Fintechnics creates the opportunity for banks to modernize. Not only will they give the banks state-of-the-art solutions, but also return the smooth user experience and system control back to the bankers. They want to build the best banking software in the world at a significantly more competitive price. Every bank should be able to serve their customers in the way they are used to mobile-first & customer-centric.
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In recent years, their way of life has changed significantly due to the advance of digitization. Banks are not able to keep up with the pace of Fintech companies while large technology companies are invading the financial sector. They are limited by their technical options, mostly by using legacy core banking software from vendors unwilling to upgrade to modern software design. If banks do not upgrade to modern systems, their customers will switch to competitors with the better user experience.
Elastic Core Banking System
They developed a solution to this problem: the Elastic Core Banking System. By “elastic” we mean that the whole system is highly scalable and flexible in its configuration. They got rid of the end-of-day processing because the system is doing it in real-time. Bankers no longer have to adapt their business cycles to check for faulty transactions regularly. Thier Elastic Core Banking System is able to scale automatically and can adapt as more processing power is needed. The system is designed to run 24/7 without any breaks on weekends or bank holidays.
The software is able to securely store and process transactions in cryptocurrencies. They created an algorithm to decide whether a transaction is cheaper to be processed via cryptocurrency exchanges or traditional bank wire. Through this system, clients get the best service and banks can offer the best pricing to meet those needs.
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