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FinTech Weekly Magazine

  • Do Regulatory Questions Threaten the Rise of Fintech?

    In the past few years, investment in the Fintech sector has been exploding. In fact, between 2013 and 2014, Fintech investing tripled to grow to more than $12 billion per year. This investing is mainly due to the rapid innovation that is happening in the sector.

    However, despite the enormous possibility for growth of Fintech, the industry is now facing one distinct challenge; increased government regulation.

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PSD2: The Implications for Banks and Online Businesses

    On 8 April 2015, Jamie Dimon, Chairman and CEO of JP Morgan, wrote to shareholders with the following caution: “Silicon Valley is coming”. This warning is often cited by those predicting the “imminent demise” of traditional banks and the rise of “FinTech”. But, fast-forward two years and Rome has not burned. The big banks are still here, and whilst FinTech continues to disrupt and challenge the financial services sector, the companies that have pioneered FinTech do not dominate the sector and the traditional banks seem pre-eminent as ever. The banks and FinTech have come to realise that they need each other. FinTech can improve bank customer participation and experience, whilst Banks can give FinTech the missing component to their businesses - users.

  • 2043: The year Britain will turn cashless
    • Current rate of decline in cash means UK could be completely cashless by 2043
    • Two-thirds (68%) of Brits avoid businesses which only accept cash
    • However, expert suggests British government is not ready to commit to being cashless
  • Why technology-enabled Fund Administrators will become a bigger force with Family Offices

    The recent and unprecedented spike in the number of millionaires in the US has spurred the creation of ever-more Family Offices (FOs) as people of wealth are turning to Single Family Offices (SFOs) and Multi-Family Offices (MFOs) to help them manage their wealth. Many of these offices offer a full suite of solutions including investing, budgeting, insurance, charitable giving, tax & legal services, and more.

  • Internet of Things & Financial Services – The Future is Already Here

    We are all familiar with taking a wrong turn or missing a turn altogether while driving and have the GPS navigation system holler at us about recalculating the distance and then suggesting an alternative route. Might that have sounded a little fanciful in the 1980s when people were still relying on printed maps to navigate?

  • Digital Finance Platform Innovation and the Effect on Lending

    Over the past few years, we've come to realize that lending is no longer constrained to the doors and floors of a bank. Now, with the power of digital platforms, we can lend and borrow through online companies at the swipe of a smartphone. This freedom has significantly impacted the lending and banking as industries, most notably the ability of individuals to obtain loan products. And this is great for consumers and financial institutions alike. In this article, we want to explore how peer-to-peer lending increases the adaptability of financial systems around the world.

  • The Cloud

    “The cloud.” It’s part of the modern lexicon, but what is it, exactly?

  • How the Future of Work Will Impact Fintech

    Over the past decade or so, the workforce in the United States has been going through some major changes. One of the most significant of these changes has been the rise in popularity of freelancing. In 2005, only 10% of the workforce was made up of non-traditional employees like freelancers and independent contractors. In 2016, however, 16% of the workforce is made up of these alternative workers. By 2020, it is predicted that up to 40% of the workforce may be freelancers.

  • The Open Ecosystem – How Banks Can Keep Pace with Fintech Disruptors

    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. For years, there has been no route around for banks and acquirers, but now a pioneering concept is set to put the power back into their hands.

  • New Kids on the Block: Where Fintech Meets Sharing Economy

    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.

  • Don’t compete with Fintechs; Build your business on top of them

    The financial industry is not new to innovations. As the human civilizations became more and more sophisticated, there was a need to create new financial products to serve the ever-evolving requirements of these complex societies. Technology in the financial sector is also not new and is around for a few decades now. Machine readable cheques, automated data processing, automated teller machines and electronic payment systems made banking easier, accelerated innovations and gave rise to various new financial products in the second half of 20th century. But the proliferation of Fintechs in last decade or so has been driven mainly by the advancements in software and internet. Given that financial services are made up of non-tangible goods (unlike automobiles, oil, housing, pharmaceuticals etc.), the financial services industry is most vulnerable to the disruptions in information technologies.

  • The problem with Fintech

    Everyone wants a piece of the $100 trillion pie. I can rattle off a list of 50 payments companies you’ve never heard of and never will. Companies that do millions of dollars in transactions a day. Everyone has a different niche, a different value proposition - more security, less personal data storage, more rewards, less fees – whatever. You want to pay with the palm of your hand? Yeah, there’s an app for that too. And there’s nothing wrong with any of this. Competition fuels technological progress, and the payments space is in desperate need of progress. Progress to eliminate the pain, cost, and time spent dealing with traditional payment processes.

  • Open letter to Mark Carney on Robo-Advice

    I am very pleased that Mark Carney has robo-advice on his mind. For him to be speaking about a nascent industry, he must believe that firms using technology to help manage people’s money will grow to become a significant part of the market. This is a fantastic promotion of the industry and one I am extremely proud to be a part of as we put the client back into the heart of our service.

    However, in his speech he appears concerned about robo-advisors becoming a risk to our well-functioning financial system. The argument is that they may lead to excess volatility or increase pro-cyclicality as a result of herding. I see his attack on robo-advice as misinformed for several reasons.

  • Polish FinTech companies attract interest abroad

    FinTech is currently one of the fastest growing sectors of technology. It is expected that by the year 2020, investment in FinTech companies will grow to 46 billon USD, while global investment in this sector today amounts to more than 26 billion USD (Statista). Because of their high degree of innovation, solutions originating in East-Central Europe, including Poland, are the subject of considerable interest in the branch and are represented at many international conferences. This year is no exception, and on 7-8 February at Finovate London, we will be able to see some new and interesting FinTech from Poland.

  • Why banks must look beyond today’s crypto key management standards

    Banking operations are diversifying, fast. Outsourcers control more of many big banks’ core and non-core operations than ever before. The age of mobility has dawned and vastly increased both the number and the kind of devices that are interfacing with banks’ core systems.

  • InsurTech: What to expect in 2017

    InsurTech well and truly made its mark in 2016, stealing some of the thunder (and investment) away from its big brother, fintech, and with tonnes of exciting start-ups and innovations hitting the market.

    So, what does the next 12 months have in store for us?

  • Peer-To-Peer Payments in the Fintech Revolution

    The financial technologies (FinTech) revolution, which has the potential to disrupt traditional financial services and banking systems in most jurisdictions, is likely to see the cutting of costs and an improvement in the quality of financial services.

  • The future digital currency may not be the Bitcoin

    Two years back after my trip to the US, I still had a coin of 1 dollar cent in my wallet. In a supermarket in Berlin, mistaking it for a 2 euro cents coin, I presented it to the cashier. The cashier immediately recognized it and returned it to me saying it’s not the right coin and they don’t accept it. Realizing my mistake I presented the right coin. The two coins (1 dollar cent and 2 euro cents) are almost of same size, weight and material. Why couldn’t the supermarket accept it?

  • Saving Financial Services in a Fickle Digital Culture

    According to a recent survey, more than half of banking executives want to improve their social and mobile channels. However, the same survey revealed that over 50% of consumers did not feel their bank knows them as a customer (TimeTrade). The challenge facing banking executives in 2017 is bigger than just shifting budget towards mobile app development and Facebook strategy, it’s the ability to connect the dots across multiple channels resulting in more accurate and relevant communications between a financial institution and its audience. By taking this ground-up approach to marketing, financial leadership can invest in accurate, impactful marketing that drives brand loyalty now and for years to come.

  • Why Portugal? Why Lisbon? – Interview with João Vasconcelos, Secretary of State of Industry

    We had the privilege to talk to João Vasconcelos, Portugal's Secretary of State of Industry and former Executive Director at Startup Lisboa, about the thriving tech scene and reasons for fintechs to come to Lisbon. Besides the beautiful landscape and great people, of course.

  • Why you still can’t trust banks (and what FinTech is doing about it)

    Banks acting in a manner that leads to distrust of financial services is nothing new. The financial crisis, market rigging and - most recently - a scandal at Wells Fargo show that banks continue to work for no-one but themselves. Mike Galarza, the CEO of Entryless, discusses why banks are untrustworthy and what FinTech firms are doing about it.

  • Rising Interest in Blockchain Technologies, Amid Legal Issues – Report from Russia

    Blockchain technologies are attracting increased interest from Russian financial institutions and IT companies, and may be poised to overcome skepticism from Russian regulators. This is perhaps not surprising, given Russia’s prominence in the technology sector, with over 120,000 local programmers and continuing growth in ecommerce and online activities. However, certain legal obstacles may still pose challenges for promoters and developers of cryptocurrencies and other blockchain applications.

  • "There is some real disruption mixed in with the noise" – Interview with Brett Myers

    We met Brett Myers, Co-Founder and CEO of leading P2P currency exchange marketplace CurrencyFair to talk about Brexit, different types of customers and how banks are not negligent enough to fall behind in the long run.

  • An Investor's Opinion on Collaboration and Co-Creation

    Interview with João Freire de Andrade, Head of Venture Capital at BiG - Banco de Investimento Global who we met at the WebSummit 2016 in Lisbon last week. João talked to us about the Portuguese startups scene, investing in startups and how this will change banks.

  • Technology and the future of non-bank financing 

    The surge in technology solutions for financial services providers has demonstrably transformed the banking industry: from the ATM to online bill pay to the mobile banking platform, a consumer has little reason to visit a storefront location these days and financial institutions are reaping the profitable rewards of providing solutions that require less in-person contact.

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