How Digitalisation in Finance is Simplifying our Lives

Posted by Raiha Buchanan on 10/3/18 8:00 AM
Raiha Buchanan
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We were asked to give a talk at Almi HQ in Stockholm, where a banking delegation was taking place with CEO’s of venture firms and startups from all over Europe. The idea was for us to represent a northern perspective of the tech-sector, with ‘digitalisation’ as the theme. Here at Instantor, we take pride in being a part of supporting the tech-community to grow, share knowledge and challenge one another. In other words, that was of course something we were happy to do.

Digital transformation

We’ve said it before; the gap between customer expectations and the services provided by banks remains wide. Customers are now perceiving traditional banks as all offering the same, undifferentiated products and services, compared to their experiences with other online shopping services.

“You Can’t run a Digital Economy With an Analogue Government”

Daniel Daboczy, Fundedbyme CEO, pinpointed the reason why companies like Instantor exist in the first place, “finance is an industry that is still not digitised – it’s still based on the government”. With the rest of society getting digitised at a fast pace – why shouldn’t the financing sector follow suit?

And that is where FinTechs need to use their insight to steer the revolution: to be change leaders, innovators and disruptors – for a journey headed towards a data-driven society.

Like Magnus Enzell from the Ministry of Finance put it: you can’t run a digital economy with an analogue government. This perspective is as interesting as it is true, and could be applied to all of society: including – and possibly most significantly – to banking and finance.

There is a vibrant tech-sector that is growing bigger by the minute – outside the governmental sector. And according to us, that will have to change.

To Simplify the Life of our Citizens

Faster, easier and fairer for all. That is what we do. We operate as a bridge between the people and the financial institutions. During the event, we presented a win-win-win concept: a win for the borrower who mightn’t otherwise have gotten a loan due to a low salary (although they are perfectly responsible with money); a win for the financial institutions who are able to accept more customers at less risk; and lastly, a win for the democratic system that Instantor will be part of pushing forward. 

Marcus Dahlman

Like Magnus Enzell, who was the one opening up the tech-talk, mentioned: a year ago, no one was talking about AI. And now, finally, people have realised “ah, we need this”.

This summer, we launched our new AI-product called Insight, a product that is reimagining the way financial institutions approach credit risk management.

Read: Insight is Here

It is no coincidence that we are already integrated to around 300 banks, that we are operating in 25 different markets and have a potential reach of half a billion people all around the globe.

To summarise a day dealing with the matter of digitalisation; we’ll finish off with a quote by Daniel Daboczy: 

“In 20-30 years from now, looking back at the digitalising revolution, people will say: you know, it was itchy. It was challenging; but we were part of something extremely significant.”

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Topics: Instantor News, Digitalisation