and robust than ever before.
• Identity authentication and Management: Solutions based on biometrics, fingerprint, voice recognition, face recognition, iris facilitate seamless and instant identity authentication and unique identity management thereafter.

Customer lifecycle management is the key to success for sustainable customer relations and maximums customer’s lifetime value and productivity.

• Customer Service: Today’s customers are demanding, and banks must handle several tasks ranging from loan enquires, account opening inquiries, bank fraud to a whole range of other things without any time delay. This creates pressure on the customer service teams to deliver quick and effective redressal mechanisms. Automation helps the service team to focus on better redressal of high-priority questions, helps in saving time and money and results in more customer satisfaction.
• Enhanced Customer Experience and Convenience: Automated workflow solutions keep customer experience at the heart of any financial institution by increasing efficiency and streamlining processes without compromising on compliance and regulatory parameters. Institutions also drive ancillary benefits of operational cost reductions. Automation through an omni-channel and connected customer experience strategy are helping banks retain and grow their customer base.
• Account Closure Process: Automation makes it easier to streamline the tail management process through rule based and targeted/automated triggers for account closures along with reminders, automated closure process and better customer delivery.

The largest digital foray has been in the payments domain. This gains pivotal importance as banks and financial institutions aspire for customer outreach, greater customer engagement, enhanced service, and operational efficiencies. There are many solutions now available at the doorstep of every financial institution.

• The Fintech solution could range from mobile payments, Contact and Mobile NFC,QR Code, etc
• Digital Onboarding: Platforms that facilitate onboarding of clients with varied relationship ranging across digital wallets, transactions accounts, deposit products, credit facilities, insurance and advisory services.
• Customer Engagement: Rewards, instant benefit gratifications, Chatbots, WhatsApp banking.
• Acceptance: A bouquet of services ranging from payment tools (QR code, mobile POS, mobile phone acceptance, NFC).
• Transactional Features: Remittances, e-commerce, QR payments, currency exchange.
• Identity Authentication and Management: Biometrics, Fingerprint, Voice recognition, Face recognition, Iris.

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• Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged.
• Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged.

Fintech companies and Fintech solutions heavily depend on machine learning, artificial intelligence, predictive analytics and data science to simplify financial decision making and provide superior solutions. Let’s take a few examples of fintech and how data science is used in each.

• Robo Advisors: Digital platforms that provide algorithm-driven, automated financial planning and investment services to investors with minimum or no human intervention in the entire process. They provide financial advice or automatically invest client assets in instruments and asset classes best suited for their needs and goals based on processed data.
• Risk Analysis: Credit rating agencies and credit scoring companies rely on data science and machine learning to provide instant data on borrowers. (e.g. logistic regression to predict customer risk profiles and separate good from bad). Algorithms are self-learning; as they improve over time, they can predict the client’s future spending and possible changes in creditworthiness.
• Fraud Detection: Usage of data science and machine learning techniques such as Deep Neural Networks (DNNs) to leverage big data and data analytics techniques where vast amounts of online fraudulent transactions can be used and modelled in a way that can help us flag or predict fraud in future transactions.
• Customer Acquisition and Retention: Banks and financial institutions can use internal and external customer data to create comprehensive customer profiles which could be used to tailor customer experience and provide highly personalised offers. (e.g. Algorithm based prediction for next best product based on historical purchase behaviour, specific product promotion to a certain age group, product personalisation based on banking app-driven tracking of users’ demographics, history of spending and transactions)
• Insurance Products: Insurance industry is also a big user of data science. (e.g. Claims segregated by fraudulent from non-fraudulent transactions, credit scoring, customer acquisition, marketing, customer retention, and designing new insurance products)
• Report Automation: It is mandatory for banks to share compliance processes with board and shareholders for correct analysis of the health of the institution. Transparency is an important marker for the bank’s reputation; hence it is pertinent that the data is error free. The advent of automation has helped banks collate correct data from various sources, format and verify it and then schedule it to be sent to the right departments / stakeholders

The insurance industry has been in the midst of digital transformation in recent years, the technological shift has been accelerated by the need to address the unprecedented challenges brought about by the pandemic. InsurTech solutions are designed to maximise efficiencies and drive customer engagement, primarily in the personal line domain:

• Better Pricing Models: Dynamic and competitive price premiums according to observed behavior using AI based predictive analytics and data analytics that leverages inputs across different devices (e.g. GPS tracking of cars, activity trackers)
• Innovative product offerings (Motor, Home, Health): Attract consumers with selective discounting based on the intersection of smart devices and risk-minimizing behaviors (e.g. meters for car mileage, calories burned, in-home flood and fire detectors).
• World-class claims processing system: AI based risk assessment, claims processing, premium collections
• Wider and efficient distribution: that allow them pursue unserved niche markets using online/mobile platforms, broker services, comparative pricing services.
• On-demand insurance: Specifically catering to micro-events (e.g. borrowing a friend's car)
• Adoption of peer-to-peer model: To both create customized group coverage and incentivize positive choices through group rebates.
• Single App based platform:Congregation of disparate policies into one platform for management and monitoring. 

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum

• Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged.

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum

• Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged.
• Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged.