FISPAN is featured in Bank Innovation, discussing why banks shouldn’t build their own ERP adaptors.
Some of the latest financial innovation ideas have come about rapidly and are too big for even Global Tier-1 Banks to tackle on their own. FISPAN’s value proposition of embedding your bank’s products deeply into your client’s domains is rapidly becoming mission-critical, especially with the rapid digitization that has arisen from the global pandemic.
The challenge for banks is to decide whether partnering with a fintech such as FISPAN, is the right solution to the problem versus building your own solution (either internally or contracting some outsourced solution developer). The short answer is that you most likely will regret building, owning, and operating your own suite of ERP connectors.
FISPAN Co-Founder Clayton Weir shares his thoughts in Green Sheet’s recent featured breaking news article.
Weir explains that banks don’t need to invest millions in digitization. Countless fintech startups can help them bring new life to existing offerings and capabilities to better meet the needs of today’s new millennial professional.
A business may have multiple banks, but it has one ERP, one source of truth for accounting, payables, receivables, cash forecasting. As banks think about open banking and “platformification,” the primary financial service consumption channels for businesses won’t be online banking, mobile banking, chatbots or Alexa, it will be accounting and ERP applications, which is what FISPAN provides with our solution.
FISPAN is featured in Bank Innovation, discussing the 5 most important steps to develop a successful embedded banking experience.
As a bank, your customers’ expectations are shifting and they’re demanding integrated experiences. A friction-free world where everything is integrated and accessible from the mobile device of our choosing is no longer an idea from the future.
Embedded banking makes it possible for people to complete financial transactions within the applications and platforms they rely on to run their businesses.
LINE-X, a J.P. Morgan client and FISPAN end-user wins an Adam Smith Award for Best Fintech Solution.
LINE-X was looking for automated solutions to drive efficiency in its accounts payable (AP) and cash management functions in order to reduce time spent on manual processes, minimize errors and reduce costs. After scanning the market, LINE-X decided to participate in a pilot developed between J.P. Morgan and FISPAN.
Instead of having to switch between their ERP and bank portal, they are now able to conduct most banking activities directly within their ERP and no longer need to complete the manual process of initiating transactions in a banking portal or preparing a payment file.
Banks around the world have been resistant to open banking but they may need to share information with other financial institutions sooner than they thought. That will cause banks to adopt the cloud.
It’s only a matter of time until banks do share information – consumers will demand it- especially now, with the rapid and widespread digitization that has come as a result of the COVID-19 pandemic.
Corporate banks are not typically known for their risk-taking. However, driven by seamless digital experiences, commercial banking clients have come to expect fast, frictionless transactions from every company they do business with… including their bank. Partnering with the right fintech can be the most effective and low-risk way to develop innovative new services quickly.
According to a recent estimate, 54% percent of Gen-Zs plan to pursue entrepreneurship, while over 15% of people ages 18-24 have already actively engaged in starting a business in the US. Meaning, banks who hesitate to innovate and provide technology-driven, digital financial services will be overlooked by this next generation.
At FISPAN, our efforts are focused on helping banks provide their corporate clients with seamless, digitized treasury management workflows. Gen Z has high expectations for digital experiences and Financial Institutions need to be ready to meet them on head-on.
The need for easier-to-use digital services has been exacerbated by the pandemic and the rush toward digitization, as the digitally native Gen-Zs gear up to enter the workforce en masse, it remains clear; banks who forgo the integration of innovative, technology-driven, digital financial services will be overlooked by the tech-savvy DIY-ers of this next generation. Hear from our very own Clayton Weir.