Issue 146 · Dec 13, 2017 Weekly edition · 4 min read

Fintech News

The future for banking is bright. With 2018 sneaking up, you can enjoy more and more predictions for the upcoming year. But time doesn't stand still, so get updated on everything that happened in the past week. – Michael

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The future is bright for banking

2018 is likely to be a game-changing year for the banking and finance sector. As the General Data Protection Regulation (GDPR) and Revised Payment Service Directive (PSD2) are implemented across the European Union, the exclusive control of banks and other financial institutions on financial data of their customers is about to end.

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In this issue · 14 items

What the Retail Industry Can Teach Banking The Financial Brand — Consumers have changed their shopping habits almost overnight, with the use of smartphones for research and purchasing leading the charge. What does this mean to banking, and why should this be considered a warning to those organizations hoping to grow their customer base and engagement in the future? Open story ↗ 10 FinTech Predictions for 2018 LTP — It was a big year for FinTech in 2017 – and 2018 is shaping up to be every bit as exciting. Here are some FinTech predictions for 2018: Open story ↗ No, Bitcoin Won't Boil the Oceans Bloomberg — While much of the world marvels at bitcoin’s meteoric rise, another part is focused on an environmental byproduct: The sheer amount of electricity that crypto-currencies use. By some estimates, bitcoin’s consumption alone exceeds -- or will exceed -- that of Ireland, Denmark, Japan or even the entire world. Open story ↗ Six Changes Bank and Credit Union CMOs Must Make in 2018 The Financial Brand — If CMOs in the retail banking industry don’t step up and change how they approach marketing, they are putting their careers in jeopardy. The good news is that senior-level financial marketers have an unprecedented opportunity to make themselves more relevant than ever. It all starts with a simple two-letter idea: CX. Open story ↗ Convenience versus control: getting the balance right Banking Tech — Nick Kerigan, MD of Future Payments at Barclaycard, looks at how innovation is helping the payment industry to balance offering seamless payments with keeping people in control of their money. Open story ↗ Four AI Applications Banks and Credit Unions Must Implement Now The Financial Brand — As artificial intelligence (AI) and machine learning are woven into banking’s fold, their potential is almost too vast to predict. The real benefit is in financial institutions’ ability to understand where and how it makes sense to apply these tools first, and where they can derive the greatest value in the fastest way. Open story ↗ Why 2018 Is the Year of AI for Financial Institutions Payments Journal — AI technology is making things faster and easier by cultivating data and providing customized output. In 2018, AI will become a bigger part of many industries, including the world of banks and credit unions, as the cost of AI becomes more accessible. Open story ↗ What is the future of digital cash? Banking Tech — The recent World Economic Forum (WED) report “Sweden could stop using cash by 2023″, says that the country is moving towards favouring cards and mobile payment apps. Yet retailers are expected to accept cash for at least a couple of years afterwards. Open story ↗ Digital Banking Consumers Demand Hyper Personalization The Financial Brand — Thirty-three percent of consumers who abandoned a business relationship did so because personalization was lacking. Hyper-Relevance is the new baseline for success for addressing banking customer demands for tailored experiences. Open story ↗ Bracing for seven critical changes as fintech matures McKinsey&Co — The fintech sector is being shaped by shifting market conditions, new regulations, and changes in consumer demands and behaviors. Open story ↗ The billion dollar friction problem fintech could solve BANKNXT — There are many opportunities in the blockchain, crypto and AI space, says Jessica Ellerm, who looks at what Xero is doing for e-invoicing. Open story ↗ Bank Tellers In The Future Will Have Names Like ‘Alexa’ and ‘Siri’ The Financial Brand — Voice-assisted agents on mobile devices are gaining acceptance and growing in their sophistication. Will these data-driven, AI-powered bots replace human service representatives and push the banking industry one step closer to a branchless future? Open story ↗ 3 Real #FinTech Disruptions In The Financial Advisory Industry Kitces — While the accelerating pace of technological change has many industries buzzing about the risk of disruption – including the world of financial advice – in practice, many forecasted disruptions never come to pass. Sometimes, it’s because the new “innovation” isn’t really all that much better than the status quo... Open story ↗ Will 2018 Be the Year of the Bank of Amazon? Experts Weigh In Bloomberg — For the financial technology industry, 2017 will be defined as the year that the threat of tech giants grew stronger, artificial intelligence cemented its importance and some startups applied to become banks. Open story ↗

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The future is bright for banking

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