Fintech News Issue #176 July 19th, 2018

In 1999, Anthony Kiedis of the Red Hot Chili Peppers sang about a “Parallel Universe”, unencumbered by the natural laws of the known universe. Around the same time, banks were dealing with the most disruptive technology shift since the introduction of the microchip. It was the dawn of Internet banking and newly-minted Internet banks, backed by reputable brands, began to draw customers out of the branch and onto the Internet. This and quite a bit more in issue #176. – Michael and the FinTech Weekly team

Top Stories

    The Parallel Universe of Banking
    via FinTech Weekly Magazine

    In 1999, Anthony Kiedis of the Red Hot Chili Peppers sang about a “Parallel Universe”, unencumbered by the natural laws of the known universe. Around the same time, banks were dealing with the most disruptive technology shift since the introduction of the microchip. It was the dawn of Internet banking and newly-minted Internet banks, backed by reputable brands, began to draw customers out of the branch and onto the Internet.

    A recent study of 34 major banks across several geographies (US, EU, Singapore, Africa, Australia, India) by MEDICI Team found that 27 out of these 34 banks have implemented AI in their front-office functions in the form of chatbots, virtual assistants, and digital advisors.

    Nothing has impacted today's consumer more than the power of the smartphone and digital technologies. The full impact of digital technologies has yet to be fully realized. Those banks and credit unions that continue to have a passion for yesterday's banking models will soon see negative impacts on growth and revenue.

Top Conferences

FinTech Articles

    Bitcoin and other cryptocurrencies have the potential to change the way the nonprofit sector is funded. Through the use of bitcoin and the underlying blockchain technology, donors and recipient organizations are finding ways to conquer traditional fundraising hurdles.

    It’s impossible to say precisely how artificial intelligence will disrupt the job market, so researchers at PwC have taken a bird’s-eye view and pointed to the results of sweeping economic changes.

    Collaboration with startups from adjacent industries – such as agriculture, aircraft manufacturing, health, cyber-security, maritime and general transport – gives insurers the opportunity to access new revenue streams, for example to invest more energy in preventing damages happening before a claim needs to be made. 80% of SBC partners surveyed believe the future of insurance is prevention.

    From better risk visibility & faster claims processing to collectively fighting fraud, blockchain can provide comprehensive benefits across the insurance value chain.

    In the first five years of the Guide to Financial Marketing report, the priorities had not changed significantly. In 2018, we saw some changes in priorities that are counter to what we believe is needed. The question remains – are today's financial marketers prepared for the future?

    The Future of Fintech
    via Business Insider

    [Sponsored] In the Future of Fintech slide deck, Business Insider Intelligence explores what's next for fintech, how it will reach new heights, and the developments that will help it get there.

    Thirty years ago, in practically every organization in every industry, "reengineering business processes" was at the top of the list of strategic initiatives. Five years later it was "knowledge management." Five years after that everyone had to become--or find a way to launch--a dot-com. Today, it's "digital transformation."

    With all the tweets, iMessages, streamed songs and Amazon prime orders, did you ever wonder just how much data is actually being generated every minute? To find out, cloud-based operating system Domo analyzed data usage over the past year, and shared the results in its sixth Data Never Sleeps report.

    The Chinese bank is looking to blockchain technology to increase efficiency and improve customer service for financial asset exchange.

    While social media is taken for gossip in one part of a continent, it is a banking tool in another. WhatsApp is evolving from just a mere chit chat messaging platform to one used for basic banking services. Before you will know it, it will be another of the e-banking options your bank will improvise – through WhatsApp banking.

    The latest attempt to create a cryptocurrency pegged to the U.S. dollar, or "stablecoin," combines 21st-century technology with an invention from the Great Depression.

Podcasts & Videos

    COBOL is a programming language that was ubiquitous to the programming world around 60 years ago. It's since been replaced by newer and more useful languages. Unfortunately, COBOL still underpins a great deal of the banking technology in the world, but no-one's trained in it. This has left to a rise in the number of 60-80 year olds who have come out of retirement to maintain the modern banking world.

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    The ebics box API is capable of automating all common processes involved for providers of digital marketplaces, subscription services and other business cases involving regular and high-volume payment processing in the SEPA area.

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