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  • @fintechna 12:18 am on December 20, 2017 Permalink | Reply
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    Bank Innovation’s Top 5 Fintech Trends in 2017 

    EXCLUSIVE &; The year of has been marked with more than a few good and not-so-good : but we’ll stick to . Aside from the important events like record-level funding for fintechs across the globe, mania, Coinbase entering the Unicorn club at a $ 1.56B valuation in the last quarter, there have been some [&;]
    Bank Innovation

     
  • @fintechna 3:35 am on November 21, 2017 Permalink | Reply
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    Ten mega trends that will drive the future of payments 

    In &;Paradise Lost&;, 17th-century English poet John Milton describes two types of warriors: One group are “employed in sporting games and exercises” and “sing in the valleys”, while the other group “rend up both rocks and hills”, “make wild uproar” and “ride the air in whirlwind”.

    Milton’s bifurcation also applies to the modern-day industry. With fast-paced disruptive change sweeping the industry, are traditional payment players going through the motions trying to protect their traditional sources of profit or are they willing to be combative and create “wild uproar” by driving radical change?

    Ten mega trends that will drive the future of payments fintech
    Read the report

    Consider Accenture’s prediction that in the UK alone there will be between six billion and nine billion contactless card transactions in 2017. Alternative payment mechanisms such as PayPal and iDEAL will continue to grow at 20 to 30 percent a year for e-commerce transactions, driven by convenience and sky-rocketing fraud rates in card-not-present transactions. We estimate that up to 25 percent of banks’ traditional cross-border payments revenue streams are at risk from these innovations. These are just a few of the seemingly endless examples of disruptive change in the payments industry. Traditional payments players are at a crossroad: figure out how to ride this whirlwind to success, or be content to just keep playing the traditional games.

    To help make sense of this fast-changing landscape, Accenture has identified ten payments from our 2017 North America Consumer Payments Pulse Survey.

    One key trend is banks’ new-found enthusiasm for collaborating with digital consumer-to-business and partners to both exploit the power of an exponentially growing network and deliver benefits to customers. Tapping into these networks allows payments players to multiply capabilities and extend their reach without building and investing from scratch. One example is Zelle®. This API-enabled network of more than 50 partners, including Ally, Wells Fargo, Bank of America and JPMorgan Chase, offers real-time, person-to-person payments and disbursements through one recognisable brand. According to Zelle, some 85 million consumers can now experience its services through the mobile banking apps of the Zelle Network® participant banks. The app quickly ramped up to $ 33.6 billion in network volumes and 100 million transactions in the first half of 2017. This scale gives participating banks the edge they need to compete effectively with challengers like Venmo from PayPal. Creating and capitalising on network effects require banks to participate in digital ecosystems beyond their own walls and be willing to subsume to some degree their own operating models, cultures and strategies. Just as the payments industry of 50 years ago was energised by the emergence of the credit card networks, we are now seeing a new set of digital networks emerge that also have the power to reshape payments.

    Another critical trend driving the of payments is the democratisation of payments acceptance. Today, everyone can be a merchant and every device can accept payments, whether you are talking traditional point-of-sale, online or mobile. Enabled by new entrants like Stripe and Square, all it takes is connectivity, a portable card reader or a website to create the next-generation POS. This “payments everywhere” wave that enabled small merchants and peer-to-peer commerce has also created new growth opportunities for payments players; they can address such increasingly attractive markets as large merchant payment margins get more compressed. This democratisation of payments acceptance has also created new opportunities for analytics-based lending and data monetisation strategies, which also offer new and appealing revenue streams for payments players.

    These are just two of the ten payments mega trends identified in our recent report, Driving the Future of Payments: 10 Mega Trends, and I encourage you to explore the other eight. Regardless of what type of payments warrior you are, we hope this report can help you ride the whirlwind to the future, as simply singing in the valley is unlikely to be a successful long-term strategy.

    The post Ten mega trends that will drive the future of payments appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • @fintechna 12:18 pm on June 3, 2017 Permalink | Reply
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    5 Payment Trends and More, with Bill.com CEO [Video] 

    Mobile wallets, , P2P &; it&;s been busy in the payments world lately. But before focusing on far-off technologies &8212; such as cross-border transfers via blockchain &8212; the payments industry should address immediate pain points, according to René Lacerte, CEO of , a processes provider. &;Getting rid of checks and automating the back office [&;]
    Bank Innovation

     
  • @fintechna 1:50 pm on April 2, 2017 Permalink | Reply
    Tags: , , , impacting, industry—and, , , , , trends,   

    RegTech: How investment trends are impacting the industry—and how the ecosystem can work with the regulator 

    What a week—with graduation days complete, we had a chance to review progress in the Labs. Development was evident everywhere—product, but also management teams.

    I wanted to follow on from my previous blog around the emergence of (technologies that address the challenge and cost of regulatory compliance.) I wanted to explore how in this area are the industry and how the can with the . We’re lucky to have Jason Boud—who is pulling together a strong community in London—with us in the Labs.

    Right now, compared with , RegTech has low investment for the size of spend. Although governance, compliance and regulation (GRC) represents around 15-20 percent of run-the-bank costs and 40 percent of change-the-bank costs,[1] in 2015, US$ 588 million was invested in RegTech[2] versus US$ 22 billion in Fintech[3]. This suggests enormous potential for growth in the RegTech space from now on.

    Now—what does RegTech mean? RegTech means… RegTech! We think about RegTech as that lowers the “cost” (technical, physical, monetary) of regulation by using technology. It’s relevant not just in banking, but capital markets, wealth management and insurance. At its most basic, RegTech might be using better data, a workflow to reduce the complexities of reporting—or responding to new reporting requirements. Perhaps it’s making better use of existing data to lower the challenges of regulation for compliance staff—as FinTech Labs start-up, Enford, is excelling at. At the more advanced end—and with a timeline a few more years out—perhaps it’s applying machine learning or advanced AI to complex regulatory documentation, to help us ‘learn’ what the regulatory requirement is and apply a response to it.

    The RegTech ecosystem requires several different backgrounds to come together: finance, entrepreneurs, regulators, lawyers and change managers. Now—given that background, employees in these areas often have a deeper knowledge base and clearer career track in industry (and salary expectations) than perhaps people who have founded traditional Fintechs. There’s a risk that fewer start-ups will enter the market; so we think the area would benefit from a degree of nurturing. Lessons can be learnt from how partnered with Fintechs. This should provide a clearer roadmap for growth, help identify pain points in adoption and build confidence.

    We’re certainly seeing an upsurge in activity. It’s great news for the industry, but it also raises a number of priorities. As more and more solutions are launched, it’ll be important to prevent the marketplace from becoming fragmented. Start-ups need to ensure that they’re not point solutions, but can be embedded across the business, and that they can collaborate with other RegTechs to provide more complete solutions. That might mean, for example, a trader surveillance RegTech that tracks computer activity partnering with voice recording and behavioural analytics to provide a more comprehensive solution.

    For problems at the most regulated end of the business, they’re likely to be even more cautious about entering partnerships. Banks that will lead here will be the ones that are already successfully integrating their innovation agendas into the business and have built channels for partnering with Fintechs. In other institutions, regulatory and compliance functions may have to go through the same learning curve as their colleagues did with Fintech before they establish effective RegTech partnerships.

    Regulators have a key role to play, too. They can help drive adoption and lower the regulatory burden by collaborating with the industry to enable greater clarity and more long-term planning. Once banks have a clearer view of what lies ahead, they’ll be more willing to invest in new technology solutions and less likely to make ad hoc, incremental changes. Certification or approval of RegTech solutions would be helpful too, allowing banks to use RegTech with more confidence.

    The FCA is being extremely proactive in this area: Its ‘regulatory sandbox’, which allows start-ups to test products in a live environment, is now being copied in other jurisdictions. Looking ahead, Accenture has called on the FCA to become the ‘Github of regulatory code and business logic’. If regulation is written to be machine readable, it’ll help create a standardised set of rules and logic that ensures compliance and compatibility with technology solutions.

    Banks know that they should partner with RegTech… but they don’t always know how. Guidance from the regulator will be key to fostering a richer ecosystem—one in which banks feel confident about the trajectory of regulation, and where start-ups can quickly and easily assimilate the logic of regulation to deliver the innovative solutions that are so essential.

    Watch this space!

    [1] http://www.bain.com/publications/articles/banking-regtechs-to-the-rescue.aspx
    [2] https://www.cbinsights.com/blog/regtech-compliance-startup-funding-trends
    [3] http://www.fintechinnovationlablondon.co.uk/fintech-evolving-landscape.aspx

    The post RegTech: How investment trends are impacting the industry—and how the ecosystem can work with the regulator appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • @fintechna 12:18 pm on January 12, 2017 Permalink | Reply
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    6 Hottest Trends for Banking 2017 

    Change is imminent in , and as we begin the new year the only debate seems to be what is going to be driving that change. Over the course of , what is going to transform banking the most? Well, we have some ideas. 1. IOT Voice Commerce/Voice Payments SmartRead More
    Bank Innovation

     
  • @fintechna 3:35 pm on December 15, 2016 Permalink | Reply
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    The Fintech Trends for 2017: SME Banking and More 

    • In demand are services for the, until now, neglected medium-size companies
    • The exchange between established and startups will increase
    • It will become difficult for “lean startups” to assert themselves against the competition

    With the end of the year approaching, the amount of predictions for is steadily increasing. How will the industry develop and what will be the next big thing? Although A.I. (Artificial Intelligence), , RegTech are buzzwords everyone is talking about, one can foresee the next more realistically by looking at the current developments. Exactly they will determine the course for the next year. Three areas are of special interest

    More SME : Many Fintechs focused in 2016 solely on two customer groups: either the biggest banks or the private end customers. Many SMEs, however, had respectable profits. The issue is that digital financial products from payment providers and company credits to goods financing are missing.

    These companies are too big for peer-to-peer lending and a traditional banking credit is costly and lengthy. More and more Fintechs are detecting the needs of SMEs (Small and Medium Enterprises) and are beginning to offer them solutions. The startup Valendo f.e., originally intended as digital pawn shop, is now offering an additional service of merchandise financing for online-retailers &; an intelligent step for both the merchants and the company. Another example is the Fintech iwoca from the UK that offers tailormade loans for SME businesses (in the UK 20% of all SME loans are mediated by online-suppliers). In 2017, we will see a significant expansion of these services for SMEs through innovative Fintechs.

    More B2B-solutions:  In 2016, Fintechs grew up. In 2015, it was still difficult for Fintechs to find any open door within a bank. Today, more and more financial institutions are cooperating with Fintech companies that are faster and more efficient than the company-owned IT-departments. There is hardly any bank that has no digital lab to emulate fintechs. The consequence: The Fintech companies are continually improving their business models to meet the higher requirements. One example is the Berlin-based Fintech company FinReach: With its fully-digital account switching kit, it has already more than 100 German bank customers and is now starting its internationalization.

    The big number of partner banks is a clear vote of confidence. This kind of trust is necessary if one wants to be successful in the B2B-industry. Not only that, but the industry requires professional employees. Ex-bankers with longstanding experience in the financial industry, including former board members, are now working for established Fintechs. The cool students may be the ones that invent a new pocketmoney app, but successful Fintechs have grown up. This growth will continue with even more strength in 2017, especially through the demands of complex B2B models.

    More complex business models:  Not only employees have become more professional, but also the setting of Fintechs itself. While the first ones started as hyped business models without a real business case, dependent on user’s goodwill, nowadays no Fintech starts without having applied for the necessary licenses from authorities and conducting extensive tests before launching. Instead of a “lean startup”, it is now from zero to a hundred. solarisBank, a tech platform with a full banking license, got its banking license before launching &8211; in the record time of only 9 months from the German Bafin.

    Elinvar on the other hand has a B2B2C approach and offers private asset managers all the necessary modules to manage their portfolio digitally. With the help of an algorithm that can be fed with individual data, the asset manager is able to take care of a customer’s portfolio faster and in a more efficient way. B2B2C is not easy, because it requires on one hand the supplier&;s trust and on the other hand must be well received by consumers. Moreover, it requires a thorough preparation of the product. 2017 will surprise us with more complex and high-quality Fintech models.

    At least one thing was demonstrated in 2016: Fintech was and is not only a hype, but a development that needs to be taken seriously and drives the digitization and transformation of the entire financial industry. With new customer groups and new business models, 2017 has the chance to make Fintech accessible to even more professional fields. The course is set, now it is all dependent on the right drivers.

    The post The Fintech Trends for 2017: SME Banking and More appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

     
  • @fintechna 3:35 pm on July 7, 2016 Permalink | Reply
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    Credit Suisse Report Names Technologies Trends Changing Banking 

    has released a on the Swiss financial center in which it points out the key and that are .

    Credit Suisse Report Names Technologies Trends Changing Banking fintechThe report, entitled &;Swiss Financial Center 2016,&; addresses the ongoing changes occurring in the financial service industry worldwide.

    The Internet is changing the behavior of bank clients. Meanwhile innovative startups are coming up with new business models and cutting-edge technologies to change the way we manage our money.

    During the past two years, interest in has increased massively, becoming a dominant buzzword in the financial industry.

    &;Digitalization in the financial sector will change banking,&; the report says. Notably, digital transfers and payments transactions provide an attractive alternative to cash payments as they can be generated via smartphone apps.

    In retail banking, online processing of banking activities is providing greater convenience and flexibility to clients.

    Personal financial management (PFM) applications give clients an overview of their personal assets, current income and spending. They generate analysis and recommendations for personal budgeting.

    Trading and advisory platforms enable users to access stock exchange trading. These platforms also analyze client portfolios using algorithms and generate automated investment recommendations. -advisors are also used in private banking, complementing the work of client advisors.

    Robo-advisors are increasing in popularity in the private banking segment, and their advantages are clear: they are low-cost, can be used in a multitude of areas, have access to huge databases and are on call 24 hours a day.

    In credit operations and capital markets, new products are enabling users to avoid financial intermediaries. On these platforms investors and borrowers come into direct contact with one another. These platforms are for instance crowdfunding and peer-to-peer lendings platforms.

    Virtual currencies are an alternative means of payment to national currencies. for instance enables users to make payments directly to one another, without using the services of a bank or other middleman.

    Digital support, also known as regtech, promotes the implementation of regulations and helps ensure that risk analysis of unstructured data, scenario analysis and monitoring activities are organized more efficiently.

    &8220;The new technologies in the financial arena will lead to a rationalization of processes in the banking sector in the years ahead and due to the strengthening of the client&8217;s position are set to alter the client/bank relationship on a lasting basis,&8221; the report says.

    Another that plays a significant role within fintech is technology, which the report claims has &8220;the potential to fundamentally change the financial industry.&8221;

    It details:

    &8220;Blockchain gained recognition above all thanks to the Bitcoin. However, its area of use is not just confined to digital currencies.

     

    &8220;Indeed in principle the technology can be applied to a very wide range of areas: For example, the US Nasdaq stock exchange has introduced a trading platform based on blockchain.

     

    &8220;It is conceivable that blockchain technology will replace clearing houses in securities trading. But in the art and diamond trade too, blockchain has the potential to make forgeries and the sale of stolen goods more difficult.&8221;

    The report points out the conditions for the successful integration of digitalization into the business world. First, there must be a state-of-the-art communications infrastructure that meets current requirements. Then, the growing importance of the MINT (mathematics, IT, natural sciences and technology) subject must be addressed in order to ensure that businesses located in Switzerland can recruit the specialist personnel they need. Finally, overall regulatory conditions must be adapted to the new requirements.

    It further advises on the formation of clusters of various different economic sectors, citing the example of Silicon Valley.

    &8220;Switzerland is well placed with economic centers that are located in close proximity to one another such as Zurich (financial services, industry), Basel (pharmaceuticals, chemicals) and Geneva (financial services, commodities),&8221; the report notes.

    For Switzerland to keep its position as a world leading financial center, there much be a number of actions to be undertaken by the public sector and the private sector. It suggests regular reviews and modification of existing overall regulatory conditions to facilitate new business models, as well as the creation of a recognized &8220;Digital Switzerland&8221; umbrella brand to improve external perceptions. Other ideas include launching sector initiative to encourage digitalization, adapting existing business models and services to the digital reality, as well as networking with other sectors to achieve scale effects.

     

    Featured image by everything possible, via Shutterstock.com.

    The post Credit Suisse Report Names Technologies Trends Changing Banking appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

     
  • @fintechna 10:29 am on June 10, 2016 Permalink | Reply
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    4 Trends That Will Shape Bitcoin Regulation in 2016 

    After an eventful 2015 for and the , what’s in store on the regulatory and enforcement front in ?4 Trends That Will Shape Bitcoin Regulation in 2016 fintech
    fintech techcrunch

     
  • @fintechna 7:23 pm on May 2, 2016 Permalink | Reply
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    Top 5 trends in payment technology industry in 2015 

    has been the year which saw some path breaking innovations, rapid adoption and steady growth of the Mobile Payments Ecosystem in India. With wider adoption of smartphones and Internet penetration, people in the country have finally started realizing the benefits of in online payments space. We take a look at 5 that have made a huge impact on technology in the recent time.

    1. Mobile wallets & Checkout
    There was an increased acceptability of the most recent online payment innovation ‘mobile wallet’. Words such as ‘wallet’, ‘cashbacks’, ‘wallet offers’ etc. have become a part of our daily life. All thanks to the millions of dollars which have been burnt at a breakneck speed in advertising and praising the merits of new age online payment system. Especially the advertisements around the mobile wallets are way too luring for anybody to fall for it due to the benefits that are being offered.

    Consumers appreciate mobile wallets that enable faster checkouts. In recent times, it has been observed and established that businesses offering a seamless payment experience have a tendency of picking up faster in the market. Buyers tend to lose interest in the purchase if the payment process is too complicated. Accepting payments from customers isn’t as easy as clicking a switch and watching the money flow in, however it is not necessary that it be complicated either.

    In this regard, PayUmoney made some noise with its checkout feature.

    2. Faster mobile payments with focus on reducing transaction time
    With massive shift to mobile that has happened in such a short time frame, opportunities in m-commerce as well as in other areas have multiplied. This is a time when online payment companies would be taking e-commerce companies to the next level.
    Few online payment companies have already started working in this direction by thinking about what problems they can solve for m-commerce by providing best online payment experience on mobile screens.
    The launch of ‘one tap payment’ by PayUbiz is one such technological breakthrough which sent ripples across the booming online payments industry. The patent pending and first of its kind tech innovation in the payments world is another step which will ensure a robust online payment system. The PCI-DSS complaint and patent pending ‘one tap payment’ is a combination of 4 different tech innovations that together provide a seamless online payments experience to the users.
    Store Card Vault: This feature is the first of seamless payment journey, ensures that the consumers don’t have to go through the pain of putting in the 16 digit card number repeatedly.
    No CVV: The heart of creating a seamless one tap payment solution was doing away with the process of repeatedly entering the CVV. The innovative patent pending and PCI-DSS certified technology developed by payubiz provided a solution to it.
    Auto OTP read and submit: Furthermore the second factor authentication of OTP, gets auto read and submitted leading to the completion of a seamless one tap payment experience.
    Magic Retry: the magic continues even when there is a network issue and the magic retry feature picks up the transaction from the point where it stopped.

    3. Focus on improving mobile transaction success rates (impacted due to poor network)
    In India, network congestion, signal error, slower internet speeds on 2G, 3G, and internet fluctuations are prime reasons for a transaction failures on mobile. A transaction can drop anywhere while it is hopping across acquiring gateways, processors, issuers or Master/Visa network. As a result of this, merchants encounter increased cart abandonment rates which impacts their revenue stream negatively.
    For this Magic Retry feature was introduced by PayUbiz which solves this issue very effectively. Magic Retry gives customer an option to retry by a click of a Retry icon, without the customer to go through the hassles of re-doing everything again. Magic Retry captures the current status of a customer’s transaction and creates various checkpoints during the transaction. It helps him/her recover the transaction if anything goes wrong during a payment process. In other words, upon Retry, it resumes the transaction from the last successful checkpoint by re-using the existing captured parameters.
    Statistics suggests that the mobile based payment transactions suffers approximately 20% drop rates due to network issues. As low as 50% customers retry transaction due to failures at first attempt. With this feature, this the success rates can go up to 90-100%. .

    4. Emerging Biometric payments
    Security is the topmost concern of the financial services industry today. Passwords have been the most common and the oldest way to keep accounts and personal data secure. But for how long? It’s difficult to keep a track of all the passwords and payments organizations have already started bringing innovations in this space.

    Very rapidly, biometric authentication is replacing the term “password,” especially in . This is true not just for the US but globally as well.

    In the FinTech industry, Apple has done a brilliant job of taking people away from passwords by introducing TouchID. Apple’s TouchID has been a huge success as and financial institutions are incorporating the feature in their banking mobile apps. Like Apple Pay, Samsung Pay also has biometric authentication techniques where a user will be able to authorize payments by holding their finger on the inbuilt biometric scanner.

    5. Online to Offline
    O2O is defined as anything digital such as a mobile app which brings people to shop in offline stores. Mobile payments are an enabler for O2O wherein customers can shop from offline stores and use a service such as mobile wallet to make the payment for the service or product.
    Recently Paytm decided to enter into O2O with the acquisition of local services marketplace Near.in. It also invested in deliveries start-up Jugnoo and Little, an app that helps people find deals at stores in their neighbourhoods.

     
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