The rise of fintech has made it possible for financial institutions and banks to offer digital services that are tailored to the needs of each and every customer. Advanced digital solutions that are flexible and secure are changing the way transactions are being made. Banking on the cloud allows organizations to innovate and quickly adapt to constantly changing market conditions. Cloud technology is secure and stable, yet nimble and flexible. Within hours, banks can reconfigure products and services to take into account new regulations or unexpected business requirements. In the long run, this not only cuts risk but also minimizes any locked-in costs.

As competition between financial entities becomes more aggressive, they need agile solutions that will enable them to differentiate and adapt quickly. As a result, customers will have real choices for the first time – choices that will add value to their banking experience and even their lives. Composable banking is an approach that utilizes scalable, secure cloud-native technology to enable financial institutions to design and deliver flexible and scalable digital services. It helps banks create and scale modern customer experiences that can constantly evolve to respond to change and drive smart city initiatives.

Fintech has been playing a major role in the digitisation of the world. That said, the future of financial services will remain a moving target and to succeed in a market that keeps changing, banks need to be able to move quickly and be agile, composing new products and services faster. In short, if you have ever wondered why some aspect of your financial life was so unpleasant (such as applying for a mortgage with a traditional lender) or felt like it wasn’t quite the right fit, fintech probably has (or seeks to have) a solution.

With easy access to the capital these days, more and more fintech companies are coming up in the market. This makes it a tough task to sift through and identify the major players making a dent in the market with their product. Here in this edition of CEOViews, we have evaluated numerous fintech organizations and listed “Top 5 fintech companies of the year 2021”. We hope this would bring light to the companies that are making an effort to simplify finance for the commoners and inspire other organizations to be creative to emerge as leaders in the market in the coming years.