FinTech Focus: Catch the latest developments of the week

By Gloria Methri

FinTechs continue to play a pivotal role in transforming and reshaping the traditional contours of the financial industry. As technology becomes increasingly intertwined with financial services, FinTech innovations are not merely incremental but rather revolutionary, paving the way for enhanced efficiency, accessibility, and novel business models.

This week’s FinTech Focus brings forth a curated selection of the most significant developments that underscore the dynamic nature of this sector.

Let’s look at the top five announcements made by the FinTech bigwigs this week:

• Finastra

“Finastra is proud to partner with The Cecilian Bank, a leader in community empowerment. From its roots in Cecilia, Kentucky, The Cecilian Bank has grown to 19 centers with over $1.4 billion in assets. Their success is driven by three key strategies: data integration, compliance automation, and expanding their online reach.”

• Infosys

“Extremely thrilled to announce that Infosys has forged a strategic & transformative partnership with Metro Bank (UK), the leading community bank renowned for its innovative approach to banking and customer service, to drive their digital transformation journey. Infosys will enhance Metro Bank’s digital capabilities, streamline automation, and embed cutting-edge AI through Infosys Topaz.”

Infosys collaborates with the Life Insurance Corporation of India (LIC) to spearhead its digital transformation initiative called DIVE (Digital Innovation and Value Enhancement). Infosys will provide LIC with turnkey system integration services using AI capabilities from Infosys Topaz and DevSec Ops services from Infosys Cobalt, which will focus on delivering data-driven hyper-personalized experiences to LIC’s customers, agents, and employees.

• Intellect Design Arena Ltd

Intellect has recently introduced eMACH.ai WealthForce.AI in the Middle East at MEBIS 2024, the region’s premier banking technology and innovation event. WealthForce.AI, an award-winning platform by Intellect, is designed to enhance wealth management by reducing manual processes and delivering a contextual, omnichannel experience at every touchpoint.

• Oracle

Oracle has launched a new cloud service to help banks quickly identify financial crime risks. This solution leverages advanced data analytics and artificial intelligence to enhance fraud detection and regulatory compliance, enabling banks to improve their risk management processes and better protect against financial crimes.

• PayU

“Introducing PayU’s latest CommercePro Stack! In partnership with FootprintLab, we’re launching a feature that allows customers to offset their carbon footprint directly at checkout. With a simple click, customers can reduce the carbon footprint associated with their transactions by contributing to sustainable projects and making eco-friendly choices with every purchase.”