Four Reasons Finance Companies Should Outsource Their Technology

22 April 2021
5 min read

One of the quickest industries to adapt to the needs of modern times and users, banking, has gained a whole new meaning in the last decade. First with the digital revolution, later with e-banks, and lately with open banking regulations, banking no longer resembles what we remember from ten years ago. After the pandemic, high street banks have begun closing their branches and skyrocketing their investments in digitalization. The incredible rise of neo banks, or branchless banks if you will, is putting conventional financial institutions in a challenging position. On top of that, every other day a new fintech or neo bank steps into the arena. In a quickly changing environment like this, both banks and start-ups are seeking quick and professional ways to take a bigger bite from the cake, and that is where outsourcing technology comes into the picture.

When we look at the finance companies that outsource their technology, there are many successful players on the list. Leading fintech companies and financial institutions like Skrill, Revolut, Deutsche Bank, BNP Paribas, Unibank, and many more outsource their technology. Here at Thinksmobility, we share our technology with many fintech, bank, and mobile financial solution providers, including Vive Bank, Vodafone Turkey, Turkcell, Bank of Georgia. In this article, we are going to share why outsourcing technology is the most convenient approach for finance companies in four steps.

Outsourcing Technology Saves Companies a Lot of Time

Developing a platform for a relatively new branch of business like fintech requires an experienced team and a lot of time. On the other hand, outsourcing the technology from a financial platform shortens the process by months. At Thinksmobility, we customize our ready-made financial platforms, like Tmob E-Banking Platform and Tmob MFS Platform, to the exact needs of our clients in a short time. Since we are already working with many companies in the field, the end-product is free of any bugs or problems.

Outsourcing Technology Costs Less

Although having a developer team of your own has many pros, building a fintech-experienced team and funding it for years has one big con: the expense of outsourcing the technology altogether naturally costs a lot less, both in the short and long run. Of course, in the outsourcing scenario, finding the perfect partner is the biggest problem. At Thinksmobility, we offer our clients customizable all-in-one platforms, so they have no problems with them in the long run. Since we have many partners in the finance industry, our software is always up to date, and even ahead of the curve. In the end, we can offer our products for far less.

Tech Partnerships Bring Faster Responses

One other advantage for finance companies in outsourcing technology is the faster response. Since tech companies focusing on the fintech area are usually aware of potential problems and the nature of fintech, they tend to be more responsive in times of crisis and provide quick updates. In our case, we provide technology for many branches of business including finance, FMCG, airline, and telecommunications. The variety of our client portfolio gives us a better understanding of what the end-user needs, which is the most essential part of the whole process.

Support from an Experienced Team

On top of being responsive, outsourcing technology usually means that you have an experienced team that is always ready to find the best solutions for your business. Our know-how for building platforms and customizing them according to the needs of various clientele makes the whole process more convenient for all involved, including the end users.

What Tmob Offers Finance Companies

Here at Thinksmobility, our main focus is the needs of the finance industry, and we provide technology for almost every branch with our two main products; Mobile Financial Solutions Platform and E-Banking Platform.

With the MFS Platform, we aim to give telcos and fintech start-ups the latest and trendiest fintech solutions without them having to write a single line of code. With clients like Vodafone Pay and Paycell, two of the biggest telcos in Turkey, we have turned our MFS platform into a financial powerhouse in a matter of years. Our MFS Platform offers everything you might need, from P2P money transfer to physical card support. You can get more information about our MFS Platform here.

Our second product for the finance industry is the Tmob E-Banking Platform. As the competition between high street banks and neo banks is getting fiercer every day, our platform offers both ends a solution. On the conventional banking front, we provide banks with a better digital future without any problems, and on the new-age front, we provide e-banking start-ups with the latest unified digital banking technologies. One of our clients, Vive Bank in the UK, is a branchless digital bank that even lets its customers get loans at fixed rates, and it built all of its operations using our E-Banking Platform. To learn more about our E-Banking Platform, visit our page.

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