Six months after PSD2 came into effect, we're asking: how is it going? Is shopping without cash fake news? And are your ready for the tectonic forces rocking the banking industry? Enjoy another weekly fintech roundup. – Michael and the FinTech Weekly team
For the superstitious among us, this Friday 13 will be a day for avoiding ladders and black cats. For the hyper-political, it will be a day to keep an eye on Donald Trump’s first visit to the UK as US President. But arguably more excitingly, Friday marks six months since the go-live date of the UK’s Open Banking initiative and its European relative, the Second Payment Services Directive (PSD2).
Electronic and non-cash payments are systematically replacing paper money. Capgemini estimated in their “World Payments Report 2017” that global non-cash transactions will record a Compound Annual Growth Rate of 10.9% from 2015–2020.
The nature of banking, and business in general, is always in transition. The 4th Industrial Revolution will favor organizations that can leverage data and analytics to improve the consumer experience. A platform business model may be the answer for large and small organizations alike.
Amidst a raft of new legislation since the financial crisis of 2008, the financial services industry has seen its technology (FinTech) arm boom creating with it an environment of uncertainty in the ever-changing advice sector.
Consumers want to engage with banks on an omnichannel level, and right now, the mobile channel seems to be the most popular.
I had a chance to sit down with Sarah and talk to her about what makes her most passionate about fintech and what she believes needs to happen most in business.
I find it quite surprising to see statistics around ICOs, such as the fact that $13.7 billion has been raised by ICOs so far this year alone. $13.7 billion! In what?
The future of financial services will be decided in the back office and between major companies of the East and West.
Banks and credit unions are desperate to grow relationships with Millennials, but they still target them with marketing that screams "Boomers." What other errors are financial marketers making? And what are the major Millennial misconceptions that undermine the connection retail banking providers have with this mega-generation?
Drone usage is becoming more and more mainstream as the technology improves and advances, but are insurance companies making the most of it? InsurTech Rising 365 spoke to to David Lyman, CEO and co-founder, Betterview about the benefits of implementing drone technology and why more insurers are starting to jump on the bandwagon now.
Nearly half of senior female executives are comfortable with disruption occurring in their business caused by new technologies such as artificial intelligence, blockchain and 3D printing, despite the low numbers of younger women who study computer sciences and go into technology roles.
While AmEx is known for targeting the premium segment, it has become a master at getting the most out of every stage of the customer journey, including account application, onboarding, engagement and referrals. What could the banking industry learn from American Express?
Leaders should realize that companies are fundamentally linguistic entities.
By now most insurers are aware of blockchain technology and how it might impact the industry. Indeed, some insurers are already taking tentative first steps to apply it or engage in shared pilot projects. But if you’re still working out how it fits in with your technology development plans, you’re not alone, and there’s still time.
Bank-fintech partnerships are not “doomed to fail,” as one commentator recently suggested in an American Banker op-ed. Rather, the banking industry is at the dawn of a great new era of fintech partnerships that will change banking as we know it for the foreseeable future.
Financial services companies, in particular banks, are racing to harness the potential of artificial intelligence. Lenders are employing algorithms that analyze consumer data to conduct credit scoring and determine appropriate loan amounts, and AI tools examining customer transaction habits are improving fraud alerts and reducing money-laundering risk.
Executive roundups on different topics you need to understand in the FS industry. We'e kicking off with a selection on the best resources to understand the impact of PSD2 and Open Banking in the FS industry. All you need to know – on one page.