In London, the UK’s capital of finance, politics and tech have merged into one booming industry referred to as Fintech. The UK is undeniably a fintech leader, described by Tech Nation as a ‘fintech trailblazer’ and attracting over a fifth of global investment.
Fintechs demonstrate the powerful combination of innovation and agility, with distribution, regulatory expertise, and brand visibility. With so many success stories behind fintech firms, it comes as no surprise that incumbents now seek to join forces with fintechs, and as a result, they are thriving in our increasingly digital economy. PWC’s global fintech report showed that financial institutions expect an 82 per cent increase in partnerships with fintechs within the next three to five years, a clear indication that the demand to collaborate is soaring. The report also identified that 88 per cent of incumbents are increasingly concerned they are losing revenue to innovators.
The emergence of fintech integration in the mainstream financial sector is also recognised and encouraged by the Treasury. Elieen Burbidge, British Treasury’s special envoy for Fintech, summed up the collaboration of both sectors as having Silicon Valley, plus Wall Street, plus Washington DC, all in one place.
According to Fintech news, London-based fintech start-ups raised over £800 million in 2017, doubling 2016’s figure. Some of the companies with the deepest pockets are operating in the segments of peer-to-peer lending, digital banking, and international money transfer. Many banks and traditional firms are heavily investing in technology to cater to their global clientele, as they aim to reduce the cost associated with the current processes while also making their services much faster.
When it comes to combining finance with technology, Populous World operate under one roof.
A dynamic fintech player, Populous World offers an invoice discounting service, a platform built on blockchain technology and accessed via an online auction model, proven to be popular amongst SMEs, to vastly improve and propel cash flow advances to fill working capital shortfalls generated by late payment cycles with customers.
As well as their innovative funding platform, Populous World have integrated their latest venture, PXP, a Business Intelligence (BI) data analytics platform, that utilises eXtensible Business Reporting Language (XBRL) and big data analytics, allowing businesses to see and understand data in a meaningful and simple visual form.
The evolution of the platform was designed by data expert and CEO of Populous World, Steve Nico Williams, who says, “we live in a digital age of information and we are never more than a few clicks away from a wealth of data, yet the power of this data to provide real, actionable insight can remain largely untapped”.
PXP provides datasets and analysis tools in a cost-effective way, so that businesses of all magnitudes can access the vast array of publicly available data and present it in an easily digestible format to efficiently make decisions that will drive their business forward, by implementing big data integration.
The beauty of PXP is that it’s a platform where businesses can visualise, explore, and derive actionable insights from their data.
The developers at Populous World have created this by improving the understanding and communication between individuals and big data integration, by delivering the best business intelligence experience through their service.
PXP operates by enabling customers to visualise and interact with the formed data in a practical and meaningful way, using highly interactive visualisations, animations and smart querying to present and share insights with others in the organisation through rich dashboard presentation capabilities.