Building bit by bit

Building bit by bit

24 ene 2023

Over the past six months, the Bits Family has worked with fintechs, banks, regulated entities, partners, and investors to validate the areas where customers experience the most pain. Through this process, we have gained a deeper understanding of our customers' needs, which have greatly influenced our priorities. Here are our key insights from our research on customer needs and what we are building.

Bits Technology Vision
There is a strong conviction among customers for the need to rethink how fintech products are built. Through our interactions with customers, we have consistently heard that the process of integrating and managing relationships with external service providers is both time-consuming and cumbersome, with an average integration time of three months per provider. This diverts significant resources away from their core business operations.

Our first use case, Onboarding and Identity
We recognize that customers face significant difficulties and pain points when it comes to implementing identity solutions. Especially those who are regulated and must adhere to anti-money laundering regulations, while expanding their operations and entering new markets face significant hurdles. This includes the time-consuming task of identifying the best service providers and data sources to meet new market requirements, the prolonged integration time and associated costs, and, in some cases, being sold a service providers who claim to offer full European market coverage despite the high fragmentation of identity processes that exists per country.

Flexibility and Dynamic Workflows
Customers want flexibility and the ability to build dynamic workflows. They want to use Bits where they can build for flexibility and dynamic experiences where the user never is limited by what they can achieve. The "one-size-fits-all" approach tends to be less effective as it implies that customer needs are constant, but it can quickly become redundant as market or user needs shift quickly.

Data and Insights
Customers tell us that the performance data of service providers tends to be siloed within teams, especially those responsible for building and managing integrations. Decision-makers and stakeholders often have to engage with the appropriate team that owns the integration, access each service provider dashboard individually to understand performance, or create their own dashboard that aggregates data internally. Customers want a single view that aggregates performance data that is most important to the use case, user, or team, regardless of the underlying provider. Furthermore, customers want to use this data for improved decision-making by having easy access to the most critical metrics based on the workflow they have built out for their use case.

Building on the insights gained, we are creating a robust solution for onboarding and identity management. By integrating with our API, customers will have seamless access to the best service providers and data sources for Know Your Customer and Know Your Business processes in current and future markets. Our user-friendly, no-code solution allows customers to create a highly customized onboarding experience and customer monitoring solution without having to produce a single line of code. Moreover, customers can leverage actionable insights using our decision engine to evaluate risks, prevent fraud, and ensure compliance.

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To read more about our identity solutions, please visit our main page at www.bits.bi. If you're interested in learning more about how Bits Technology can solve your identity challenges, please get in touch at hello@bits.bi.

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