APIs are responsible for fueling the enormous value and cutting-edge changes in technology, most notably driving FinTech’s robust progress across multiple areas in financial services.Read More
There was no standard infrastructure that allowed a customer to securely authorize viewing of bank account information in real-time — until the launch of Plaid, a fintech that has become the industry’s “super-connector” by creating a secure portal and process to exchange financial information back and forth between customer, applications, and banks.Read More
Numerous trends and technologies are intersecting now that will take payments past a future state of a cashless and paperless transactions, to a completely open, digital world marketplace.Read More
Fintech continues to evolve as customers now trust these digital-only companies more than ever, slowly migrating deposit balances and other assets away from banks and traditional institutions. If you're an individual interested in investing, working for, or building the next great fintech, here are four areas to examine closely:Read More
When fintechs first popped up a few years ago, these startups had a goal of disrupting and displacing banks in the world of financial services. Banks stood their ground and made small reactive changes, but kept systems and processes mostly the same. The relationship between these rivals has dramatically changed, with both fintechs and banks now working closely together to impact the future of finance.Read More
Millennials embrace technology, growing up in the age of internet and smartphones apps. Fintech, the connection between finance and technology, has greatly benefited from millennials' quick adoption rates, representing the highest usage by any age group. Despite older generations having a higher net worth and increasing their own daily tech usage, the fintech community as a whole has ignored their specialized needs. 2018 is the year that the industry will venture beyond millennials to baby boomers and Gen Xers that have complex financial goals, in order to disrupt traditional wealth management.Read More
As fintechs expand their core offerings towards becoming digital banks, the challenge of customer loyalty in a digital-only, non-customer facing environment becomes paramount. With only a simple download and a few screen taps needed to switch banks - - how do these companies build a loyal community of primary customers?Read More
As far as fintech companies go, PayPal is among the first and most well-known for its online payment platform that offers an alternative option to using debit or credit cards. The company is now looking to go further by targeting an underserved market: millions of “unbanked” clients (adult consumers unable to have bank accounts due to various reasons), with deposit accounts and debit cards.Read More
After years of investment in digital transformation, the top US banks have actually started to pull away with market share while smaller regional banks are left behind, based on a study by Accenture of US banks, in reference to core banking systems, back-office processes, and workforce development.Read More
Despite Bitcoin's future taking the majority of the top stories in finance, multiple fintech companies are experiencing noteworthy growth and tackling today's critical issues from fraud detection, streamlining loan approval, to going beyond standard credit score decisioning in underwriting loans.
Image Credit ForbesRead More
As the fintech movement continues to evolve from traditional banks to solely digital banks, startups and more established fintechs are launching efforts to become neobanks.
Neobanks are companies that target improving consumer banking through minimizing or eliminating fees and offering advice that customers need (most commonly around budgeting or saving) through a simple digital user experience.
Photo from WSJ.comRead More
“The new digital bank will have buildings and humans layered upon that digital infrastructure .... it needs to convert thinking from having a physical foundation with channels on top, to a digital foundation with access through physical and digital media.”
Chris Skinner, financial industry futurist and authorRead More
Small Business Adopting the Latest Fintech
- Paying with facial recognition, known as FacePay, is being piloted as a payment solution. This isn’t part of the movie “Minority Report” with Tom Cruise, but something that may be coming to a vending machine or kiosk near you.
Fintechs have a bigger rival in retail banking disruption
#fintech #disruptorRead More