How our Fintech is making a mark in the densely competitive US financial services industry.

By Sriram Natarajan

The U.S. stands as the world's largest financial services market, boasting approximately 6,500 banks and around 4,500 credit unions. Remarkably, no other country or region, not even the entirety of Europe, can match these numbers. And it's not just about quantity; it's about influence, too. The U.S. is a vibrant ecosystem that encapsulates the best of the best across various industries. Consequently, our performance standards need to be nothing short of exceptional when competing in such an arena.

Over the past 15 years, we've been entrenched in the Business Process Management (BPM) industry. For me, propelling the Quinte Financial Technologies (Quinte) brand in the US was a natural order of growth. This transition marked an enhanced phase, both technologically and in terms of service delivery. In the world of BPM, as financial institutions undergo digital transformation, the need for digital support becomes paramount. While manual operations still play a significant role, there's a growing demand for redefined services delivered through digital channels. This shift aligns with the booming realm of digital commerce, presenting a substantial opportunity for Quinte.

This dynamic environment keeps evolving at an unbelievable pace, with technologies changing constantly. In the past three years, we've witnessed trends shift massively, with generative AI now taking the front seat.

Moving to AI and machine learning (ML); they have been around for nearly three decades, making them far from ground-breaking concepts. However, what has changed is their accessibility and widespread adoption. In the past, acquiring such technology meant hefty investments, but today, anyone can harness AI and ML tools via cloud services, making the switch seamless and fast.

While we embrace these trends, we also acknowledge the caution exercised by financial institutions as they remain grounded and focused on substantial returns for their shareholders and customers. Our role is to strike a balance between the tech industries' inclination to jump onto the next big thing and the pragmatic approach of financial institutions.

Convincing banks isn't merely a matter of presenting something new; they need to see it in action, and that's precisely what we offer-a proven track record. Our journey begins with processes guided by our experts and gradually transitions towards automation, where our central focus revolves.

Within this landscape, there's a further distinction between credit unions and larger banks, each with unique challenges and opportunities. So, if we were to define our unique offering, it's not solely about offshoring; it's about delivering the pinnacle in technology, solutions, and human expertise.

We continue to find our sweet spot, leveraging our strengths and keeping ahead of the competition. Quinte sees competition as a source of improvement as they point out areas where we need to enhance our service offerings and allow us to learn from their experiences.
We firmly believe that competition is a fundamental aspect of the marketplace.

To summarize our thoughts, the entire industry is geared to seize this opportunity, given the logical appeal of the US market. Priorities shift swiftly, and it's crucial for us to understand our customers' evolving needs. Internally, we must ensure that our processes, solutions, systems, and personnel remain up-to-date and optimized for performance. It's a continuous journey marked by learning and adaptation.

In 2024, our primary focus will remain to assist financial institutions on their journey from the initial hype surrounding a concept to the point where it becomes a profitable and practical adoption. As we move forward, more doors open, and we aim to enter every relevant one that has our potential customers waiting for us.