Fintech News Issue #159 March 15th, 2018

Blockchain. Cryptocurrencies. Mobile payments: The internet of things: Fintech has sure got its hands full.

The banking industry needs to move beyond viewing fintech firms as competitors, and embrace the opportunity of bringing fintech solutions to an increasingly digital consumer. Collaboration can increase revenues, generate new business and enhance the consumer experience.

All that remains is for regulators to treat them like it.

The Customer Experience in Financial Services Summit and Awards brings together the most successful financial institutions that have hit the mark in trailblazing customer experience strategies and initiatives.

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

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.