Top 10 fintechs offering discounted services during COVID-19
As the pandemic Coronavirus (COVID-19) disrupts most aspects of daily life, a number of fintechs are stepping up in order to assist other companies.
As the epicentre of COVID-19 shifts across the globe, both small businesses and large conglomerates are taking the hit. Forbes recently shared a list of financial institutions that are offering free and discounted services in order to support traditional banking institutions and other companies. FinTech Magazine takes a closer look at our favourite fintech firms that are supporting traditional financial services during this time.
10 | Veeam
Veeam provides a single platform for cloud, the virtual and physical. It offers backup and intelligent recovery, DR orchestration, cloud mobility and copy data management. It is currently offering a free backup solution: Veeam Backup & Replication Community Edition, which will allow users to backup and restore VMware and Hyper-V virtual machines with Veeam Backup & Replication Community Edition.
9 | Digital Onboarding
Digital Onboarding is currently offering clients free unlimited usage in order to help support their customers in learning how to access money and operate its digital services without visiting a brick and mortar branch.
8 | Polaris Portfolios
Wealthtech firm Polaris Portfolios partners with community banks and credit unions to offer the latest technology in wealth management. This includes digital on-boarding, robo-advisory and remote advisors. Much like the other fintechs featured, it is currently offering an accelerated deployment of its products to banks and credit unions.
7 | Hydrogen
Hydrogen specialises in digitally transforming financial institutions with fintech products such as PFM, virtual cards, and emergency savings apps. As there are over two billion banking customers across the world who are going underserved, it is particularly important that banks harness this sort of technology during the outbreak of the virus. Hydrogen’s service is free up until production when it becomes available as a pay per use service. This will allow companies access to speed to market products.
6 | Autobooks
Autobooks offers an integrated suite to small businesses that can be easily integrated with existing digital banking channels. It helps small businesses get paid from a distance, which is particularly valuable during this period of social distancing. It is currently working with one of its online banking vendors in order to pre-enable its app to launch in weeks as opposed to its usual timespan of a few months. It’s team is also offering 24/7 SME business onboarding during this time.
5 | Kievanos
Kievanos shares that it has a singular purpose: “market participant behavioural intuition drilled down to the single name level lessons learned from chaotic environments.” It has recently launched its product TRIDENT | AI: an AI principal protection analytics platform that offers daily predictive multifactor relative weights. Kievanos currently offers a 45-day free trial, but it is looking into extending this period to assist with the impact of the virus.
4 | Horizn
Horizn is a key tool for financial institutions to support the culture change that results from digital transformation; offering employees and customers the chance to better understand how to bank digitally. It is currently offering a discounted short-term license package for its cloud-based Customer Digital Platform and Digital Demos. In addition to this, it will accelerate deployment to ensure that banks can function with this service in under two weeks, offering Digital Demos of key online and mobile journeys to continue to offer the support of becoming savvier with digital banking.
3 | Vestwell
Joining the list of fintech startups is Vestwell, which specialises in retirement, harnessing technology to assist advisors, employers and employees in scaling a business and delivering excellent customer experience. It has put together a new list of options for clients to explore in light of the virus, including the deferral of fee billing, freezing 401K plan matches as well as 6-month free signup for companies.
2 | OnSystem Logic
OnSystem Logic is a financial technology startup that specialises in cybersecurity for companies. It is currently offering free copies of its OnSystem Defender software, which protects infrastructure from dynamic memory attacks to any corporations that may need it. This service is free food for three months, or until the virus is contained.
1 | Arnexa
As more companies move into remote working, there is an increase in cybersecurity risks and the need for data protection. Arnexa is offering a secure messaging service designed to eliminate phishing attacks by filtering messages so that the user only receives messages from legitimate senders. At the moment the fintech is offering to accelerate deployments to institutions that need it most during this time.