World Satoshi Summit & NASSCOM Blockchain SIG to Promote adoption of Blockchain for various sectors and industries
The global financial system comprises of transactions that involve trillions of dollars a day, not to forget billions of people. And though the current system, at a glance, seems to be working fine, it’s riddled with various issues that need to be addressed, and now.
When was the last time you pulled out a wad of cash to pay for dinner or a stack of dollar bills to cover your rent? If you’re like the rest of the developed world, chances are, it’s been a while. The transition to a cashless society has been a long time in the making, but there are other interesting developments afoot, leading to a rise in Alternative Payment Methods (APMs).
We talked to Finxact co-founder Dan McKinney about the changing service industry, the ever-growing importance of customer experience and all the implications for banks today. And what came first, the chicken or the egg?
Lenders have long faced down the issue of fraud, but now, digital lenders are now facing even greater challenges. Digital lenders have become an easy target for identity and transaction-related fraud, compared with non-digital lenders, as criminals can now hide behind a mobile or computer screen.
While Fintech companies were initially viewed as a banking competitor, the two are finding that there is greater benefit to working together. According to the 2017 World Retail Banking Report, 91 percent of banks and 75 percent of Fintechs responded that they expect to partner with one another in the future.
A change in our approach, and the ways we use technology, can be disruptive to the Financial Service Industry.
The past few years have been a technology roller coaster ride for financial services companies. From heightened cybersecurity threats to increased demands from customers on the digital front, the very rules that defined the industry have changed. And 2018 will be no different.
From hype to crash – in light of the most recent exchange rate developments of Bitcoin, Ethereum, Ripple & Co., disillusionment is reigning on the crypto market. Volatile exchange rates, black sheep amongst traders and the learning that trading with crypto currencies is actually not as easy as buying a lottery ticket, have certainly put a damper on the gold rush atmosphere. Pressure is growing on the crypto traders – most of all because of regulations.
Blockchain has been touted as a disruptive technology that can be used to benefit virtually any transaction, ranging from money transmission to supply chain management, to restaurant reservations. With its promise of highly secure, private and instantaneous transactions, blockchain would seem to enhance any transfer or transaction.
Financial services companies are growing through an intense period of acquisitions and mergers. This has resulted in requiring a parent company to maintain IT infrastructures for several different organizations, each with their own lines of business.
Capital has been flowing into the alternative investment industry over the past few years, with sources projecting that money invested in private funds will reach as much as $20 trillion by 2020. Preqin recently published a study stating that there are as many as 17,000 private funds open for investment.
The increased interest and excitement towards cryptocurrencies has resulted in an influx of new money flowing into the cryptocurrency market. However, entering into the crypto world is extremely intimidating, especially when you’re dealing with a subject matter that is technically complex. With many making a considerable rate or return on their investments, it is vital to understand how we should value our crypto gains (or losses).
If there is one topic setting tongues wagging in FinTech, it is blockchain. Because of its distributed ledger system, Blockchain makes processes easier, faster and by extension, cheaper. Bitcoin is only one case among the many applications of crypto. Once its potential is fully explored, blockchain could generate much more than digital money, and empower individuals by putting them in full control of their money and transactions.