Issue 199 · Jan 10, 2019 Weekly edition · 4 min read

Fintech News

Young 2019 already has some great stories in store. Find out what happened in fintech during the past week. – Michael and the FinTech Weekly team

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Why Banks Need To Care About Emotional Banking Before It’s Closing Time

Almost 5 years ago I came up with the concept of “Emotional Banking™” which can only be described as an overall amount of outrage in the face of a stark reality: retail banks spend little to no time, effort and money on investigating the consumers’ feelings about their money.

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In this issue · 14 items

How blockchain, smart contracts could upstage banks American Banker — Its early days yet, but decentralized apps will democratize finance, says Andrew Keys, cofounder of ConsenSys Capital, the venture capital arm of ConsenSys, a Brooklyn-based company that fosters the development of decentralized blockchain services and applications. Open story ↗ Free Webinar – Make Your Customers Invest in Your Insurance Products & Services by Marketing True Value Sponsored — Insurers have never offered such exciting products and services. The real challenge is convincing existing and new customers of the true value of the offerings through an effective marketing and communications campaign. Join the free Insurance Nexus webinar with invaluable insights from **Tapoly, so-sure and Aite Group**. Open story ↗ Fintech Revolution Still Not Here a Year Into ‘Open Banking’ Bloomberg — When European lawmakers ushered in the era of "open banking” for consumers one year ago, both lenders and financial technology startups expected a sea change. For the first time, banks would be required to share account data with competitors as long as customers gave their permission. Open story ↗ Bank/Fintech Partnerships Will Be A Huge Disappointment In 2019 Forbes — Not too long ago the prevailing mindset among banking industry pundits was that fintech startups would disrupt and displace incumbent banks. That view has evolved to "banks and fintechs will partner." Open story ↗ Will Blockchain Replace Core Banking in 2019? 11FS — TL;DR None of the challenger banks use blockchain, the guy who’s leading the most popular smart contract platform (Ethereum) say’s it’s a bad idea. So, I mean read on…but. No, don’t use a blockchain or smart contracts for the love of god. Open story ↗ Are People Happy With Their Bank? Study Reveals Blind Spots and Problems The Financial Brand — Research reveals what really drives people's satisfaction with their primary banking provider, and weak spots that smart institutions can exploit. Financial institutions need to understand consumers' priorities, particularly how important it is to handle problems when they arise. Open story ↗ Study: Most Consumers Have No Clue What Financial Marketers Are Talking About The Financial Brand — Retail bankers keep trying to reach consumers but often they're not getting their messages through. Common communication faults, like using overly complex terms and putting things in a passive way, can undermine not only understanding but also trust. ROI on websites, marketing, and more will rise when financial marketers pick plain English. Open story ↗ Biggest Threats to Banking in 2019: Fees, Lousy Tech and Digital Disruption The Financial Brand — Charge consumers for overdrafts and they get mad. Give them a poor digital experience and they may leave. Four separate studies highlight how consumers now feel more empowered than they ever have before, with new options for financial services that extend well beyond traditional banks and credit unions. Anything from bad service and fees to lousy tech or ethical issues can spark the switch. Open story ↗ How will artificial intelligence ultimately benefit the financial services sector? IT Pro Portal — This explosion in the number of the digital payments creates a problem which will also need AI to solve. Open story ↗ Top 10 Retail Banking Trends and Predictions For 2019 The Financial Brand — The 2019 Retail Banking Trends and Predictions report combines the insights crowdsourced from a panel of financial services influencers, industry analysts and banking providers with the results of a major global research study. This is an excerpt from the 118-page report. Open story ↗ Why the next big thing in fintech is not mobile payments Tech in Asia — In October 2018, Grab raised US$200 million to expand its fintech offerings. That means it’s no longer just a ride-hailing service: it is now one of Southeast Asia’s largest non-bank financial firms, offering payments, microloans, and other services. In fact, it handles more than 1 billion financial transactions every year. Open story ↗ Zooming out on Capital Markets and Wealth management Daily Fintech — A New Year doesn’t always necessarily mean a new mindset but it does allow us to reflect and zoom out. Open story ↗ 2018: The Year that Banks and Fintech Started to Figure Things Out Lend Academy — We look back on all of the significant bank and fintech partnerships struck in 2018. Open story ↗ Blockchain’s Occam problem McKinsey — Blockchain has yet to become the game-changer some expected. A key to finding the value is to apply the technology only when it is the simplest solution available. Open story ↗

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Why Banks Need To Care About Emotional Banking Before It’s Closing Time

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