Fintech News Issue #74 June 29th, 2016

Europe’s financial-technology upstarts are scrambling to figure out what the United Kingdom’s departure from the European Union and its digital payments rules means for their businesses

Well, I can’t go on and on and on about Britain’s decision to leave the EU, but it would be remiss of me to not highlight a few insights that popped up yesterday.

John Doyle casts a cool, considered eye over Brexit proceedings, looking at the political implications at various angles and what it means for business.

Banking executives convened to discuss the opportunities and challenges of digitization in banking. Their consensus was that becoming a 'digital bank' is no longer an option.

There are many different kinds of banker, says Duena Blomstrom, who lists the bankers for us and provides a brief overview of each type.

It's hard finding a good hacker these days — a hacker to work for banks, that is. Even though cybersecurity jobs can offer six-figure salaries, generous signing bonuses and other perks, banks are struggling to find people to hire.

Myriad surveys and reports note that millennials don't talk on the phone and they don't write or answer emails.

So it's no surprise that Citizens Bank in Providence, R.I., was getting very low response rates when communicating in those two channels with its largely millennial student loan applicants.

In a world where bank-fintech partnerships are the best hope for payment innovation, Matthaeus Sielecki, head of working capital advisory – financial technology, Deutsche Bank, explores what constitutes best practice for such alliances.

Most financial institutions struggle to achieve consistency from one touchpoint to the next. Experts believe what is needed is an integrated brand identity that is updated and ties everything together.

Today’s technology-led companies are intent on disrupting industry after industry, abolish decades of profitable business models and force cash cows out of business.

Encryption is now a payments best practice. That’s one of the key takeaways from the latest Global Encryption Application Trends Study [...] The report tracks how various industry sectors and geographies use encryption coupled with business applications to protect their data.

In financial services institutions, Chief Financial Officers (CFOs) play a key role in managing cost control initiatives in line with the growth plans. They are in the driving seat of many such initiatives that not only have a bearing on the profitability of the organization but also its long term sustenance and stability.