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  user 3:36 pm on September 5, 2016 Permalink | Reply
  Tags: banks ( 784 ), bitcoin ( 241 ), Blockchain ( 836 ), DACH ( 8 ), fintech ( 1,103 ), News ( 16 ), Rückblick ( 8 ), technology ( 921 ), Woche ( 8 )   

  FinTech DACH News Rückblick der Woche 35 

  Fintech.Li präsentiert hier wöchentlich die wichtigsten #News rund um #Fintech in der Schweiz, Liechtenstein, Deutschland und Österreich.

  Fintech DACH Top News

  

  Haftpflicht Helden – ein dreiminütiger InsurTech-Quickie
  “In der Praxis gibt es zurzeit kein vergleichbares Angebot im Markt. Unseren Vorsprung in Sachen Technik und Produktentwicklung wollen wir noch weiter ausbauen”, sagt Florian Knörrich von Haftpflicht Helden. Die App ist komplett auf Haftpflichtversicherungen ausgerichtet. Mehr erfahren

   

   

  In der Schweiz werden sich zwei Sorten von Fintechs etablieren
  Die Direct-Lending-Firma Swisspeers startete im August 2015. Das Interesse an massgeschneiderten Unternehmenskrediten steigt, wie Co-Gründer Alwin Meyer im Interview feststellt. Mehr erfahren

   

   

  
  Banken kämpfen um die Hoheit über ihre Kundendaten
  Alle Finanzen in einer App zu überblicken, ist für viele Bankkunden reizvoll. Für die Anbieter solcher Programme auch. Nun machen es erste Banken den Fintechs nach. Mehr erfahren

   

   

  
  

  Schweizer FINTECH-Regulierungs Roundtable

  Herausforderungen von FinTech Unternehmen eine Anhörung der Behörden. Am Mittwoch, 24. August haben sich Mitglieder der FINMA, EFD, SIF und SECO mit den unterschiedlichsten FinTech-Unternehmern auf Organisation und Einladung der Swiss Finance + #Technology Association im Prime Tower in Zürich zum Thema FinTech Regulierung getroffen. Mehr erfahren

   

  Regelbasierte Kundenan­sprache bei den Sparkassen: Neuigkeiten & Erweiterungen für die Internet‑Filiale 6
  Früher war alles besser? Mitnichten – aber manches war vorhersehbarer. Bei Fragen rund ums Geld ging der Kunde in die Filiale. Und heute? Kunden haben längst Online-Banking für sich entdeckt. Mehr erfahren

   
  Fintech Made in Switzerland
  Im Fintech-Bereich läuft inzwischen viel in der Schweiz. Vielleicht fast zu viel – oder die Aktivitäten sind zu wenig koordiniert. Mit diversen Gesprächen mit Finanzexperten möchte der Autor Manuel Stagers das Fintech-Ökosystem beschreiben: Fintech made in Switzerland. Mehr erfahren

   

   

  

  Wir können eine Superbank bauen

  Sergio Ermottis Idee einer Superbank, einer kooperativen Plattform zur Senkung der Kosten, ist nicht neu. SIX-Chef Urs Rüegsegger verfolgt sie schon lange und sagt: «Wir können das.». Mehr erfahren

   

   

  Licht ins Dunkel des FinTech-Verband-Dschungel
  

  Menschen die in ähnlichen oder gar denselben Geschäftsfelder tätig sind, versuchen sich früher oder später zu Interessengruppen, Gilden oder auch Verbänden zu formieren. Obwohl man vielleicht in direkter oder indirekter Weise in Konkurrenz zueinander steht überwiegen die Vorteile einer gemeinsamen Organisation bzw. einer gemeinsamen Stimme in den meisten Fällen. Denn ein solcher Zusammenschluss eignet sich hervorragend für den gemeinsamen Erfahrungsaustausch oder auch, um politisch gemeinsam eine hörbarere Stimme zu haben als jede Person bzw. Unternehmen für sich alleine. Auch in der aktuellen FinTech-Welt ist das nicht anders. Mehr erfahren

  
  

  Credit Suisse innoviert die IBAN
  

  Die Credit Suisse wartet mit einer Weltneuheit auf: Die IBAN wird persönlich. Die Idee stammt von Mitarbeitern der Grossbank. Mehr erfahren

   

   

  Digitalisierung ist für Sparkassen eine neue Chance – YOMO ist ein Beispiel dafür

  Georg Fahrenschon, Präsident des Deutschen Sparkassen- und Giroverbandes, stellte auf der heutigen Handelsblatt-Jahrestagung “Banken im Umbruch” fünf Thesen in den Raum – eine davon zur Digitalisierung fanden wir so interessant, das wir Ihnen den Redeausschnitt im Original weitergeben möchten. Unter anderem geht es um YOMO, P2P-Payment in der Sparkassen-App und den neuen Antritt in Puncto Geschwindigkeit. Mehr erfahren

  

  Lombard Odier wächst dank Fintech

  Die Genfer Privatbank Lombard Odier hat im ersten Semester 2016 einen tieferen Gewinn erzielt als vor Jahresfrist. Die Kundengelder flossen verhalten, dafür boomte das Geschäft mit Fintech-Dienstleistungen. Mehr erfahren

   

   

  Warum UBS-Präsident Axel Weber auf die Fitness-Branche schaut

  Wenn sich die Banken der Digitalisierung verweigern, verlieren sie ihre Kunden. Darum sollten sich die Finanzhäuser ein Beispiel an anderen Branchen nehmen, mahnt UBS-Präsident Axel Weber. Mehr erfahren

   

   

  Deutschlands Nummer Zwei verpasst sich eine Digitalkur 

  Im Juni hat Michael Mandel Großes angekündigt: Die Commerzbank werde zur Multikanalbank, so der Privatkundenvorstand. Die hauseigene Design Thinking-Agentur Neugelb soll die Commerzbank zum Fintech machen. Mehr erfahren

   

   

  #BITCOIN / #BLOCKCHAIN News

  

   

  Blockchain – vom Hype zur Ernüchterung
  Macht die Blockchain die Welt zu einem besseren Ort? Wahrscheinlich ist das nicht. Von Dirk Elsner. Mehr erfahren

   

  
  
  

  Switzerland Opens up to Blockchain Tech
  Appetite for blockchain technology is growing worldwide as venture capital investment in Bitcoin and blockchain startups exceeds US$ 1.1 billion and major financial institutions begin trialing the technology for varied applications. Mehr erfahren

   

  

  Blockchain-Technologie für Banken und Fintechs: Mehr als Bitcoin!
  

  Blockchain ist nicht nur die Basis der Krypto-Währung Bitcoin. Blockchain ist weit mehr: Mit dieser Kombination aus Prozess und Technologie können Dinge jeder Art schnell und risikoarm gehandelt werden. Die Finanzdienstleistungsbranche erkennt bereits den disruptiven Charakter von Blockchain. Große und kleine Unternehmen experimentieren bereits mit den Möglichkeiten der Blockchain-Technologie, um ihre Wertschöpfungskette neu zu definieren. Mehr erfahren

  
  

  Blockchain – what’s in it for insurance?
  Insurers must look past the gloss and hype from other areas of finance adopting blockchain technology, and consider the real benefits and drawbacks of implementing these systems, says Thomas McCourtie. Mehr erfahren

   

  
  Weltwirtschaftsforum mit streitbarer &8220;Staats-Bitcoin&8221;-These
  Das Weltwirtschaftsforum beschäftigt sich schon seit einiger Zeit mit Bitcoin und stellt dabei durchaus die richtigen Fragen. Wie zum Beispiel in diesem Video über die Blockchain. Mehr erfahren

   

   

   

  ÜBERSICHTEN / INFOGRAFIKEN / STUDIEN

  Charted: Blockchain use in governments
  Blockchain has offered foolproof ways to secure services. The digital ledger records live transactions across a distributed network of computers. Records, once logged, are irreversible as any change will first have to be verified across the network.. Mehr erfahren

   

   

  

  27 Most Valued World Fintech Unicorns

  Business Insider Singapore, CBInsights, Funderbeam, and Crunchbase together have created the world’s fintech unicorns – fintech start-ups valued at over $ 1 billion. Mehr erfahren

   

   

  13 Fintech Startups from Switzerland You Need to Know About in 2016

  Since coming under scrutiny for its longstanding privacy protections—a tradition that made Switzerland into a leading global financial center—the economy hasn’t had quite the boost it used to have from the industry. These top 13 Swiss Fintech startups are set to reinvigorate the region’s banking and finance space in 2016 with their innovative offerings. Mehr erfahren

   

  41 International FinTech Accelerators & Incubators Nurturing the Future of the Financial Services Industry

  As the FinTech ecosystem grows in complexity and enrichment with technological advancements, #banks and corporations rush to seize the opportunity to harvest the best solutions available. Innovation hunters have been looking for opportunities in different ways, one of which is to set an accelerator/incubator, innovation lab or some sort of a startup program. Let’s look at some of the interesting FinTech-focused programs operating around the world. Mehr erfahren

   

  Händlerkosten von Kreditkartenzahlungen im Online-Handel gehen um bis zu 60 Prozent zurück

  Die seit Dezember 2015 in Kraft getretene Regulierung der Interbankenentgelte für kartengebundene Zahlungsvorgänge (sogenannte „MIF-Verordnung“; MIF = Multilateral Interchange Fee) begrenzt die Entgelte für Issuer bei Kreditkartenzahlungen. Dadurch ergeben sich für Händler deutlich geringere direkte Kosten für die Akzeptanz von Kreditkarten. Mehr erfahren

   

  6 Fintech Startups From Hanoi, Vietnam to Watch

  Ho Chi Minh City has got a number of promising startups such as M_Service, one of the country’s first fintech startups to gain international recognition; Timo, Vietnam’s first and only digital “bank” powered by VP Bank; and LoanVi, Vietnam’s first peer-to-peer lending online marketplace for personal loans. Today, we take a look at Hanoi’s fintech startup community with a focus on some of the city’s most promising ventures. Mehr erfahren

   

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  user 12:18 pm on September 5, 2016 Permalink | Reply
  Tags: fintech ( 1,103 ), from ( 89 ), Humans ( 5 ), INVchat, Jobs ( 5 ), Roboadvisors ( 6 ), Taking ( 4 )   

  Are Roboadvisors Taking Jobs from Humans? 

  The #fintech community sure is bullish on #roboadvisors. At least, that’s the takeaway #from the Twitter poll conducted by @INVFintech, this site&8217;s sister accelerator. The poll was part of a Twitter chat held today under the hashtag #INVchat. The discussion ranged from robos to cross-border payments, the latter discussion seeing active participationRead More
  Bank Innovation

   
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  user 3:35 am on September 5, 2016 Permalink | Reply
  Tags: Deutschland, fintech ( 1,103 ), InsurTech ( 30 ), Zukunft ( 4 )   

  Zukunft von InsurTech in Deutschland 

  InsurTechs sorgen momentan mit ihren neuen und modernen Technologien für einen grossen Innovationsschub im Versicherungsgeschäft. Durch die Digitalisierung lassen sich Innovationen entlang der gesamten Wertschöpfungskette finden.

  In einer aktuellen Studie von Oliver Wyman wird das Phänomen #InsurTech systematisch beleuchtet und als Ergebnis wird das erste InsurTech-Radar vorgestellt. Dabei werden die neuen digitalen Geschäftsmodelle kategorisiert, bewertet und die jeweiligen Gewinner je nach Segment definiert.

  Das InsurTech Radar

  Der Versicherungssektor in #Deutschland hat global gesehen eine sehr gute Position und weist neben weltweit agierenden Unternehmen, auch die höchste Anzahl an InsurTech Gründungen auf. Auch wenn es noch sehr viel Arbeit und Investition bedarf, zeigen einige deutsche InsurTechs bereits Potential um auch international zu agieren. 

  Durch die neuen Digitalkonzepte, die es ermöglichen Kundenbedürfnisse besser zu bedienen, stehen jedoch Versicherer mit traditionellen Geschäftsmodellen vor großen Herausforderungen. Um das Potenzial und die Erfolgschancen der InsurTechs in Deutschland zu erfassen, werden zunächst die drei Stufen Angebot, Vertrieb und Betrieb der Wertschöpfungskette separat betrachtet und schliesslich bewertet. Man unterscheidet dabei InsurTechs, die neue Versicherungsangebote anbieten, neue Ansatzpunkte im Versicherungsvertrieb finden oder den Versicherungsbetrieb optimieren. Diese drei Bereiche lassen sich wiederum in weitere Kategorien einteilen.

  

  InsurTechs gegen Traditionelle Versicherer

  Die meisten Geschäftsmodelle der InsurTechs sehen eine Zusammenarbeit mit bereits etablierten Versicherern vor, sodass das Potenzial zu einer Partnerschaft zwischen „Alt“ und „Neu“ besteht. So gesehen stellen InsurTechs keine Gefahr für die traditionellen Versicherer dar, sondern sollten eher als eine Chance für die bereits etablierten Versicherer gesehen werden. Nichtsdestotrotz kommt es durch die neuen InsurTechs zu einer Verschiebung der Werte und je nach Segment sind daher unterschiedliche Gewinner zu erwarten:

  InsurTechs werden voraussichtlich die Gewinner in den meisten Bereichen des Versicherungsvertriebs und –betriebs sein. Im Betrieb haben InsurTechs vor allem im Schadenbereich viel Potential da dieser Bereich in Deutschland noch wenig adressiert wird. Im Vertrieb wiederrum liegt die momentane Hauptaktivität in Deutschland auf Gebieten welche nur mittleres Potential haben. Deswegen bieten die beiden Felder Versicherungsvertrieb und –betrieb große Chancen für weitere Gründungen und Finanzierungen.

  Im Feld „Angebot“ haben InsurTechs mit ihren neuen digitalen Versicherungsprodukten die höchsten Erfolgschancen in Nischenbereichen und somit in den beiden Kategorien „situativ“ und „community-basiert“. Diese beiden Kategorien erfordern Innovationen und den Mut neue Modelle auszuprobieren verbunden mit neuen innovativen Mitteln der Kundeninteraktion.

  Traditionelle Versicherer haben im Feld „Angebot“ die grössten Chancen bei der Platzierung von digitalen Angeboten zur Absicherung digitaler Risiken am Markt und im Low-Cost Segment. Im Vertrieb haben traditionelle Versicherer jedoch Probleme mit allen digitalen Modellen. Dies bedeutet aber nicht, dass der Vertrieb zukünftig komplett auf neue Modelle umsatteln wird, sondern ein bedeutender Marktanteil dennoch für traditionelle Vertriebe bleibt. Im Bereich Versicherungsbetrieb werden laut der Studie vor allem die Rückversicherer als potentielle Gewinner identifiziert.

  Fazit und Ausblick

  Obwohl der Versicherungsbranche der grösste Wandel ihrer Geschichte bevorsteht, nutzen die bereits etablierten Versicherer das Potenzial der neuen Technologien noch nicht konsequent genug. Dadurch besteht die Gefahr, dass neue Anbieter die bekannten Schwächen ausnutzen und Teile des Marktes für sich erobern können. Obwohl InsurTechs nicht grundlegend die Existenz der etablierten Versicherer gefährden, dürfen sie nicht verharmlost werden. Wie sich der Versicherungssektor jedoch langfristig entwickeln wird, ist abhängig von künftigen Kundenbedürfnissen und Marktstrukturen.
  
  

   

  

  The post Zukunft von InsurTech in Deutschland appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

  Fintech Schweiz Digital Finance News – FintechNewsCH

   
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  user 12:19 am on September 5, 2016 Permalink | Reply
  Tags: bitcoin ( 241 ), Block, Brave ( 4 ), Micropayments ( 2 ), payments ( 197 ), uses ( 15 )   

  Brave Payments Uses Bitcoin Micropayments to Block Ads 

  There’s a war on in digital advertising. Facebook, whose ads are its lifeblood, is fighting ad blockers, while other services continue to find innovative ways to help users skip the marketing. Another such way was announced yesterday: #Brave, a web browser designed to eliminate ads co-founded by former Mozilla executive Brendan Eich,Read More
  Bank Innovation

   
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  user 4:54 pm on September 4, 2016 Permalink | Reply
  Tags: Blockchain ( 836 ), financial ( 121 ), fintech ( 1,103 ), Productivity ( 2 ), Services ( 53 ), technology ( 921 )   

  Financial Services Productivity 

  

  It’s a funny thing, #productivity. Very easy to define – producing more with less &8211; but more difficult to measure. Productivity is easier to define for a given company (revenue per employee for example), somewhat easier to compare amongst like minded companies in the same industry, more difficult to use as a metric across industries, complex when applied to #services as opposed to manufacturing industries and utterly bewildering when taking into account qualitative factors.

  Productivity occurs when firms “innovate”. I use quotation marks because there are so many different ways to segment and qualify innovation. At meta level, innovation is the application of better technologies to an economic process &8211; a #technology being a technique or collection of techniques invented by man.

  The narrative unfolds as such: a) we invent new technologies, then b) we innovate by applying these new technologies, and as a result c) we become more productive.

  Over long periods of time this cycle benefits societies as goods and services in a given industry become better and cheaper. As an example and as a result of productivity gains, there are now less individuals engaged in food production and the cost of food in our daily budgets has plummeted. In other words agriculture has become vastly more productive.

  Contrary to what many may think, the #financial services industry has always been a heavy user of technology. To name but a few, advanced telecommunications applied to financial services have facilitated cross border transactions, advanced computing has helped the securitization industry, advanced data science has helped intricate trade and investment strategies. I would therefore state that financial services firms, on the aggregate, have always been innovators.

  Have they become more productive though? In absolute, or relatively speaking?

  Looking at revenue per employee and operating income (OI) per employee as crude productivity metrics for 2015, Bank of America delivers $ 392k in revenue and $ 104k in OI per employee vs Facebook which clocks $ 1.24m in revenue and $ 435k in OI per employee. On the face of it, Facebook is vastly more productive than Bank of America. The comparison gets more interesting when adding Goldman Sachs with $ 1m in revenue and $ 240k in OI per employee and Visa with $ 1.23m in revenue and $ 796k in OI per employees. Obviously some financial services firms are more productive than others and rival tech giants such as Facebook. These comparisons are unfair though as the business models are vastly different. Still, firms like Visa &8211; other likes MasterCard or the CME Group come to mind &8211;  are more technology-intensive companies while any bank &8211; with the exception of Goldman &8211; are less technology-intensive.

  From an empirical point of view, we know a majority of consumers and entreprises are dissatisfied with their financial institutions. Quality of service as well as user experience are poor, services are slow and inefficient, products and services are costly. Even if it is difficult to gauge the qualitative and quantitative impact Wikipedia has had on our productivity, it is undeniable there has been a positive impact. Even though it is difficult to gauge the qualitative impact of the financial services industry on financial wealth and health in the aggregate, it is undeniable the impact has been in certain instances negative.

  From a macro-industry point of view, Thomas Philippon, a professor of finance with NYU Stern School, recently wrote that, as per his analysis and research, the unit cost of financial intermediation had remained constant at 2% from 1886 til 2015, see here. This means that any intermediated asset has cost users 2 cents for every dollar AND has remained constant for well over a century! This is actually the greatest indictment of the financial services industry one could every come up with. Arguably, during this period the costs of many products and services in other industries have dropped while quality increased. Not so for financial services.

  To be clear, financial services firms have been innovators and they have become more productive as evidenced by the massive profits the industry has experienced. Shareholders and employees have benefited. (Even after the 2008 financial crisis, financial services profits have reached record highs. The banking industry alone hit a record of $ 1 trillion in profits worldwide in 2014.) The costs of financial products and services has not decreased for the end users. Further, as profits were more than adequate, the costs of delivering products and services did not decrease either.

  Innovation and productivity did occur, only for the industry itself though.

  When taking into account the massive scale of the financial services industry &8211; between 15% and 17% of total GDP depending the economic cycle and the exuberance of financial markets &8211; this has to result in major challenges for any economy. The primary function of financial services is to optimally allocate capital. In other words the industry needs to help us spend money, send money, receive money, invest money, save money, insure, in the best possible way. If the process whereby all these activities is essentially &8220;rigged&8221;, economic activity suffers. There are obviously high level considerations &8211; fiscal, monetary and political &8211; when analyzing the efficiency of financial services, especially from a macro point of view. I only focus on technology, innovation and the resulting business models that can emerge once &8220;real&8221; productivity takes hold, as opposed to &8220;rent-seeking&8221; productivity.

  One can argue that Venture Capital is one of the enablers of sea-changing innovation with the systemic application of new technologies. Indeed, the first wave of #fintech, emanating from the Silicon Valley and focused on backing direct to consumer models bent on competing against financial services incumbents was based on the oft successful VC/Entrepreneur strategy applied to other industries. That this first wave was not as successful as it was originally thought does not mean &8220;end-user centric&8221; productivity will not finally permeate financial services. On the contrary, it was a necessary first wave that shook the industry into action.

  Whether incumbent will successfully reinvent themselves, startups will win meaningful market share or partnerships between incumbents and startups is the way of the future is opened for debate. What is not open for debate, is the unavoidable imperative towards finally lowering the marginal cost of delivering financial products or services and eventually lowering the cost of products or services (within reason as one cannot lower the cost of borrowing for example).

  All the narratives unfolding under our very eyes &8211; digitization, platform as a service, chatbots, roboadvisory, alternative lending, APIs, cognitive banking or insurance, #blockchain, faster payments… &8211; are emanations of this unavoidable imperative.

  I recently checked US financial services payroll on the Bureau of Labor and Statistics&8217; website. Interestingly enough the US financial services industry employed approximately 8.5m people prior to the 2008 crisis. Employment stands now at around 7.9m and is expected to grow to 8.4m by 2020. I am puzzled by this forecast as I expect financial services industry payrolls to continue to decrease in developed countries (US and Europe included) as more inefficiencies are weeded out of the system. (Facebook employs 14,500, Visa employs 11,300 while BoA employs 210,000; there is still much to do.)

  No discussion about financial services productivity would be complete without mentioning regulation. Indeed, regulators can be viewed as having been complicit in the building of a rent-seeking industry. The rate of change of technology has accelerated to such a degree and consumer behaviors and expectations have changed to such an extent that financial services regulators cannot afford business as usual. Thusly the novel approach to innovation the Financial Conduct Authority has taken in the UK or the Monetary Authority of Singapore. Every regulator is now actively thinking or devising new ways of engaging the eco-system they regulate and this includes how innovation impacts these eco-systems.

  The lesson here is everyone is breathing fintech, from service providers to incumbents to regulators and startups, as a vector to deliver productivity gains.

  I want Thomas Philippon to run the numbers in 5 and 10 years from now, and I will be crushed if the cost of intermediating an asset will not have dropped to below 1%. How low can we go?

  FiniCulture

   
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  user 3:40 pm on September 4, 2016 Permalink | Reply
  Tags: Blockchain ( 836 ), CryptoToken, OpenSource, Projects ( 10 ), Sales ( 6 ), Sense ( 4 )   

  Do Crypto-Token Sales Make Sense for Open-Source Projects? 

  Investor Nick Tomaino discusses how open-source developers have been incentivized historically – and how #blockchain tokens could come to play a role.
  CoinDesk

   
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  user 12:18 pm on September 4, 2016 Permalink | Reply
  Tags: banks ( 784 ), Fintechs ( 58 ), from ( 89 ), usage ( 8 ), XBRL ( 4 )   

  XBRL usage from Banks and Fintechs 

  #XBRL adaptation for reporting, monitoring and supervisory purposes is a broad topic that encompasses Central #Banks, Regulators, Stock exchanges, individual companies (both private and public). Main relationships that can benefit #from XBRL adaptation in the financial sector Central Banks can improve their favorable financing business to the banks, if theyRead More
  Bank Innovation

   
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  user 12:18 am on September 4, 2016 Permalink | Reply
  Tags: Being ( 5 ), How XBRL, insurance ( 46 ), regulatory ( 9 ), Reporting ( 3 ), Solvency ( 2 ), Used ( 3 )   

  How XBRL Is Being Used for Insurance Solvency 2 Regulatory Reporting 

  Image source EIOPA (European #Insurance and Occupational Pensions Authority) has issued a mandate for Insurance companies to report their #Solvency 2 status using XBRL and as of January this year the mandate is in place. This is a good example of using XBRL for RegTech, to help regulators find thatRead More
  Bank Innovation

   
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  user 6:40 pm on September 3, 2016 Permalink | Reply
  Tags: Blockchain ( 836 ), Blueprint, Government ( 17 ), Here’s ( 10 ), Perfect ( 3 ), Services ( 53 )   

  The Blockchain is Perfect for Government Services (Here’s a Blueprint) 

  In this op-ed, investor and author William Mougayar discusses why global governments should be – and increasingly are – embracing #blockchain.
  CoinDesk

   
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  user 3:35 pm on September 3, 2016 Permalink | Reply
  Tags: 2016 ( 38 ), axzz4J53NOwMY, banks ( 784 ), Challenger ( 15 ), fintech ( 1,103 ), World’s ( 6 )   

  The World’s Top 10 Neo- and Challenger Banks in 2016 

  In 2015 and #2016, a new breed of challengers have emerged – the digitally focused challengers, such as Atom, Fidor Bank, Monzo and Starling, are continuing to grow with a number of them seeing improvements in profitability.

  

  Image by MaximP, via Shutterstock

  According to KPMG, total profits for the challengers increased by £194 million against a drop of £5.6 billion for the UK’s Big Five: HSBC, Barclays Bank, Lloyds Bank, The Royal Bank of Scotland and the UK subsidiary of Santander.

  These challengers are distinguishing themselves through transparency, superior data analytics, cheaper banking services and simpler business models that provide them a cost advantage.

  #Challenger #banks shouldn&8217;t be confused with neo-banks. While neo-banks offer a mobile-first banking experience in partnership with a traditional bank, challenger banks aim at becoming fully-licensed banks, creating new data-driven banking experiences and pricing models.

  Today, we take a look at the world&8217;s top ten neo-banks and challenger banks.

   

  Atom Bank

  Atom Bank is a UK digital challenger bank founded in 2014 by Metro Bank co-founder Anthony Thomson. It received a full license from the Bank of England in June 2015 and launched in full after its regulatory authorization restrictions were lifted in April 2016.

  Atom Bank aims at offering mobile personal banking and savings as well as business banking, loans, and mortgages. The startup has raised over US$ 166 million in venture capital from BBVA, Toscafund Asset Management, Anthemis Group, among others.

   

  Moven

  Founded in 2011 by Brett King, Moven is a neo-bank that partners with CBW Bank on its direct-to-consumer product. Moven provides a mobile first experience platform that connects a bank&8217;s products to the end consumer experience.

  Moven&8217;s app comes with a debit card and contactless payment sticker. The app provides real time spending insights that aims at motivating customers to make smarter decisions and save more. The startup has raised over US$ 24 million in funding so far.

   

  WeBank

  WeBank, the online banking affiliate of Chinese Internet giant Tencent Holdings Ltd., is China&8217;s first digital challenger bank launched in early 2015. Its name comes from WeChat, Tencent&8217;s popular instant messaging and social networking app.

  WeBank was the first private bank to start operations under a pilot, after the banking regulator granted licenses to six similar institutions in 2014.

  Earlier this year, WeBank raised over US$ 450 million in a funding round led by US private equity firm Warburg Pincus, a deal that valued the venture at more than US$ 5 billion, according to the Wall Street Journal.

   

  MYbank

  Launched in June 2015, MYbank is Alibaba and its affiliate firm Ant Financial&8217;s response to Tencent&8217;s WeBank. Similarly, MYbank is a challenger bank that provides an entirely digital banking experience.

  MYbank was released two years after Alibaba, China&8217;s e-commerce giant, rolled out a personal wealth fund called Yu&8217;e&8217;bao.

  MYbank was the country&8217;s second digital player to receive a banking license.

   

  Simple

  Simple, initially known as BankSimple, is an American neo-bank founded in 2009 that has partnered with Compass Bank and The Bancorp Bank for banking services.

  Simple provides FDIC-insured checking accounts and is part of the STAR network for surcharge-free access to around 55,000 ATMs.

  Simple was acquired by BBVA in 2014 for US$ 117 million to accelerate the bank&8217;s “digital banking expansion.”

   

  N26 (Number26)

  Founded in 2013, N26, formerly known as Number26, is a German digital challenger bank aimed at revolutionizing the traditional banking industry.

  In July 2016, N26 received its German banking license and simultaneously announced the extension of its financial platform as well as the addition of the bank&8217;s first investment product.

  The initial N26 Invest product for German customers is offered in cooperation with Frankfurt-based startup vaamo. Customers can use N26 Invest to put their money into portfolios right from the N26 app.

  N26 has raised over US$ 50 million in funding so far.

   

  Fidor Bank

  Launched in Munich in 2009, Fidor Bank is a German digital-only challenger bank that develops banking services and solutions for the digital generation. Fidor Bank launched in the UK in September 2015 having applied for a UK banking license in January 2015.

  Licensed in Germany, Fidor Bank serves over 120,000 account holders and some 350,000 registered community members.

  In 2014, Fidor became one of the first banks to use the Ripple internet-based payment protocol.

  The bank was acquired in July 2016 by France&8217;s second largest group for banking and finance, Groupe BPCE for an undisclosed amount.

   

  Starling Bank

  Headquartered in London, Starling is a licensed mobile-only challenger bank founded by former Allied Irish Banks COO, Anne Boden in 2014.

  In July 2016, Starling received its banking license from the Financial Conduct Authority.

  Starling focuses on offering a limited selection of services, centering around current accounts. The app, which hasn&8217;t launched yet, will offer alerts for smarter money management and real-time monitoring.

  The venture has raised US$ 70 million in funding so far.

   

  Monzo Bank

  Monzo Bank, formerly known as Mondo, was set up in 2015 by Tom Blomfield following his exit from rival challenger Starling.

  Monzo is a challenger bank based in the UK that is known for setting the record for &8220;quickest crowdfunding campaign in history&8221; when it raised £1 million in 96 seconds via the Crowdcube investment platform.

  Monzo was granted a full banking license &8220;with restrictions&8221; in August.

   

  Tandem Bank

  Founded in 2013, Tandem Bank is known for being the second challenger bank to be granted a banking license in the UK in December 2015.

  The company plans to offer digital services including current accounts, credit cards, and loans via its mobile app and website.

  Tandem Bank hasn&8217;t launched its app and yet, the company is reportedly valued at £65 million.

   

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