The Finance Transformation
in Insurance Awards
Enter the awards ceremony
Welcome to an imaginary celebration of the world’s most innovative fintechs and their finance systems and processes. The firms may be fictitious, but their achievements could be real for your back office. Learn from prize-winning technology strategies in our five fantasy award writeups.
Best Cost Manager
Award
Best Risk Controller
Hover over the winners to explore their awards . . .
Finance Manager of the Year
Team of the Year
Data Transformation of the Year
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What they have in common
Finance Team of the Year
Best Customer Experience
Finance for the Future
Award categories
Best Risk controller
Winner: Fintech A, an international neobank, supported by FIS®
In challenging economic times, fintechs are under more pressure than ever to increase their margins by cutting operational costs. This award recognizes firms that considerably lower their expenditure by streamlining their back office.
Award-winning achievements
Acceptance speech
Fintech A’s story: Inflation and interest rates were still rising and driving costs up. So, it was all the more critical to make back-office processes more efficient, integrate workflows and reduce the overhead of managing multiple systems, data sources and banking partners.
Award-winning achievements: Fintech A integrated all its treasury management processes on a single platform from FIS, which gives the firm a complete view of cash flow, as well as new capabilities for in-house banking, hedge automation and trade consolidation. Following the success of this project, the firm has already extended its relationship with FIS to introduce more back-office solutions, including for disbursements and accounts payable and receivables.
-Sam, CFO, Fintech A
As well as cutting our costs and providing faster returns for investors, we’ve improved control of cash flow and reduced our number of banking relationships. By running more of our finance processes with a single technology provider, FIS, we look forward to finding even greater efficiencies in the back office.
Winner: Fintech B, a thriving Buy Now Pay Later provider, supported by FIS
The more digital transactions that fintechs manage, the more they are exposed to security, data and compliance risks. As cyberthreats, transaction fraud and regulatory demands grow, this award goes to the firm with the most robust controls in place.
Fintech B’s story: In a period of rapid growth, Fintech B needed a complete understanding of the risks it faced. But with an ever-increasing number of domestic and cross-border payments to handle, it was struggling to effectively monitor fraud, liquidity and data integrity.
Award-winning achievements: For greater control over transactions, Fintech B invested in a digital payment hub. This not only provided a centralized view of all the firm’s cash flows, but also helped standardize and integrate finance processes to mitigate fraud risk and comply with security, compliance and reporting requirements. For total data integrity, Fintech B also adopted a centralized, highly automated reconciliation system, which uses artificial intelligence to help avoid errors and achieve compliance.
– Li, Chief Risk Officer, Fintech B
Credit is due to our technology provider for helping us get risk under control and protecting our data from corruption. Thanks, FIS! Now we can respond quickly to reporting demands, as well as limiting opportunities for cybercrime, fraud, financial loss and regulatory penalties.
Winner: Fintech C, a startup insurtech firm, supported by FIS
With a strong foundation of finance systems, today’s fintechs are better placed to expand tomorrow. As part of its growth strategy, the winner of this award looked beyond its immediate tech requirements to build a highly scalable infrastructure.
Fintech C’s story: As a startup, Fintech C was aware that its relatively simple treasury processes would grow more complex over time. Rather than buying point solutions to meet its initial needs, the firm decided to deploy modular technology it could add to easily over time.
Award-winning achievements: Fintech C implemented a powerful but easy-to-use treasury management platform to manage both simple and complex processes. With separate, cloud-based modules for different functions, from cash positioning to hedge accounting, the firm plans to extend the solution as its business grows. And as Fintech C inevitably develops more banking relationships, a managed cloud-based solution and bank communication channel will also take care of the many administrative and compliance requirements of connecting to new bank partners.
– Mark, Founder, Fintech C
We’d like to thank our technology provider, FIS, for giving us such a fantastic range of functionality and services in a single modular solution. Now we can extend our finance infrastructure without the effort and expense of integrating with other vendors’ systems.
Winner: Fintech D, a growing wealthtech firm, supported by FIS
When fintechs optimize the customer experience, they serve consumers as they want to be served. As the recipient of this award clearly shows, it pays to have every department, including Finance, deliver a responsive service that meets the needs of every customer.
Fintech D’s story: With its sights set on overseas expansion, Fintech D wanted a new way to support fast, low-cost transactions globally. But the firm knew all too well that sending international payments via traditional banks can take days, with payees often receiving less than expected.
Award-winning achievements: With a single payment system from FIS, Fintech D can also make same- or next-day payouts to accounts or cards in hundreds of countries, for low, pre-agreed fees and no hidden costs. Fintech D also implemented FIS’ powerful FX system and portal, which gives its customers real-time rate feeds and auto-hedging capabilities across multiple asset classes.
– Jai, CFO, Fintech D
Working closely with our technology partner, FIS, we’ve streamlined our payment operations to give our customers the great customer experience and fast, secure transfers they deserve. And with the FX portal, customers can manage their own FX trades, too.
Winner: Fintech E, a growing paytech firm, supported by FIS
Every business needs to operate as efficiently as possible. But is your back office helping your firm seize new opportunities, too? This award is for the fintech that consistently goes the extra mile behind the scenes to drive growth.
Fintech E’s story: As for all firms, accounts payable and receivables play an important role in maintaining Fintech E’s cash flow. But it wasn’t enough for the firm to keep AP and AR processes super efficient; it found ways for them to add value, too.
Award-winning achievements: With new, integrated web-based payables software, the firm can not only automate B2B payment processes and improve supplier relationships, but also earn revenue share on virtual cards. Additionally, Fintech E has automated the credit-to-cash cycle with a single innovative system for receivables, which uses workflows, AI and collaboration tools to improve cash flow. And so pleased was Fintech E with these systems that it now offers white-label versions as a service to its own customers to help improve their cash flow.
– Nia, Head of Finance, Fintech E
We’re proud to achieve this recognition, thanks to a great back-office team and the most powerful technology on the market. With integrated software for payables and receivables, we can not only optimize cash flow in line with our strategic goals but also enable our customers to do the same.
With an ecosystem of cutting-edge technology, software and services, FIS enables fintech innovators to build game-changing solutions that make their mark on the financial landscape.
What do all five winners have in common?
Processing transactions annually
3,000
and daily
$110M
in countries
146
and supporting CFOs for years
34
Solutions from FIS
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FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our more than 55,000 people are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index.
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