Although not a new concept, big data is now gaining the world’s attention like never before. Some call it the “new oil”, given its growing reputation as a valuable, largely untapped resource. Indeed, today we are seeing data being unleashed across many different walks of life, as a growing global consensus believes it could dramatically transform the way the world works.
The hold traditional banking once exerted over consumer finances has seriously eroded in the Digital Age, with fintech presenting a formidable challenge to banking’s sovereignty. Customers are shrugging off any loyalty they may have had to their main banks and are opting for the providers with the most convenient, efficient, secure and, above all, speedy financial solutions. Can banks survive in the fintech world, and if so, how?
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.
Corporate governance is moving from back to front stage. Change starts at the top, and a good board of directors is credited with strengthening value creation and stability. What makes a good board? Members should represent their company’s diverse stakeholders and be skilled in a variety of areas that were historically considered the domain of management. For too long, too many boards have fallen short and a reboot is required!
China is investing heavily in financial technology while the rest of the world is lagging behind, propelling the country to the forefront as the global leader in the fintech revolution. A favorable regulatory environment and a welcoming, underbanked domestic population are a few of the factors contributing to this eastward fintech migration.
Across the world, governments are increasingly acknowledging the need to raise the levels of investment in infrastructure projects within their respective countries.
The Internet of Things (IoT) has the potential to become part of everyday life in areas as diverse as medical electronics, industrial automation, transport and practically any other field in which the availability of real-time information can be useful.
Earlier this year, the European Central Bank (ECB) decided to cut its deposit rate to -0.4 percent and its benchmark refinancing rate to zero.