Among the many services they offer, banks are first and foremost money depositories — convenient places to stash and retrieve cash. These days, with all sorts of ways to navigate the digital space, banks and financial institutions are making wealth access easier than ever with financial technology, or fintech. The fintech industry is equipping banking institutions with tools that make them more efficient than ever before, like chatbots to enhance customer experience, mobile apps to give customers real-time views into their bank accounts and machine learning to secure against fraud.

1. Account Opening Platform.

   New customer acquisition is one of the most important components of a successful financial institution. An online account opening platform powers an omnichannel interface to onboard new customers quickly and seamlessly. A good account opening platform should also provide a customizable user interface, increased account conversion rates and detailed reporting.

2. Open Banking Platform.

   Your customers expect to be able to access their financial data across various apps. Open banking platforms make it easy for banks to securely share data with third-party businesses through an API that allows customers to connect their banking data. Open banking platforms are the key component connecting your bank to popular apps like peer-to-peer payments, financial management and cryptocurrency investments.

3. Identity Decisioning Platform.

   An identity decisioning platform, or IDP, automates identity and risk decisions across the lifecycle of your customer. IDPs power smart decisions that can reduce risk for your business while providing a frictionless customer experience for identity verification and onboarding, ongoing transaction monitoring and credit underwriting. IDPs are the decision engine behind the account opening platform that helps banks determine whether to accept or reject an applicant.

4. BaaS Platform.

   You’ve probably noticed the trend of non-bank businesses beginning to offer financial products. This trend is powered through BaaS, or banking as a service, platforms. BaaS platforms enable a third-party business to integrate digital banking or payment services directly into their products by connecting them with a bank. This model allows non-financial institutions the ability to offer a financial product without getting a banking license. Unlike open banking platforms, which share the financial data within a bank account to a third-party business, BaaS platforms transfer the complete banking services into a third-party business’s product.

5. Artificial intelligence (AI).

   Over the years, AI has become an integral part of the FinTech banking services. AI along with Machine learning is vital for fraud detection. The software that banks use for fraud detection generates alerts whenever there’s a potential fraudulent transaction. Later it is backed up by the human investigation that finally determines if the attack was real or false.