Revolutionizing Banking with Fingate's B2B SaaS Solution

It is essential for German banks to digitalize and automate their internal processes in order to reduce the occurrence of human error, increase security, ensure compliance with regulations, elevate efficiency, and reduce costs. This can be corroborated by a plethora of studies and reports from prominent institutions and organisations in the German financial sector. These improvements not only provide advantages to the banks themselves, but also result in a more reliable and proficient German financial system. In Germany, transitioning to digitalization and automation of banking internal processes has proven to be difficult due to outdated systems, data privacy and regulatory compliance issues, and rising cybersecurity threats. Banks are actively making progress, yet these challenges remain a priority as they attempt to stay competitive and meet customer demands in the digital age. By utilising B2B SaaS products, banks in Germany can benefit from a cost-effective, compliant, and flexible solution to make the digitalisation and automation process easier. These specialised vendors offer their expertise and technology to assist banks in modernising their processes, overcoming obstacles presented by legacy systems, and further fortifying their cybersecurity defences. With the aid of a trusted B2B SaaS provider, banks can focus on their core services while effectively addressing the challenges of transitioning into the digital age. Feel free to have a peek at the prototype! You don't have to scroll to the end; it's right here: Beware: we are about to delve into the depths of contextual research, a relatively little-known field, the comprehension of which is imperative for many of the choices made in this project. Nevertheless, should you want to, you can jump straight into the crux of the context. The digitalization and automation of banking processes are vital in Germany for various reasons which help to increase operational efficiency, ensure security, and enhance customer satisfaction. The country, devoted to fiscal soundness and accuracy, puts a great deal of focus on these innovations. Among the top advantages are: The transition to digitalization and automation of banking internal processes in Germany is indeed a difficult undertaking. Articles and studies suggest that there are three main challenges that German banks face during this move: The capacity of B2B SaaS Products is great. B2B SaaS products can be instrumental in assisting German banks with the transition to digitalization and automation of their internal processes. These products can prove to be immensely useful by addressing the challenges they face and providing them with many advantages. Data Privacy and Regulatory Compliance are essential elements. They must be taken into account in order to ensure sound operations. Data Privacy and Regulatory Compliance are imperative for successful operations. Neglecting to take them into consideration can result in serious consequences. Dangers associated with cybersecurity are very real. Cybersecurity risks can lead to serious issues that can cause a great deal of harm. The potential risks associated with cybersecurity are very real. These can result in significant damage if they are not managed correctly. FinGate has identified 5 back office processes that can be automated, which would account for ⅔ of the workload. This is a major accomplishment as it would mean that ⅔ of the back office duties would be eliminated. Here lies the potential of a B2B SaaS solution. It provides private banks with the ability to implement this automatisation in a cost-effective way. This falls in line with the three main advantages of banking entities digitizing these processes, as it directly addresses the difficulties discussed in this segment: the technical debts associated with Legacy Systems, Regulatory Compliance and Cybersecurity. What are these processes? Seizures, insolvencies, chargebacks, BKYC, and AFC. In plain English, what are they? It's not necessary for us to understand the details of these processes for our MVP, so we'll only focus on seizures. In a nutshell, seizures are legally taking assets away from people who haven't paid their debts. The seizure process must be conducted quickly, with a time limit of 24 hours after an order is given. Even though it can be a lengthy and complicated task, with a high chance of mistakes being made and many tedious and recurrent steps, it must still be completed within the set timeframe. Given this context, we are ready to introduce our user personas-yes, plural. We will focus on the individual, but we will also take into account the institution. Being a B2B SaaS product, Fingate will not only affect the work of individual professionals, but it will also have far-reaching repercussions on the entire banking back-office system. Let us take a look. On one hand, the Engaged Banker works hard and can manage technical and challenging back office activities. Unfortunately, these processes involve many long and dull repetitive tasks, therefore increasing the potential of errors. This causes an abundance of pressure, making it hard to continuously be motivated. The Efficiency-Seeking Bank is in a difficult situation: it desires to enhance the effectiveness of its inefficient back office system; however, producing and sustaining an automatization solution itself would be exorbitantly expensive. This problem definition is linked to the three advantages of automatisation for banks as well as the underlying difficulties they may confront (in the Context section). What would a completely automated seizure appear like? Zero click is the answer. This is the definition of full automation. The system receives and processes a seizure request without any manual intervention. This is referred to as a zero click solution, a goal FinGate has established. In the event of uncertainty, there is a simple solution - one click or one step. Suppose a scanned document does not meet readability standards, the system would alert of an error. The user must then take the single step of reloading the scan with better quality. No product comparable to Fingate currently exists in the market, at least not to our knowledge. In a sense, Fingate can be related to products such as PayPal which revolutionized digital payment services at a time when this was not feasible. We have yet to uncover direct, one-to-one references for the product, thus we have searched for references to its various components. The chief conclusion we can draw is that when we design a new product, we are never starting from scratch. Understanding the component parts of the product helped us to locate models of those individual pieces to assemble them like a jigsaw puzzle. It was essential to have an understanding of the backend of neobanks like Solarisbank and Penta for the project's functionality. To develop a proper UI for the dashboard, we consulted UX agencies that specialise in fintech. To make sure the dashboard was user-friendly, we researched productivity tools currently employed by bankers for the same purpose. It was of great importance to comprehend both the advantages and disadvantages of the references. What features did they include? What are the problems that users come across? Bankers in particular could find it very troublesome to keep switching between the back office software and other tools due to the absence of a comprehensive solution. It is noteworthy to mention the relevance of web development integration references. Microsoft Power Apps strives to ensure a harmonious connection between the front end's design and the backend of a product. This is something which needs to be taken into account and integrated into the outline from the MVP phase itself, particularly in later stages of the app. The references enabled us to postulate on our style. We are looking to create a modern, professional neobanking appearance while keeping it fresh. Our intention is to be perceived as modern and minimalistic in order to provide a straightforward user experience. To accommodate our intricate charts and numbers, the design should be ordered yet captivating. We strive for a clean, simple look that is energised and lively. Fingate is developed as a desktop-only web-app, which is essential because of the requirement for secure management of sensitive information and its integration with banks' cybersecurity systems. Furthermore, the prototype of Fingate will illustrate additional important features such as automated back end processes and user profiles connected to the bank's intranet. Once done, take a moment to observe the prototype working. Start on the main screen and log in with two-factor authentication. Then, examine the no-click feature in effect, move onto the case for a one-click solution and explore extra features like minimizing the navigation bar and activating the dark theme.

Source: https://medium.com/@danielmera001/fingate-the-b2b-saas-solution-to-revolutionise-banking-68789b8ba28d?source=rss------fintech-5