How they describe themselves: FinTecSystems, founded 2014 in Munich by Stefan Krautkrämer and Dirk Rudolf, has specialized in the fully automated financial analysis based on online banking data. With the help of its products FinTecSystems provides precise analysis of the creditworthiness of consumers. FinTecSystems thus enabling banks, financial and payment service providers to take credit decisions in real time. The process of the currently loan application process is slowed down mainly due to media disruption and often requires written form and manual efforts (for example payslips). A digital loan agreement, which is enabled through the FinTecSystems solution, is therefore a requirement for further positive development in the growing market of online loans.
How they describe their product/innovation: We want to demonstrate live a completely digital loan application process at Finovate. Using FinTecSystems’ technology, the loan application process is reduced from weeks to minutes. Banks and financial services providers are able to process smart data-driven credit decisions through the analysis of the data provided by FinTecSystem’s new platform, ACCOURATE, helping to minimise risk. Decisions are based on the information gathered from online banking accounts. FinTecSystems identifies and categorizes the transaction history of the consumer in real-time. The financial picture (we call it CONSUMER FACTSHEET) is transmitted in real time to the bank or financial service which get a sharp individual financial picture of every consumer.
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms