FinTech News Issue #112 Friday, April 7th 2017 09:20AM

Fintech Hub: BankingReimagined

The sharing economy continues to grow and disrupt entire industries. A recent report published by the Brooking Institute concluded that the sharing economy would become a major part of the global economy.

Merchant banks and acquirers have hit a vendor-shaped wall. The lack of choice in payment terminals is crippling banks who are currently at the mercy of the hardware vendors, and are unable to offer a payment device that meets the needs of their modern merchant customers.

Digital banking users who are actively engaged with services such as electronic bill payment and person-to-person payments are loyal and valuable financial institution customers. Here are 5 ways to increase sign-up and usage of mobile payment options.

Financial brands should steal ideas from the playbook tech giants pioneered to create the sophisticated digital experience today's consumers expect.

Crushed by the weight of student loans, Millennials don't want to take on any more debt. Now they are teaching their kids — Gen Z — to shun borrowing. How will traditional lenders survive if two consecutive generations spurn credit?

Big banks may have scoffed when a gaggle of financial technology upstarts promised to reinvent their business. Now they want to buy them.

The Cambridge Centre for Alternative Finance (CCAF) has published its first study on digital currencies, usage and the emerging ecosystem supporting the new type of currency. As the report explains, “the world of money and finance is transforming before our eyes.”

What does FinTech mean for financial services organisations: innovation, disruption, opportunity - or all of them?

Machine learning has become a huge trend in the technology industry in the last few years, as a more accessible side of artificial intelligence, with computers learning to complete tasks without being directly programmed to do so.

As emphasized in the report, digital sales serve a critical purpose in the banking customer journey (customer acquisition through deposit accounts, loans, credit cards, and other products). However, most banks are failing to capitalize on the digital sales opportunity with a lack of online and mobile account opening options.

Using data along with other cutting-edge tools can help organizations make better decisions and step up efforts to monitor fraudulent transactions.

Could financial fraud such as the Laundromat be avoided by applying machine learning to scan through data? And if yes, why is that not happening?