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FinTech and InsureTech Digital Transformation

The Financial Markets are in a massive paradigm shift

More than any other industry the financial industry is undergoing massive changes as a result of new technologies becoming available.

On the streets of Davos this year there are only three discussions being had:
One: robots are going to take over our jobs.
Two: blockchain is amazeballs and
Three: FinTech is like blockchain amazeballs, but with even more possibilities
to control and mould the behaviors of the common man.

– Financial Times, January 20th 2016

And that was before Brexit …

Firstly, Streamline your Financial Departments

Before you embark on the Digital Transformation train, make sure your house is in order: streamline your Financial Department.
Too many companies still have to implement E-Invoicing and Purchase-to-Pay processes.

Sphereon offers several functions and best-practice processes to help you create and implement such processes:

  • An advanced API to capture all data from incoming AP Invoices using AI and Deep Learning
  • An API that will download your AP invoices from your supplier’s customer portal
  • An API to create and send real E-Invoices based on XML, PDF/a and (SI-)UBL
  • A Best-practice sub-process for AP Invoice Processing
    • capture e-mail invoices,
    • scan paper invoices and
    • process them into structured data for your ERP or Financial LOB application
  • And similar Best-practice sub-processes to process sales orders, purchase orders, etc.
Source: EY research

But hurry! Fintech’s Future is here already!

Already technological innovation has disrupted many traditional business models in the Financial markets. Not only examples as the Bitcoin exchanges, but also several mobile-only stock trading apps, like Robinhood, which charges no fees for trades. Or the growing Crowdfunding and peer-to-peer lending sites, like Prosper and Lending Club,  significantly reduce cost for credit facilities..

And these technologies will reach much wider markets in the 2o’s: mobile banking, mobile trading on commodities exchanges, digital wallets (like Apple (AAPL) and Google’s (GOOG) developing mobile wallet systems), financial advisory and robo-advisor sites, like LearnVest and Betterment, and all-in-one money management tools, like Mint and Level.

Sphereon Blockchain API

There are many FinTech solutions possible with Sphereon’s advanced functions:

  • Accounts Payables Invoice-processing
  • Electronic Invoicing, using thru XML-UBL invoices
  • Automated Order Entry processing
  • Check processing
  • Loan Application processing
  • Proof of Existence to verify objects, photos and documents using a Blockchain
  • Proof of Authenticity
  • many more