Tag: fintech
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…
TOP 5 Trends in Retail Banking in 2020
Considering the fast paced technological advancements and highly demanding customer’s behavior, my prediction for the TOP 5 Trends in Retail Banking in 2020 would be: 1. TechGiants emerge as a big challenge to existing banking business. TechGiants to watch in 2020 are a. Apple Pay b. Uber Money c. Amazon d. Facebook Libra e. Ant…
TRUST: The Most Important Asset for Banks, Financial Institutions and Fintech
Do customers bank on regulations, competence or reputation? Customers bank on TRUST. Trust is at the heart of banking, but Edelman research report 2019 shows a global decline in trust in institutions. Financial crisis, cyber attacks, data breach and money laundering kind of incidences have given a big blow to the most important asset of…
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….