RBI lets experts search for financing more worldwide

The Raiffeisen Bank International (RBI) relies on a International expert network that is looking for promising applications worldwide. This week, the bank presented its Fintech scouts team launched last year in Vienna.

FinTechs are companies that develop technology support innovations especially for financial services and thus enable new business models. The aim is to integrate selected technologies into the services of the RBI, said Christian Wolfthat is responsible for innovations and strategic partnerships at the bank.

Fast border -crossing payments

The experts see potential in so -called Stablecoins. These are cryptocurrencies on the Dollar or Euro are bound and therefore, unlike Bitcoin & Co., are subject to comparatively low price fluctuations. You can be used, for example, to quickly make cross -border payments, such as the expert in Indian Delhi Akshat mittal said.

But investors in cryptocurrencies often park their investments in the comparatively stable coins. Especially in emerging countries, they also offer many people protection against inflation and currency devaluing. “The moving sums are still small, but will increase with the increasing adaptation,” said Mittal.

Already at the beginning of the year the RBI went a partnership with the start-up Bluechip A that evaluates such stable coins and assesses their security. Further services about such stable cryptocurrencies are likely to follow. Also because the regulatory in the EU gives security through the Micar regulation that came into force last year (stands for Crypto Assets Markets Regulation), as it is said.

The experts also see potential in the area of Embedded Finance (EmFi). This means integrations of bank services into the products of other providers. Variety paradisewho is looking for trends in London for the bank, also looks at a boom “Buy Now Pay Later”-Solations (note: buy each, pay later), as they are offered by start-ups such as Klarna. They are not limited to online trading, additional services could be used in different types, says Raj.

Many applications for AI

Also with the topic Artificial intelligence the RBI expert network deals. In the banking environment there are many application pages that range from communication with customers to risk management, such as the AI-based examination of loans to money laundering monitoring.

A US bank was able to accelerate its mortgage allocation with artificial intelligence by 60 percent Aditi subbaraothat works for a AI company in London and also belongs to the RBI Scout network.

React quickly to developments

With the help of the expert network, one can react quickly to new developments, says Wolf. Promising applications could be adapted and errors can be avoided thanks to the experience from other regions.

The bank also sees the fintech scouts as Door opener“To bring partners from the technology environment to Austria, Wolf says: They are the Fintech delegates all over the world, so to speak.