Large established financial institutions are revisiting their tried and tested models in a bid to scare of fin-tech startups from encroaching on their turfs. While most of the new Fintech companies will not survive beyond their first three years, a few will eventually replace today’s leading financial firms. There are many fin-tech companies that have been able to raise billions of dollars in funding. Armed with AI and machine learning, startups are all set to transform global financial markets.
The world’s leading financial firms have not taken the threat of disruption lightly, many of them have taken recourse to investing in startups and rolling out new services in a bid to thwart the upstarts. Given below is a selection of five companies from the financial sector who are leading the race in digital innovation.
Banking Sector Innovation – Barclays: www.barclayscorporate.com
Barclays a British bank with headquarters in London has emerged as the surprise leader in digital innovation. The company used the 2008 financial crisis to redirect it’s focus on customer engagement through a complete overhaul of their platform. Their mobile app has since then set high standards in user experience and security. They have also incubated an in house innovation center, which has allowed it to emerge as an unrivaled leader in UK’s crowded digital banking space.
You can be a part of the Barclays growth story by applying to innovate your idea at https://labs.uk.barclays. Take a look at one of their innovations released last year in the UK market.
Trading Platform Innovation – IG: www.ig.com/uk
The IG Trading platform allows you to access more than 10,000 different markets across the globe. Started way back in 1974, the firm has been a witness to the birth of electronic trading in CFD’s and spread betting. The IG trading platform has been built for mobile and has won many awards for innovation and ease of use. The company currently has close to 1500 full time staff who service more than 186,000 clients across the globe.
They have a low commission rate of around £ 8 per trade. If you have done more than ten trades in the previous month the rate drops to around £ 5. They do not charge any annual fees unlike other brokers.
Financial Advisory Services – Hargreaves Lansdown: www.hl.co.uk
With more than 35 years of experience, the Bristol based company gives investors access to portfolios on the move with their award winning website and mobile applications. The firm can help you plan your retirement benefits and has investment plans to fund your children’s education. It also provides stock accounts for trading, money transfer services and pension planning.
The company manages £ 70 billion (Rs 5.9 Lakh Crore) for close to 900,000 clients. It has been consistently rated the number one investment platform in the United Kingdom.
Asset Management Services – BlackRock: blackrock.com
With more than USD 5 Trillion in assets under management, BlackRock claims the coveted crown of the world’s largest investment management company. The company is engaged in the business of selling mutual funds, ETF’s and CEF’s. The company has operations in more than 30 countries but the bulk of it’s income is generated in the United States. Over the years, Black-Rock has emerged as the leader in management of funds endowed to universities in the United States. All it’s services are managed by a proprietary AI platform called Aladdin.
Crowdfunding With Big Data – Zopa: www.zopa.com
Zopa has been able to channel close to £ 2 billion in loans to small firms and individuals across the United Kingdom. The company has over the years been voted the most trusted personal loan provider among UK crowd-lending platforms. The service is so popular that the website maintains a waiting list for investors wanting to sign up on their peer to peer lending platform.
The twelve year old company’s name Zopa stands for “Zone Of Possible Agreement“, a negotiating term used by financial advisers. The company plans to launch a bank in 2018 aimed at the UK market.
The above five companies were chosen from the list compiled below by ifinance web below
Top Fintech Companies of Asia are given below:
For the complete list of top 100 Digital Finance providers across the globe do visit: ifinanceweb.com/origami