Fintech News Issue #192 November 15th, 2018

Gartner recently predicted that 80% of banks will become irrelevant by 2030. Peter Redshaw, team Manager for the global financial services team, explains some of the strategies the analyst firm thinks banks need to execute to survive.

Banking no longer has the luxury of getting up to speed with new technology. If you can’t adapt on the fly you’ll be left behind.

The banking industry's digital ambitions don't match consumers' digital perceptions. Two decades into the digital age and many consumers are still dialing their phones to talk to humans. A new study from Gartner reveals significant gaps when it comes to making digital experiences easy. To improve the experience, banking providers need to stress 'useful' over 'cool'.

During her speech at Singapore Fintech Festival 2018, Christine Largarde, IMF’s Managing Director expressed the need for states to consider the possibility to issue digital currency, adding that there may be a role for the state to supply money to the digital economy.

The future of the banking ecosystem will look much different than today and will extend well beyond financial services. There is a unique opportunity to capitalize on the insights banks hold and the innovation that they can build, buy or collaborate with to become the center of a consumer’s everyday life. The big questions is … who will embrace the challenge?

Major shifts in products, channels and platform opportunities are changing the ways banks and credit unions can compete, according to the Innovation in Retail Banking report. The 2018 edition found that in the present, many financial institutions lack a definite digitalization strategy. But in the future, agile, responsive and technologically advanced organizations will mark the winners. Open Banking APIs have captured executives' optimism.

Scientists are known for making dramatic predictions about the future – and sinister robots are once again in the spotlight now that artificial intelligence has become a marketing tool for all sorts of different brands.

Online banking customers are a third more profitable than traditional bank-based clients, Piyush Gupta, chief executive of Singapore’s biggest bank, DBS, told investors a year ago during a presentation of the bank’s digital strategy. The remark sent DBS shares sharply upwards.

Andrew Moore says getting the technology to work in businesses is a huge challenge.

Financial technology has reached a tipping point for China's Ping An Technology and future growth in that area is set to be exponential, according to CEO Ericson Chan.

Here are the three most important challenges facing more widespread adoption of blockchain technology right now.

Back in March, the Wall Street Journal reported that Amazon was in talks with a number of big banks, including JPMorgan Chase, about building a checking-account-like product. Eight months later, and we haven't heard any new news.

Accenture’s research attempted to quantify the level of change in the global banking industry structure, based on more than 20,000 banking and payments institutions across seven markets, including Australia, Brazil, Canada, China, the EU, the UK, and the US.