FinTech is not a disruptive force (and blockchain is not a disruptive technology). Rather, it’s the history of institutional banking repeating itself. And the further into 2017, the more apparent it is that the global market is extremely limited for ~8K FinTech startups to have a sustainable future altogether.
Both sides have a lot to learn, and benefit, from each other, according to speakers at the recent “Fintech: The Impact on Consumers, Banking, and Regulatory Policy” conference at the Federal Reserve Bank of Philadelphia.
It’s been over a year since I first blogged on the subject of open banking and it is fair to say, mainly driven through the regulatory pressures of PSD2 and the UK Competition and Markets Authority (CMA) led UK Open Banking initiative, that across Europe, much progress has been made in moving the banking industry to adopt APIs.
Chatbots, computer programs that typically use text-based live chat as an interface to carry out tasks for customers on behalf of the business, are emerging as an inexpensive way to introduce artificial intelligence (AI) in banking.
As digital lending continues to grow in size, companies are looking for ways to make their services more efficient and profitable to both lenders and borrowers. And they believe artificial intelligence and big data hold the key to the future of loans.
Blockchain and Bitcoin technologies look set to change and shake up the course of the digital payments industry. Bitcoin to date is the most successful cryptocurrency and blockchain is what makes it possible, so it is not surprising these two technologies are dominating the eCommerce and payments news space.
Here is Ian Foley’s, CEO of acuteIQ, exclusive article for AI Business in which he outlines how banks can get started with machine learning.
Technology and regulation are intersecting in ways that create uncertainty in a number of areas, but for those who work in compliance, the big question is whether advanced technologies like artificial intelligence and blockchain will ultimately replace people.
Mobile pay is taking China by storm and changing daily commerce. The transformation of a society limited to bills denominated in 100 yuan ($15) or less into one where QR payment codes abound was by far the biggest change in mainland China since my last visit four years ago.
Banking platforms, Banking as a Service or Banking as a Platform, Open Banking platforms, etc.: It is beyond dispute that the world of banking will become ‘platformised’ in one way or the other. However, the multitude of terms shows that it is by far not clearly defined, how banking as a platform works or which significance can be attributed to the term platform in this context.
The financial services sector is currently undergoing, in my opinion, possibly the most profound transformation in history, and it will be a positive force.
The European Commission is investigating whether banks are deliberately preventing non-bank competitors from gaining access to customer account data.
The most recent estimates suggest that the Australian FinTech industry generated $180.2 million in 2015. By 2020, the Australian FinTech revenue is projected to grow at a CAGR of 76.3% and exceed $2.92 billion, driven by reduced taxes on investments in startups, a steady increase in mobile payments and the rise of tech-savvy digital natives.
Cryptographically bound peer-to-peer networks (henceforth called “crypto” for short) are going to be one of the defining technologies of our lifetimes. They enable fundamentally new forms of social organization.
Of the many people to make the jump from Wall Street to cryptocurrency, few if any were as successful in their careers as Daniel Masters.
What countries among the 20 largest economies are adapting quickest to using cashless systems like phones and contactless cards? New research (and nifty infographics) from global trading site Forex Bonuses reveals that Canada takes the top spot, narrowly edging out Sweden for the top position.
Everyone fights a daily uphill battle against the forces of consumerism. Cries of “Buy this! Buy that!” are remarkably similar to pleas to “Eat this! Eat that!” Yet, why do we have so many tools at our disposal to manage eating, but remarkably few to combat spending impulses?