FinTech News Issue #111 March 30th, 2017

FinTech Articles

    The problem with Fintech
    by Patrick Ochynski

    Everyone wants a piece of the $100 trillion pie. I can rattle off a list of 50 payments companies you’ve never heard of and never will. Companies that do millions of dollars in transactions a day. Everyone has a different niche, a different value proposition - more security, less personal data storage, more rewards, less fees – whatever.

    Hacking a bank is serious business. This is true in terms of hacking as an illegal activity aimed at getting unauthorized access to data and information. Hacking a bank with the institution supporting the action is another matter. And it is a completely wonderful experience.

    Banks acting in a manner that leads to distrust of financial services is nothing new. The financial crisis, market rigging and - most recently - a scandal at Wells Fargo show that banks continue to work for no-one but themselves. Mike Galarza, the CEO of Entryless, discusses why banks are untrustworthy and what FinTech firms are doing about it.

    We interviewed Kevin Bottoms, Global Vice President of TELUS International, about the importance of customer service and experience in financial services and beyond. Customer don't only need to be acquired, they need to be retained – by building trust.

    A Brave New World of Microservices
    by Michael Schweisthal

    We have the web at our fingertips. We connect more and more parts of our lives to the internet. We are moving whole business segments from brick and mortar to the online space. That's not really big news - it is called progress and we observe it with more or less interest day in, day out. With the digitalization also comes a shift in the nature of the services offered to us. Consumers will change, the service landscape will change and banks will need to adapt - which means they will drastically change, too.

    Banks are staring down the barrel of a loaded gun. Preparing to squeeze the trigger is an army of agile FinTech businesses. Here, Mike Galarza, the CEO and founder of Entryless, discusses how FinTech - aided by startups - is taking the fight to traditional financial institutions.

    The surge in technology solutions for financial services providers has demonstrably transformed the banking industry: from the ATM to online bill pay to the mobile banking platform, a consumer has little reason to visit a storefront location these days and financial institutions are reaping the profitable rewards of providing solutions that require less in-person contact.

    We had the privilege to talk to João Vasconcelos, Portugal's Secretary of State of Industry and former Executive Director at Startup Lisboa, about the thriving tech scene and reasons for fintechs to come to Lisbon. Besides the beautiful landscape and great people, of course.

    Peer-To-Peer Payments in the Fintech Revolution
    by Kirsten Kern and Naticia Chetty

    The financial technologies (FinTech) revolution, which has the potential to disrupt traditional financial services and banking systems in most jurisdictions, is likely to see the cutting of costs and an improvement in the quality of financial services.

    InsurTech well and truly made its mark in 2016, stealing some of the thunder (and investment) away from its big brother, fintech, and with tonnes of exciting start-ups and innovations hitting the market. So, what does the next 12 months have in store for us?