Fintech News Issue #200 January 17th, 2019

200 issues. 200 weeks of fintech with FinTech Weekly. We're thankful for such a long period of being part of this fascinating industry. We're not giving away anything for our anniversary ... but endless gratitude! Enjoy this very special issue. See you in #201 next week <3 – Michael and the FinTech Weekly team

Top Stories

    200 weeks of fintech…
    via FinTech Weekly Magazine

    It’s been an impressive 200 weeks since we published the first FinTech Weekly newsletter. And boy, that one was very different from what we’re doing now…A brief history showing how complexity in fintech has skyrocketed since then.

    All of the major trends and predictions move traditional banking organizations towards the ultimate goal of digital transformation. The need to ‘become digital’ is not a matter of ‘if’, but ‘when’. The challenge is that, while the consumer expects the banking industry to follow the lead of technology and fintech leaders, most banking organizations fall far short of expectations.

    You know they say you shouldn’t start a diet and give up smoking at the same time? Or get married and start a new job? Or whatever? So when it comes to core banking system transformation, why don’t we apply this basic principle?

FinTech Articles

    Claims regarding the impact of artificial intelligence (AI) on banking are getting out of control.

    Bitcoin, and Blockchain, the technology on which it is based, have become something of buzzwords ever since Satoshi Nakamoto’s 2008 white-paper introduced the concept of Bitcoin to the community. As this exciting technology finds wider adoption, many of us working in the IP field are turning their eyes as to how this technology may be patented so that innovation in this area can be encouraged and cultivated.

    That’s the punchline. You don’t even have to read the rest.

    Ahead of open banking’s one-year anniversary, the Open Banking Implementation Entity (OBIE) provides a cool and concise infographic.

    Artificial intelligence is often referred to as the fourth industrial revolution. This revolution is already transforming most industries and organizations, none more so than banks.

    Technology is driving more self-service options in branches and having a massive impact on how branch staff interact with customers. These two closely interconnected factors will determine the fate and future of the brick-and-mortar channel in banking. For retail financial institutions that accelerate their transformation strategies, branches striking the right balance between people and technology can remain productive weapons.

    To stay competitive, banks are investing millions of dollars into technology to digitize nearly every aspect of their businesses. But can they keep up with constant change coming from all directions?

    To stay competitive, banks must face down big challenges – such as cyberthreats, over-regulation, digital transformation, and geopolitical uncertainty – but without the right talent, this is impossible to do successfully.

    Financial institutions that load up on digital and put their faith in Google, Facebook and other ad networks could be making a huge mistake.

    The new FinTech bank
    via The Finanser

    In the last century, most technology developments would take years, involve hundreds or even thousands of developers, be delivered with a large consulting and technology team hired from the likes of Accenture and IBM, and eventually turn up on a Monday morning looking slightly weird and wrong.

    The recent volatility of Bitcoin and other cryptocurrencies has made it much harder for them to be actively used as a payment mechanism. It’s difficult to imagine such an unpredictable asset being used to pay employee salaries, buy goods or services, or pay rent.

    It wasn’t 10 years ago, but more like 15, when I first saw the potential for a digital currency. I’ve been through some big up and downs in bitcoin. But today, I’m more certain than ever that the bitcoin revolution is coming.

    The explosion of digital capabilities and advanced technologies has transformed the way marketing research is conducted and analyzed. These advances enable marketers to better identify consumer trends and react to changes in close to real-time.

    While no two banking customers are exactly alike, financial institutions often treat them the same way—and at a cost. Customers and their financial institutions both feel a negative impact when a “one-size-fits-all” services philosophy fails to meet the needs of certain segments.

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