1 Reason Smart Investors Are Watching OneConnect Financial Technology
Digital banking is gaining traction throughout the world, and especially in emerging Asia. Across the globe, it's estimated to be an $8 trillion market that will grow 6% a year for the foreseeable future, according to research firm Global Market Insights. This evolution in banking is one reason smart investors are watching the relatively new (and relatively unknown) Chinese company OneConnect Financial Technology (NYSE: OCFT).
OneConnect is a fintech that provides technology-as-a-service platforms for financial institutions, primarily in China. Its solutions help customers in areas like revenue generation, risk management, and sales productivity. The company also provides solutions that help improve efficiency, reduce costs, and improve service. The overall idea is that OneConnect becomes a one-stop shop for financial institutions, and it refers to this as a "bank in a box."
Digital banking-in-a-box is a growth market in Southeast Asia, especially in Singapore, Malaysia, and the Philippines. OneConnect's offerings in this space involve mobile banking apps, customer analytics and targeted marketing, business origination services, and salesforce management modules. These offerings generally attack the revenue side of the equation, but OneConnect's other offerings can help on the cost side as well.
Source Fool.com