Issue 159 · Mar 15, 2018 Weekly edition · 4 min read

Fintech News

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.

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How Long Should It Take to Build a Digital Bank?

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?

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In this issue · 15 items

Why Amazon is moving into finance, and what it means for advisers Investment News — The moment many have long speculated, and feared, is finally here — Amazon is entering the financial services world. Open story ↗ 6 Trends Impacting the Future of Payments Entrepreneur.com — Blockchain. Cryptocurrencies. Mobile payments: The internet of things: Fintech has sure got its hands full. Open story ↗ Customer Experience in Financial Services Summit and Awards 2018 (July 5, Singapore) 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. Open story ↗ How Europe’s Banking Revolution Will Boost Fintech ValueWalk — Europe’s new banking rules will give fintech companies a leg up, say two experts. Open story ↗ Change or die? Why we will see some banks launching cryptocurrencies soon Irish Tech Newsl — 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. Open story ↗ 5 Ways Fintech Firms Help Banks and Credit Unions The Financial Brand — 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. Open story ↗ Digital Lending Must Go Beyond Eliminating Paper The Financial Brand — 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. Open story ↗ Are you really a digital bank? (just shake it off) The Finanser — 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. Open story ↗ Big Tech Firms Are Behaving Like Big Banks Bloomberg — All that remains is for regulators to treat them like it. Open story ↗ Why So Many High-Profile Digital Transformations Fail HBR — 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 ... Open story ↗ Bank of Amazon could woo 70 million US customers within five years Finextra — 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. Open story ↗ Why Blockchain Will Survive, Even If Bitcoin Doesn’t The Wall Street Journal — Latest blockchain applications could bring overdue change to critical, if unsexy, functions in shipping, real estate and…diamonds Open story ↗ Fintech Has Grown Up 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. Open story ↗ Banking leaders sound dire warning: Transform or die Today Online — 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. Open story ↗ Central Bank Digital Currencies Could Fuel Bank Runs, BIS Says Coindesk — 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. Open story ↗

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How Long Should It Take to Build a Digital Bank?

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