Over the course of the past half, a decade or so financial technology or Fintech has become one of the world’s most valuable industries, and it is almost certain that the sector is going to grow exponentially in the years to come. Some of the solutions that Fintech companies have come up with has managed to make a big dent in the modern world and now banks, as well as traditional financial services firms, are looking for ways to partner with those companies. That way, it would be possible for financial services companies to offer the advanced product of a Fintech firm to its large pool of customers. In a similar development, the United Kingdom-based financial services group signed a partnership agreement today with Fintech firm Bud.
According to the terms of the deal, it will help in energy switching when it comes to apps. For instance, the entire app will be based on the Bud platform and its APIs. On the other hand, the Energy Comparison and Switching Apps offered by GoCo will allow in quick comparisons when it comes to utility payments. This could prove to be a highly advantageous development for a wide range of customers since they will not be able to change providers without having to leave the app. For a business which operates through an app, this is an excellent feature since it keeps the customer in the app for as long as possible.
The director of platform services at GoCo spoke about the deal. She said,
At GoCo Group, we’re on a mission to help people save money in the simplest way possible and are excited about the opportunities that connected technology and open data can deliver.
She went on to talk about the integration with the company’s own tech platforms. She stated,
Our proprietary tech platform SaveStack, in combination with Bud’s intelligent financial services marketplace, creates a powerful product for banks and their customers.
The deal could prove to be a game-changer for both the companies as they look for the slightest of edges in a highly competitive industry. It is also necessary to add that currently, many of the top financial institutions are known to conduct pilot projects with Fintech companies in order to test a wide range of products. Experts believe that Fintech products are eventually going to become a big part of the financial system at large.