Finotek’s digital solutions make banking more convenient, accessible and rewarding
Since 2008, Finotek has focused on developing a full range of mobile banking solutions that supports remote internet banking services with real-time ID verification
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Fintech, a portmanteau of financial technology, has emerged as a thriving sector within the global financial services industry, attracting some US$17.4 billion in investments in 2016, according to Ernst & Young. Fintech firms have gained significant market traction with their ability to tap into today’s digitally active and sophisticated consumers, including tech-literate but financially underserved populations in emerging markets. Finotek, a fast-growing South Korean fintech company, is building a solid imprint in this niche sector with its cutting-edge, all-digital mobile-powered solutions.
“With fintech entrants reshaping customer engagement models, banks and other traditional financial institutions have to make fundamental changes to remain competitive,” says Henry Kim, Finotek’s CEO. “We can help them deploy solutions in the digital space to enhance customer experience, making banking more convenient, accessible and rewarding.”
Since 2008, Finotek has focused on developing a full range of mobile banking solutions that supports remote internet banking services with real-time ID verification. With its recognised technology, Finotek has been included in the Technology Fast 500 Asia-Pacific rankings by Deloitte in 2016 and 2017.
One of its core fintech technologies is the FinoBot, a robot-based financial counselling system that utilises in-house-built artificial intelligence technology to automate responses to customers’ questions. With FinoBot as a total counselling solution, employees can be reassigned to more sophisticated work.
The Seoul-based company also offers FinoContract, a signature and context-based authentication solution for mobile-based e-signature verification and fraud prevention.
Finotek is the developer of the NF2F mortgage loan solution, the world’s only integrated real estate mortgage loan platform. The cloud-based, fully mobile and one-stop platform automates all mortgage processes, with the entire procedure done in 30 minutes without requiring the customer to visit a branch. The NF2F mortgage loan solution has been adopted by major Korean banks while the robot counselling-based NF2F will be unveiled in collaboration with Citibank Korea.
The latest innovation from Finotek is a robot-based financial platform service called FinoPlace, which offers the advantages of offline and online channels. FinoPlace won the Fintech Platform Award at the second Hankyung Fintech Award held last year.
“Today’s more demanding, tech-savvy customers embrace mobile and digital banking services because they are easily accessed, fast and more engaging,” Kim says. “With our fintech solutions, customers can avoid the unnecessary procedures of walking over to a branch and going through the lengthy process of setting up accounts or applying for a loan.”
With more than 80 per cent of South Korean financial firms relying on Finotek’s fintech platform, the technology provider is broadening its horizons to the overseas market. Finotek Global, a holding company based in Portugal, was established early last year and will be followed by the creation of a joint venture that will handle expansion in nine countries in South America and Africa.
“We also see strong opportunities to diversify into Asia’s emerging markets, particularly in Vietnam, Indonesia and Myanmar,” Kim says. “With the region’s growing economies and rapidly expanding tech-savvy middle class, Asia will be the centre of fintech adoption.”
Finotek is keen on forming strategic partnerships to provide its low-cost mobile financial solutions to more of Asia. The South Korean firm is in the process of setting up subsidiaries in Vietnam and Myanmar where it is in discussion with potential partners. Finotek is holding talks with two leading Vietnamese financial institutions to deploy its mobile banking platform and may soon finalise two similar deals in Myanmar.
This year, Finotek will launch the FinoContract, an electronic contract service, based on electronic document, handwritten signature, and robot and blockchain technology, to provide app-based solutions to existing platforms.
The company will also develop an advertising and e-commerce platform based on contextual information. It is evolving from a solution provider to a service provider, and is expanding globally via business-to-business and business-to-consumer marketing.