Ecosystems the way of the fintech future

Swiss tech giant, Avaloq, has high hopes for the future of fintech, pointing to an integrated ecosystem of start-ups that could look something like a larger-scale Silicon Valley.

Avaloq’s group CTO, Thomas Beck, told Money Management that, while planners find siloed technology a problem, the solution was not to find one fintech to fix them all.

Beck said leaving a particular solution to a fintech with the skillset to produce it is in fact best practice, but integrating all the vertical technologies on to the one platform would significantly improve efficiency and simplicity of use.

Country head of Avaloq (Australia), Anantha Ayer, said the end goal was, at least in terms of planners, to free up advisers’ time to work on producing goals-based advice during one-on-one sessions with the client.

Integrating fintechs on one platform, which may well be Avaloq in the future, would also give advisers and other consumers instantaneous solutions, which would in turn allow planners to scale their workloads even more.

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Source: Ecosystems the way of the fintech future | Money Management