To keep up with the changing needs of consumers, businesses must constantly innovate. This innovation requires collaboration across different sectors. Fintech companies, for instance, have had a significant impact on the financial services industry by making finance more accessible and introducing digital currencies that have transformed the concept of money.
As fintech companies work to meet customer demands and collaborate with larger financial institutions, they can utilize AI and hybrid cloud solutions to drive true digital transformation and adapt to evolving needs.
How Dollarito is bridging the gap between larger financial institutions and underserved communities
Research from the US Government Accountability Office shows that around 45 million people lack credit scores due to missing data points, making them ineligible for traditional credit assessment. By using AI-powered models, financial institutions can better assess creditworthiness and increase approval rates for individuals who may not fit traditional credit score parameters.
Dollarito, a digital lending platform, focuses on helping the Hispanic population without credit history or low FICO scores access fair credit. They use AI, behavioral economics, cloud technology, and real-time data to assess repayment capabilities accurately.
With IBM Cloud for Financial Services, Dollarito can scale their models and deploy services quickly while meeting industry standards and regulations.
“Dollarito leverages IBM Cloud for Financial Services to optimize infrastructure and ensure compliance, allowing us to focus on providing financial services to underserved communities. Our goal is to build trust between these communities and traditional financial institutions. With AI and hybrid cloud technologies from IBM, we are developing cost-effective solutions while managing risks.” – Carmen Roman, CEO and Founder of Dollarito
Dollarito also uses generative AI, integrating IBM Watson Assistant to help users interact easily and access financial insights to improve their credit access chances.
How Ionburst is enhancing data security in a hybrid environment
Data security is crucial in financial services, as institutions are entrusted with safeguarding sensitive consumer data. Ionburst, running on IBM Cloud, provides data protection across hybrid cloud environments, focusing on compliance, security, and data recovery.
Ionburst’s platform offers a unified interface for central data management, helping clients meet regulatory requirements and reduce compliance costs.
By bridging the security gap between on-premises data and the cloud, Ionburst ensures strong security measures and integrated data management. Their solution on IBM Cloud for Financial Services aims to reduce data security risks in the financial services sector.
“Financial institutions must prioritize risk mitigation. With Ionburst’s platform, we aim to give organizations control over their data across all environments. IBM Cloud’s compliance and security focus enables us to protect customer data effectively, which is crucial in the financial services industry.” – David Lanc and Anne Lanc, Co-Founders and Inventors of Ionburst
Harnessing the power of ecosystems
The collaboration with fintech companies has significantly impacted the financial services industry. By partnering with innovative ecosystems like Ionburst and Dollarito, larger financial institutions can accelerate the adoption of AI and hybrid cloud technology, driving innovation in the industry.
With IBM Cloud for Financial Services, IBM helps fintech companies ensure compliance and adhere to industry regulations. By integrating security measures and controls into the cloud platform, IBM aims to assist fintech companies and financial institutions in mitigating risks, adapting to evolving regulations, and accelerating cloud and AI adoption.
Learn more about IBM Cloud
Explore the IBM Cloud Fintech Program
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