Issue 192 · Nov 14, 2018 Weekly edition · 4 min read

Fintech News

Quantum computing should teach bankers to think fast and act fast, can banks keep up with customer expectations and do we need to consider a central bank backed cryptocurrency? Find out in this week's fintech news

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Podcast: How banks can avoid becoming zombies

Gartner recently predicted that 80% of banks will become irrelevant by 2030. Peter Redshaw, team Manager for the global financial services team, explains some of the strategies the analyst firm thinks banks need to execute to survive.

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In this issue · 12 items

Quantum leaps, or why I am looking forward to the future 11FS — Banking no longer has the luxury of getting up to speed with new technology. If you can’t adapt on the fly you’ll be left behind. Open story ↗ Chasing the Digital Dream: Can Banks Catch Up With Consumers? The Financial Brand — The banking industry's digital ambitions don't match consumers' digital perceptions. Two decades into the digital age and many consumers are still dialing their phones to talk to humans. A new study from Gartner reveals significant gaps when it comes to making digital experiences easy. To improve the experience, banking providers need to stress 'useful' over 'cool'. Open story ↗ The Future of Banking Extends Beyond Financial Services The Financial Brand — The future of the banking ecosystem will look much different than today and will extend well beyond financial services. There is a unique opportunity to capitalize on the insights banks hold and the innovation that they can build, buy or collaborate with to become the center of a consumer’s everyday life. The big questions is … who will embrace the challenge? Open story ↗ IMF: Nations Need to Consider a Central Bank Backed Cryptocurrency Fintech Singapore — During her speech at Singapore Fintech Festival 2018, Christine Largarde, IMF’s Managing Director expressed the need for states to consider the possibility to issue digital currency, adding that there may be a role for the state to supply money to the digital economy. Open story ↗ Platforms, Products And Channels Transforming Financial Services The Financial Brand — Major shifts in products, channels and platform opportunities are changing the ways banks and credit unions can compete, according to the Innovation in Retail Banking report. The 2018 edition found that in the present, many financial institutions lack a definite digitalization strategy. But in the future, agile, responsive and technologically advanced organizations will mark the winners. Open Banking APIs have captured executives' optimism. Open story ↗ 5 reasons robots aren't going to take over the world World Economic Forum — Scientists are known for making dramatic predictions about the future – and sinister robots are once again in the spotlight now that artificial intelligence has become a marketing tool for all sorts of different brands. Open story ↗ Five ways banks are responding to the fintech threat Financial Times — Online banking customers are a third more profitable than traditional bank-based clients, Piyush Gupta, chief executive of Singapore’s biggest bank, DBS, told investors a year ago during a presentation of the bank’s digital strategy. The remark sent DBS shares sharply upwards. Open story ↗ AI is not “magic dust” for your company, says Google’s Cloud AI boss MIT Technology Review — Andrew Moore says getting the technology to work in businesses is a huge challenge. Open story ↗ Ping An Technology CEO expects 'exponential' growth in financial technology CNBC — Financial technology has reached a tipping point for China's Ping An Technology and future growth in that area is set to be exponential, according to CEO Ericson Chan. Open story ↗ Three challenges facing blockchain technology TechCrunch — Here are the three most important challenges facing more widespread adoption of blockchain technology right now. Open story ↗ Did Amazon Miss The Window To Launch A Checking Account? Insights Vault — Back in March, the Wall Street Journal reported that Amazon was in talks with a number of big banks, including JPMorgan Chase, about building a checking-account-like product. Eight months later, and we haven't heard any new news. Open story ↗ FinTech and challenger banks rapidly changing financial landscape Consultancy.uk — Accenture’s research attempted to quantify the level of change in the global banking industry structure, based on more than 20,000 banking and payments institutions across seven markets, including Australia, Brazil, Canada, China, the EU, the UK, and the US. Open story ↗

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Podcast: How banks can avoid becoming zombies

Finance intelligence, minus the noise.

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