2023 Fintech and Financing Conference & Expo

Category Archives: Fintech AI/ML, Data-driven

Gmail Creator Says AI Could Replace Google’s Search Engine Results Page Within 2 Years

IFLScience | James Felton | Dec 6, 2022

Pexels Kindel Media AI bot - Gmail Creator Says AI Could Replace Google's Search Engine Results Page Within 2 Years

Image: Pexels/Kindel Media

The creator of Gmail has made a prediction: the new chatbot ChatGPT will completely disrupt Google's business within a year or two, eliminating the search engine result page in the process.

  • ChatGPT: By now, you have probably come across a number of creations from ChatGPT: an artificial intelligence (AI) based chatbot that can do everything from rewrite "Baby Got Back" in the style of Canterbury Tales to simulating its own chatbot within a chatbot.
    • The chatbot, made open to the public last week, is surprisingly good.  Even if it hasn't yet convinced anyone that it's sentient – unlike Google's AI .
    • The bot has a number of uses, including writing useable code and looking for errors in code created by amateur humans.
  • The chatbot uses something called "reinforcement learning from human feedback" to achieve the impressive natural language processing it does.  "As the model receives more and more feedback, it uses this information to adjust its internal parameters and improve its performance. This iterative process continues until the model reaches a satisfactory level of performance on the task," the bot continued.
  • Disrupt Google? As well as providing more detailed results than Google, and explaining answers in a more natural way (as seen above), the problem for Google is ChatGPT could eliminate the need for its moneymaker: the search results page.

See:  Newfoundland’s AI Unicorn Helps Predict AIs Near-term Business Opportunity

Buchheit wrote on Twitter:

The way I imagine this happening is that the URL/Search bar of the browser gets replaced with AI that autocompletes my thought/question as I type it while also providing the best answer (which may be a link to a website or product).

Continue to the full article --> here


NCFA Jan 2018 resize - Gmail Creator Says AI Could Replace Google's Search Engine Results Page Within 2 YearsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Trust Fallacy: 75% of Payment Fraud in Crypto is Carried Out by KYC-verified Accounts

Crowdfund Insider | | Nov 28, 2022

KYC verification does not prevent fraud - Trust Fallacy:  75% of Payment Fraud in Crypto is Carried Out by KYC-verified AccountsThere’s no doubt in the minds of financial organizations and anti-laundering regulators that Know Your Customer (KYC) verified accounts prevent fraudulent activity– and that’s exactly the problem.

  • Then:  In the early 1990s, governments around the globe had a growing concern about preventing the increasingly connected banking system from harboring international transfers of illicit funds. To combat this, they introduced KYC verification– a straightforward method of ensuring that the person a banker was speaking with was who they claimed to be. In practice, new banking customers had to present various documents, set forth by their local regulatory body, to open an account in their own name. In addition, it made it difficult for fraudsters using forged documentation to physically go from bank to bank.

See:  Equifax Partners with Oasis Labs to Issue Anonymous KYC Credentials to DeFi and NFT Users

  • Now - KYC verification in the digital era:   In line with anti-money laundering (AML) frameworks, cryptocurrency-related organizations, such as marketplaces and trading platforms, are considered a money service business (MSB) by the US government. As such, MSBs are legally required to KYC any account that reaches a daily trading threshold. In the United States, this limit is currently $10,000 per month and above.
    • BUT...Payment fraud and money laundering are not the same, and preventing crime by treating them as such is a fool’s errand.  the data points to something that many in anti-fraud departments already know– KYC verification no longer serves as an anti-fraud measure.
  • How fraud works: A legal resident of a foreign country can open a KYC-verified account by presenting legitimate government-issued documents, then selling their login information on the Dark Web. One person can open multiple accounts per day without ever needing to leave the comfort of their own home. These fraudsters play off two key factors:
    • The first is the ease of opening accounts online instead of physically traveling to bank branches makes this illegal act scaleable.  Not only do they never need to ever meet a banking representative face to face, but they also don’t even need to be in the same country.
    • It is cost-effective, and they can spoof an IP address as an alibi. If they are ever questioned, they can say it wasn’t them and their information was stolen. While their account may be automatically closed, their name remains clean.
    • 75% of payment fraud in crypto is carried out by KYC-verified accounts.

See:  Know Your Customer – and your Obligations – in the age of Real-Time Rails and Open Banking

  • Solution: machine learning technology allows organizations of all sizes to implement AI-driven systems that can identify fraudsters immediately, saving businesses money and making it annoying for them to return. By creating a space that is unwelcome for fraudsters, companies can avoid chargebacks and boost approval rates to 98%, all while reducing costs, operating expenses, and ensuring a more welcoming customer experience for those who mean no harm.

Continue to the full article --> here


NCFA Jan 2018 resize - Trust Fallacy:  75% of Payment Fraud in Crypto is Carried Out by KYC-verified AccountsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Why RPA Is Key To Fintech Growth

Guest Post | Nov 30, 2022

AdobeStock 199672469 women makes mobile payment - Why RPA Is Key To Fintech Growth

Image: AdobeStock

It’s without a doubt how technological advancements are revolutionizing how industries operate today. For instance, in the financial industry, there’s notable growth in terms of computer processing capabilities. And among the innovations today is Robotic Process Automation (RPA).

What Is Robotic Process Automation (RPA)

Robotic process automation refers to technology or software used to streamline rule-based or repetitive processes and workflow commonly carried out by humans. With such tools, companies can save time, money, and resources through automation in production and other operations. Customers, meanwhile, could also benefit from improved accuracy, efficiency, and service quality.

RPA is gaining traction across telecommunications, customer service, manufacturing, and healthcare industries. Apart from these, RPA is also utilized in finance, particularly in various Fintech developments and applications. From traditional banking to blockchain technology, RPA is now widely used in the financial industry. With continued developments, automation can propel Fintech to further growth in the long run.

If you’d like to know why RPA is key to Fintech growth, continue reading this article.

1. Can Open More Business Opportunities 

The banking and finance sectors have become increasingly competitive, including interest and approval rates, banking convenience, and customer service. Thanks to automation, what used to be hurdles in traditional banking services and processes can now be minimized, if not completely eradicated.

For instance, RPA can allow a hassle-free application process for a startup business line of credit. Compared to how complex it was to apply for a bank loan a few decades past, startup owners at present need only to access digital banking apps and explore their credit options. The approval process can also be sped up from a couple of hours to several days.

New business through loans and credits is just one of the many examples of how RPA can help propel banking and finance to further growth. As technology only continues to develop, it’s up to the companies to use RPA to their advantage and think of new financial solutions they can offer to their customers.

2. Boosts Efficiency And Accuracy

One of the main advantages of RPA is its ability to streamline operations in various ways. Automated transactions can be made simple, quick, convenient, and accurate. They can also be an effective way to trim down operation costs, optimize time, and manage resources more effectively, allowing your employees to work and focus on other essential functions of the firm. Overall, RPA can boost the operational efficiency and productivity of the banking and finance industry.

In addition to efficiency, there could also be an increase in accuracy since RPA software can also help minimize human errors attributed to the employee’s lack of knowledge, confusion, or carelessness. After all, regardless if the mistake is minor or substantial, errors in accounts can lead to significant consequences, such as a decrease or increase in profits due to financial statement inaccuracy. However, by getting RPA services from 1Rivet or other providers, these can be reduced since common and repetitive tasks like data entry can be streamlined and automated, resulting in lower operational risks.

3. Enhances Customer Experience 

RPA - Why RPA Is Key To Fintech Growth

Image: AdobeStock

RPA offers many advantages to companies or businesses, but customers could also benefit from automation because it enhances their overall experience.

For one, since internal workflow and operations can be streamlined, employees can allocate their time and focus on other tasks, like customer support. This means that instead of performing administrative and other repetitive functions, they can have more time to attend to and address customer concerns and queries.

Moreover, since customer service is time-consuming and demanding, RPA can also be beneficial in automating customer support functions. RPA can help improve communication and interactions between banks and their customers. This means it’s become more accessible for clients to reach out to financial companies for queries and other concerns through chatbots or automated voice machines. Meanwhile, companies can send thousands of messages in minutes through automated chat and email.

4. Supports Financial Crime Prevention 

Cyber fraud and other financial crimes like wire transfer fraud have become significant hurdles to Fintech’s growth. This is especially since, as technology develops, hackers have also enhanced their efforts to access digital assets and funds in various forms illegally. Because of this, it’s crucial for banks and financial institutions to use RPA.

Digital processing of transactions offers improved accuracy regarding checking credentials and authorization. This can help minimize and prevent human error, which is why automated processes can help prevent financial crimes. Aside from accuracy, RPA also makes it possible to detect fraud quickly and more effectively. Bots can see patterns if there are any suspicious activities and notify the proper authorities as they happen.

See:  The Enterprise Automation Imperative—Why Modern Societies Will Need All the Productivity They Can Get

Financial protection is vital to many Fintech developments, including blockchain technology, DeFi, and newer ones that have yet to hit the market. Fintech’s marketability significantly relies on public trust. And through RPA, these financial platforms can display their credibility to their investors and other stakeholders.

Conclusion 

RPA has allowed banking and finance to grow and remain competitive amidst technological advancements. For one, automation opens business opportunities, boosts efficiency, improves customer experience, and supports financial crime prevention. With all of these in mind, RPA becomes the future of Fintech because of its many advantages and opportunities.


NCFA Jan 2018 resize - Why RPA Is Key To Fintech GrowthThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Newfoundland’s AI Unicorn Helps Predict AIs Near-term Business Opportunity

The Toronto Star |

AI predictions - Newfoundland's AI Unicorn Helps Predict AIs Near-term Business Opportunity

Image: Pixabay

Five years ago, artificial intelligence (AI) experts would have guessed that the first AI “unicorn” startup (a venture valued at more than $1 billion) in Canada would be from Toronto, Montreal, or Edmonton. But the experts were wrong. 

  • We thought the first AI unicorn would be where the cutting-edge research took place. Better technology would be all it took.  Instead, Canada’s first unicorn AI startup hailed from St John’s, Newfoundland, far from where Canada’s research leaders were developing cutting-edge AI. Verafin gave financial institutions the tools to weed out money laundering and fraud. In 2020, NASDAQ bought it for $2.75 billion (U.S.).
    • What did we all get so wrong? We were focused on the location of AI expertise rather than where AI could be most easily implemented.
  • AI prediction machine: Verafin was already in the prediction business and already parsed financial transactions to find fraud.  When AI’s latest wave of progress arose 10 years ago, Verafin took those inventions and improved its product with AI at the centre. Its banking customers wanted prediction; AI supplied it.

See:  Why Artificial Intelligence Will Solve All Our Money Problems

  • Chastened by our own predictive failure, we started to look closely at where AI was really being used — not by the tech stars, but by businesses.  Only about 11 per cent of businesses use AI somewhere in their operations. But most large businesses had spent meaningful investment dollars attempting to use AI. Why were they coming up short?
    • Example: When Air Canada developed an AI system to forecast freight demand and dramatically reduce the likelihood of empty cargo holds, it found that to put it in place, it had to train workers to pack the planes differently. In other words, it couldn’t simply adopt the enhanced prediction capability; it had to adapt the system in which it was embedded.
  • Verafin gave us a clue. For them, adopting AI was easy. They were supplying predictions to their customers, who knew what to do with them. But in many other businesses, AI could supply predictions — say, about demand or supply-chain issues — but many businesses were not equipped to use it.

This is par for the course for radical technologies. AI is coming. It will transform many industries. To take the current, modest uptake as a forecast that dramatic disruptive change isn’t coming would be a big mistake.

Continue to the full article --> here


NCFA Jan 2018 resize - Newfoundland's AI Unicorn Helps Predict AIs Near-term Business OpportunityThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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How to Evaluate a Data Protection Company’s Ability to Protect Your Assets?

Guest Post | Nov 25, 2022

Pexels Christina Morillo Virtual data rooms - How to Evaluate a Data Protection Company’s Ability to Protect Your Assets?

Image: Pexels/Christina Morillo

There has been a change in the corporate world regarding the necessity to protect assets during the last few years. The definition of what must be safeguarded and to what extent has become more difficult. Only 15 years ago, most businesses focused on safeguarding assets as they were the most valuable ones. Data are typically at the top of the list of assets that businesses must now include in their inventory.

In addition to branding, connections, non-revenue rights, and intellectual property, your data is a form of intangible asset that you own. Let’s take a look at how to protect your data in this data room review.

All digital papers are kept in electronic format in a virtual data room. It lessens the amount of physical paperwork produced by firms and aids in protecting their intellectual assets. To maintain track of commercial transactions, a lot of businesses use VDRs. They will also be beneficial for asset management and fundraising.

The best virtual data room providers can stop files from being downloaded. They safeguard each file present in the data room.

What Exactly Is a Business Data Asset?

A particular kind of intangible asset made out of data is known as an enterprise data asset. Data is gathered or purchased with the intention of making money for the business, usually after it has been transformed into a different kind of data.

Although the terms "data protection" and "data privacy" are sometimes used synonymously, there is a significant distinction between the two. While data protection offers the tools and regulations to actually limit access to the data, data privacy specifies who has access to the data. Companies are required to take steps to protect sensitive user data, and compliance requirements help to ensure that users' privacy requests are honored by businesses.

The upkeep of a company's data assets aids in decision-making, customer service, and the creation of new revenue streams. Data about numerous transactions, events, and information is gathered and stored by organizations. Typically, most businesses save information about the preferences, social media use, finances, and other aspects of their clients. Organizations are able to better serve their customers and maintain their competitiveness in the market thanks to the management and refinement of the information that has been gathered.

Businesses can streamline the due diligence process with the help of virtual data rooms. Document delivery and review processes can be sped up by centrally storing documents in the cloud. Additionally, the best data room providers can help businesses organize their function flows and develop breakthrough ideas.

What Are the Principles of Data Protection?

Data protection guidelines aid in preserving data and ensuring its accessibility at all times. It includes adopting elements of data management and data availability and covers operational data backup and business development.

The following are significant data management factors related to data protection:

  • Data availability allows users to access and use the information they need to conduct business, even if it is lost or corrupted.
  • Automating the transfer of crucial data between offline and online storage is part of data lifecycle management.
  • The valuation, categorization, and protection of information assets from a variety of threats, such as facility disruptions, application and user errors, equipment failure, malware infections, and virus attacks, are all part of information lifecycle management.

Moreover, the majority of data room providers offer a diverse set of functionality based on the particular use cases for which their data rooms are designed. That is why it is important to make a data room comparison before working with a certain provider.

How to Manage Data Assets?

Some strategies in businesses can use efficiently for managing their data assets include the ones listed below:

  1. Decrease data costs. There are increased costs associated with data management since many firms have a tendency to store a lot of data that is rarely used. Additionally, the expense of storing, safeguarding, and archiving all of this company-wide data is higher. By erasing data that is no longer needed, a corporation should try to lower data management costs.
  2. Derive  greater value from current data. Find new ways to extract value from your data room software to help your business manage your data assets more efficiently. For instance, a business should reassess the value obtained from current data and decide whether there are any additional methods to use the data to increase its value. In order to generate additional revenue, it might potentially think about taking actions like selling the data to third parties.
  3. Data Security. To guarantee data integrity, proper data storage and security are essential. A business should keep a list of all the data they possess, along with a description of the data. The description should state the location of the data's storage, its creation date, and its intended purpose.

How Does the VDR Work?

Particularly important in an organizational transaction are the protection and control of all documents. Within the property management process, the permanent electronic data room ensures secure long-term storage of business-critical data.

Cooperation is continually successful due to the central management of some parties, including owners, partners in the organization, and managers of the assets and properties. It reduces risks, increases openness, and ensures superior quality. The data is kept secure, so processes for upcoming transactions can be completed fast. The following fields successfully employ secure online data room software today:

  • M&A
  • Real estate investment
  • Asset operations
  • Committee communication
  • Venture capital
  • IPOs
  • Document management
  • Groundwork & Expansion.

Data room review enables businesses to control how their product sales, moreover, automates the process only for handling orders and assigning duties.

Data Protection in Business Assets

Data protection is the process of defending sensitive information against loss, tampering, or corruption. As data is created and stored at previously unheard-of rates, the significance of data protection grows.

See:  Why You Should Review Your Data Governance and Privacy Risks in Canada

Five actions you should do to safeguard your data:

  1. Rank information assets according to business risks.
  2. Create data protection policies for your most valuable resources.
  3. Implement tools that enforce rules and alter end-user behavior.
  4. Implement data protection procedures in business operations.
  5. Informing corporate stakeholders about developing a security culture.

As a result, a key component of a data protection plan is making sure that data can be swiftly restored after any loss or damage. Other crucial aspects of data protection include guaranteeing data privacy and safeguarding data against compromise.

Conclusion

VDRs are well-known trustworthy organizations that help you deal with management, conformance, documentation needs, and much more. The rights of access are up to you. It gives authorized employees 24/7 access to the central software. Cross-company projects and ventures will be successfully processed without wasting money, time, or information. The data room services can be utilized later if necessary, and confidential company documents and emails will be archived without affecting the media.


NCFA Jan 2018 resize - How to Evaluate a Data Protection Company’s Ability to Protect Your Assets?The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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How Location-Based Data Can Benefit Fintech

Guest Post | Nov 24, 2022

Unsplash NASA North America location - How Location-Based Data Can Benefit Fintech

Image: Unsplash/NASA

In the world of finance and technology or fintech, innovation can be a powerful tool in improving customer experience and driving business growth. One aspect of this innovation is the use of location-based data to maximize financial performance.

This data can be used in various ways to track competitors, optimize logistics and improve customer relationships, among other things. Let’s dive into how location-based data can help you get ahead in the ever-evolving fintech world.

Location Data 101: Definition Benefits

Location data is information derived from a device or system, for example, a smartphone, GPS tracker, Phone Number Location Tracker, or other interconnected gadgets.

This data can furnish profoundly precise details about an individual's movement and the time they were in any given area.

Fintechs utilize this agglomerated location data drawn from several sources and then synthesized into one single platform to make smarter and more informed decisions.

Location data can enable fintech companies to:

  • Identify new customers and build a better understanding of their behavior
  • Monitor competitors’ activities, customer visits, marketing campaigns, and more
  • Make strategic decisions about pricing, product offerings, and promotions
  • Foster loyalty and drive repeat purchases
  • Improve customer experience by delivering personalized messages and targeted offers

As such, location data can be a powerful tool for fintech companies. By leveraging this intelligence, the financial industry has been able to advance in previously unimaginable ways.

However, using location data also entails risks – from a privacy standpoint and a regulatory point of view. Financial institutions must comply with all applicable laws and regulations when collecting and using customer location data.

Applications of Location Data in FinTech

Location data can refine the consumer experience, augment promotional campaigns and offer better services. Here are some of the key ways fintech companies use location data.

Risk Management

When it comes to financial security, location data can provide crucial information for institutions looking to protect their customers from potential fraud.

To begin with, looking at the physical whereabouts of bank account or credit card holders is a powerful tool for identifying unauthorized transactions.

For example, if a customer's account is suddenly accessed from two distinctly different geographical locations in a short amount of time, this could be a red flag that credit card fraud might be taking place.

In such cases, banks and related institutions can take steps to investigate and block fraudulent activity based on these data points.

Location data can also benefit more innocuous situations, such as when customers travel or relocate to new areas.

By tracking an individual's current and past locations through geolocation technology, businesses can ensure that their customers have access to the correct accounts and services without risking lapses in security.

This makes location data an essential ally for financial institutions committed to providing excellent customer service while maintaining strict anti-fraud procedures. 

Personalized Services

Financial institutions have long recognized the importance of providing personalized customer service. As technology such as location data becomes available, they are gaining new ways to tailor their offerings to customers' particular needs and preferences.

With location-based services, banks and other financial institutions can now offer customers timely information on currency exchange rates when traveling abroad or inform them about relevant promotions based on their current whereabouts. The given strategy allows for a more convenient and efficient experience when customers take advantage of financial services.

Furthermore, access to location data helps financial institutions better understand consumer behaviors and trends so that they can adjust their services accordingly.

Competitive Analysis

Understanding the competition is essential for banks and other financial institutions to serve their clients better. By leveraging location data, banks can identify and analyze competing institutions in a market and make informed decisions about how to best compete in that space.

Location-based data gives banks insight into the services their competitors offer, their geographical footprint, or even what prices they charge for certain products or services. This level of understanding allows them to fine-tune their strategies, services, and offerings.

See:  Financial data unbound: The value of open data for individuals and institutions

Furthermore, location data lets them measure customer engagement across geographic regions and better understand loyalty patterns to ensure they provide an optimal experience.

With these insights in hand, financial institutions can strategize more effectively to outpace their competitors while continuing to provide superior service to customers.

Conclusion

Data analytics is a powerful tool in the financial sector. It can give banks, credit unions, and other institutions invaluable insight into their customers, operations, competitors, and growth opportunities.

By leveraging data points such as customer profiles, location data, and competitor activities, financial institutions can gain an advantage over the competition while providing superior service to customers.

Ultimately, data analytics helps financial institutions to make informed, data-driven decisions that can lead to higher profits and more satisfied customers.


NCFA Jan 2018 resize - How Location-Based Data Can Benefit FintechThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Fintech for Healthcare Explained

Guest Post | November 22, 2022

Fintech and healthcare - Fintech for Healthcare Explained

If you're looking for information on the new Fintech for healthcare, you've come to the right place.

Learn about the new tools available to consumers and how they can improve the delivery of health care services. We'll also discuss how these new technologies can improve the health care payment process.

These technologies are aimed at modernizing healthcare networks and improving their efficiency. They use powerful technologies such as blockchain, machine learning, and AI to monitor and maintain the flow of finances and data.

Fintech For Healthcare

Fintech has become a vital component of healthcare, especially for those who are unable to pay for medical care.

This technology makes health payments more accessible to the unbanked and helps create a more proactive savings culture.

In addition to allowing patients to make informed decisions about their health, fintech helps healthcare providers improve back-office operations.

Financial technology aims to modernize and revitalize healthcare networks by using powerful technologies such as AI, blockchain, and machine learning to manage and monitor the flow of finances and data.

This means that healthcare organizations can better serve their patients, and help save time and money in the process. The goal of fintech for healthcare is to make healthcare payments as secure and simple as possible.

Fintech startups have the potential to solve complex healthcare problems. They are changing the relationship between providers, payors, and patients.

According to a recent Inc42 report, more than 60% of Indian citizens have spent money out-of-pocket (OOP) for health care. The rates in other major economies range from twenty-five to thirty percent.

A recent case in the United Kingdom highlighted the benefits of using crowdfunding in healthcare. A genetic disorder in an infant boy triggered animated discussion in the medical community and the public.

The authors noted that this type of crowdfunding could "commodify'' health care on a large scale, especially in publicly-funded systems.

The resulting market norms may reduce the cost of healthcare and encourage entrepreneurship.

The Impact of Fintech on Health Care

The impact of fintech on health care is significant for a number of reasons.

For example, it can make health care financing accessible to under and unbanked people. It also can help improve operational efficiencies of health systems. However, these developments must be supported by clear regulations, equitable digital connectivity, and a vibrant innovation ecosystem.

For example, fintech solutions can improve the efficiency of health care payment systems and reduce paperwork. These solutions also encourage people to save money for their health.

These fintech solutions offer convenience to providers by streamlining administrative processes and data sharing with payers. This means faster reimbursements for providers and increased patient access to health care. In addition, these technologies help patients by improving the understanding of benefits and improving their access to care.

One study examined the impact of fintech on health care in three countries to determine how health systems and digital maturity affect the adoption of these solutions.

While patient safety and clinical quality will always be top priorities for providers and payers, fintech solutions can make this experience more rewarding for patients.

For example, AI-powered financial planning can help patients make smarter choices, which can improve their financial health.

In addition, fintech can help providers improve patient experience by reducing human error and preventing revenue leakages.

Healthcare and fintech are closely connected and should be explored. Both sectors have a large potential to improve each other.

Building a Learning Strategy With Analytics in Healthcare

As healthcare organizations struggle to manage costs, improve outcomes, and become more patient-centric, building a learning strategy with analytics is increasingly important.

By developing a strategic approach to analytics, organizations can harness big data and create new capabilities to meet the increasing demands of the industry. By using data to improve patient outcomes, analytics can help healthcare organizations establish a clear vision for the future and set a course to success.

The complexity of the healthcare environment is expected to increase over the next several years. Indeed, 90 percent of healthcare executives believe that their organizations will face high-level complexity over the next five years, but 40 percent admit that they are ill-prepared for such a change.

This complexity will require smarter decisions, increased value, and an enhanced understanding of market dynamics and the ever-changing expectations of consumers. Organizations that have implemented analytics in healthcare are often more effective than their peers.

In order to fully leverage the power of analytics in healthcare, organizations must hire skilled analysts and provide them with the appropriate tools. Building a healthcare analytics team requires careful planning and an initial investment.

A team made up of experienced, trained analytics professionals will be able to address organizational challenges and improve patient care. In addition, healthcare analytics teams can create actionable insights to drive change across the entire organization.

Analytics in healthcare can help decision-makers make better choices about patient care and prevent future illnesses. By using data to understand how health conditions develop over time, they can predict large-scale health events and plan long-term strategies.

With access to the right data, healthcare providers can create better, more personalized treatments, reduce health insurance costs, and improve patient outcomes.

Financial Tools Available to Consumers

With the recent launch of the Fintech for Health Innovation Platform, ACCESS Health is empowering consumers with financial tools to pay for healthcare.

The platform, which will launch with the support of the MetLife Foundation, will be used to offer new tools for people to pay for health care using digital financial services.

The platform will also help partners adopt new systems technologies to increase efficiency and reduce costs, such as better data science and supply chain efficiencies.

The emergence of digital payment systems is a big opportunity for healthcare providers. Patients are increasingly demanding new services and digital payment solutions. A recent Black Book survey reveals that only 9 percent of providers were able to meet all patient expectations.

This indicates that healthcare providers that don't offer sophisticated patient engagement suites may experience retention problems.

In addition, 90 percent of patients said they would not stay with their current provider if their digital experience isn't satisfactory.

And more than half of patients under the age of 40 say they would switch to a new provider if the healthcare provider offered more technology.

Fintech is a game-changing technology that has the potential to transform the healthcare industry. As consumers take control of their own spending, healthcare providers will need to create engaging experiences that will help them earn positive reviews from patients.

In addition, the transition to value-based care will change cash flow, and healthcare providers will need to find new ways to keep their patients satisfied.

While the new tools can be useful, consumers have a lot of hurdles to overcome before they can access them. For example, many fintech tools require social security numbers, credit cards, or bank accounts to use them.

These barriers are real challenges for millions of Americans. Approximately 17 million adults in 10 million households do not have any of these tools. Further, more than half of young people do not possess credit cards.

The Challenges

Healthcare providers face a number of challenges, but the use of fintech solutions can help address some of these problems.

For example, many providers are trying to diversify their payment streams by integrating new service lines and developing revenue streams from clinical trials.

Fintech companies can also streamline processes related to payments processing, financing vehicles, and billing.

Healthcare organizations have traditionally operated on a fee-for-service model, where patients are charged for their services and providers are compensated based on volume rather than value.

This practice has led to unsustainable cost inflation. Fortunately, a number of companies have been developing new ways to improve patient engagement and communications at all levels of the healthcare industry.

Fintech may be particularly relevant in low-income countries, where health insurance coverage is often inadequate. However, this approach may also be relevant in high-income countries, where health insurance coverage gaps are common and financial access to health care is limited.

Furthermore, low-income countries may have difficulty achieving a high credit score, making access to medical services more difficult for many people. In either case, FinTech is a necessary part of healthcare, and private companies are already championing innovative solutions.

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Fintech has been successful in several industries. While it is not without challenges, fintech for healthcare is a promising avenue for payers and providers.

It is important to understand how fintech has been applied in other sectors, including retail, to get a complete picture of the sector's challenges.

Fintech for health is a relatively new field, but it is rapidly growing. The goal of fintech solutions for healthcare is to streamline payments and point solutions.

Healthcare providers can benefit from the ability to control the experience from start to finish.

The Opportunities

The healthcare industry is a huge source of opportunity for fintech startups.

With health costs on the rise, and with millions of Americans suffering from medical waste, there is a large market for healthcare fintech. In fact, estimates suggest that healthcare spending is currently wasteful by up to $760 billion.

Furthermore, fraud in the healthcare industry is projected to increase by more than $68 billion in 2020. This growth in healthcare fraud provides an incredible opportunity for fintech startups to enter this market.

There is a need for healthcare fintech companies to streamline the medical billing process. Current processes can take up to 90 days, and can take even longer if an appeal is required.

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Other healthcare fintech opportunities include expanded HSA plans and value-based care arrangements. Fintech companies are tackling these challenges by leveraging the data they collect from healthcare providers.

While there are many opportunities for fintech in healthcare, it is crucial to understand the different contexts in which these technologies can be used.

For instance, low-income countries may not have a regulated health environment, while high-income countries may have health insurance coverage gaps and limited financial access.

The report recommends that health insurers support these fintech solutions by ensuring that the regulatory environment is stable and that the population has a high digital literacy.

Fintech solutions are being developed to provide affordable healthcare for low and moderate-income people. These solutions help improve payment processes for both providers and patients.

They also enable healthcare organizations to process large amounts of healthcare data more efficiently. For example, text-to-pay is a fintech solution that enables patients to make payments by text message.

Another fintech application is donation-based crowdfunding, which involves platforms that allow donors to donate money directly to patients. These campaigns often use social media platforms to collect donations.

Final Word

Fintech solutions offer a great potential for the healthcare industry. They can help reduce costs, streamline processes, and improve access to care.

However, it is important to keep in mind that these solutions need to be tailored to the specific needs of each country. Otherwise, they may not be able to meet the needs of the healthcare system.


NCFA Jan 2018 resize - Fintech for Healthcare ExplainedThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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