The world of technology is taking over every domain possible. The rate at which industries are benefiting by advancing their IT is distinctively seen in each of their activities. On similar lines, trending in the financial tech domain is the news of Tink, the Sweden-based banking platform getting associated with NatWest, the British incumbent bank. The highlight of the association was that NatWest raised €56 million for Tink in a funding conducted in February.
This development in the financial tech industry is seen to be a step forward in the personal finance management (PFM) functionality which is a growing concept. Tink’s CEO, Daniel Kjellén expressed that the more people are starting to use digital banking services, their expectations from from the developing PFM tools is increasing. So it is becoming imperative for banks to adopt and provide these tools to their customers. With this, banks are aiming to make as much use of technology which would ultimately be a win-win situation for both the domains. Read on to know more about the advancement.
Tink: The Upcoming Fintech Platform
Tink is a consumer-financing app launched in 2013 and has a base in Sweden. Since its inception, the company has provided banks and other financial services providers with technology that is of excellent quality. Tink is based and functions on four major elements that are, personal finance management, payment initiation, data enrichment and account aggregation. These prove to be the basis of each the services provided by the company. Along with that, the PFM tools that this banking platform uses benefits banks to make as much use of technology thus making their processes faster and easier.
Tink is said to be a platform of sheer excellence because more and more banks are now making use of cloud-base solutions instead of on-premises solutions. And what this financial service is availing to banks and financial providers is a adding an in-house uniqueness as a result of this and other external building blocks.
Benefits to NatWest by Partnering With Tink
The association between NetWest and Tink is said to prove beneficial to NatWest. By partnering with Tink, NatWest will be able to improve its customer experience. This is possible as their mobile banking offering will help customers to have detailed information about each of their transaction. NatWest is aiming to improve its digital financial services through improved UX and other other technology features.
The blend of financial services and technology that Tink is providing is proving to be major stepping stone to the the platform. Along with NatWest, Tink has also partnered with other banks like ABN AMRO, Klarna, Nordea, BNP Paribas Fortis and SEB. With such strong partnership already in place, this financial platform is on its way of excellence.
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