What is Fintech? 

First things first, Fintech is simply short for financial technology and is defined as computer programs and other technology used to support or enable banking and financial services. Fintech is financial services in the modern world. Your business should be familiar with Fintech in order to keep up with constantly changing technology – especially when it comes to financial institutions.

Why Fintech is Important in 2020? 

Fintech has been constantly growing in the 21st century, and increasingly in the past few years. According to research done by EY, 64% of global consumers have adopted Fintech as of 2019 and 96% of consumers had at least heard of it. Most of the use
is coming from money transfer and payment services. Fintech has simplified the way that consumers, businesses, and financial institutions use technology for financial services. In 2020, the effects of COVID-19 brought Fintech further into the spotlight with more consumers and businesses looking to conduct their banking remotely and safely – and NXTsoft answered with a solution that will outlast the events of the infamous 2020. 

How API Connectivity Can Help 

Application Programming Interface (API) is a software “middleman” that connects software and data applications and allows third parties to access users’ financial data. APIs allow for seamless connection and communication between diverse software. API Connectivity is extremely beneficial in the FinTech world as it connects the mobile source to the bank source making for easy transmission of information. APIs allow for institutions to update workflows to be faster and more efficient because they act as a contract of communication between different software. With the use of API connectivity, the consumer and the financial institution can clearly interpret information and data transmitted through APIs.  

NXTsoft’s OmniConnect API Marketplace Brings You FinTech Solutions 

NXTsoft is the leading provider of API connectivity between FinTech companies and financial institutions. NXTsoft has over 25 years experience connecting FinTech solutions to banks and credit unions and our innovative solutions are built to the highest industry and regulatory standards on the strongest technology foundation in the industry NXTsoft’s Marketplace is the first true FinTech-focused open banking marketplace connecting Fintech vendors and financial institutions. NXTsoft will work with Fintech companies and financial institutions to ensure seamless integration between any applications.  OmniConnect enables small to mid-sized banks to implement the technology they want and need to significantly lower operational costs through enhanced automation and to quickly enhance services offered digitally to their customers.

Connect with NXTsoft 

NXTsoft sets the standard for connectivity and automation. Say goodbye to uncertainty, exorbitant charges, long wait times, inability to test and say hello to NXTsoft’s OmniConnect – the only integration you need for your FinTech connectivity needs. See how NXTsoft can connect you with a Fintech solution today! 

Are you looking for more information about fintech? Find it here, in episodes of our podcast, Fintech Savvy:

Introducing Fintech Savvy, Episode 1

Fintech Savvy, Ep 2: Meet the Billionaire Fintech Spaceman

Fintech Savvy, Ep 3: Wall Street “Finfluencers” are Making Bank

Fintech Savvy, Ep 4: Will Tech Cut 100K Banking Jobs?