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Fintech 4.0 or TechFin: Aura Company Solution Limited

Updated: Dec 12, 2018

Fintech 4.0 or Techfin

The term Techfin was coined by Jack Ma ( Alibaba Group ) who said in a conference : "There are two big opportunities in the future financial industry. One is online banking, where all the financial institutions go online; the other is internet finance, which is purely led by outsiders. "

The success of both is usually supported by ensuring large financial institutions:

- Collect enough tangible data on its customers / customers as a first step.

- Analyze and learn from the data collected and translate them into an improvement of the customers' commitment as a second phase.

Today we are entering an area of ​​data analysis and artificial intelligence. These in turn transform the data from being simply a byproduct of human interaction into a raw material fundamental to economic growth. Data has been designated "the new oil" because it drives companies to find, extract, perfect and monetize. We are in fact at the beginning of a new cycle simply because less than 1% of the world's data is analyzed and over 80% is not protected.

FinTech's chronology of the future:

• FinTech 1.0: it concerned the infrastructure

• FinTech 2.0: it concerned banks

• FinTech 3.0: what about start-ups

• FinTech 4.0: will cover TechFin

Separation of FinTech and TechFin

FinTech exists with the aim of maximizing the use of emerging technologies to stop existing financial services models in the "old world"

TechFin exists with the aim of improving existing experience or capabilities in the financial services sector. Not so disruptive with FinTech but more incremental in nature.

True Innovation & Measuring Success

True innovation can only be measured when products or services become mainstream. Blockchain and its technology are not mainstream - yet. However, when it is and everyone has come to accept it publicly, it would be classified as truly innovative.

The approach to TechFin and its success will be slower by nature but more significant as the user experience, design are the things that consumers crave more when it comes to products and services.

Having worked for and with the banks, I know they are all very keen to adopt new technologies and the vast majority recognize that they need to change their approach. Innovation labs are popping up everywhere in the banking community around the world. However, their success will be measured on the speed with which they build and incorporate new products and services and if the "corporate" side of the company quickly integrates them.

Generation Y and the next generation of Z communities are the most difficult to satisfy, especially the second group, given their high expectations. Getting the basics for the first time would be the priority, the user experience, design and basic functionality are indispensable in today's world.

The next time you look at your mobile phone. Realize this item from a communication tool (third industrial revolution) to one of data collection and analysis (fourth industrial revolution). In other words, you hold the shift in your hands.

More and more people will get angry when they are forced by banking policies and processes to use non-digital channels for daily banking. Traditional banking organizations can not rely solely on the provision of current accounts and loans. Competitors are already devouring significant parts of the banking value chain with the potential to restrict banks to becoming nothing but utility.

The future of the banking sector will depend on its ability to harness the power of customer information, advanced analytics and digital technology to provide services that help today's experienced customers manage their finances and better manage their daily lives.

As financial and technological organizations adopt a broader view of the banking sector by offering both banking and non-banking services, the final winner will be the consumer regardless of the chosen provider.

A New Competitive Landscape

Even with the best collaboration, the ability for the future banking ecosystem will be challenged by the Techfin powerhouses. Built on digital platforms, these huge technology organizations are efficient and have already found ways to reduce their costs and monetize their business models.

Banks will have to think big and re-imagine a future where they can use their data to become customer experts, leveraging their insights from in-depth data to improve the customer experience and deliver personalized financial services in real time.

Aura Company Solution Limited offers world-class digital services to meet the needs of digital consumers.

Aura Company Solution Limited offers predictive and hyper-personalized user experiences, available when, where and how they want customers, they have to go beyond being a 'value-added' feature and become basic functionality. For example, in a world of instant transactions, consumers will expect to manage their financial portfolios from their phones in real time. These same consumers will also want to access humans when needed, on the same devices.

Aura Company Solution Limited using real-time information to anticipate consumer needs and make the best offers at the exact moment in which you get an optimal benefit. Products and services must be tailored to the specific needs of each individual on a proactive basis.

Aura Company Solution Limited is a consumer expert, leveraging their insights from deep data to enhance the customer experience and deliver hyper-personalized financial services in real time.

Managing Director Europa

Antonio Sanguedolce

Aura Solution Company Limited


P: +39 391 187 6270

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