Better processing of financial requests through artificial intelligence

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Contextual Banking
A guest article from FinCompare

The term of Contextual banking?

The goal of contextual banking is to adapt the financing offer better to the requirements. For this an algorithm is developed and implemented in the app of the financial service provider. This algorithm analyzes the behavior of the user and learns from it. It highlights the context. For users, the banking experience is improved.

The banks innovation contextual banking analyses the requested financial products and compares them with the user´s industry affiliation. This method enables the Contextual banking software to provide the user with useful tips and offers for corporate financing, similar to a financial advisor. The needs and recommendations are generated automatically. The user experience is personalized. With the help of this bank innovation, financing offers are provided in a high quality and at the right time in the right place.

A platform for corporate financing is being offered, which also takes alternative financing options under consideration. As a result, users are not only shown what they are looking for. Much more is offered to them. Alternatives are shown. Banks and FinTechs can use this innovation to optimize up-selling and cross-selling. This also ensures that the customer achieves a higher added value for himself as a user. All this is done on the basis of an understanding of contextual banking, an artificial financial advisor.

The importance of Contextual banking for small and medium-sized corporations

Small and medium sized corporations often do not have their own financing experts. The smaller the company, the greater the need for a personal financial advisor. The advisor should give recom-mendations on corporate financing, depending on the industry. Thus an immense pressure loads on financial advisors. This is a pressure of responsibility to know one’s way around various industries.

Contextual Banking im digitalen Zeitalter / Contextual banking in the digital age

It contains not only the operations, which are accomplished with the demander, but rather also an understanding for the differences of the financial characteristic numbers of the specific industry. These should be assessed separately. Each industry, for example, has different accounting methods. While in the construction industry, invoices are settled after a formal acceptance, online shops settle immediately after the order. Both the financing requirements and an understanding of liquidity shortages, pre-financing requirements and invoicing methods influence the planning reliability of corporate financing for small and medium-sized companies.

This broad target group requires personalized advice. As different as the industries are, as different are the optimal financing plans. Corporate financing requires banks to innovate. Contextual banking not only makes it easier for financial advisors to work and understand customer needs. It also facilitates the offering and online experience of its users. In this way, processes in the financing sector become more efficient. Consulting is faster and easier. Contextual banking is banks innovation, especially for small and medium-sized corporations. It enables targeted corporate financing. This artificial financial advisor has no opening hours. The future, banks innovation welcomes you.

Technical development enables Contextual banking in the digital age

Advances in technology support contextual banking and make it possible in the first place. Tools such as blockchain technology make the exchange of financial data more secure. Artificial intelligence helps applications to understand the users better. Larger amounts of data can be retrieved and evaluated faster. A context is thus highlighted for each user. The user is given qualified advice almost on demand. Further information provided by the user helps the banks innovation to understand the need even better.

Contextual banking does not stop after an initial evaluation. The artificial financial advisor records the user’s behavior and information on the platform. He optimizes the offer for the user. Contextual banking understands the user better with each information. It assigns him to an industry. Compares values from the same industries.

Artificial intelligence immediately optimizes the offer of corporate financing for the user. Possibly, the financial advisor will soon understand the user’s needs better than the user himself. After all, he knows how the industry implements solutions. The knowledge gained from the data is used to the advantage of the user. All this takes place in real time. Processes and comparative values are continuously evaluated within the software.

“Where appropriate, the artificial financial adviser will soon understand the user’s needs better than the user himself.”

Contextual banking as banks innovation of corporate financing enables the real-time integration of a financial advisor into financial portals. Thus, physical financial advisors have artificial support, and also more time for their clients.

Concept of the digital corporate bank: How is the FinCompare platform structured?

FinCompare does not want to give the personal contact out of their hands. The platform is based on the fact that contextual banking can provide good support in finding corporate financing. We regard the human contact of real advisors as indispensable. This bank innovation is intended to make our competent financial advisors more efficient and also more artificially intelligent. We believe that the combination of contextual banking with the knowledge and experience of our financial experts can give companies that special extra. They receive highly competent professional advice and the best offers in the market. We understand you better.

In this way FinCompare offers you optimized solutions in a mix of debt financing offers. We consider financing solutions such as company loans, leasing of fixed assets, factoring, warehouse financing or purchase financing. We thus create a platform as an interface between small and medium-sized companies on the one hand, and financiers on the other. We also provide you with friendly, independent and highly competent financial advisors. With the help of Contextual banking you will understand the financial advisors of FinCompare optimally. This enables our financial advisors to react quickly and personally to you. You enjoy the advantages of Contextual banking together with a human contact, your personal contact person.

Our vision: A platform for handling all types of corporate financing

Yet this is not enough for us. We want to offer you more, an even better service. With the help of a self-developed algorithm we will further improve the options of corporate financing.

Contextual Banking im digitalen Zeitalter / Contextual banking in the digital age

We will take contextual banking to the next level. Here, the approaches of artificial intelligence should bring us even further forward. In line with the motto “higher, faster, further”, the processes are to be further optimized. We will create further links to financiers. The data of inquiring companies will be processed automatically.

Together with the link to the financiers, this will enable companies to coordinate even better with the financing offers on the market. Contextual banking should actively identify financing needs. On the basis of the available data and coordination, this bank should proactively generate proposals for corporate financing. The criteria of the financiers have already been agreed in advance. The services of our financial advisors will become even better and more reliable. We will combine and enrich the progress and opportunities of contextual banking with the full range of debt financing instruments. This will help us to create a central and comprehensive, highly automated and optimized corporate finance platform with the support of artificial intelligence.

About the added value of FinCompare for SMBs, banks and consultants

The FinCompare platform offers all participants a profound added value. In a time of rapid progress, even banks cannot neglect innovation. FinCompare is progressing in this sense. We do everything we can to tempt our partners to success. Small and medium-sized companies are already finding independent and competent advice with the help of FinCompare. We advise SMBs not only in the strategic planning of their corporate financing. We also make it possible to successfully satisfy the financing needs of SMBs through many far-reaching cooperation. Transparency, efficiency, reliability and independence from individual providers of debt financing are the cornerstones of our services. Financiers such as banks, leasing companies, factoring companies and FinTechs are our cooperation partners.

Through partnerships with a wide range of financiers, we guarantee our independence and probably the best options on the market. FinCompare gives financiers access to a new and modern sales channel. Our bank innovation gives financiers access to qualified leads. In doing so, we ensure that financing enquiries are optimally matched to what the market has to offer. The framework conditions, including creditworthiness, are checked in advance. In this way, we ensure a high degree of security for financing transactions and also greater efficiency in the financiers’ processes.

FinCompare enables financial advisors to increase efficiency enormously. FinCompare enables intelligent coordination by automatically matching demand with supply and taking into account experience from the respective industry.

In addition, in-depth background information is provided. In this way, FinCompare’s financial advisors can efficiently bring supply and demand together. Both sides are thus quickly guided to the desired result of the corporate financing.

“Supply and demand can be brought togehter more efficiently.”

Forecasting the future of contextual banking

Inexorable innovation leads us into a digital future. Even if some large companies and large banks are progressing a little inactive, it is young start-ups and FinTech companies that are driving innovation forward quickly and efficiently. Accordingly, we are also forecasting developments in Contextual banking. An intelligent combination of supply and demand in corporate financing is by no means the final goal. FinTechs puts experienced market participants under pressure. Today, innovation is necessary to win or retain customers.

Contextual banking will become more and more important. The algorithms used are becoming more and more complex and optimized. The future will bring even more innovations, opportunities and efficiency. FinCompare is not afraid and does not stop. We are happy to take you with us.


Autor
Nicole Nitsche

Nicole Nitsche ist studierte Theaterwissenschaftlerin und hat mehrere Jahre als Regieassistentin beim Thalia Theater Hamburg gearbeitet. Danach war Nicole Leiterin der Presse-und Marketingabteilung eines Hamburger Musiklabels. Zu ihren täglichen Aufgaben zählten dort, neben dem Verfassen von Pressetexten, die Umsetzung und... mehr

Nicole Nitsche