FinTech, also known as financial technology, an emerging industry that has rapidly expanded and transformed in recent years, thanks to the growth and expansion of technology, innovation and how our daily processes (in both personal and work/business) has changed in recent years. Singapore, an international financial hub, has placed a strong emphasis on the FinTech industry’s development and growth, transforming into an international FinTech hub. At the recently held Singapore FinTech Festival 2019, visitors and fellow financial industry professionals were able to learn, know and network with the various FinTech startups and financial institutions. During Singapore FinTech Festival 2019, I visited FinTech startup ABC Technology, whereby they also announced the establishment of its international headquarters in Singapore.
What is FinTech ABC Technology and what do they do?
Founded in 2016, they are a financial technology solution provider, developing innovative AI solutions for the banking and finance industry.
At the ABC Technology booth, I was introduced to their innovative AI platform and solutions, that automates entire data processing cycle from collection, extraction, search, analysis, visualising to reporting from both unstructured and structured data sources. Using natural language processing technology, this would greatly help banks, financial institutions and large enterprises to make better and faster decisions, draw information and insights.
Their product line-up includes
Everdroid.ai – Natural language processing AI for unstructured data extraction and automation
Analyst.ai – Natural language deep search engine for unstructured data and structured data
Eversight.ai – AI search based data mining and visualisation platform
Modeling.ai – AI asset management platform
Fin.data – Asset management investment research
There was a demonstration on how ABC Technology AI platform and solutions work, extracting data from financial reports. It does make a person’s work much easier, they don’t need to spend more time looking through pages and pages of reports. This would definitely reduce time wastage and making mistakes, thus allowing the person to concentrate on the analysis segment instead, better utilisation of both time and the person’s skills and knowledge on financial analysis/reporting.
Recalling from my undergraduate days doing financial accounting, management accounting and finance 101 subjects, extracting data can take up quite a lot of time, even before applying financial and management tools/ratios/analysis and doing up the report. Since my undergraduate days had no such thing called FinTech, I am able to relate how useful this ABC Technology AI platform could be for the finance industry and also for those big enterprises too.
Which segments of the finance industry would find ABC Technology AI platform useful and crucial?
With my previous working experiences in the financial advisory services industry, they might not be too applicable since they are dealing with end consumer needs. As for those with high net worth clients running businesses, it might come in handy and useful.
Other segments such as banks, insurance, securities and stock brokerage, investment fund houses and financial data analysis and financial news firms, I reckon ABC Technology would definitely be very useful, handy and important.
Beyond the finance industry, they are also applicable to other industries such as hotels and real estate. In this current world of big data, ABC Technology AI platform might just be the next platform and tools for your business, especially if your business is dealing with a lot of data.
For businesses and professionals working in the finance industry, it’s definitely worth a look into ABC Technology AI platform product line-up and see how they can integrate into your finance business operations. As for the other industries, finance, accounting and analysis are and will always be part of your business operations, adopting and implementing ABC Technology AI platform might be of a good strategic move and planning.
For more information on FinTech startup ABC Technology, please visit their website https://www.abcfintech.com/