Cloud Lending at Finovate Europe 2015

Last week Cloud Lending Solutions attended Finovate Europe 2015, a two-day event hosted in London show-casing new, cutting-edge financial technology. With over 70 Fin-Tech companies presenting, and over 1000...

Vidur Jain 19th February 2015

Last week Cloud Lending Solutions attended Finovate Europe 2015, a two-day event hosted in London show-casing new, cutting-edge financial technology. With over 70 Fin-Tech companies presenting, and over 1000 banking executives, analysts and journalists, this was a great opportunity to see the latest developments in financial technology and the future trends to expect. Three trends of note were mobile, security and the cloud.



finovate-europeThe technology presented was aimed towards stream-lining banking operations and improving the customer experience. We saw technologies in different areas including payment processing, risk management, tax recovery, and social media banking. A lot of the showcased products were mobile centric, focused on giving users secure access to financial services via mobile. There were a few identity verification and authentication companies with very advanced capabilities such as voice and face recognition. We saw some technology around Bitcoin, to alleviate some of the risks in the cryptocurrency. A lot of the technology was based around cloud computing, which we perceive as a crucial step in the development of the sector.



Most of the technology, however, was focused on traditional banks with a lot of the big banking players in attendance. We spoke to a few banks, both start-ups and established, to gauge their feedback. It seems that they are still not fully committed to the cloud. One of the main concerns was that the local financial authorities would not issue/approve a banking license to banks with cloud-based operations. This suggests to us that although banking institutions are now more comfortable and prepared to adopt cloud technology, it is the finance regulatory authorities that need to be educated and convinced on the benefits of the Cloud.



Another takeaway from this event was that although the new technology shown was innovative, it was too focused on front-end development. The back-office systems still are not seeing much innovation and some perceive them to be very antiquated. True disruption in Fin-Tech will come with the development of new core-banking technologies which could very well be dependent on the widespread adoption of the cloud. We couldn’t agree more – that is our company mission – to move all financial institutions from antiquated systems to the cloud.  

Resources

NEWS

Cloud Lending Solutions Expands Leadership Team with New Executive Hires

Cloud Lending Solutions adds Chief Revenue Officer and Chief Financial Officer as the Company Focuses...

DigitalLEND Connects Borrowers and Lenders Through Rapid Deployment-Ready Customizable Solution

Cloud Lending Solutions, Crowdnetic and eOriginal Partner to Offer Turn-Key Solution to Solve Traditional Lending...

BLOGS

Regtech Meets Fintech – How It Improves Lending?

Lending as an industry is prone to risks and frauds. The added weight of growing ...

Opti-channel banking – way forward for better customer engagements

With an upsurge in technological innovation and the rise of digitally equipped millennials, banking and ...

EVENTS

DLAI FinTech Conference – 2018

India's Largest Fintech Conference Keynote Sessions 1. Consumer Lending - The Emerging Frontiers 2. SME ...

NEFA Finance Summit 2018 (Conference)

The National Equipment Finance Association (NEFA) is a national association serving small- to mid-size independent ...