Fintech has transformed banking as we once knew it, and now fintech-as-a-service (FaaS) is providing financial technology as a service through integrated API-based solutions to a wide market. From processing payments to meeting compliance requirements, FaaS is set to drive coordinated financial innovation further, with no end in sight.
The internet has become an indispensable element in our lives and has also crowned a few behemoths, which control not only a huge chunk of the Web but plenty of user data. As we move into Web 3.0, we can expect to see a more decentralized DLT-based system that gives back to users sovereignty over what is rightfully theirs: their data.
The dust has had time to settle on the much-awaited publication of the Kalifa Report on the fintech industry. The report, by Ron Kalifa, was conducted on behalf of The City of London Corporation, at the behest of Her Majesty’s Treasury, and could not have come at a more opportune time.
Financial services will always be a target for hackers seeking to gain their hands on lucrative assets. But as the sector continues to digitise, organisations risk increasing the number of entry points for increasingly sophisticated cyber criminals to take advantage.A growing cause for concern is the rise in ‘Shadow IT’, as the adoption of cloud-based services increases.
Repurpose Digital Transformation: It’s Not Just about the Technology, but the People We Serve and Lead
The pandemic has ignited banks’ digital transformations and stressed People as our key priority. Leading from the heart, closing the digital-skills gap, translating corporate purpose into action, undertaking a transformation that is strategically anchored and risk-balanced and maximizing customer experience, will propel banks into a better shared future.
India, second only to China in population, is home to one of the world’s most active tech sectors, with innovative firms popping up all over the vast nation, attracting significant interest from foreign investors. Time will tell if these enthusiastic start-ups live up to their expectations and reward their investors with soaring profits.
The infiltration of multiple digital technologies in banking operations continues unabated, with the goal of outpacing customers’ expectations and fintechs’ competition. From mixed reality to voicebots and robotisation, the race to digitalize financial services securely but optimally has no end in sight. How can banks compete strongly?
Bank clients have embraced online channels to complete routine transactions, but this doesn’t mean they no longer seek human contact. When the time comes to cope with complex financial matters, individuals and small businesses alike often want a human financial partner. How can banks best meet this demand for blended customer service?
Revolut, a UK-based neobank valued at $33 billion with 16 million customers, has raced to the top of its nation’s most successful start-ups list since its beginnings in 2015 and is just one spot down from the top of Europe’s. What is behind its quick ascension? What are its plans to expand? Are there any concerns that may slow it down?
Physical distance is needed to combat COVID-19 but has also bolstered the move to omnichannel payments. Customers enjoy paying in-store, but many have discovered the convenience of other methods and appreciate an integrated experience offering varied channels. Sellers that adopt omnichannel capacity will find customer satisfaction follows.