Issue 161 · Mar 28, 2018 Weekly edition · 5 min read

Fintech News

We've suspected it: financial institutions aren't prepared for the digital revolution. We talked about turning the business model upside down and you will also find out this week what the real difference between a

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Fintech Insider Ep.193. Interview: Chris Skinner, Author - Digital Human

Chris is Chair of the European networking forum: the Financial Services Club. He is on the Advisory Boards of many companies including Innovate Finance, Moven and Meniga. The big topic of his upcoming new book is Humanity’s Fourth Revolution and the next generation of finance. How it’s happening right now and soon 4.5 billion more people will be able to access banking services.

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In this issue · 15 items

Financial Institutions Aren’t Prepared for the Digital Revolution The Financial Brand — The world is in the process of a Digital Revolution, where everyone on the planet has the ability to talk, trade and transact with anyone else. This transformation will erode boundaries and promote inclusion. In this exclusive interview, Chis Skinner discusses his newest book, Digital Human, and the impact these changes will have on banking and the world as a whole. Open story ↗ Banking & Fintech: Better Together FinTech Weekly Magazine — While Fintech companies were initially viewed as a banking competitor, the two are finding that there is greater benefit to working together. According to the 2017 World Retail Banking Report, 91 percent of banks and 75 percent of Fintechs responded that they expect to partner with one another in the future. Open story ↗ Millennials want a home. Can fintech give it to them? This week I took part in a series of qualitative research groups that involved speaking to Australian millennials about their hopes and fears for the future. Two key themes emerged, which should surprise no one who is either in this generation or building products for it – job security and home ownership. Open story ↗ Will GDPR inhibit or enable the take up of Open Banking? Finextra — Open Banking is intended to create more competition in the banking industry and to encourage better services and more innovation to improve the customer banking experience. Open story ↗ A fairer future for banking? International Banker — Saturday, January 13, 2018, marked a significant milestone in building a better and more open future with data when the United Kingdom’s Open Banking Standard came into force—ushering in a secure set of rules, technologies and standards that allow customers to give companies other than their banks the permission to securely access their accounts. Open story ↗ Turning the Banking Business Model Upside Down FinTech Weekly Magazine — We talked to Finxact co-founder Dan McKinney about the changing service industry, the ever-growing importance of customer experience and all the implications for banks today. And what came first, the chicken or the egg? Open story ↗ Connected screens are revolutionizing payments Mobile Payments Today — The Internet of Things (IoT) has been a topic of discussion for the past few years, and the nature of its applications has evolved over time. According to a report by Gartner, the IoT will grow to 26 billion units installed by 2020. This report also highlights that the IoT product and service suppliers will generate revenue exceeding $300 billion by the same year. Open story ↗ How could regtech ease the compliance burden? Independent Banker — Community banks are increasingly turning to regulatory technology to help them be more efficient and effective in their compliance efforts. Open story ↗ Alternative Payment Methods Are Taking Over Global Online Businesses FinTech Weekly Magazine — When was the last time you pulled out a wad of cash to pay for dinner or a stack of dollar bills to cover your rent? If you’re like the rest of the developed world, chances are, it’s been a while. The transition to a cashless society has been a long time in the making, but there are other interesting developments afoot, leading to a rise in Alternative Payment Methods (APMs). Open story ↗ Wall Street rethinks blockchain projects as euphoria meets reality Business Insider UK — Wall Street has been much more excited about the system underpinning bitcoin than the cryptocurrency itself, but the global financial industry has not yet been able to do much with the technology known as blockchain. Open story ↗ Bringing Simplicity to Banking The Financial Brand — Life often feels like it's moving at warp speed, and the world is getting more and more complicated. That's why people constantly seek greater simplicity in every aspect of their lives, including banking. Open story ↗ What is the real difference between a challenger bank and an incumbent? The Finanser — I was reading about banks being average to poor at marketing, and wondered about it. Banks’ advertising generally is about either being cool or in love with you. Here are a few examples from British banks. Lloyds: we’re old but still here with a big horse ... Open story ↗ Surging fraud expenses eat into digital lenders’ bottom lines FinTech Weekly Magazine — Lenders have long faced down the issue of fraud, but now, digital lenders are now facing even greater challenges. Digital lenders have become an easy target for identity and transaction-related fraud, compared with non-digital lenders, as criminals can now hide behind a mobile or computer screen. Open story ↗ The Massive Millennial Shake Up in Traditional Wealth Management The Financial Brand — Affluent Millennials are changing the wealth management industry, with new expectations around satisfying needs and terms of engagement. They have increasing wealth and different demands than previous generations. Open story ↗ Are bankers underestimating Amazon? American Banker — More than a decade ago, bankers successfully fought off the retail giant Walmart as it tried to buy a bank by arguing that it was dangerous for commerce to mix with banking. Open story ↗

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Fintech Insider Ep.193. Interview: Chris Skinner, Author - Digital Human

Finance intelligence, minus the noise.

Good questions. Clear answers.

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