With recent legal developments, the financial sector continues to digitize and automate its businesses. Management companies and wealth management advisers have been indirectly encouraged to go digital by various regulations, notably MiFID, MiFID II, and MiFIR. By updating their IT services in order to adapt to these new regulations, management companies are digitizing the services they offer to their customers, such as identity verification, profile/product matching.
European DSP2 regulations require banks to open their banking information systems to third-party services through the use of APIs.
Regarding insurance, although no regulation obliges them to do so, they have decided to follow this trend of digitalization and openness to third parties in order to be able to diversify via partnerships and better respond to the demands of their customers. Insurance companies are also developing their APIs.
However, adapting to the regulations is not and will not be enough to remain competitive. Indeed, as the Swedish fintech Tink reveals in its report “Open Banking: In the minds of French bankers” published in December 2019, 61% of European financial institutions think that those who do only the minimum required by the DSP2 will lose of the field against more innovative competitors.
Banks, insurance companies, management companies: how to use an API to create innovative services for your customers?
The challenge is to be able to quickly create an online banking, investment or insurance product with a controlled deadline and budget.
An API allows you to deploy new innovative financial services in record time on all of your client areas and those of your partners. In addition, an API integrates services offered by start-ups specialists in their field, in order to enrich your services.
For example, Particeep has developed an API to meet the distribution challenges of banks, insurance companies and management companies. Based on the use of numerous third-party services (online signature, online payment, KYC, KYB, etc.), the Particeep API regularly integrates new innovative services in order to enrich the subscription paths to financial products offered by its customers. . These innovative services can be used via the turnkey solutions Particeep Plug and Particeep Finstore.
More and more financial players are collaborating with fintechs in order to offer APIs or white label distribution platforms. Collaborating with specialized companies provides access to reliable and proven technology. Often, and as are the Particeep Plug and Particeep Finstore solutions, fintechs offer a service or platform in white label allowing to preserve its brand image as a bank, insurance or management company.
Limit your initial investment during your launch. Speed up your go to market by offering an operational solution very quickly.
Since some of the above regulations are already in effect and DSP2 will come into effect at the end of 2020, it is possible that your company’s API systems are already developed. You are looking for service innovations for your customers. In order to expand your various services, fintechs have a very important role. Indeed, if for example, you want to offer an online subscriptions to your banking and insurance products, solutions such as Particeep Plug are based on an API developed especially for this use including a set of features allowing you to offer this new service in less than a month. The fintech white label solutions are complete solutions for integrating innovative digital services.
What do banking APIs, insurance APIs and asset management APIs allow?
Modular financial services
- Third-party services already integrated: the API made available by a fintech offers all the ready-to-use functionalities necessary to create a financial services platform. With solutions such as Particeep Plug and Particeep Finstore, you decide which innovative services you want to integrate into your customers’ subscription paths;
- A secure solution: the API system allows sensitive data to be passed between your partners and your IT systems securely;
- Rapid implementation: once your internal API is ready, you can integrate third-party services very quickly. In the example of the Particeep Plug and Particeep Finstore solutions, you offer in just 1 month
- Rapid implementation: once your internal API is ready, you can integrate third-party services very quickly. In the example of the Particeep Plug and Particeep Finstore solutions, you offer your financial service offer online in just 1 month, then you benefit from regular updates and improvements.
Tailored user experience
- Templates at your disposal: you have platform models corresponding to market standards as inspiration. As innovative white label solutions, online subscription solutions can integrate your designs and graphic charters;
- A unique customer journey: you can build a platform with a tailor-made user experience and offer a tailor-made subscription journey to your customers.
- Personalize your service offer: choose to digitize all or part of the value chain of your financial operations, our goal is to create the platform that best meets your objectives;
- Add third-party services: integrate any third-party value-added service to your platform: scoring services, document verification, payment, signature, blockchain, etc.
The API, the future of banking, insurance and management companies
At Particeep, we believe that the future of financial services will be customer oriented. Target customers where they are, offer them the services they want instantly.
This is why we have developed a modular API in open architecture making it possible to make online any offer of banking, insurance and investment products and services.
Particeep technology will allow you not only to distribute your financial services and products online and without IT development but also to generate additional income. Thus, our Particeep Plug and Particeep Finstore solutions are the most developed white label solutions at the European level in order to digitize the distribution of your financial products and services on your site as well as on the sites of your distributor partners.