FinTechs come in all shapes and sizes, from neobanks like Monzo and Chime to payments apps like Venmo and Stripe. Despite occupying differing niches in the Banking and Financial Services (BFS) market, they are all focused on one thing: innovation.
However, as FinTechs scale up operations, they face a host of regulatory and business challenges. These include complexities arising from increasing back-office activities, support teams and networking requirements. Managing such administrative obligations while continuing to focus on innovation can be overwhelming.
Service providers are now stepping in to solve this dilemma. Take WNS for instance. This well-known provider of business process management solutions is helping FinTechs grow business operations while retaining their focus on market innovation.
HFS Research caught up with WNS to find out what’s enabling them to become a partner of choice for disruptive clients.
A Differentiated Offering
WNS has proven strengths in areas such as analytics, finance and accounting, and procurement as well as deep industry expertise in key sectors. Over the past few years, it has been investing in its proposition for FinTech firms.
WNS has developed a solution that supports fast-growing FinTech firms. This modular suite of banking solutions has been designed to enable FinTechs to efficiently manage, streamline and scale up operations. Powered by a combination of analytics, robotic process automation, artificial intelligence and machine learning, the suite addresses the FinTech business imperatives of operational control and governance, cost optimization, customer experience, regulatory compliance and digital transformation.
WNS’ nimble approach is already showing results. The partnership with Varo Bank is a case in point. This digital neobank was the first of its kind to be granted a national bank charter in the US. It was poised for massive growth and needed a trusted operations partner. WNS rose to the challenge. The Varo-WNS engagement includes critical back-office tasks such as Anti-money Laundering (AML) sanctions screening, account maintenance, exception handling and communications management. And Varo is currently looking at expanding the engagement.
If the success of this partnership is anything to go by, WNS is well-positioned to capitalize on this expanding and lucrative area of the industry, delivering real value to growing FinTechs.
Source: Fintech Australia
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