How to become an agile fintech even if your current systems are 15+ years old

How to become an agile fintech even if your current systems are 15+ years old

By Nicolas Ullmo, Deputy CEO, Basikon

IF YOU ARE READING THIS, you are probably tired of watching new fintechs grab your company’s market share. These small fastmoving teams are analysing your clients’ needs and delivering what you cannot. Right now.

Your world of complex tech, compliance, and infinite regulations won’t stop them anymore. You must upgrade and innovate to stay in business. And you can. But first, you need to know: which of these  is your biggest embedded finance obstacle?

You need a customised solution, not a standard package.

You already know the benefits of adding embedded finance to win new client contracts. Smaller and faster startups have walked right past you to sign multi-million euro deals. Deals that should have been yours.

Here’s the problem: Your system is a custom-made obstacle course of tech.  You can’t force a standard white-label solution into this behemoth. You  need to respect the foundational workflows and processes that keep your  business running. The tech needs a huge upgrade, but not every aspect of  your company with it.

Your potential partners will not work with 27+ separate systems. A few  years ago, European expansion meant:

  • Never-ending regulation
    changes.
  • Complicated compliance.
  • Separate systems for each new
    country.

Now, your future partners will walk away from that deal. They will take  their money to a company flexible enough to manage multiple countries,  regulations, and compliance in one system.

You need a solution that can handle complex compliance changes and  cross border business with ease. If you do not upgrade to a more flexible  system, some new fintech with a small, fast-moving team will move in.

You need a system that changes as fast as your marketplace.

Your industry is moving forward at high speed. It’s a race to win back  customers and partners who have lost all loyalty towards your business.

It is a non-stop cycle of change right now. And you need a system you can change at any minute. It could be to:

  • Adjust product offers to meet your market’s demands.
  • Add regulatory and compliance changes.
  • Create new features to improve workflows for your internal
    team.
  • Expand into new countries or adapt to new partners.

You cannot afford to wait for IT to plan out the entire project in advance. You need an agile tech solution that changes as fast as your marketplace.

How Basikon’s all-in-one platform turns your business into a fintech in less than 12 months.

Let’s turn that 15+ year-old outdated system into a fast-moving fintech.

Your in-house customised solution from start to finish.

You need a new custom in-house system that belongs 100% to you and does not require a team of 50 specialists to run. You need it before another startup steals your next multi-million client.

Basikon’s one-stop-shop solution lets you transform your legacy system into an agile  fintech with plug-and-play modules that adapt to your business needs.

  • Without a huge team of technicians.
  • Even if you need a highly-customised system.
  • With constantly changing compliance requirements.
  • In multiple countries – even on different continents.

You can build the entire system right now or start with a mix of front-, middle-, or  back-office solutions. Set up the most important parts immediately, then add new  features as needed.

For example: Let’s say, right now you need front and midoffice functionality. You can usually complete this type of project in three to nine months.

How fast your project moves is strongly tied to how quickly your team can make  decisions throughout the project. When you work with us, we’ll help your team stay on  schedule and launch your new system on time.

Later, when you need to add a new product offer or connect your back office to it, you can – quickly.

Your go-to-market time at higher speeds.

New fast-moving fintechs will win all the best clients if you cannot bring your offers to market faster. You (and your clients) cannot afford to launch new products the way you did a few years ago.

With Basikon you can set up a system in less than three months – if your decision-making processes are streamlined.

Occasionally big, complicated projects with a full end-to-end process, underwriting,
management, and collections might take 12 months maximum, but it is rare.

If you are planning a massive project and you haven’t fully scoped out every detail yet,  we can get you up and running with a minimum viable product (MVP). We’ll create the  first set of features immediately. Then build out all aspects of your new system as decisions are made.

For example: You need a full-chain system completed in eight to 12 months. One of the reasons we can get it done so quickly is our expertise working with your IT department.

This is what slows down big projects regularly. It is easy to get lost in the project details without the necessary experience designing and building these types of systems in nine  countries on two continents.

Your IT department may need direction and expertise in global fintech processes to deliver on time.

Your project ROI multiplied by 20.

Some 10 years ago, it took a long time to see the return on your investment for major changes to your system. You needed a huge team and at least €m to add new products and features to your system. We know because we worked on those projects.

Now we can complete a project with the exact same functionality and scope for 25% of that legacy project cost. With Basikon your total project budget is significantly lower – which means you can compete with the fintechs moving into your space.

For example: Let us take a €5m to €10m project 10 years ago. We usually can now complete the exact same project for €800,000 to €1.5m on average.

Flexible integration with 27+ countries.

You want to expand in Europe, but that means a longer project timeline and a much  bigger budget. It is impossible to avoid regulatory and compliance obstacles every time you cross a border with your product offers.

We have integrated the operational services in nine countries on two continents in less than four years. That includes regulatory reporting for seven European countries.  Cross-border integration does not slow us down.

For example: Especially right now in this fast-moving industry, you may discover new opportunities or new regulations while you’re building or making changes to a custom-made system.

In most cases, we can make a necessary change in two weeks. Even your team can do the work after we have trained them. You won’t need to stop the project and adjust the  timeline every time a new regulation pops up.

More adaptable than typical white-label solutions.

You may have a modern, up-to-date system, but you work with partners with older custom- made ones.

What you need requires more than a pre-fabricated white-label solution. It needs to be extremely adaptable to integrate with your 100+ partners and their obstacle course of  tech.

We do not force a standardised solution into your configuration. We build it using our high productivity, low-code capabilities to fit what you have and need. It is fully  adaptable to your setup.

For example: You may not need a full end-to-end system or even a back-office  configuration at all.

If you only need a front and middle-office system that can integrate with 300 different custom- made older back offices, we can do it. Later when business circumstances  change, you are not stuck with that setup. You can still adapt it to your needs and add a  back-office system or adjust the functionality of the front and middle- office parts.

Futureproof your business with Basikon.

It is time to add flexibility to every part of your tech setup, so you can:

  • Make compliance adjustments in one day – instead of three months.
  • Build systems that adapt to your business workflows so your employees and partners are thrilled with the new system.
  • Expand outside your country and continent with a truly global tech partner.

Watch the Basikon video:  You can compete with the startups and win.

 

Author:
Nicolas Ullmo
Deputy CEO
Basikon
17 rue de Kronstadt
Garches, 92380
France
Email: nicolas.ullmo@basikon.io
Website: www.basikon.io