Fintech has become a household name in the business world during the past decade and influences the everyday life of millions of people worldwide. Nowadays, clients can take care of any aspect of money transactions online, in case their service provider of choice has implemented workflows that support modern use cases. High demand for digital solutions equals an increased supply of various features and services that can be implemented into a company owned and operated app or into a B2B product. Covering several application scenarios with one product becomes the best practice as it provides the most time-efficient and cost-effective solution. Check out how one cutting-edge Scanner SDK bundle can cover the essential steps of a Fintech workflow.
What does Fintech mean?
The first question that arises might be, “Which companies are Fintechs?”. The answer is straightforward: All businesses that use technology to enhance or automate financial services and processes are considered Fintech. The most popular ones are PayPal, Cash App, or Venmo. Other examples are equally well-known cryptocurrencies, such as Bitcoin.
Financial technology was initially applied to accelerate processes in the back-end systems of established financial institutions in its beginnings. Today, it affects not just the banking and accounting sector, but also education, retail, fundraising & nonprofit, investment management, and many other industries. People can handle tasks such as money-transfer, credit applications, or savings management comfortably with a mobile device’s help. To digitize paper documents, lots of companies implement scanning functionalities into mobile apps which can be used on any smartphone, such as the Scanbot SDK.
Which digital solutions are available for fintechs?
Those priorly mentioned use cases are just a few out of numerous other application areas that can be covered with financial technology. Just imagine the broad field of processes that are still handled manually and lack the essential last digitalization step, such as entering the recipient into a mobile payment app, or maintaining a manual organizational system for credit applications.
How do digital wallets work?
In digitization, carrying a wallet seems like an outdated safety risk, and thus, more and more people switch to digital alternatives. Since invoices often occur in paper format, a reliable scanning tool is fundamental. The same goes for organizing and saving receipts for possible warranty claims. Talking about digital wallets does not just involve financial aspects; it includes driver’s licenses and health cards as well. Users can scan those as well, and add them to their digital wallet within seconds.
Services like these improve the ease-of-use significantly, especially since they avoid error-prone, manual typing.
How can mobile payments be handled?
As touched upon in the prior section, users can comfortably handle any kind of mobile payment using the SDK. The Data Scanner enables users to scan solely the fields that hold relevant information, such as the recipient’s bank account number and the total amount they want to pay.
Mobile payment has never been less hassle-free.
Can credit applications be processed digitally?
Forms, identity documents, or QR-Codes printed onto records – all of this information can be easily captured and forwarded with an implemented scanner tool. Flawless scanning results guarantee an accelerated back-end process with Optical Character Recognition (OCR) tools and require no manual correction. Cutting-edge ID-scanning tools onboard users onto the KYC (Know Your Customer) workflow.
Lengthy back-end processing caused by the low quality of transmitted documents belongs to the past. High-quality scanning leads to better process automation, which in return means less efforts for the fintech and faster funds for the client.
How do you create a valuable user experience?
A Scanner SDK does not just provide your users with excellent scanning results and a smooth digital workflow; the list of advantages goes way further and is beneficial for both you and your customers:
- User Guidance: Inexperienced users are guided into the perfect scanning position, even under challenging circumstances, such as inadequate lighting or low-quality documents.
- Automatic Rotation: Based on Text Recognition functionalities, the correct alignment of a document is determined automatically.
- Customizable User Interface: Instead of implementing a ready-to-use UI within just a few business days, companies can choose to customize their user interface entirely to their needs.
- Highest privacy: Through on-device solutions, no third-party servers are being involved in the process. Information remains safe from external attacks. Additionally, solutions based on your company’s internal servers can be provided as well.
Find out more about Scanbot’s approach to the highest data protection standards in our blog post.
Solutions are available for both iOS and Android, as well as for all standard cross-platform wrappers, such as Xamarin, React.Native, or Cordova. They can be integrated within one business day, including a customizable user interface, suitable for your CD (Corporate Design) as text and colours can be adjusted.
If you want to learn more about the implementation of the Scanbot SDK, feel free to check out our Documentation.