Scanbot SDK recently dug deeper into just exactly how FinTech solutions are impacting and changing mobile payments and more.
FinTech, a term merging “financial” and “technology”, has become a pivotal force in reshaping business worldwide. Billions are impacted by its push for digital transformation, with services ranging from simple additions to company apps to complex B2B product integrations.
FinTech encompasses any business leveraging technology to enhance or automate financial services and operations. Icons in this field include PayPal, Stripe, and Venmo, reflecting the sector’s vast growth since its roots in the 1970s and 1980s electronic banking era.
Initially focused on backend optimization for financial institutions, FinTech now permeates diverse sectors including retail, fundraising, and investment management. The rise of mobile technology has further simplified financial tasks like transfers, credit applications, and savings management, minimizing the need for physical presence and paperwork. Innovative mobile app features, such as document scanning, facilitate the rapid digitalization of paper files, benefiting both employees and clients.
FinTech’s potential extends beyond its current applications. For instance, mobile payment apps and credit application systems stand to gain from digitization. Solutions like the Scanbot SDK elevate these processes by offering high-quality document scans, promoting efficient document access and processing. One client reported a remarkable annual saving of 22,500 hours and $1m by incorporating Scanbot SDK into their workflow.
The Scanbot SDK not only speeds up app development but also enhances user experience. Its importance is especially notable in areas like data security, as it allows for on-device processing of sensitive financial information, bypassing the risks associated with third-party services or email.
A key functionality is the Scanbot SDK’s ability to instantly extract IBANs, reducing errors in manual data entry—a common issue that can lead to substantial financial losses. This capability extends to mobile ID card scanning, aiding in KYC procedures by delivering high-quality document scans for swift backend processing.
Further, the Scanbot SDK enhances user experience through features like user guidance, perspective correction, and key-value pair extraction. These tools ensure optimal scan results even under challenging conditions, thereby eliminating the need for manual data entry. Additionally, the SDK offers customizable UI components, allowing companies to tailor the interface to their specific requirements.
Prioritizing maximum privacy, Scanbot SDK operates fully offline, ensuring the security of personal and financial data. This offline functionality, combined with the option for encrypted document storage, adds an extra layer of data protection.
Integration of the Scanbot SDK is feasible within hours across various platforms, including iOS, Android, Windows, and popular cross-platform frameworks. This seamless integration, coupled with a customizable user interface, aligns with the corporate designs of different businesses.
As FinTech continues to revolutionize the financial landscape, solutions like Scanbot SDK are crucial in driving efficiency and security. Embracing these innovations positions companies at the forefront of the FinTech revolution.
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