Interview with João Freire de Andrade, Head of Venture Capital at BiG - Banco de Investimento Global who we met at the WebSummit 2016 in Lisbon last week. João talked to us about the Portuguese startups scene, investing in startups and how this will change banks.
We met Brett Myers, Co-Founder and CEO of leading P2P currency exchange marketplace CurrencyFair to talk about Brexit, different types of customers and how banks are not negligent enough to fall behind in the long run.
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.
[SPONSORED] Consumer access to financial data has become a hot topic of late—and with good reason. U.S. consumers are embracing a proliferation of digital financial services, spanning everything from alternative lending to automated investing. Innovation in this space rests on consumers’ ability to grant access to their personal financial data, which often sits within a bank or other financial institution. This dynamic has raised difficult questions around security, data, and user experience, to name a few.
Sirpa Nordlund, Executive Director, Mobey Forum, shares key takeaways from the international association’s Mobey Day banking and fintech conference, held in Barcelona last week.
Private funds are the fastest growing category of investments, with estimates of current assets reaching $10T, and projected to grow to $18T by 2020. As the economy has recovered from the Great Recession, more and more investors have entered into alternative investments.
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.
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.
2016 has been a big year for advanced analytics. Banks that are already turning customer data into smart, actionable insights see major pay-offs in new business, better customer targeting and segmentation, faster decision-making, efficiencies in operations, and progress in risk management. As the banking industry approaches strategic planning season, it’s time for leadership to think long-term about the bank’s goals and future growth and how advanced analytics can support these objectives. Why should data science and advanced analytics be a critical component to the bank’s 2017 business plan? Consider these compelling reasons:
I’ve talked about how the global financial system is broken and how that freelancers are getting the short end of the stick. The free banking economy goes much deeper than you may think.
Whether for business or pleasure, the Internet, social media and digital access to information and applications, are a fundamental and fully integrated aspect of modern life. With so much personal technology now used day-to-day – from smart phones, to mobile applications, to the computerization of everyday activities that we all take for granted - wealth management customers increasingly expect 24/7 access to both digitally-delivered financial information and online assistance.
As the demand for faster and more sophisticated financial trading tools increase it is envisaged that future trading platforms will need to adapt in terms of functionality and flexibility.
Innovation in the United States could be at risk due to a recent patent ruling having a detrimental effect on patent enforcement efforts and obtaining patents on business methods including financial technologies. Certain rulings disfavor patent owners and could hurt many sectors, such as FinTech. In particular, The Supreme Court’s Alice v. CLS Bank decision—has led to the invalidation of a multitude of software and business method patents in the FinTech sector (“pro-infringer measures”).
For almost 40 years, a key piece of banks’ social responsibility strategies has been related to the Community Reinvestment Act (CRA), the 1977 enactment which ensures that banks are continually addressing the needs of low to moderate income neighborhoods and other underserved areas of the communities in which they are located. The CRA requires that financial institutions are periodically evaluated for these efforts, and this record is taken into account when an institution seeks to open a new location or participate in M&A activities.
Sensational headlines in the media describing Big Data as "the next big thing" somehow do not impress anymore. After all, sensational headlines sometimes are just ... sensational and not necessarily true. Behind all these boosted names and future forecasts the most important somehow lies unnoticed: numbers and the actual operational facts. And we need to turn the focus from talking to rather doing.