Fintech News Issue #161 March 29th, 2018

Podcasts & Videos

    Chris is Chair of the European networking forum: the Financial Services Club. He is on the Advisory Boards of many companies including Innovate Finance, Moven and Meniga. The big topic of his upcoming new book is Humanity’s Fourth Revolution and the next generation of finance. How it’s happening right now and soon 4.5 billion more people will be able to access banking services.

Top Stories

    The world is in the process of a Digital Revolution, where everyone on the planet has the ability to talk, trade and transact with anyone else. This transformation will erode boundaries and promote inclusion. In this exclusive interview, Chis Skinner discusses his newest book, Digital Human, and the impact these changes will have on banking and the world as a whole.

    We talked to Finxact co-founder Dan McKinney about the changing service industry, the ever-growing importance of customer experience and all the implications for banks today. And what came first, the chicken or the egg?

    I was reading about banks being average to poor at marketing, and wondered about it. Banks’ advertising generally is about either being cool or in love with you. Here are a few examples from British banks.

    Lloyds: we’re old but still here with a big horse ...

FinTech Articles

    Banking & Fintech: Better Together
    via FinTech Weekly Magazine

    While Fintech companies were initially viewed as a banking competitor, the two are finding that there is greater benefit to working together. According to the 2017 World Retail Banking Report, 91 percent of banks and 75 percent of Fintechs responded that they expect to partner with one another in the future.

    This week I took part in a series of qualitative research groups that involved speaking to Australian millennials about their hopes and fears for the future. Two key themes emerged, which should surprise no one who is either in this generation or building products for it – job security and home ownership.

    Open Banking is intended to create more competition in the banking industry and to encourage better services and more innovation to improve the customer banking experience.

    A fairer future for banking?
    via International Banker

    Saturday, January 13, 2018, marked a significant milestone in building a better and more open future with data when the United Kingdom’s Open Banking Standard came into force—ushering in a secure set of rules, technologies and standards that allow customers to give companies other than their banks the permission to securely access their accounts.

    The Internet of Things (IoT) has been a topic of discussion for the past few years, and the nature of its applications has evolved over time. According to a report by Gartner, the IoT will grow to 26 billion units installed by 2020. This report also highlights that the IoT product and service suppliers will generate revenue exceeding $300 billion by the same year.

    Community banks are increasingly turning to regulatory technology to help them be more efficient and effective in their compliance efforts.

    When was the last time you pulled out a wad of cash to pay for dinner or a stack of dollar bills to cover your rent? If you’re like the rest of the developed world, chances are, it’s been a while. The transition to a cashless society has been a long time in the making, but there are other interesting developments afoot, leading to a rise in Alternative Payment Methods (APMs).

    Wall Street has been much more excited about the system underpinning bitcoin than the cryptocurrency itself, but the global financial industry has not yet been able to do much with the technology known as blockchain.

    Bringing Simplicity to Banking
    via The Financial Brand

    Life often feels like it's moving at warp speed, and the world is getting more and more complicated. That's why people constantly seek greater simplicity in every aspect of their lives, including banking.

    Lenders have long faced down the issue of fraud, but now, digital lenders are now facing even greater challenges. Digital lenders have become an easy target for identity and transaction-related fraud, compared with non-digital lenders, as criminals can now hide behind a mobile or computer screen.

    Affluent Millennials are changing the wealth management industry, with new expectations around satisfying needs and terms of engagement. They have increasing wealth and different demands than previous generations.

    More than a decade ago, bankers successfully fought off the retail giant Walmart as it tried to buy a bank by arguing that it was dangerous for commerce to mix with banking.