Is the FINPASS a regtech product or a lending product?
Yes, we are a regtech company…in a way. What does that mean?
First, let’s see what regtech means traditionally.
Regtech means, regulatory technology. Similar to how Fintech means financial technology.
Regtech is defined as technology built to help organizations achieve compliance. Its value is that as compliance and regulations become more widespread and complicated, organizations and individuals need new and efficient ways to comply with government laws.
What does regtech companies do for businesses? It helps them be organized about compliance protocols, keep up to date records and meeting regulations efficiently through technological innovation.
1. Record keeping – regtech companies make organizing data quickly and effectively their hallmark, making it easy for financial institutions to keep transparent records.
2. Quick reporting – the quick development of reports can save a financial institution thousands of dollars and hours of time.
3. Reduces compliance time – regtech companies often reduce the amount of time it takes for a financial institution to comply with compliance laws.
The financial passport is the worlds most secure, universally accepted and first financial passport. It allows a user to have all of the important information any bank or lender would need to adjudicate a loan allowing you to quickly do your banking and credit acquisition without any friction at a lender in our network.
This is where it becomes complicated and hard to say if FINPASS is a regtech product or at heart, a lending product. On one hand, the FINPASS helps with reporting, record keeping and reduces the cost and time of compliance by hundreds of thousands of dollars. At the same time, the FINPASS works best with the user applying for a credit product by having all of the financial details available for a bank to user to determine the creditworthiness of the applicant within minutes of arriving. The FINPASS carries a users personal and commercial credit scores and is updated at will in a financial institution at the click of a single button. This value for banks is huge since it takes milliseconds to update the information.
We think this middle ground approach to both lending and regtech is what makes the FINPASS so appealing. We have taken the most important pieces of both areas and molded it into one technology that will save people hours of time, and millions of dollars for banks.
Furthermore, it is our belief that FINPASS will fundamentally change the relationship between a financial institutions customer and the institution itself in a positive way that promotes transparency, security and fairness by empowering the FINPASS holder to make smarter decisions at the fraction of the cost in time and money.
So, are we a regtech company or a lending company? Mostly regtech, but with a flavour of lending assistance through the use of credit scoring.
Follow us on Twitter (@cdnfinpass) to stay up to date on our latest blogs