It’s almost time to wave goodbye to 2016. This was a big year for #fintech, with new regulations, new startups, and new technologies displayed across events like Sibos and Money20/20, making it clear that the progress of fintech can’t really be stopped. But how will it continue? That’s the realRead More
Bank Innovation
This week I attended a talk by Robert Scoble and Shel Israel, the authors of The Fourth Transformation. Their latest book charts the rise of #virtual and #augmented reality (VR & AR), haptic #technology, and the devices that will transform our experience of the world we know, not to mentionRead More
Bank Innovation
Is an Open API much like an 24/7 Open house? Maybe it is in some ways but it can also be gated. I actually like to think of Open #APIs, as Private, Open for Distribution, Open for Business. Pardon my thinking in progress as I watch and monitor the versioning, pivoting,Read More
Bank Innovation
It was a wonderful indian summer day in Boston, Massachusetts back in 1999, sailing boats were battling it out on Charleston River, joggers lined the river #banks, and many a Red Sox fan was silently dreaming and hoping that one day, yes one day, their cursed team may win the world series again.
At the MIT Media Lab — back then, one of the culmination points where all things digital were being research and thought through by a multinational, highly switched on crowd of academics &8212; I had the pleasure to attend a conference labelled “The #Future of #Cars”, where researchers #from different faculties and Research Groups came together with industry representatives to discuss how digital will transform cars and how we will use them in the future.
To be honest, I don’t remember much from that day back then – the one example that sticks in my mind is a research project on intelligent rear-mirrors, that were able to measure objects approaching too fast and warn the driver that someone was approaching his or her car at collision course &8212; a simple algorithm that measured how fast 2D spatial objects increased in size and calcs the speed based on this.
Today, many higher end cars have similar technologies as standard built in. And the #connected car has definitely arrived. How disappointed do I usually get when I step into a rented car and find out I can&8217;t connect my iPhone via Bluetooth and listen to Spotify. Damn, feels like being thrown back into the neolithic ages.
While smart digital systems already assist and take a lot of hassle and bad moments out of the driving experience (and #some fun too, as sporty drivers like to emphasize), we are looking at a even more radical digital transformation of cars in the future. Our recent PwC Strategy& study estimates a revenue potential of >155bn USD by 2022, split across safety, autonomous driving and services delivered in and out of connected cars.
Estimated connected car revenues (and market share) by product package, 2015–22
If ongoing tests and pilots continue to build momentum, we will soon be driving without our hands on the wheel, or even sitting on a backseat enjoying the car basically drive itself from A to B. Of course the car can also inform us of any location specific things we need to know, offer us services and entertainment, or contact the closest garage, if the engine is making strange noises.
In our viewpoint on the Connected Car 2016 we are also looking more broadly at how connected cars will become a part of our daily lives &8211; the how and the why.
Prospects and profits for makers of connected cars
If interested, please have a look here
p.s.
for financial services i see a big potential in using the time we are being driven by autonomous cars more productively, e.g., engaging with my bank or FS provider around advice, reporting, transactions or just catching up in general and discussing ideas.
With the right multimedia Interfaces that experience can actually be made quite enjoyful, and people will definitely &8220;have more time&8221; and &8220;be at ease&8221; than at work or right before stepping into the car or when finally arriving at home from a long commute.
This article first appeared on LinkedIn Pulse
The post Connected Cars &8211; How To Move From A to B in The Future (And Maybe Do Some Banking in Between) appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
If you thought ‘#fintech’ was a buzzword, get ready for ‘open’. Open data, open APIs, open access – you name it. #Banks are under pressure on multiple fronts to open the doors and let in the tech punters, all of whom are hungry for a slice of customer data. OpenRead More
Bank Innovation
It’s a rough year to be an #Android fan: a new #banking Trojan has infected over 200,000 Android devices over the last month, by influencing or pushing users to enter their online or banking credentials into a screen overlaid onto the open app. The Android Trojan is targeting a collectionRead More
Bank Innovation
Founded in 2013, #Contovista is a Zurich-based #company providing #banks with #personal financial management solutions that leverage big data, business intelligence and data visualization. (Finanzprodukt.ch was one of the first page who reported about this company in April 2013)
Contovista‘s portfolio includes a complete Personal #Finance Management (PFM) solution, a Finance Management solution for SMEs as well as Portfolio Analytics solution.
Its PFM solution uses advanced account statement visualizations that make it easy for online #banking customers to understand the dynamics of the account. Transactions are aggregated by category, tag or any other available dimension, enabling customers to analyze their spending habits easily and in real-time.
The company’s Analytics Engine translates unstructured financial data into structured data enriched with meta-information. This data forms the basis for the company&8217;s products in PFM, Business Analytics and marketing, and can further be leveraged to build custom applications.
Contovista&8217;s #software adds semantics to account statements by automatically categorizing transactions which can be enriched with custom tags, comments or documents.
Contovista Banking Experience from Contovista on Vimeo.
Contovista&8217;s solutions have already been integrated into Zürcher Kantonalbank. More integrations are expected to take place this year, according to a press release.
In March, Contovista raised funding from the Aduno Group, a Swiss specialist in cashless payments, which now holds a 14% participation in the #startup. The new capital was aimed at helping Contovista accelerate its growth and promote the company on the national and international levels.
For the Aduno Group, the deal enabled the firm to offer a full-featured PFM and innovative data analytics solutions to its customers and partner banks.
“Digitization affects all business segments and is gaining importance in the financial sector. This requires strong partnerships with #fintech companies such as Contovista,” said Martin Huldi, CEO of the Aduno Group.
&8220;Our customers want individual solutions that are user-friendly. With the personal financial assistant we can meet their requirements and enable our customers an attractive 360° view of their financial transactions. We are delighted about this strategic partnership and we are able to offer our partner banks a service which allows to benefit quickly and cost-effectively from these new technologies.&8221;
Qontis is another Swiss online PFM platform provider. The solution offers an overview of users&8217; personal finance details and includes a number of features including budgeting tools that can analyze a user&8217;s transaction history, cost optimization suggestions and capital accumulation support.
In August 2015, Qontis announced a partnership with St. Galler Kantonalbank to integrate the startup&8217;s PFM tool into the bank&8217;s e-banking platform. Qontis&8217;s PFM solution is based on Meniga&8216;s software, which has been providing over 20 banks with more than 35 million customers its PFM platform since 2009.
Meniga is the European market leader of white-label PFM and next-generation online banking solutions. Last year, the company signed a global contract to deploy its PFM solution across Santander Group markets.
Featured image by Pressmaster, via Shutterstock.com.
The post Startup Of The Month: Contovista, A Personal Finance Banking Software Company appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
#Half of #banking #customers across the globe are #using the products or services of at least one #FinTech firm1, according to the first #World FinTech #Report (WFTR) from Capgemini and LinkedIn, in collaboration with Efma.
The inaugural report quantifies and tracks customer response to the rise of FinTechs, includes the views of financial services industry executives at both FinTech #firms and traditional financial institutions2, and summarizes how innovation is key in the emerging industry landscape.
In particular, the WFTR found that FinTechs are gaining momentum and mindshare amongst younger, tech-savvy, and affluent customers. Emerging markets led the adoption where over 75% of customers in China and India report using services provided by FinTech firms, followed by the UAE and Hong Kong.
FinTechs have made the greatest inroads in investment management, where 17.4% of customers rely on them solely and another 27.4% use them in addition to their traditional providers. With so many FinTechs specializing in niche services, the WFTR also found that many FinTech customers (46.2%) are using services from more than three FinTech providers.
While FinTech providers continue to have a disruptive market presence, overall customer trust levels in these providers remain low. Only 23.6% of customers say they trust their FinTech provider compared to 36.6% for traditional firms. Customers noted traditional financial institutions still hold some advantage over FinTech providers when it comes to fraud protection, quality of service, and transparency.
“Rising customer expectations for more personalized and advanced digital experiences, advancements in #technology, greater access to venture capital, and lower barriers to entry have created fertile ground for growing FinTechs,” said Penry Price, Vice President, Marketing Solutions, LinkedIn. “FinTechs are largely gaining momentum by meeting needs traditional players have yet to address, but many FinTechs lack the transparency required to earn the trust of their consumer audiences to capitalize on these opportunities.”
Traditional financial institutions continue to face challenges, with less than half (44%) of executives confident in their FinTech strategy. This is not surprising given only about one-third (34.7%) affirmed they have a well-structured or proactive innovation strategy in place that is embedded culturally. The risk-averse nature of traditional firms also makes it difficult for them to create cultures that prioritize innovation, and 40.3% of executives said that theirs is not conducive to innovation.
“Financial services senior executives are seeing FinTechs in a whole new light as they see greater opportunities to collaborate, but are also making significant headways in building more agile, in-house FinTech capabilities.” said Thierry Delaporte, Head of Capgemini’s Global Financial Services Business Unit and Member of the Group Executive Board. “But with the exception of a handful of industry leaders, most firms are struggling to achieve positive results from their innovation initiatives with only 10 percent of executives stating they have been very effective at achieving desired innovation results.”
The WFTR found that traditional firms are increasingly pursuing a wide range of strategies in response to FinTechs. A majority of financial institutions (60%) now view FinTechs as potential partners, but nearly the same percentage (59.2%) are also actively developing their own in-house capabilities. Beyond partnership and in-house development, executives are exploring a full range of models, whether it be Investment in FinTech (38%), partnering with educational institutions (34.3%) or setting up accelerators (29.6%), while a much smaller percentage (18.6%) are acquiring FinTechs.
Traditional firms are in large, part responding to this shift by giving highest priority to investment in technologies which facilitate more streamlined and effective operations, thereby providing better day-to-day customer experiences.
Nearly 90% of executives report they are most focused on implementing big data and analytics, followed by the Internet of Things (IoT) (55.8%), #blockchain (54.7%), robotic process automation (52.3%), and open API technologies (50%). Blockchain technology, which forms the backbone of the popular virtual currency #bitcoin, is increasingly penetrating the financial services industry. It has numerous applications including enhanced transfers of digital assets, identity management, and better management of reward and loyalty solutions.
“Both FinTech and traditional firms still have work to do on delivering a better customer experience,” said Vincent Bastid, Secretary General, Efma. “The arrival of FinTechs has accelerated the improvement of overall customer experience in the industry but it is still not at the level that customers perceive that it should be. It is only a matter of time before BigTech3 companies and players in e-commerce and telecommunications join in to stake their claim to benefit from this industry disruption.”
To help traditional firms overcome their innate resistance to innovation and address current and potential future disruption, the WFTR has defined a four-step framework which will be essential in the face of a growing number of prospective threats to the financial services business.
According to the report, traditional FS firms can unlock innovation by: discovering new technologies, devising ideas and insights into business models, deploying aligned executives to support innovation, and sustaining innovation by improving efficiency and implementing best practices. As the “platformification”4 of the industry continues to gain momentum, it will be more and more imperative that financial institutions take aggressive action to innovate to ensure they are prepared.
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On the 11th of March the world celebrates World Plumbing Day. For most of us, this probably doesn’t mean much. Mainly because in the western world we take great plumbing for granted. Working sanitation seems like such a non-event, that the idea of celebrating it seems redundant. But of courseRead More
Bank Innovation
I’ve long believed that #banks can leverage technological innovation to offer customers much better, faster and cost-efficient services. Today, after much planning, I’m excited to announce that I’m launching a financial #technology business that will aim to build that better #banking world – 10x Future Technologies.
After many years as a senior bank executive, this might seem like a surprising move. But every day I see the signs of the huge changes that have taken place since I first started out in banking 30 years ago. Back then, I couldn’t have imagined that today’s financial services would give us contactless payments, or let us pay bills on an app, for example.
Yet despite making life far easier for customers, most of these innovations have not been truly disruptive because they have not much affected the hierarchy of the banking world itself. Customers still use the same banks they have for many years – it’s just that now we can view our account balance on our mobiles, make payments online and use cards abroad.
There’s still so much more that must be done to ensure that new technologies deliver the best impact possible on the customer experience.
Have you ever received an official bank letter about a financial matter you settled years ago, or been told incorrectly that details on your account are wrong? That’s because the pillars that underpin the existing banking infrastructure are often dated, overlapping and inefficient, and core banking IT systems are sometimes so cumbersome that it’s difficult to get them to talk to one another.
Even if you have a mortgage and a current account with the same bank, for example, the systems that underpin those two services might not effectively communicate with each other. They reduce potential returns for investors, slow down the customer experience and encourage the complicated banking products that make it virtually impossible for customers to compare providers and get the best deal.
I’m convinced that 10x Future Technologies can offer the solution. We’ll provide the technology to enable banks to unify those systems into a centralised interface, creating much better customer service in the process. Our technology will help banks offer more personalised credit cards, loans and accounts, among other products. It’ll also allow them to crack the information hidden in the personal data they hold about their customers, which means they could anticipate when a small business owner might need a more flexible line of credit, or offer personalised mortgages that allow you to overpay to reduce your debt, or skip a payment when you need extra cash at Christmas.
We’ve already assembled a team of top talent working in financial technology, and are in advanced talks with a number of potential major clients. But we’re rapidly expanding and are on the lookout for more exceptional individuals to get involved. Head to the 10x website to find out more.
#Transforming the customer experience
I’ve always been excited about the ways new technologies can change our lives. Look at how cloud-based online storage has made working on collaborative projects significantly easier, or how smartphone maps mean you can now find the nearest ATM or supermarket at the touch of a button.
Yet it’s fair to say that this kind of data innovation has not been fully implemented in banking – and it if were to be, it could transform the customer experience. That’s why introducing new technologies has been a significant part of my career in finance. When I was CEO of #Barclays, I made it the first bank to issue all cards with contactless technology, focused on the bank’s digital and app offering and launched the peer-to-peer money transfer platform Pingit, which uses an open data architecture.
These kinds of changes aren’t just good in themselves. I see the current climate as providing three broad challenges to banks for which technology is a potential solution:
Banks need the better technology customers deserve – and it starts from the bottom.
Those banks that take decisive action in the face of this situation will be the winners. 10x Future Technologies will offer them the means to do this.
I’m convinced that financial services and other businesses need to return to a position where they play a critical role in enabling social and economic progress, with a clear focus on long-term sustainability rather than short-term gain. As an independent company with inherent neutrality in the market, 10x will help this process by providing the services to help companies consider the long-term impact of their actions, build a sustainable business and do right by their customers.
As new technologies proliferate, boosted by the 10x platform, we’ll see a great deal of innovation in financial services, reinventing the way we all use and move our money. Overhauling the banks’ infrastructure would have no small impact on how we manage our finances, so we’re determined to make sure that the result works for everyone. Our long-term goal is to truly democratise banking: to deliver the ten times better service that banks need and that customers and society deserve. We at 10x Future Technologies believe that technology can create the transparency, lower costs, fairness and competition that mean everyone wins.
[linkedinbadge URL=”https://www.linkedin.com/in/antony-#jenkins-642953105″ connections=”off” mode=”icon” liname=”Antony Jenkins”] is Executive Chairman at 10x Banking
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