The proliferation of digital currencies over the last few years has led to a rapidly growing list of use cases for tokenised assets. Thanks in no small part to the development of blockchain technology, as well as the recognition and anticipation of what cryptocurrencies
In the banking world, where handling money safely and securely is a foundational element of the entire industry, having the public’s trust is a nonnegotiable element of success. The financial industry had to scramble to rebuild this trust after it took a hit during the Great Recession
As the world becomes more digitally intertwined, competition between its major economies grows more combative, as evidenced by the US-China trade battles and legal actions. No sector is more impacted than frontline information and communications technology, in which much of today’s warfare between the two heavyweights rages. At the inception of a new year and a new decade, is there reason to hope for cooperation toward shared growth and prosperity?
There are times when no one wants to see history repeat itself, and that’s the case among today’s investors in technology stocks. Some fear that the dot-com bubble burst of 2000 may repeat itself 20 years later. Although some tech stocks may be overvalued, the flourishing Fourth Industrial Revolution displays no signs of running out of steam any time soon. Caution is advised but not panic.
There are enough new terms floating around banking to make one’s head spin, and along comes greenfield bank. This refers to the growing trend among incumbent banks to create standalone digital banks that are as agile and innovative as the fintechs and neobanks. After considering how difficult and expensive it is proving to be for banks to break out of their legacy-infrastructure moulds, this approach makes a lot of sense.
Most banks have processed the message that they need to change if they plan to stay competitive in today’s financial world, increasingly infiltrated by fintech and bigtech disruptors. But the change that is required goes beyond changing strategy; it involves transforming the entire culture of a bank, from the top down. What are the practical steps banks must take to change their internal cultures and use technology most effectively?
Banks exist to serve the financial needs of consumers, through whatever avenue works best. With the rapid evolution of technology, more tools and resources are available than ever before to determine and meet those needs. Personalization in banking works when the customer is the focus, but without customer-centricity as their anchor, banks drift from what really matters. What steps can banks take to stay focused in today’s changing financial environment?
There has been a rapid increase in the size and number of investments into UK fintechs with the likes of Monzo and Revolut leading the charge. Interestingly, it is not just the VC funds driving this; banks are also investing or in many cases, acquiring fintech companies outright.
Make no mistake about it: Open banking will transform how the financial industry operates. The movement has yet to realize its potential, but the shift toward rich, data-led customer experiences is just around the corner.
Competition is intensifying in the banking sector, with fintech start-ups, technology giants and social-media leaders targeting various parts of the financial-services profit pool.