Fintech News Issue #196 Thursday, December 20th 2018 05:07PM

Startup-institution relationships (whether its Carrier-InsurTech or Bank-FinTech cases) have evolved from competition to a beautiful friendship, bringing out the best and accelerating innovation adoption

When it comes to fintech, there is no shortage of big bets on which new technologies will come to fruition and the levels of mass adoption. From talk of plastic cards going away to the end of cash, everyone is eager to anticipate the next big trend.

Forecasting consumer trends is an inexact science at best. But financial marketers must stay ahead of major trends that impact purchase decisions. Such evolutions can't be ignored – especially at a time of increasingly rapid change. These digital consumer trends are already taking root and will grow in importance for marketers and advertisers in 2019.

Automation may not be the most sexy part of banking's ongoing digital makeover. Analyzing and automating countless business processes from mobile apps to call centers can seem like a tedious affair. Even though bots and software make this easier than many think, most banks and credit unions have not done much with them due to misconceptions and overblown concerns.

Blockchain transformation is upon us. It all started with Bitcoin. It first appeared in 2009, and from there the growth has not stopped at all. We can say that we are currently at a stage where Organizations and Enterprises start adopting it. Its impact is undeniable, and industries are following the trend.

With the fintech revolution firmly underway in the wealth management and advisory space, we reached out to financial industry leaders and experts and asked the question:

One of my biggest takeaways from the discussion centered around what I perceive to be the biggest hurdle right now to fintech innovation and implementation at financial institutions: a corporate culture that prioritises the short-term over long-term future-proofing.

Prolific author and thought-leader George Gilder is at it again, redefining the technological landscape in his latest book, “Life After Google: The Fall of Big Data and the Rise of the Blockchain Economy”. The book is a must-read for technologists and fintech enthusiasts looking to better understand the next generation of technology innovation.

Elaine and Malcolm Thompson’s charity, St Paul’s Children’s Project, pays school fees and expenses for 36 orphans in Zambia. In October they made a payment using the Swift system of £11,000 from the charity’s Barclays account to its designated bank in Zambia, but it never arrived.

This is the time of the year when many consulting, research, and media firms make FinTech predictions. We wanted to do it differently this time but also wanted to put ourselves to the test.

With 2019 right around the corner, the time has come to reflect on the events of 2018, but more importantly, to consider what the next year holds. With a groaning bear market dampening the crypto hype, it is easy to forget that blockchain technology continues to hold much promise.

In 2018, the acceptance of virtual cards, also known as v-cards, by small to mid-sized businesses (SMBs) increased significantly as suppliers embraced the improved security and convenience of this digital payment method over paper checks. Still, making the leap to fully automated payments remained a challenge for most within this market segment.

Murugan is the owner of a small cloud kitchen in Shanghai. He speaks fluent Tamil, passable Mandarin, and a bit of English. The 41-year-old small time entrepreneur supplies Indian food to universities and office establishments in the city.

A culture of innovation and failing fast drives the Chinese financial conglomerate’s expansion beyond traditional sector boundaries and its early adoption of emerging technologies.

While some companies — most large banks, Ford and GM, Pfizer, and virtually all tech firms — are aggressively adopting artificial intelligence, many are not. Instead they are waiting for the technology to mature and for expertise in AI to become more widely available. They are planning to be “fast followers” — a strategy that has worked with most information technologies.

While statements and position papers from most central banks were generally skeptical of cryptocurrencies, the times may be changing.

What should we be on the lookout for in 2019? According to the fintech pros surveyed by Bloomberg—more deals, swirling IPO rumors and a continued steady stream of checks from venture capitalists. Here’s a wrap from industry experts.