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.
Two years back after my trip to the US, I still had a coin of 1 dollar cent in my wallet. In a supermarket in Berlin, mistaking it for a 2 euro cents coin, I presented it to the cashier. The cashier immediately recognized it and returned it to me saying it’s not the right coin and they don’t accept it. Realizing my mistake I presented the right coin. The two coins (1 dollar cent and 2 euro cents) are almost of same size, weight and material. Why couldn’t the supermarket accept it?
According to a recent survey, more than half of banking executives want to improve their social and mobile channels. However, the same survey revealed that over 50% of consumers did not feel their bank knows them as a customer (TimeTrade). The challenge facing banking executives in 2017 is bigger than just shifting budget towards mobile app development and Facebook strategy, it’s the ability to connect the dots across multiple channels resulting in more accurate and relevant communications between a financial institution and its audience. By taking this ground-up approach to marketing, financial leadership can invest in accurate, impactful marketing that drives brand loyalty now and for years to come.
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.
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.
Blockchain technologies are attracting increased interest from Russian financial institutions and IT companies, and may be poised to overcome skepticism from Russian regulators. This is perhaps not surprising, given Russia’s prominence in the technology sector, with over 120,000 local programmers and continuing growth in ecommerce and online activities. However, certain legal obstacles may still pose challenges for promoters and developers of cryptocurrencies and other blockchain applications.
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: