How can creative industries benefit from blockchain?
Five forces of #blockchain #technology could affect the #creative economy. Here are some of the risks and challenges to overcome.
McKinsey Insights & Publications
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Will Fintech Interest Swing Back to Active Investing? [PODCAST]
Two distinct streams have surfaced in #fintech: passive and #active investment. Betterment is the poster child for passive investment, recently booking $ 70 million in venture funding and has continued to enhance its services. But the active investment strategy for investors is far from dead in fintech. Pierce Crosby, head of business development at partnerships at […]
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OnDeck Will Focus on Better Borrowers, Expanded Partnerships to Grow Originations
#OnDeck is turning towards upgraded features, #expanded #partnerships, and higher-quality #borrowers to jolt its #originations back towards growth. The online small business lender reported $ 464 million in originations for this year’s second quarter, said CEO Noah Breslow during OnDeck’s earnings call this morning. This is down 19% from the $ 590 million OnDeck reported for the […]
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OnDeck Will Focus on Better Borrowers, Expanded Partnerships to Grow Originations
#OnDeck is turning towards upgraded features, #expanded #partnerships, and higher-quality #borrowers to jolt its #originations back towards growth. The online small business lender reported $ 464 million in originations for this year’s second quarter, said CEO Noah Breslow during OnDeck’s earnings call this morning. This is down 19% from the $ 590 million OnDeck reported for the […]
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Payments^5
Five themes are driving change in payments today. Individually they have a significant impact on the way we pay. Combined, these effects are amplified, creating a powerful force on the payments landscape, which, if you like, we can call Payments^5.
Firstly, #banks across Europe are preparing for PSD2 inJanuary 2018, much of it focused on building open API capability. Our advice to clients is to launch with minimum viable API products based on the data they have and what they know the regulation requires. As the payments API economy grows in 2018, these APIs can be rebuilt quickly, and often, to meet market demand and opportunity.
Secondly, the new PSD2 requirements for strong authentication will impact every customer payment interaction. Banks and other PSPs are caught between the regulators focused on fraud prevention and merchants focused on seamless shopping. The answer is biometrics, in particular, behavioural biometrics which allow strong, continuous, invisible authentication.
Thirdly, instant payments are coming to Europe, with most CSMs investing in real-time capabilities. However, banks face a dilemma—they struggle to find a compelling business case based on hard numbers, but intuitively they know instant payments are essential in a digital economy, and they can see the successes in the UK, Sweden and Denmark. To progress, communities of banks need to move together, focusing on the substitution of internet and mobile banking payments to instant.
Fourthly, robotics can provide fast ROI to automate away repetitive manual tasks in bank payment processes, reducing costs and improving STP and customer service, while AI can tackle more complex tasks such as AML screening.
Lastly, cloud is coming to banking and to payments. Cloud is ideally suited to payments processing with its peaks and troughs of transaction flows, with the move to open APIs and with the proliferating ways to pay, 24×7. Cloud is the cornerstone #technology for ubiquitous payments, anytime, anywhere, from any device.
This is Payments^5. It is pointing towards a new world of Open Banking, a world in which consumers do their banking outside the banking environment, for example on merchant apps. Living Services—on demand, immediate, digital services mashed together from multiple service providers—will now include payments and other banking services, delivered through open APIs. A Cambrian explosion of APIs will develop, leading to API consolidators and aggregators, and to new businesses and new business models. Life as we know it in banking and payments is changing—for ever.
The post Payments^5 appeared first on Accenture Banking Blog.
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In a Twist, Fintech Startup Tandem Acquires Bank
A #bank buying a #fintech company is newsworthy, but a fintech #startup buying a bank means the industry may be changing. It’s happened before — Green Dot bought Bonneville Bank back in 2011, and there have been a few others, but it&8217;s far from a trend &8212; yet. But that kind of change is what […]
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Virtual Branches Catch the Eye of the Biggest Banks [SPONSORED]
A brand new chapter of the bank transformation that has been going on for years is here, and it’s about #virtual #branches. Standard Chartered recently performed the #biggest launch in history , with 9 countries and 5 million customers, and the new launch of global bank is expected to reach customers across 16 countries. But what […]
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USAA Rolls Out Conversational Alexa Skill Using Clinc AI
Voice banking without voice commands? Welcome to the new #USAA #Alexa #skill. USAA members will now be able to bank via Amazon Alexa, skipping all of the typical command memorization necessary for learning a new skill, thanks to #conversational artificial intelligence built out by AI platform #Clinc, the companies announced today. Rather, USAA members will […]
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Square Capital Grew 68% YoY by Not Competing with Banks
#Square is #competing with friends and family, not financial institutions, to grow its lending arm, Square #Capital. The payments processing startup #grew loans at Square Capital by 68% year-over-year this quarter, according to CEO Jack Dorsey on the company’s earnings call yesterday. This figure represents $ 318 million in loans to almost 50,000 sellers on the […]
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Payworks Partners with Ant Financial to Bring AliPay to European Retailers
#Payworks is bringing Chinese payment service #AliPay to the #European point-of-sale. The POS payment gateway provider has partnered with Ant #Financial in order to integrate the AliPay service with European acquirers, the companies announced today. This marks an expansion for AliPay in Europe. It first arrived on the continent in 2015. With the partnership, AliPay will […]
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