Fintech News Issue #159 March 15th, 2018

Payment trends, how fintechs help banks and are starting to behave like them. This and more to get updated on the industry's developments in this issue of FinTech Weekly. – Michael and the FinTech Weekly team.

Top Stories

Top Events

FinTech Articles

    Citibank announced that they plan to build a digital bank with a potential three-year timeline. Why would it take so long, especially when other financial institutions have developed their mobile-only banks in a year or less?

    The moment many have long speculated, and feared, is finally here — Amazon is entering the financial services world.

    Europe’s new banking rules will give fintech companies a leg up, say two experts.

    Cryptocurrencies continue to dominate the financial market, particularly after their explosive growth in 2017. As such, they have attracted the attention of central banks in different countries.

    Consumer lending is entering a second era of digitization, making the transition from electronically replicating paper-based processes to re-designing experiences to take full advantage of digital opportunities.

    I was in a conversation the other day where someone asked me how I can tell if a bank is really trying to be a digital bank or just a bank. Off-the-cuff I immediately said that I have a litmus test to work out the answer to that question. I didn’t realise I was so polarised until I said it, but as the words tumbled out, I realised that this is the question that needs to be asked and answered.

    In 2011, GE embarked upon an ambitious attempt to digitally transform its product and service offerings. The company created impressive digital capabilities, labeling itself a “digital industrial” company ...

    Bain and Co, estimates that a banking service from Amazon could swell to more than 70 million US customer accounts within five years, equalling the size of the country's third largest bank, Wells Fargo.

    Latest blockchain applications could bring overdue change to critical, if unsexy, functions in shipping, real estate and…diamonds

    Fintech Has Grown Up
    via Forrester

    Having trekked between the ExCel convention center and central London for most of last week – Finovate Europe moved to this larger and more remote location from the historical Old Billingsgate Hall this year – I can’t help but think that the changed location and format of the event reflect the wider changes happening in the fintech space.

    Several banking industry leaders on Tuesday warned that lenders risk being usurped by big technology companies, and becoming merely part of the infrastructure if they do not jostle for space in the financial technology (fintech) landscape.

    A central bank-issued digital currency (CBDC) could fuel faster bank runs during periods of financial instability, the Bank of International Settlements (BIS) said Monday.

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