Fintech News Issue #206 February 28th, 2019

There’s a tension at the heart of the emerging banking revolution. Maybe it’s even a catch-22.

Developing an effective claims strategy has never been more complex, or vital for a carrier’s survival. To help you build your investment strategy for claims transformation in 2019, Insurance Nexus developed a game changing report with the help of Chief Claims Officers and the insights from over 600 insurance executives.

A new report by the Financial Stability Board argues that the Big Tech could “affect the degree of concentration and contestability in financial services, with both potential benefits and risks for financial stability.” Managing the risks will require much more than vigilance by banking supervisors.

Which model is the better bet?

The banking industry is changing at a pace never before seen. Digital transformation has become an imperative for financial institutions of all sizes. The transformation goes beyond technology, however, requiring people and organizations to 'embrace change, take risks and disrupt themselves'™. Who is up for this challenge?

From payments to lending to insurance to checking accounts, Amazon is attacking financial services from every angle without applying to be a conventional bank. In this report, we break down everything we know about Amazon’s foray into financial services, and where it's rumored to be looking next.

As more branch traffic shifts to digital, banking providers have a massive opportunity to reinvent the fundamental role of the brick-and-mortar channel. They can convert unused space into community centers and coworking environments for entrepreneurs and small businesses looking for high-tech meeting spaces.

When talk turns to employee perks at tech upstarts, the focus is frequently on beanbag chairs and pingpong tables. But based on this year's Best Fintechs to Work For ranking, what fintech employees really want from their employers boils down to three things: satisfactory pay, paid-for benefits and a respectful culture. Along with stress relievers like dogs at work.

Over recent years, fewer customers are popping into bank branches, and more are logging onto mobile banking apps. Many have dispensed with wallets completely, because their smartphones do the same job, but better. Innovative start-ups, offering alternative banking models, become the new must-have accessory for trendy millennials.

Blockchain Technology is slowly becoming a common phrase in the tech world. Many people still think that the real application of blockchain lies solely in cryptocurrencies. However, that’s not the case in reality. With enterprise blockchain technologies on the rise, people will finally be able to see the versatility of this new tech. Enterprise blockchains are empowering large industries with the same level of security, ease of use and control, fundamentally changing the course of their business.

When we think of companies at the forefront of technological innovation, global financial institutions don’t necessarily come to mind. Instead, massive tech giants like Amazon, Apple and Alphabet dominate the conversation around innovation and garner the most attention.

Accelerated digital transformation of payment transaction processing has put pressure on the Banks to deliver innovative payment instruments to its customers.

I often reflect on how quickly China is moving towards being cashless, as are parts of Africa and much of India. I then realised that it is a strong mix of simple infrastructure and strong incentive.

At the Fintech for Inclusion Global Summit hosted by Accion, Quona Capital and FMO, in the Hague last week, Peter van Mierlo, the CEO of the Dutch development bank FMO didn’t mince words: “The financial sector needs to be reinvented.”

I often reflect on how quickly China is moving towards being cashless, as are parts of Africa and much of India. I then realised that it is a strong mix of simple infrastructure and strong incentive.