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Forex trading is growing exponentially year after year. Every day an average of $6.6 trillion is traded on forex markets. The daily forex volume has jumped by 30% since 2016. Forex trading saw a dip during the pandemic due to lockdowns. However, IMARC Group predicts the forex market to grow at a CAGR of 7.5% between 2021 and 2026.

But what has made forex trading so popular? How did something that was considered a specialized skill limited to a select few become accessible to retail and corporate investors too?

The answer is digital adoption.

80% of forex volume is traded electronically through forex automated trading. Today anyone can trade in the forex market. All it takes are knowledge and a smartphone to trade.

And it’s not forex alone. According to EY’s 2019 survey, 64% of customers worldwide have adopted fintech. 75% of them have used at least one fintech payment service. From payments to trading and transferring money worldwide, digital adoption in financial services has simplified finance and investing for customers.

Given the rapid pace at which financial services are adopting digitalization worldwide, it’s time for fintech companies to leverage this opportunity to become customer-centric and gain a competitive advantage.

How Can Investors Make The Most Out Of Digitalization In Financial Services? FYNXT Arrow Icon

  • Lending

    The traditional lending process was time-consuming and involved extensive paperwork. However, as millennials and Gen Z are digital natives, the lending industry must undergo digital transformation to align with customer demands. To digitally transform their business, lending companies will have to migrate from their legacy systems.

    We help lending companies to modernize and automate loan management platforms and loan origination systems to enhance customer experience, adhere to compliance, and accelerate the speed at which loans are processed. To avoid further delays in loan processing, companies can use credit score integrations to quickly assess the customer’s creditworthiness. With the help of credit card APIs, lending companies can gain historical and current credit scores and make quick and accurate lending decisions.

  • Banking and Wealth Management

    Banks and wealth management firms are facing intense competition from open and neo-banks. Digital banking has become so convenient that a survey revealed that only 20% of customers preferred visiting a branch. The pandemic has further changed the way customers interact with bank and wealth managers. Banks and wealth managers will have to rethink their operations. They need to modernize their legacy infrastructure, implement digital banking, and provide a seamless experience to customers.

    We help banks and wealth managers with implementing a mobile-first digital front office. The problem with legacy systems is that they cannot be integrated with third-party solutions. The data is also available in silos, due to which banks and wealth managers are unable to offer personalized recommendations to customers. With our open API and extensible architecture, banks and wealth managers can build a scalable business, generate new revenue streams, and change how they interact with customers.

  • Forex and multi-asset brokerage

    As mentioned in the beginning, digitalization has democratized the way forex trading is done. Today anyone can trade from anywhere with basic knowledge and a smartphone. The new-age forex and multi-asset brokerages, on their part, are providing customers with an opportunity to make secure and rapid payments in their preferred currencies and use algorithms to trade higher volumes with minimal risks.

    We support the IB’s with an intuitive, N-level IB management system to fit complex IB rebate requirements. We also provide a built-in rebate engine for automated calculations and fee settlements. To attract high-quality investors and managers, we build next-gen managed account platforms that provide easy integration with MT4/MT5 trading platforms, the option to subscribe and unsubscribe strategies, and access insights on performance, fees, etc. Fund managers can easily create and manage their strategies and all the investor accounts in a single platform. We also help in building a highly configurable contest management platform that serves as an alternate marketing channel to acquire, engage, retain, and stimulate client base growth.

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FYNXT is on a mission to empower financial services with next-gen digital tools that transform them from a legacy business into an agile, efficient, and modern business. Our customers can expect from us:

  • Personalized CX: We build comprehensive Forex CRM digital platforms that help financial services to provide a personalized experience to customers across all touchpoints. Financial services can cherry-pick from our wide range of digital solutions to grow their business.
  • No code/low-code tech: We provide domain-specific plug-and-play modules that accelerate digital transformation.
  • Deployment and operation cost: We build production-ready modules that can be deployed instantly, seamlessly, and painlessly. These reduce the operating costs for the financial service providers too.
  • Time to market: Our plug-and-play and production-ready modules allow financial services to launch their digital products quickly within a short turnaround time.
  • Scalability and adaptability: Our digital products are agile and can be easily scaled and adapted to meet the evolving customer needs.

To know more on how we build next-gen, domain-specific financial services, contact us.