Which trends can we expect in the fintech market in 2023?
Previously, in the fintech industry, the market was centered around growth. Companies were focused on - proliferating parallel to the market. Due to the economic climate, cash is now king. To survive, companies need to be sizeable and provide profitable products. To do so, the market is experiencing mergers and acquisitions. Which enables companies to benefit from economies of scale.
''Regulators are trying to shake the playing field for non-bank and bank lenders. Now, traditional banks are raising the question of how they can be more flexible with their IT solutions''.
Furthermore, a part of the traditional banks' business model is being attacked– the number ofnon-bank lenders is increasing. These parties have a lower cost base and can react quicker and better to the customer's wish, making them a threat to traditional banks. Consolidation is making these non-bank lenders bigger, and their ambitions are catching the attention of regulators. Regulators are trying to shake the playing field for non-bank and bank lenders. Now, traditional banks are raising the question of how they can be more flexible with their IT solutions and spend less time at the forefront of maintenance to avoid becoming laggards.
How does °neo adapt to these market trends?
The °neo offering aligns perfectly with the developments in the market. Our team has foreseen these trends and designed a solution that is a perfect fit. Firstly, our platform unlocks data efficiently and effectively. Data is required to make decisions quickly. For example, your data is essential when approving or disapproving loans. We provide the most efficient data flow for your use case using APIs, events, and a reporting database.
Secondly, our cloud-based core banking system offers an easy configuration for new products. This user-friendly function enables a business to launch new products within a few days without extensive development effort. With a best-in-breed ecosystem, the services of other fintech providers can easily be attached to your application landscape.
How does °neo differentiate itself?
°neo is at the top of the innovation stack. Our system is data rich and banking-grade. In addition, our SaaS solution is built for bankers, by bankers and includes all the functionalities that banks and lenders need. Coming from a banking background and extensive experience working with world-class financial institutions, we truly understand the need of our customer.
''°neo is at the top of the innovation stack. The company is built with a group of former bankers and techies, giving us unique blends and insights''.
We are continuously talking to customers and prospects to understand their issues and highlights, also regarding their end customers. Our vision of the market is important, so we conduct validation sessions, roundtables, and events. The feedback we receive is translated into our platform. We strive to not only meet customer expectations, but exceed them.
How will °neo guide its customers through consolidations and regulations?
Non-bankinginstitutions are focused on onboarding customers– selling their products/services. To do so, companies have designed and built their back-office systems.
Nowadays, the regulatory side is putting more pressure on businesses. Core banking is a commodity, not a competitive edge, but if regulations are not top of mind for financial institutions, this becomes an issue. °neo offers its customers all the tools to be regulatory compliant. We advise and guide you through the process.
What kind of partnerships with °neo can we expect in the future/2023?
''We expect to announce many more partnerships in 2023. Partners that exceed our customers’ expectations and bring true value to the end user''.
Our cloud-native core banking solution °neo, covers a defined part of core banking, but our team has a view of the entire market. We have deep knowledge of everything a bank needs to step into the market. Our team is busy building an extensive best-of-breed ecosystem. Together with the customer we examine their complete application landscape and connect them to the best partners. Our understanding of the market helps to de-risk partnerships for our customers.
We expect to announce many more partnerships in 2023. Partners that exceed our customers’ expectations and bring true value to the end customer.