Modern Technologies in Financial Institutions

Nikita Izmailov N1 is an investor in one of these payment systems (Asquad). This company is part of an investment fund co-founded by Nikita. As they say in the company Asquad, in developing a payment system, the founders set out to solve the problem of speed of payments and their management. The speed of payments is a common problem of financial structures.

In order to accept payments in different ways, it is necessary to constantly improve the technical system of integration, which is often long and expensive. Asquad solved this by adopting Corzoid technology. Corzoid technology allows for fast integrations and solves the problem of payment speed. At the moment, payments based on this technology are being tested inside the investment company N1.

These days there is an active penetration of technology in the financial sector. Companies are implementing digital solutions in order to optimize and improve their work in traditional areas and provide better service to clients. Modern fintech solutions are very convenient as they help, for instance, to make payments with minimum effort for the user.

Spheres of activity of fintech organizations

There are several different types of fintech organizations, each with its own specialization and scope of activity. Here are some of the most common ones:

  • Payment providers: these companies offer solutions for making and receiving payments, often using advanced technology such as blockchain. Some popular payment providers include Stripe, Square and Adyen.
  • Lending platforms: these online platforms connect borrowers with lenders, making it easier to access loans and other forms of credit. Popular loan platforms include Prosper, Ending Club and Funding Circle.
  • Asset management firms: these companies use technology to help people manage their finances and investments. Popular asset management firms include Betterment, Wealthfront and Personal Capital.

High-tech companies can provide services in a variety of areas. They can be:

  • Investment platforms. In this way, they expand opportunities for retail investors by providing assistance from robo-advisors and digital brokers;
  • Different types of insurance that offer automatic payouts through an in-app request;
  • big data analytics for the financial sector;
  • opportunities for very popular consumer lending to the end consumer;
  • crowdfunding - the ability to get money from other platform members to bring their idea to life, bypassing the banks;
  • artificial intelligence helps humans do analytical and even creative work;
  • online currency exchange;
  • banks without classic branches - a modern and convenient alternative to traditional banks;
  • online payment capabilities - especially useful where there are no banking institutions, etc. There are about two billion people worldwide without access to traditional banking institutions.

That's a smaller fraction of what could be promising. There are many more such areas.