Defining fintech
What, exactly, is fintech? And what companies are fintech?
Any business that uses technology to improve or automate financial services and processes is considered fintech. Prominent examples include industry giants like PayPal, Stripe, and Venmo.
Fintech’s origins can be traced back to the advent of computer systems and the growth of electronic banking in the financial services industry in the 1970s and 1980s.
The term “fintech” itself gained prominence in the 21st century. Fusing “financial” and “technology”, it reflects the rapid recent technological advances in the financial industry.
This transformation was driven by a desire for efficiency, accessibility, and innovation, leading to the development of online banking, mobile payments, peer-to-peer lending, and many other financial services. Collectively, fintech has revolutionized how we manage and interact with our money.
Fintech’s initial purpose was to streamline backend processes within established financial institutions. Today, it has transcended traditional boundaries, influencing sectors like retail, fundraising, investment management, and many more. Mobile devices have made tasks such as money transfers, credit applications, and savings management even simpler.
In particular, there is no longer a need for physical locations or endless paperwork. To this end, many companies have added scanning features to their mobile apps. This enables both employees and clients to rapidly turn paper documents into digital files.
Exploring digital solutions for fintech
The use cases mentioned above merely scratch the surface of fintech’s potential. There is a vast array of manual processes that could benefit from digitalization.
Here are just two examples of areas ripe for improvement: Manually entering recipient details into a mobile payment app and maintaining a system for credit application documents.
Mobile scanning and data extraction can streamline such processes in several ways.
High-quality document scans
Accurate and high-quality scanning goes hand-in-hand with easy document access and efficient processing. Scanbot SDK offers an easy-to-implement Document Scanner SDK with a range of advanced functionalities that can be adjusted to a company’s specific needs. One of our clients saves 22,500 hours and $1,000,000 annually by integrating the Scanbot SDK into their workflow.
Thanks to the fast integration and enterprise support, businesses can use the Scanbot Document Scanner SDK to shorten app development time – and ensure a satisfying user experience. The benefits don’t end there: Processing documents on the user’s device simplifies complex backend structures and lowers costs significantly.
It is also considerably safer than sending sensitive financial data through third-party services or email.
Automatic IBAN extraction
Accountants work with IBANs on a daily basis and have to digitize them efficiently and accurately. Unfortunately, human error is all too common with IBANs and other strings of numbers – and these human mistakes can cost companies millions of dollars every year.
With the Scanbot IBAN Scanner SDK, businesses can extract IBANs in milliseconds and eliminate slow, error-prone manual data entry. The SDK’s scanning and OCR quality delivers perfect input for automated backend processing.
Digital KYC workflows
With the Scanbot SDK, you can easily capture and submit identity documents. Mobile ID card scanning streamlines KYC (Know Your Customer) procedures by ensuring high document quality, which reduces backend processing time.
The Scanbot MRZ Scanner SDK reads an ID document’s machine-readable zone (MRZ), which includes the name, nationality, date of birth, the document issuer, and the expiration date. Besides extracting important data from IDs, it can extract essential information from medical certificates, license plates, driver’s licenses, and many more.
Process optimization
Businesses can use Scanbot SDK’s powerful scanning capabilities and first-class user experience to build seamless digital workflows. Both companies and their customers benefit from its key advantages:
User guidance and perspective correction: On-screen instructions help inexperienced users achieve optimal scanning results, even in challenging conditions such as poor lighting.
Another difficulty users experience is positioning the camera perfectly above a document. This is why the Scanbot Document Scanner SDK automatically straightens scans by removing any perspective distortion.
Perspective correction transforms even less than ideal scans into images suitable for automated backend processing. This eliminates manual data entry, saving you time and money.
Key-value pair extraction: No more error-prone manual data entry. Users can automatically extract data as key-value pairs from a wide variety of documents.
Customizable ready-to-use UI components: Rather than settling for a pre-made UI, companies can fully customize the user interface to match their needs. Ready-to-use components make this seamless.
Maximum privacy: The Scanbot SDK is a fully offline solution, ensuring that sensitive personal and financial data remains safe from external threats. Rather than rely on third-party servers, the SDK exclusively uses on-device resources. Additionally, the Scanbot SDK supports encryption of all scanned documents in the app’s private directory.
Seamless integration within hours
The Scanbot SDK can be integrated natively into iOS, Android, Windows, and Web apps, as well as through popular cross-platform frameworks like Xamarin, React Native, and Cordova. The integration can be completed within hours and gives you a customizable user interface that aligns with your corporate design. For more details, refer to our comprehensive documentation.
As fintech continues to reshape the financial landscape, Scanbot SDK stands ready to boost your company’s success, both with our innovative scanning solutions and with our commitment to data security. Explore the possibilities, unlock efficiency, and embrace the future of fintech with Scanbot SDK by your side.
Interested in trying out our solution for your business? Then get a free 7-day trial license now!
