Tag: banking
Prediction on Tech Giants Vs Banks has come true
What I predicted last year (Tech Giants vs Banks) has come true. Google is the latest tech giants to enter into banking sector. The move follows the Facebook Pay, Apple Pay, Uber Money, Amazon, Walmart, Alibaba and Tencent. The tech giants have started to make use of its massive customer base, enhanced customer experience, latest…
SMEs using FinTechs Products and Services
According to EY 2019 Global Fintech Adoption Index, 25% of SMEs worldwide have used services in the past six months provided by FinTechs in all of these four categories: • Banking and payments • Financial management • Financing and • Insurance. This clearly is an opportunity for banks to explore by • Providing working capital…
Bank of America’s AI powered Virtual Assistant Erica
“The personalized, proactive and predictive nature of Erica’s guidance is what will continue to make the solution unique and powerful,” said David Tyrie, the head of advanced solutions and digital banking at Bank of America. “It’s been a solid first year, but we’re just beginning to scratch the surface of Erica’s full potential to transform…
Tech Giants vs Banks. Who will be the Winner?
UK watchdog says Big Tech pose biggest threat to banks. Amazon, Google and other Big Tech companies could compete with banks in basic products and undermine their ability to offer free accounts, Britain’s financial watchdog said. The Financial Conduct Authority published its final report on its study of retail banking business models; saying new payments…
Cashless, Cardless, Contactless Banking
Change is the only constant thing in this world. And money is the best example to illustrate this. From the time goods were exchanged called Barter Exchange to Metal Money like copper, bronze or gold to Paper Money, the form of money kept on evolving with human evolution and human needs. In the recent history,…
NeoBanks: A New Wave of Growth Disrupting the Banks
Innovation, technological disruption and wave of digital transformation have hit the banking and financial industry very severely after a decade old financial crisis. According to Gartner by 2030, 80% of heritage financial services firms will go out of business, become commoditized or exist only formally but not competing effectively. The analyst says these firms will…
Fintech: Redefining Financial Inclusion
An excerpt from Alliance for Financial Inclusion (AFI) report on fintech states almost half of the world’s unbanked live in seven countries: China, India, Pakistan, Indonesia, Nigeria, Mexico and Bangladesh. Dramatic progress has been made in China and India, and similar strategies for digital financial inclusion have been developed in Indonesia, Mexico, Pakistan and Bangladesh….
Success Strategy for Disruption
The fundamental definition of how customers experience and interact with a #bank is being challenged and redefined, and leading companies face competition from a myriad of disruptors. KPMG in its report “Setting Course in a disruptive market place” offers 5 Steps for a positive #DigitalTransformation to the financial institutions hoping to capitalize on rather than…