The recent announcement by Santander to partner with nCino to support its business banking activities comes as no great surprise. Although nCino claims its platform offers benefits across the entire commercial banking model, it is the improvements in loan origination — a reduction of 40% in the time taken for loan decisions — that’s driving Santander’s initial implementation activities.
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.
On-boarding drop-out rates are rising significantly for financial service institutions. Banks are now losing 52% of their potential customers to application drop-out, an increase of 35% from two years ago. Consumers are increasingly frustrated with time-consuming, legacy processes and are willing to switch to challengers in their search for a streamlined, user-friendly experience. In fact, 43% of customers who had low satisfaction during new account opening indicated they will “definitely or probably” switch as a result.
Image Credit: Etienne Boulanger
2018 has been a fantastic year for Swedish startups. In the past 8 months alone, Stockholm has given birth to 3 new unicorns, and has been home to some of the world's biggest tech exits, including the $29B IPO of home-grown Spotify in April.
As Financial Services processes continue to become digitised, one could almost be forgiven for expecting that more consumers would, therefore, complete the on-boarding process. Yet, drop-out rates are mounting as modern consumers demand easier online applications. This increase is spurred, in part, by how mobile technologies have raised consumer expectations, as users expect simplicity in design and experience.
Nowadays both Artificial Intelligence (AI) and Machine Learning (ML) are used interchangeably. Even though AI and ML are intrinsically related, to fully leverage the benefits for your business it is crucial to understand what they are. In this article we will give you the low-down of AI and ML:
The rate of data growth is quite staggering. According to George Lee, CIO at Goldman Sachs, 90% of the world’s data has been created in just the past two years alone. With more and more data available, many agree that stricter regulations are needed to protect the rights of consumers’ personal data. Particularly in light of the recent Facebook data breach, it is important that measures are put in place to protect consumers’ rights as well as clarify how companies can interpret data to ensure these rights are protected.
You are probably familiar with our income and ID verification products. Now, after seven years, 250 bank integrations, 22 markets, and millions in end-user-usage, our product portfolio is evolving.
Millennials are well known for disrupting the well-established methods of their elders. Are they doing it again with credit ratings?
Assessing creditworthiness through an individual’s credit score has been around for a long time. But for Millennials, this method often doesn’t work because their preference for non-traditional banking solutions, render conventional credit rating methods ineffective.