Fintech News Issue #116 May 4th, 2017

Podcasts & Videos

Top Stories

    As a business owner, I rarely log into my business bank account. They make it too hard for me to log in, and when I do, the level of capability doesn’t reflect the jobs I have to do on a day-to day-basis. We are hugely busy building our company, 11:FS, and I can’t be bothered with something that doesn’t give me basic insight and isn’t at all connected to my personal banking.

    In the past few years, investment in the Fintech sector has been exploding. In fact, between 2013 and 2014, Fintech investing tripled to grow to more than $12 billion per year. This investing is mainly due to the rapid innovation that is happening in the sector.

    “Financial services has seen no shortage of breathless enthusiasm for the millennial generation, with banks and startups clamoring to be the first to understand and serve the needs of young ‘digital natives’ and ‘the mobile-first generation. But what about the rest of Americans?”

FinTech Articles

    You’re summoned to court where a ton of evidence including phones calls, handwritten notes, emails and chat logs undeniably prove your complicity in a crime.

    The problem is, none of that evidence belongs to you. They have been masterfully crafted by Artificial Intelligence algorithms that have meticulously profiled you.

    Financial services organizations are among the leading adopters of cloud services, according to McAfee’s recent Cloud Security Report.

    Given the significant interest in fintech globally, and its ongoing evolution in terms of market drivers, technologies and potential use-cases, KPMG is bringing you pulse of fintech investment globally. Each quarter, we’ll highlight key fintech deals, issues and challenges seen around the world, in addition to key trends and insights related to fintech in key regions, including the Americas, the US, Asia and Europe.

    Why should my bank start making data-driven decisions? It’s a common question many bank executives are asking as they see the competition leveraging customer data to improve service, better segment, mitigate risk, enhance marketing messages, and drive new business opportunities.

    Disruption is Already Here

    — via

    Most of the disruption that we have seen in financial services so far has been on the surface, at the Experience Level. Customer touchpoints are often just digital wrappers around the same-old, same-old. Especially most of those created by incumbent financial institutions. Think of a simple financial app with limited functionality, such as balances and transfers.

    Derek White, BBVA global head of customer solutions, takes a tour of the new digital technologies that are set to reshape banking.

    The big banks and Silicon Valley are waging an escalating battle over your personal financial data: your dinner bill last night, your monthly mortgage payment, the interest rates you pay.

    Identity is a tricky thing, for financial institutions as for philosophers. Banks and credit unions spend an inordinate amount of time learning who their customers are, verifying that they are who they say they are and proving to regulators that they know with whom they are doing business.

    As legacy financial institutions strive to provide more digital functionality, the role of the CIO has become more important than ever. Today's CIO in the banking industry is expected to acquire new skills and assume new responsibilities while fostering internal collaboration and creating a start-up culture.

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