This article was originally published in Bank Business News, Branch Business News, and Credit Union Business News
The rise of fintech companies has provided a pathway to digital transformation. In fact, 81% of FIs see fintechs as the best strategy for achieving these goals. However, without a dedicated legion of developers, that pathway looks more like the trail to the summit of Everest. FIs need a solution that enables seamless integration with their core banking platforms.
One Connection for Modern Banking Experiences
For FIs connectivity starts and ends at the core. If a fintech isn’t connected to your core, or your core doesn’t offer the feature you need to deliver on your vision, all hope is lost, so to speak. This power struggle hasn’t helped propel the industry forward, it just holds FIs back from creating a superior customer experience. To regain power and become more competitive in the market, there are five clear steps that FIs can take:
1. Modernizing the Core: A modern core banking platform is vital to creating a scalable, modern banking experience;
2. Reducing Costs: By automating manual and laborious processes, FIs need to reduce operational costs and enhance efficiency;
3. Leveraging New Services: They seek to leverage new fintech services to fuel their growth and expansion;
4. Improving Customer Experience: Digital transformation is essential for enhancing the customer experience and staying relevant in the digital era; and
5. Delivering Ease: FIs need to differentiate themselves by providing clients with easy access and streamlined connections to their services.
The Gateway to Connectivity
To help FIs take back the power, Kinective provides effective API connections and full integrations of fintech solutions. With over 80 fintechs integrated with more than 40 core banking platforms, Kinective offers an expansive ecosystem of use cases and channels, unlocking the potential of best-in-class fintech providers for banking. So many things happen when FIs have the power to make these decisions.
Connectivity is more than just a solution; it is the key to unlocking an FI’s objectives for growth and success. By embracing the power of connectivity, FIs can future-proof their operations.
Connectivity is King
Seeing this problem over and over again in the industry, three companies that solved pieces of this problem have come together to bring full connectivity to the market. CFM+NXTsoft+IMM/eSign have merged to create what we now know as Kinective.
Kinective is the force multiplier banks and credit unions need to scale transformation efforts faster through one connection between fintechs and banking cores.
By delivering access to innovation, we help financial institutions unlock new services, modernize operations, and enhance their competitive edge. With Kinective you’re gonna have an easier, simpler universe to deal with, to do the things you want to do. Access to more solutions, more access to solutions from a trusted vendor, more integrated service offerings.
Kinective is a larger, better-funded company with greater resources to focus on R&D, services, support, security, scalability, all the things that they care about. So essentially as a more established entity by virtue of having all these different pieces, we are able to deliver continued innovation and continued value coming from us at a rate that they didn’t have from any of these constituent organizations.
