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  user 4:59 pm on August 16, 2016 Permalink | Reply
  Tags: banks ( 784 ), bitcoin ( 241 ), Blockchain ( 836 ), DACH ( 8 ), fintech, News ( 16 ), Rückblick ( 8 ), technology ( 921 ), Woche ( 8 )   

  FinTech DACH News Rückblick der Woche 32 

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

  Fintech #DACH Top News

  
  

  Überblick und Vergleich von Schweizer Nachdiplom Studiengängen in Digital Finance

  Diese Aufstellung hilft Euch bestimmt bei Eurer Entscheidung, solltet Ihr eine solche Ausbildung in naher Zukunft in Erwägung ziehen. Mehr erfahren

   

  
  

   

  Swisscom setzt bei Fintech auf Kollaborationen
  Was Jungunternehmen mitbringen müssen und welche Arten der Kooperationen möglich sind, erklärt der Leiter des Clusters Johannes Hoehener. Mehr erfahren

   

  
  FinTech: Die wichtigsten deutschen Finanz-Start-ups
  deutsche-startups.de präsentiert deswegen die wichtigsten deutschen FinTech-Start-ups – unter anderem basierend auf dem eingesammelten Risikokapital, die Beteiligten Investoren und der generellen Marktbedeutung des Start-ups. Mehr erfahren

   

   

  
  FinTecSystems – Millionen für digitale Bankauskunft
  FinTecSystems hilft Banken bei der Vergabe von Krediten und hat einen Millionenbetrag eingesammelt. Das Geld kommt unter anderem von einem französischen VC. Mehr erfahren

   

  
  
  

  Avaloq kooperiert mit Zürcher Fintech-Firma
  Die Bankensoftware-Schmiede Avaloq erweitert ihr Angebot mit drei Dienstleistungen. Dazu zapft sie die Expertise eines Datenspezialisten an.. Mehr erfahren

   

   

  

  Erst Lizenz und dann Bauernfängerei: N26 wird zur vollwertigen Bank
  Das Banking-Startup N26 verspricht ein faires und transparentes Anlageprodukt. In Wahrheit aber lohnen sich die Konditionen vor allem für Kleinsparer nicht. Verbraucherzentralen warnen. Mehr erfahren

   

   

  

  Insurtech: Startup erhält Anschluss zur SBB

  Bei einer Schweizer Jungfirma im Versicherungsbereich steigt ein gewichtiger Kunde ein – die Bundesbahnen. Mehr erfahren

   

   

   

  Der dreifache Wahnsinn von „Girocard kontaktlos“, „girogo“ und „Geldkarte“

  Wieso die Geldkarte und Girogo an Wahnsinn grenzen, das neue Bezahl-Verfahren „Girocard kontaktlos“ sich beim Konsumenten durchsetzt – und die Sparkassen dabei leer ausgehen werden – erklärt t3n Redakteur Jochen G. Fuchs in seiner „E-Fuchs-Kolumne“. Mehr erfahren

   

  

  PayPal in Deutschland: Dr. Frank Keller wird neuer Geschäftsführer – Arnulf Keese wird Partner eines VC

  Corporates und international agierende Finanzinstitute können die Innovationskraft von Start-ups und Fintechs nicht länger ungenutzt vorbeiziehen lassen. Start-up-Expertin Marie-Hélenè Ametsreiter und Erste Group-Vorstand Peter Bosek kennen die Bedürfnisse beider Seiten genau. Mehr erfahren

   

  
  

  N26 Valentin Stalf im Interview: Die neue Strategie der Digitalbank – Geschäftskonten ab 2017
  Im News-Dauerfeuer stellt sich Valentin Stalf, CEO der neugebackenen Bank, unseren Fragen rund um Altlasten und neue Pläne der N26. Mehr erfahren

   

  
  Sofortkredit per API: AutoScout24 nutzt neuen Baustein der SolarisBank
  Habe die SolarisBank nun das Portal AutoScout24 an­ge­schlossen, um darüber per API Sofortkredite anzubieten. So könnten Autokäufer binnen weniger Minuten eine Finanzierung für den Gebrauchtwagenkauf erhalten. Mehr erfahren

   

   

  
  Social Media-Analyse zur FinTech-Branche
  Der Aufstieg der Sozialen Medien in der zunehmenden Digitalisierung und die Finanzkrise führten zu einem Aufschwung der FinTech-Branche. Wir warfen mit Brandwatch Analytics einen Blick auf die Online-Gespräche zu diesem Thema.. Mehr erfahren

   

  
  Betastart für Herbst geplant: Penta will den “Legacy-#Banks” die KMUs abnehmen
  Stealth-Mode nennt sich das. Jetzt aber bricht Co-Founder Luka Ivicev beim IT Finanzmagazin das Schweigen – und erläutert im Interview die Strategie des im Februar in Berlin gegründeten FinTechs. Mehr erfahren

   

   

  #BITCOIN / #BLOCKCHAIN News

   

  

  How the Tech Behind Bitcoin Could Revolutionize Wall Street
  Many believe the underlying #technology that powers bitcoin transactions, a system known as blockchain, has the potential to upend how Wall Street does business. Mehr erfahren

   

   

  
  Blockchain – ohne den sozialen Konsens geht’s nicht
  Dabei zeigen u.a. die zermürbende Blocksize-Debatte und aktuell die Ethereum-Fork, dass es beim Thema „Blockchain“ eben nicht nur um Technik geht, sondern auch um die Menschen, die sie verantworten und für die sie gemacht ist. Mehr erfahren

   

   

  
  Banking wird in zehn Jahren komplett anders aussehen
  

  “Die Blockchain wird das Internet verändern und dafür sorgen, dass sich Geschäftsmodelle und -prozesse grundlegend verändern werden. Sie hat tatsächlich etwas Revolutionäres, denn sie kann Zahlungsverkehr, Kredite oder den Wertpapierhandel schneller und günstiger machen und vor allem auch Finanzinstitute abschaffen.” Mehr erfahren

   

  ÜBERSICHTEN / INFOGRAFIKEN / STUDIEN

  
  Top 30 FinTech Startups in Germany
  FntechNews has put together list of FinTech Startups in Germany. This channels are top profiles in the fintech hub that frequently update for the FinTech community. Mehr erfahren

   

   

  
  

  Bain-Studie: Mobile-Banking verdrängt Online-Banking
  Mobile-Banking entwickelt sich weltweit zum entscheidenden Kanal für Bankgeschäfte und trägt wesentlich zu einer hohen Kundenloyalität bei. Mehr erfahren

  
  

   

  
  zeb-Studie: Versicherer überlassen Innovationen den InsurTechs – und warten ab
  Die deutschen Versicherungs­unter­nehmen fokussieren sich zu stark auf interne Themen wie Infrastrukturen und Prozesse und zeigen sich zögerlich, wenn es darum geht, Innovationen zu entwickeln. Sie drohen dadurch zunehmend den Anschluss an neue InsurTech-Trends zu ver­pas­sen. Mehr erfahren

   

  Fintech EVENT Hinweis

  Zum Abschluss noch Informationen in eigener Sache von Fintech.LI.

  

  Ticketpreise: von CHF 149,99 für Startups und CHF 249,99 für alle weiteren Kategorien.

  Fintechnews Leser erhalten einen exclusiven Discount von 20% mit dem Code &8220;fintechnews20&8221;.

  The post FinTech DACH News Rückblick der Woche 32 appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

  Fintech Schweiz Digital Finance News – FintechNewsCH

   

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  user 4:58 pm on August 16, 2016 Permalink | Reply
  Tags: #IoT, fintech, Hashtag   

  Hot Hashtag: Fintech and the #IoT 

  The Internet of Things — the network of internet-connected devices that might include your alarm clock, thermostat, and refrigerator– is growing, and that carries important implications for #fintech and beyond. On Twitter, the #hashtag IoT has reached over 3.3 million users in the past several hours, with around 387 retweets and counting, whichRead More
  Bank Innovation

   
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  user 3:35 am on August 16, 2016 Permalink | Reply
  Tags: Assistants ( 2 ), banking ( 225 ), banks ( 784 ), Chatbot ( 7 ), fintech, MoneyManaging, Rise ( 16 )   

  The Rise of Chatbot Banking and AI Money-Managing Assistants 

  As the market for apps is maturing and artificial intelligence advancing, text-based services, or chatbots, are poised to take off.

  Chatbots are essentially software programs that use messaging as the interface to carry out various tasks. Venture Beat estimates that the bots landscape currently consists of over 170 companies that have attracted some US$ 4 billion in funding.

  One particular area where entrepreneurs and market observers are optimistic about, is their use to deliver financial services.

   

  Banks and FIs jumping on the bot wagon

  

  Image credit: maxuser via Shutterstock

  Already, a number of #banks have dived into this emerging trend, building and delivering solutions on instant messaging and popular social networks (think Facebook Messenger and Twitter) to deliver basic #banking needs such as checking your banking account balance, finding nearby ATMs, and even make payments, have launched this year. Toshka Bank of the Otkritie Financial Group, and Absa Group, also known as Barclays Africa, have both released their own chatbots in July and May, respectively.

  The Royal Bank of Scotland has also introduced a #chatbot into its operations. Luvo is basically the bank’s customer service chatbot, and although the service doesn&8217;t handle transactions, it is the bank&8217;s first step towards simplifying financial transactions.

  Going beyond daily banking needs, other companies are looking to use chatbots for other purposes such as trading services and personalized financial guidance. This is the case of AJ Bell, a UK firm providing online investment platforms and stockbroker services, which plans to reach millennials with a new trading service that would allow customers to buy and sell shares on Facebook Messenger.

  Another example is Personetics, an Israeli provider of personalized digital guidance solutions, which launched its Personetics Anywhere chatbot in May. Personetics Anywhere, a solution targeted at banks, is essentially a tool that allows their customers to get up-to-date information and personalized guidance via Facebook Messenger and other messaging apps.

   

  AI financial assistants

  Digit, a San Francisco-based startup, focuses on helping customers save money. You simply need to connect your bank account, then, its algorithms analyze your income and spending, and find small amounts of money it can set aside for you.

  Every two or three days, Digit transfers some money (usually between US$ 5 to US$ 50) from your checking account to your Digit savings and promises to “never transfer more than you can afford.”

  When you need your savings, you simply send Digit a text message, and Digit will transfer the money from your Digit savings back to your checking account next business day.

  The service allows unlimited transfers, with no minimums and no fees. Plus, Digit automatically sends you a text message with your checking account balance every morning.

  Speaking to Fast Company, Digit&8217;s founder and CEO Ethan Bloch, explained why he decided to go with text messages instead of building an app:

  &8220;The honest reason is it was easy. It was fast. We didn’t want it to be another notification because we didn’t want to have to build an app; I just really wanted to ask Digit for my balance. Really quickly, we wrote the code and it shifted [to SMS].&8221;

  Similarly to Digit, Cleo, too, connect with your bank account to assess your daily debits and other transactions. Cleo, an artificial intelligence money-managing assistant, sends you text messages about your spending and help you find better deal banks. You can also send her text messages with specific requests. Cleo is unfortunately only available in the UK right now.

  

  San Francisco-based startup Olivia AI, Inc. said it intends to &8220;revolutionize the way people spend their money&8221; and &8220;help people maximize their paychecks.&8221; Olivia, which is still under development, will organize all your accounts and transactions for you and come up with unique insights on how to save money and stretch your paycheck.

  Olivia&8217;s CEO and founder Cristiano Oliveira said that unlike competitors, Olivia is &8220;not focusing on creating budgets, we’re focusing on helping our users keep doing what they love to do without compromising their lifestyles, providing ways to save money on everyday items like groceries, cable, and insurance.&8221;

   

  Featured image: A line of retro robots by charles taylor, via Shutterstock.

  The post The Rise of Chatbot Banking and AI Money-Managing Assistants appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

  Fintech Schweiz Digital Finance News – FintechNewsCH

   
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  user 12:18 am on August 16, 2016 Permalink | Reply
  Tags: fintech, Fusion, Microfinance ( 3 ), Outfittery, Raises ( 55 ), UpGuard   

  Top 5 Fintech Raises: Fusion Microfinance, Outfittery, UpGuard 

  “Wow, all of this funding, and not a #fintech company in sight”—there’s a sentence you won’t be hearing from investors for a good while.  There are so many fintech ventures out there, investors are hard-put to choose. This week, they’ve opted for all-female #microfinance, German personal shopping platforms, and peer-to-peerRead More
  Bank Innovation

   
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  user 7:40 pm on August 15, 2016 Permalink | Reply
  Tags: 2016 ( 38 ), david bruno, fintech, fintech trends, ubs   

  Is FinTech Disruptive? Fintech Trends 2016? What`s post-Fintech? 

  

  Ep.2: A.I. in Banking, #Fintech Trends and Disruption MakerZone 

  Hi everyone! Back by popular demand answering more of your Real Life Questions about Innovation in Wealth Management, #FinTech and what I am seeing as future trends scouts in the industry.

  Today’s Episode covers:

  • Is disruption happening in FinTech / Banking?
  • What are the Top Trends of #2016 in Fintech
  • What’s coming post-Fintech to inspire VC money?

  Please ask your QUESTIONS on Twitter and I’ll be happy to answer them and feature YOU on the next episode 🙂 

  Also do Subscribe to my channel to get the next Episodes. Happy Hustlin’! Dave @SuperDaveBruno

  ---

  [linkedinbadge URL=”https://ch.linkedin.com/in/david-bruno” connections=”off” mode=”icon” liname=”#David Bruno“]
  

   
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  user 3:35 pm on August 15, 2016 Permalink | Reply
  Tags: Attend, Blockchain ( 836 ), Events ( 4 ), Fall ( 3 ), fintech, London ( 12 ), robo ( 81 ), technology ( 921 ), This ( 23 )   

  Top 5 London Fintech Events To Attend This Fall 

  Nearly two months after the Brexit vote, #London now has a new prime minister, a new government and a new outlook. The capital, the British economy, the rise of UK’s #fintech industry, and by extension all other aspects of financial services in Europe have been undergoing and adapting to these new tremendous changes.

  Many people are wondering if London will lose its title “the fintech capital of Europe”. For now, London’s fintech scene seems to remain strong and promising. Many fintech #events are set to take place in London for the rest of 2016. With these fintech events in London, the capital still keeps its position as a strong fintech hub in the region.

  Take a look at the outstanding fintech events in London #this #fall below:

  ROBO ADVISOR CONGRESS

  

  Special Offer: 10% Off with code &8220;FTN10&8220;. Register NOW

  This One Day deep dive congress in London will bring together traditional Financial Services firms and the hottest emerging FinTechs from across the globe to plot the future of #Robo Advice and wealth management. Featuring discussions on target demographics, technological advances and platform differentiation, along with the opportunity to learn from translational case studies; the congress will highlight the opportunities Robo Advisors can present while addressing the challenges surrounding its optimisation and practical implementation. For more information, visit http://www.roboadvisorcongress.com

   

  Blockchain for Finance Conference LondonBlockchain

  

  The focus on global expansion and foreign investment makes Global Expansion Summit the ideal event platform for much needed discussion on the impact of Brexit on inward investment into the UK and FDI around the world. The event is extremely well timed and the audience and conference content particularly pertinent.

  In recognition of this, we are re-branding the show to Brexit & Global Expansion Summit. Our focus on ICT, BPO & Financial Services as well as the underlying theme of global expansion and digital transformation are still the essence of our event. However, we will be adding some Brexit focused content to the conference.

   

  LendIt Europe 2016 with the P2PFA

  

  Special Offer: 15% Off with code &8220;FNS16VIP&8220;. Register NOW

  Where platforms and investors come to learn, network and do business. The 3rd annual LendIt Europe conference and expo will take place at the InterContinental London – O2. This year’s event will bring together more than 1,000 industry leaders and include the region&8217;s largest online lending expo with more than 2,500 square metres of exhibition space.

   

  European RegTech Congress

  

  Special Offer: 10% Off with code &8220;FTN10&8220;. Register NOW

  The European RegTech Congress will provide a platform for the discussions really needed to move the space forward. With a dedicated track to exploring the realities of Regtech adoption, how to harmonise wide ranging platforms and the standards the #technology needs to meet. Our practical ‘RegTech in Action’ track featuring dedicated seminars on topics such as the impact the move to Mifid II will have and how RegTech can manage Post-Brexit uncertainty. For more information, visit http://www.regtechevent.com

   

  Brexit & Global Expansion Summit

  

  Special Offer: 15% Off with code &8220;FNS16VIP&8220;. Register NOW

  The focus on global expansion and foreign investment makes Global Expansion Summit the ideal event platform for much needed discussion on the impact of Brexit on inward investment into the UK and FDI around the world. The event is extremely well timed and the audience and conference content particularly pertinent.

  In recognition of this, we are re-branding the show to Brexit & Global Expansion Summit. Our focus on ICT, BPO & Financial Services as well as the underlying theme of global expansion and digital transformation are still the essence of our event. However, we will be adding some Brexit focused content to the conference.

  The post Top 5 London Fintech Events To Attend This Fall appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

  Fintech Schweiz Digital Finance News – FintechNewsCH

   
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  user 4:54 am on August 15, 2016 Permalink | Reply
  Tags: Capital ( 36 ), Diagnostics, Differential, fintech, technology ( 921 ), Venture ( 10 ), Zebras   

  Differential Diagnostics, Venture Capital & Zebras 

  

  Yesterday evening I had dinner with a good friend of mine who is a world renowned cardiothoracic surgeon. I asked him if he followed a framework when dealing with each patient and he brought up the subject of #differential diagnosis. At its core, differential diagnosis is a method used to identify a disease when alternatives are possible while utilizing a process of elimination. A doctor will assess a patient in context (symptoms, patient’s history) and taking into account medical knowledge, go through a decision tree, starting from most likely diagnosis, eliminating each alternative until the right diagnosis is reached.

  There are two approaches to differential diagnosis. The specialist and the generalist approach. The specialist approach – used by a surgeon for example &8211; utilizes a sharp shooter technique, selecting from the most likely to the least alternative, one alternative at a time. The specialist approach is narrow and deep. The generalist approach &8211; used by a family doctor for example &8211; utilizes a broad brush technique, also selecting from the most likely to least likely alternative yet considering a group of alternatives together. The generalist approach is broad and shallow (and I do not mean this in a negative way).

  Medical doctors have to learn an incredible amount of historical knowledge and then have to practice extensively in live conditions, in hospitals, before becoming experts in their fields. The body of knowledge at their disposal does not change markedly &8211; it is not like we are inventing new diseases, ailments, different ways of breaking a bone on a regular basis. The medical tools, medical drugs at their disposal, and the medical techniques do change. So there is a constant “on the job” training occurring.

  The framework I use in #venture #capital strikes me as eerily similar to differential #diagnostics. First, I  am a specialist venture investor as I only invest in #fintech. It goes without saying that I need to develop a very deep understanding of the financial services world in order to be effective at my job. Without explicitly knowing &8211; it until now &8211; I have developed a sharp shooter approach, akin to the one used by my surgeon friend, that allows me to very quickly assess the merits of a payments startup for example. For each of the five sectors that comprise fintech &8211; lending, capital markets, insurance, asset management and payments &8211; I have a top 10 of &8220;things&8221; I look for for which the presence or the absence are a deal killer. I rarely need to go past thing 3 or 4.

  I use the sharp shooter differential diagnostic approach when I first encounter a startup. it is a way for me to eliminate the noise and get to the signs fastl. If I am still interested and impressed past this first stage, I will switch to a generalist differential diagnostic approach where I bunch groups of &8220;things&8221; and attempt to figure out, holistically adds systemically, patterns I like/do not like or that make sense/do not make sense, repeating the process until I eliminate the startup as a potential investment or I confirm my initial positive signal.

  Much like my surgeon friend who has to go through thousands of cases per year to hone his skills, I go through approximately 1,000 business models per year. This is the material I need, along with historical knowledge base I built over the years &8211; a mix of theoretical knowledge and many years of practice as both an operator and investor &8211; to keep current. The number of business models does not change at the margin that much, the number of ways a team should be built, how a startup should be scaled, a board should be architected &8211; all the business aspects of building a business &8211;  do not vary that much. What changes are the the technologies and how they are applied to specific business models. So I need to constantly learn that aspect to stay ahead.How AI, quantum computing, AR will be applied to fintech are my learning curves.

  I continue to apply both differential diagnostics frameworks during the lifetime of an investment, constantly toggling from one to another.

  I believe the best VCs are good at differential diagnostics. Not only because they master the framework and have built their own heuristics in their particular domains, but because they also know when to switch from sharp shooter to generalist differential diagnostics. That is a crucial skill. I also believe top VCs are more adept at applying differential diagnostics in context. By that I mean that &8211; taking a fintech example &8211; a US payments company may need a different sharp shooting approach than a EU payments company, while one may need the same generalist approach for both. It all depends on nuances relating to culture, jurisdiction, consumer/user behaviors, market structure. I tend to call these nuances &8220;terroir&8221;. Yes, I like wine. Knowledge of terroir will help you choose the right differential diagnostics approach at the right time, and load the right decision trees.

  I also believe specialist VCs have an edge over generalist VCs. To be clear, both need to master the two differential diagnostic techniques. The specialist VC will always have an edge with the sharp shooter technique given the required deep knowledge she needs to operate in only one field. This is especially important considering the changing VC landscape is currently experiencing: the rise of crowdfunding and angel investing on one end of the spectrum and that of corporate VCs, sovereign wealth funds, mutual funds and large PE funds on the other end of the spectrum may force traditional VC funds to specialize in order to retain an edge. Specialized VCs may be the way of the future.

  I am also well aware that medical doctors have an edge over venture capital investors when it comes to track records. On the evidence, declining mortality rates and improved longevity beat hands down VC-backed startup survival rates. This means that even with the best differential diagnostics tools and the most astute and timely ways to apply said tools and make a decision, venture investing is an extraordinarily difficult business to succeed in. There is much literature attesting to this fact. VC investing and startups building are ruled by power laws.

  I do not pretend to disprove nor fight this fact. What I do is try to refine the odds ever so slightly. For me this means to always have #Zebras in mind.

  Theodore Woodward, a 1940s professor of medicine coined the aphorism &8220;When you hear hoofbeats, think of horses not zebras.&8221; He meant that if you diagnose something &8220;normal&8221; applying your diagnostic tools, there is a great chance it is indeed a &8220;normal&8221; thing and not something else, something &8220;exotic&8221;.

  This works well in the medical field. Not so well in venture capital.

  Hence, if there is one thing that keeps me up at night, it is Zebras. Due to the unfathomable emerging properties of large systems, venture investing breeds many more Zebras than horses, even though you may have correctly diagnosed a horse from the beginning. By that I mean that you may start with a horse, but due to unforeseen circumstances, you end up with something else, a Zebra. Very few Zebras end up with positive outcomes. The great majority of Zebras experience neutral to negative outcomes.

  Thusly it is imperative to be paranoid about Zebras. I endeavor to excel at differential diagnostics which is a necessary requirement but not a sufficient one. Additionally I try to take risks I can measure in ways that attempt to mitigate negative Zebra effects. I shy away from entrepreneurs and startups that open themselves to fragility. I favor entrepreneurs and startups that strive to capture optionality and build antifragility. This means favoring entrepreneurs and startups that exhibit the right mix of #technology, business and talent (the necessary requirements) AND that will thrive during volatile business conditions OR that do not include business variables whose rate of change increases negatively as business conditions fluctuate. Examples of fragility would be a cost of acquisition that increases as the startup increases traction, churn that increases the more clients are acquired, a loan default rate that increases as interest rates increase, a technology build that increases in complexity even as the startup matures. I picked up fragility and antifragility concepts from Nassem Taleb, and encourage anyone involved in investing and startups to read his work. Much more could be written about how one can apply antifragility thinking to startup investing; for another post maybe.

  In as much as I apply differential diagnostics techniques to scrutinize the form and substance of a startup, my Zebra heuristics helps me understand the likelihood such form and substance will behave positively in dynamic situations. Not a perfect approach for sure.

  The best VCs excel at diagnosing the right horses then shunning the patently negative Zebras. This still leaves the field wide open for a variety of surprises.

  FiniCulture

   
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  user 3:35 am on August 15, 2016 Permalink | Reply
  Tags: Bank ( 246 ), banks ( 784 ), Challenger ( 15 ), fintech, MobileOnly ( 2 ), Monese ( 2 ), Releases ( 11 ), technology ( 921 )   

  Mobile-Only Challenger Bank Monese Releases iOS App 

  #Monese, a UK-headquartered mobile-only #challenger #bank, has launched its iOS app alongside a refreshed Android app.

  Monese lets you open a UK current account almost instantly even without a UK address or credit history, all through the app.

  Opening a Monese bank account is quite simple and only requires a snapshot of your passport and a selfie. Monese is available to customers located in Europe.

  The banking account comes with a (free) contactless Visa Debit card, which allows you to purchase goods and services online and in store, withdraw cash from ATMs globally, as well as deposit cash at any shop with a PayPoint.

  The Monese app works pretty much like any other banking app: you can receive payments, send money at home or abroad (8x cheaper than using a traditional bank), pay your bills and manage your money on the go.

  Monese primarily targets immigrants, digital nomads and the expats community who often have to experience challenging tasks when opening a UK bank account as foreigners.

  Named ‘Best Challenger-Bank’ in Europe, the startup has been awarded €1.1 million by the European Commission for research and innovation.

  Monese, one of the first 100% mobile current account services to launch in the UK back in September 2015, is registered by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money.

  Since the UK&8217;s financial regulators loosened rules for new entrants in 2013, a host of startups have applied for banking licenses in order to take on the established lenders. Monese, but also Mondo, Atom Bank and Starling, have that one thing in common: they are all engaging with customers almost entirely through digital channels.

  In April, app-only bank Atom Bank launched its iOS app in the UK and is currently looking to replace passwords with biometrics banking. The company is authorized with restrictions by the Prudential Regulation Authority (PRA) and regulated by the FCA.

  Atom Bank is backed by BBVA, Anthemis Group, Polar Capital Holdings and Toscafund Asset Management, and has raised over US$ 170 million in funding so far.

   

  Digital banks and millennials

  In May, Viacom Media released results of a survey of over 10,000 millennials on their perception of banking. The survey found that 73% would be more excited about a new offering in financial services from leading #technology companies than from their own bank.

  

  Image: Millennial Generation by William Perugini, via Shutterstock.

  Engaging with millennials, a growing population of 80 million individuals in the US along with radically different expectations from their predecessors, has become a top priority for #banks. Growing up in the age of the Internet boom, millennials have ushered in the rise of mobile apps, crowd-source funding, digital peer-to-peer payments and online banking.

  According to the Millennial Disruption Index, 68% believe that in five years, the way we access money will be totally different and 70% say that the way we pay for goods and services will completely change in five years.

  Interestingly, 33% believe they won&8217;t need a bank at all in five years, and almost 50% are relying on tech startups to fundamentally change how banks work today.

  The post Mobile-Only Challenger Bank Monese Releases iOS App appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

  Fintech Schweiz Digital Finance News – FintechNewsCH

   
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  user 7:36 pm on August 14, 2016 Permalink | Reply
  Tags: bitcoin ( 241 ), Blockchain ( 836 ), enterprise ( 5 ), fintech, technology ( 921 )   

  Is Blockchain Adoption Gaining Momentum in the Enterprise? 

  

  This article covers #blockchain, a distributed ledger #technology, its perception and the ambivalent (for now) adoption by corporate enterprises. Co-authored Converge VP investors Maia Heymann and Ash Egan.

  Most Fortune 500 companies are having extensive conversations, in CIO suites or in innovation labs, on whether the blockchain technology is right for them, and their peers – discussions on how their primary business lines might be affected by the technology, current solutions, and the areas (or consortia) to invest in. Distributed ledger standardization is far from reality, and although there are promising developments in #Bitcoin adoption and corporate blockchain experimentation, it’s still not clear when (or how) enterprises will ramp-up pilots and accelerate commercial-grade adoption. Some sectors like financial services are far ahead in exploration and testing, but general skepticism and even a misunderstanding are slowing blockchain’s future as a widely-adopted disruptive technology.

  After attending Consensus 2016 in NYC, and a few blockchain enthusiast dinners at MIT, it’s clear that established corporate players are exploring and investing in both forms of blockchain: permissioned and public. The Consensus conference, hosted by Coindesk was packed with #fintech executives as well as Bitcoin and blockchain vendors and voyeurs—our term for IT buyers looking and not buying. Theories and opinions regarding the direction of blockchain technology are as varied as the attendees.

  A corporate IT buyer’s reticence regarding blockchain is understandable. First, it’s challenging to explain the blockchain to senior management; it is a technology that no one owns, no single party is accountable for, and it’s based everywhere and nowhere. Second, Bitcoin’s rocky road is perceived as a cautionary prelude to what could go wrong with a distributed governing body. A recent New York Times article publicized that over 70% of the transactions on the Bitcoin network were going through just four Chinese companies (data assembled by Chainalysis [1]). In short, there is apprehension around limited to zero control, or too much control in the wrong hands, for a corporate IT buyer to join an open, permission-less system.

  Despite doubts around practicality, security and utility within blockchain’s open, permissionless system, start-ups, new consortia, and corporate players are advancing the technology through ‘closed’ experiments to test blockchain’s potential applicability. These early tests are being supported by venture capitalists globally, and Olga Kharif says $1.1B has been invested to date in startups commercializing blockchain in “Blockchain Goes Beyond Crypto-Currency”.

  Corporate business use-cases have the potential to generate improved margins and provide customer/client benefits in transaction-based industries: peer-to-peer payments, identity management, cross-boarder trade, and solutions within commercial payments and finance. One large insurance firm commented: “Broadly, the use-cases of Blockchain in transaction processing are most likely to be implemented early across the industry – the range of solutions that exist today are quite rich, from faster international transfers to more efficient settlements on exchanges, this is the area that appears to be the most promising in the near term.”

  Backing-Up, What Is Blockchain? Bitcoin to Blockchain

  Blockchain, born out of Satoshi Nakamoto’s 2008 whitepaper “Bitcoin: A Peer-to-Peer Electronic Cash System” is a distributed database, a decentralized and shared public ledger of time-stamped transactions within a network, open for review by anyone within the network. “The Business Blockchain” by William Mougayer uses a three prong approach to defining the blockchain: technical: back-end database that maintains a distributed ledger, openly; business: exchange network for moving value between peers; legal: a transaction validation mechanism, not requiring intermediary assistance (pg 4).

  Bitcoin, powered by the blockchain, is a virtual crypto-currency allowing peer-to-peer payments for network members – becoming the first manifestation and widespread adoption of the technology. The crypto-currency began as an open source project, and requires the network to confirm transactions – a key component of its decentralized nature. Currently, Bitcoin is maintained by a small group of developers called theBitcoin core. This group is responsible for pushing updates and progressing the network, while Bitcoin network members (miners) power transactions.

  Each participant (or node) puts the transactions into blocks and blocks into a single chain, and stores a complete record (or ‘proof’ system), protecting the integrity and veracity of all transactions in the chain. The system is anonymous, and through its mathematical proofing system eliminates the need for an intermediary or for third-party verification. The network resolves the conflicts so all nodes have the exact same copy of the distributed ledger. The collective effort of Bitcoin’s network made up of computers and servers all over the world, provides the compute power.

  While millions of Bitcoin transactions have occurred (surpassing $10B in market value), corporations and financial institutions remain skeptical due to the absence of regulation, the perception of proximity to criminal activity, a slow moving ‘governing’ body from Bitcoin core, and the concentration of power and control of miners (presently with four Chinese companies). These issues among others compound to call into question Bitcoin’s independence and decentralization. The skepticism, however, is evolving into recognition of the underlying technology’s potential, and as Goldman Sachs’ Robert Boroujerdi said, “Bitcoin was just the opening act.”

  In line with Boroujerdi’s comments, William Mougayar points to the blockchain technology, as being as innovative as the Internet in ‘The Business Blockchain’: “the blockchain is part of the history of the Internet. It is at the same level as the World Wide Web in terms of importance and arguably might give us back the Internet, in the way it was supposed to be: more decentralized, more open, more secure, more private, more equitable, and more accessible”.

  Why The #Enterprise Cares About Blockchain

  Disruption. FOMO (fear of missing out).

  Applications of blockchain technology include (but are certainly not limited to) stock issuance, provenance, smart contracts, streamlining of loan underwriting, and payment transfers. Many industries will be impacted by both private distributed ledgers and crpytocurrency — agriculture, insurance, financial services, and even entertainment—almost all industries could find use-cases for the adoption of blockchain technology.

  As mentioned earlier, financial services companies are far ahead in exploration and testing blockchain technology. What became apparent via multiple conversations at Consensus 2016 is many corporates are exploring blockchain for fear of missing out (FOMO). Enterprises are opportunistically exploring and experimenting with side projects (via pilots), simultaneously suspect of relinquishing control and fearful of losing revenue associated with their intermediary or third-party verification business lines. As upstarts and even competitors adopt the technology and attest to its financial efficacy and cross-departmental value, the lure of not being left behind is strong. We’re seeing corporate buyers framing why and how the blockchain can theoretically and practically serve their companies’ needs. One large institution on the east coast said, “we are pursuing multiple ways to understand and leverage the technology – for instance [our] Ventures team looks at startups that leverage Blockchain and other cutting edge technologies. We are exploring multiple fronts in a coordinated manner.”

  The extent to which crypto-currency, public blockchain, and private blockchain applications are accepted and scaled by corporates remains unclear, but the signals are encouraging. A report from Santander anticipates cost savings up to $20B annually by 2022.

  Balancing Risk with Potential

  It’s no walk in the park to replace current infrastructure (mainframes), with a new system, whether that is blockchain or an alternative. The headache of adopting blockchain technology and connecting to legacy systems is not to be underestimated. Beyond understanding the potential cost savings of using blockchain’s system, buyers need to include the cost of migration in their calculus – evidence of this expense are the consulting firms who have set up entire blockchain practices. The Rubix Team at Deloitte, offers a “one stop blockchain software platform” and is an example of consultants being at-the-ready to contract with their clients to re-architect legacy technology and processes.

  For all of blockchain’s benefits, corporations are aware of the risks of Bitcoin and blockchain technology: a limited governing body; powerful and growing Chinese mining presence; executing transactions at scale in a decentralized manner; inherent security risks from new technology; the rise of hackers targeting sensitive data; and growing pain risks like the recent attack on The DAO. Government regulation will provide both challenges and benefits for corporations. As is often the case with new technologies in regulated industries, the regulatory agencies have to catch-up. The United States’ regulatory bodies are learning, and their stance on permission-less distributed ledgers (like Bitcoin) it is not yet clear. For instance, the Office of Foreign Asset Controls (OFAC) and Financial Crimes Enforcement Network (FinCEN) have the right to blacklist companies interacting with cryptocurrencies (Coincenter). Jamie Smith of BitFury commented at Consensus 2016 that engaging with regulators is necessary and even advised because “the regulators can either help you or hurt you” with respect to crypto-currency and blockchain adoption.

  Despite the risks, blockchain technology has the potential to radically change countless industries and give rise to new ones. Indeed, this technology is evolving from the obscure framework behind a crypto-currency to the newest technological frontier, and we are excited to continue to watch and see how corporates invest, participate, and innovate the world as we know it.

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  [linkedinbadge URL=”https://www.linkedin.com/in/maiaheymann” connections=”off” mode=”icon” liname=”Maia Heymann“] is Investor at Converge Venture Partners, an enterprise focused early-stage tech VC with investments in Chainalysis, Podium Data, SmartVid.io, Talla, Wade & Wendy and other emerging technology companies.

  [1] Chainalysis is a Converge VP investment.

   

   
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