The term “#fintech” has become all the rage; investors and media can’t stop talking about it. Many people also have been talking about the &8220;#bubble&8221; in the tech industry, but could there be a &8220;bubble&8221; in fintech, as well? Read More
#Microsoft today unveiled a new #project designed to make it easier for businesses to team up on new #blockchain projects.
fintech techcrunch
The International Monetary Fund (IMF) has published an article in Finance and Development magazine that #examines the case for #bitcoin‘s #blockchain #technology and suggests that while the technology might have been built to “avoid #banks” it could have benefits for the #banking and trading sectors. Authored by Andreas Adriano, a senior communications officer in the IMF’s communications […]
fintech techcrunch
Nexussquared&8217;s first edition of nexuslab, a virtual #blockchain #startup #program co-organized with Startupbootcamp #Fintech, is coming to its end. On July 07, 2016, the nexuslab Festival will mark the #grand #finale of nexuslab’s #inaugural #batch, a one-day event that will feature a series of short pitch talks of the startups it helped nurture, as well as a number of presentations on current blockchain innovations.
#Nexussquared, a Zurich-based company dedicated to “establish Switzerland as a nexus for blockchain #technology,” made headlines last year when it announced the world&8217;s very first virtual blockchain startup accelerator program.
Designed to facilitate tailored coaching and &8220;inspired by the blockchain paradigms of decentralization, trust and efficiency,&8221; the rather unconventional three-month program – dubbed Nexuslab &8211; aims at turning promising early-stage blockchain ideas and startups into &8220;winning business models.&8221;
Among the ten startups that joined nexuslab&8217;s first batch in April 2016, eight will be presenting in Zurich at the nexuslab Festival finale:
Agrello (ProofofYou) provides an Ethereum-based platform for creating, signing, fulfilling and managing contracts and legal documents. Digital signatures are legally verifiable through a browser-based signature verification process and legal documents can communicate to each other and are capable of monitoring and notifying about changes in the process and the dynamics of the execution of contracts.
The company, based in Estonia, seeks to simplify legally and administratively intensive business processes.
Doqum.io
is a peer-to-peer communication system that allows providers to send digital documents securely and conveniently to their clients. Doqum.io, a Swiss startup, uses blockchain technology for document-tracking and user authentication.
First Wallet, an Estonian startup, provides a payment method for content providers to sell articles without signup. First Wallet uses a blockchain-based micropayments system that allows to reduce transaction fees and enable 1 click opt-in and 0 click purchases backed by carrier billing.
Paymeabit
provides &8220;nanotransactions&8221; in #bitcoin aimed at changing how online content get rewarded by allowing users to tip very small amounts. Users can also sell their content. Paymeabit, an Italian startup, aims at facilitating the monetization of online content.
Safe Bike
is an application that lets users register their bicycles on the blockchain at the point of initial purchase to build a global, immutable register of ownership. Safe Bike, a service of German company Yope, allows bikes to be tagged via NFC tag and provides a universal way for accessing information using the Ethereum blockchain.
Taqanu Bank
provides basic blockchain-based banking services including debit cards and checking accounts aimed at people who don&8217;t have a fixed address such as migrants, refugees, expatriates and remote workers. This neo-bank, based in Norway, will solely operate online via apps on mobile platforms. KYC information will be stored on the blockchain.
Wone, from Finland, provides an interoperable peer-to-peer mobile payment solution throughout Europe. Wone uses a standardized proxy lookup service that harmonizes mobile payments within the SEPA area, allowing for Pan-European interoperability in peer-to-peer payments.
Zeptagram, a startup from Sweden, is planning to establish a platform for traders and investors worldwide for the trading of music properties. The platform will act as a transparent Internet exchange with real-time trading and transparent order books supported by blockchain technology.
Alongside the pitch talks, nexuslab Festival will also feature a number of renowned speakers who will be covering emerging trends in blockchain technology.
These include:
Bernd Lapp
Member of the Ethereum Foundation Advisory Board, who will speak about how blockchain technology is changing current business models.
Roel Steenbergen
Innovation Manager at Rabobank, who will tackle the future of banking and emerging fintech trends
Fabian Vogelsteller
Ethereum Lead Ðapp Developer & Curator of “The DAO,” who will give a keynote on The DAO
Nexuslab Festival will take place at Kaufleuten Festsaal in Zurich, starting from 12:45pm to 6:30pm.
You can get your free ticket here.
The post Nexussquared Announces Grand Finale for Blockchain Startup Program Inaugural Batch appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
Germany-based insurance giant #Allianz has tested how #blockchain-based smart contracts could be used to handle #catastrophe swaps and bonds.
fintech techcrunch
Let’s keep it rolling. Now it’s time to talk about the #Fintech sector labelled as ‘neobanks’. The buzz around them has increased in the last year, especially in the UK and Germany. But there’s one success story that has not been covered by the media (beyond its home country) and deserves to be highlighted. I’m speaking about Compte Nickel, the French #neobank that is leading the way for this Fintech segment.
What a neobank is
Well, the usual problem associated with definitions of ever-evolving innovative businesses is that very different firms (with different business models and infrastructure) fall under the same umbrella. That’s also the case of neobanks, which are often loosely defined as online #banks built from scratch.
Such a general label comprises firms providing current account services packaged with “Mobile First” or “Best User Experience” slogans. But many of them are just user interfaces on top of an existing #banking player or partner, i.e. they do not own a banking licence and therefore they still need to rely on other banks’ accounts. Many of these firms do not have a very disruptive positioning (it is more a marketing ploy) and although they are trying to improve the user experience and reduce friction, they are not reinventing anything (at least for now).
However, we also find other kinds of neobanks that have completed the arduous process of obtaining a banking licence, which could in turn be divided into two categories: those that aim to actually compete with banks in retail deposit-taking (banks’ core business activity) and those banks that position themselves as payment institutions working through self-issued bank accounts. An example of the latter is the France-based Compte Nickel, perhaps the most successful (and least known) neobank in Europe.
They started as the bank for ‘unbanked’ people…
Compte Nickel has chosen a very interesting positioning by gearing itself towards unbanked people. Although this term is usually linked to developing countries’ financial inclusion initiatives for the poor, we also find such a customer segment in Europe. So yes, there are many unbanked people in France, people that are not accepted by banks and so are unable to have a bank account, to have their salary paid by direct deposit, to set up direct debits or to get debit cards.
But more interestingly, Compte Nickel has built a defensible business with a really high barrier to entry, by allowing customers to physically deposit cash into accounts (the unbanked cannot do bank transfers). The model is based on partnerships with more than 1,600 French newsagent shops (2,300 next december, +100 every month), which have to set up a Compte Nickel desktop that registers the cash deposited by customers and updates their account balance. No branches needed. They are also the ones issuing the debit card to the customer. Replicating this distribution model is complex and they have created a barrier to entry in the newsagent shops industry, leveraging their huge capillarity.
…but a more interesting service is about to come
So, although providing services to the unbanked has proved to be a very successful idea, they are definitely more ambitious. The next step is targeting the self-employed. However, their success will still rely on simplicity. In the words of CEO Hugues Le Bret: “We are not a full-fledged bank. People pay for a service that allows them to deposit money and make payments without any extra bells and whistles.”
Recently, a friend of mine working in private banking explained to me that he opened a Compte Nickel for each of his three kids. As you may imagine, he is not the typical unbanked client Compte Nickel was targeting, but their offering really meets his need. So their customer base is expanding fast to new segments. They started at the bottom and they are now going up.
Compte Nickel’s amazing metrics
Astonishingly, after 300,000 accounts opened in 27 months, they forecast reaching 500,000 by the end of 2016. This means they are opening 20,000 accounts a month. But the numbers do not end here:
So, after 27 months they have generated revenues which represent more than 25% of the amount of money raised and they are spending almost no money on marketing because they meet real customer needs, which works amazingly well through word of mouth. In other words, they are not “buying” growth by spending crazy money on marketing.
And I guess this is the main outcome that I would like to convey through this post. Of course, there are other neobanks that have raised much more money, but we are also seeing cases of quick customer acquisitions by charging no fee. What this means is that no money is made. We can debate about the meaning of success, but in the end it is always a matter of clients, revenues, profitability and barriers to entry. It is therefore amazing to see that the most successful neobank in Europe is a Fintech that is practically totally unknown beyond France’s borders (while all the buzz is in the UK).
What amazes me most about Compte Nickel is the traction they have gained due to their value proposition without having raised a huge amount of money. In the end, this shows that when you focus on what really matters, “bullshitting” becomes superfluous. Well done!
[linkedinbadge URL=”https://www.linkedin.com/in/philippegelis” connections=”off” mode=”icon” liname=”Philippe Gelis”] is CEO at KANTOX, disrupting the financial industry
Without great leadership many #Fintech firms will falter or fail
Fintech continues to dominate the news the world over, with India and Singapore joining the growing band of countries who have already put a stake in the ground, eager to grab a piece of the action. Fintech is exciting and possibly life changing on many fronts, not just because of the wealth creation opportunities it offers, but also because of it’s potential to help transform the way financial institutions operate. However, the burning question of today is: Do the growing army of new, and sometimes even the more established fintech leaders, truly have the ability to make these businesses both successful and sustainable?
Despite all the present day hype, fintech really started in the late 70s, long before the word had even been invented. It was in a time when the new world of ‘real-time, integrated, modular banking systems’ based on mini computers, which matched, and quickly surpassed the processing power of the once mighty mainframe, was born. These disruptive upstarts took on the all-powerful IBM and against all odds, won. Firms such as Midas (now Misys) and Arbat Banking Systems (now Cor Financial) to name just two, really shook things up back then. They, and others like them, were instrumental in opening the fintech flood gates and throughout the 80s, 90s and now well into the 21st century the industry is awash with fintech firms, all claiming to have found the nirvana which will help to solve the multitude of problems the #banks still continue to struggle with.
But where are the great white hopes of yesterday now? How many fintech firms, both old and new will ever truly succeed? And why do so many constantly fail to fulfil against the promise that they can help to change the world of global banking forever?
Don’t get me wrong there are a number of well established, successful companies who have stood the test of time. Tibco, Misys, Markit, Calypso, FIS and probably Temenos all spring to mind. Whether today are still considered to be visionary is a matter of opinion, but they all seemed to have appointed competent management who have guided them through some very turbulent times and managed to maintain leadership positions within their respective fields.
What happened to the likes of Algorithmics, and more recently Powa and NetOTC, the much feted golden children of the supposedly game changing fintech squad? So many of them have gone spectacularly bankrupt, been swallowed up by conglomerates such as FIS, Markit and SS&C, or simply shut up shop and went home. What is even sadder though is that a good number of these ‘lost’ businesses undoubtedly had great #technology or great products with committed customers who lamented their passing. So why didn’t they survive and prosper as independent businesses and what lessons can the new breed of fintech leaders learn from the experiences of their groundbreaking forefathers?
In my view, there are three vital components necessary to the continuing #success of any business, these are; Visionary leadership, A great management team and Great marketing…And yes there is a very clear distinction between being a visionary leader and a great manager. Over the years, I have witnessed firsthand how these crucial requirements have been cavalierly dismissed by an array of inexperienced founders, who then learnt the hard way, that very few individuals (including themselves), have neither the time and the ability to be a visionary leader and a competent manager all at the same time.
The demands of establishing a new business, creating new product, and building a team as well as getting your message to market is onerous and incredibly time consuming. To get it right requires a variety of skillsets as well as laser sharp attention to those all-important administrative business details which are too often an irritating distraction from what a founder typically loves to do – which is to develop new technology or new products.
Despite what many people still think, the late Steve Jobs, Bill Gates and Mark Zuckerberg did not single handedly build their global businesses. They had armies of extremely competent people each bringing a variety of expertise and experience to the party, and were in the background supporting these visionary leaders, every step of the way, on the road to unbelievable success.
I have been in this business since 1980 and have worked, or been associated with many of the fintech firms who have passed this way. And sadly the path to building a sustainable business often has less to do with the banks taking bloody ages to make up their minds on a technology purchase (although this is often the most significant factor which determines the success or failure of every new player) but it is just as likely to be the inexperience, and sometimes blinding arrogance, of a new founder who thinks he or she has all the answers.
Unfortunately I have also had personal experience of exactly this scenario where the CEO created a hostile, fear laden environment, and as a result, snatched disaster from the jaws of success. The consequence of refusing point blank to collaborate and ignoring valuable input from the team was disastrous. Unfortunately the customers were also treated with the same disdain. And guess what? Those precious early adopter clients very quickly voted with their feet and the business folded. It was very upsetting to see a couple of years of very hard work, peoples livelihoods and significant investment dollars being squandered so unnecessarily. Arrogance and fear does not deliver good outcomes, motivated staff and happy customers are your key to future and sustainable success.
The profile of a truly visionary leader
Recognize your strengths and your weaknesses. Then play to those and hire people with the skills and experience you probably lack, specifically marketing and operations. Get an external mentor. Someone you trust, these individuals provide an invaluable service as you will be able to speak openly with them about issues and concerns you may not want to discuss with your colleagues. Act like a grown up company from day one, establish a board of directors and implement robust policies and procedures as soon as possible. Your reputation is everything. Integrity cannot be compromised. Don’t be threatened by smart team players, smart leaders hire smarter people. Embrace them as they will be an integral part of your success. Don’t procrastinate – make decisions and encourage collaboration and ideas sharing – and most importantly listen. Keep your ego under control and always give credit where credit is due, publicly recognize and reward great ideas and contributions by individuals and teams alike. Be nice, being nice is not a weakness, if you treat people with courtesy and respect they will reciprocate. Don’t hoard your money, but be prudent and invest in services that will help to build your business. Sales and marketing are the cornerstones of business growth. Take advice from Mr Bill Gates, one of the greatest marketeers and visionary leaders of our time who famously once said that if only he had one dollar left to spend he would spend it on marketing. Oh and by the way if you happen to experience cash flow problems, don’t short-term fund the business with your colleagues PAYE or pension contributions. It’s cruel and illegal. If you have got to this point, it’s probably game over anyway.
Fintech is no Field of #Dreams.
This is a tough and highly competitive environment with hordes of firms vying to capture the attention of the banks and the other external influencers. Building a new product and then sitting back waiting for the orders to flood in is never going to happen. If you believe in the famous ‘build it and they will come’ quote from Kevin Costner’s wonderful film, Field of Dreams then I fear you will be waiting a long time for a stream of people to turn up unannounced at your door. In the real world you need to get up from your computer, walk out of the office and market the hell out of your game changing idea. Chit chat in the market is your secret sales force as your users always talk amongst themselves. And people buy from people, your business needs a personality and presence as well as a great product or service. Invest time in getting to know your customers personally and in understanding what they need both from a technology and business user perspective. The business users are most often the budget holders and sometimes have limited understanding of the actual technology you have on offer. Feel their pain and learn to speak their language to create peer to peer relationships, they will appreciate this approach.
It’s a well-known fact that building any new business requires masses of hard work, long hours and attention to detail but without great leadership and great communications what’s the point?
[linkedinbadge URL=”https://uk.linkedin.com/in/clare-walsh-5972143″ connections=”off” mode=”icon” liname=”Clare Walsh”], is consultant and this article was originally published on linkedin.
Seit die Digitalisierung die Bankenbranche mit voller Wucht erfasst hat, beschäftigen sich diverse Beiträge und Studien mit der Frage, ob es die Banken im #Jahr #2030, #2035 oder #2040 noch geben wird. Eine der ersten mir bekannten Veröffentlichungen zu dem Thema ist Sind die Banken die Verlierer des Digitalen Zeitalters? von Hanno Beck und Alois Prinz aus dem Jahr 2000. Im Jahr 2010 erschien Bankless Banking 2030. Eine Transformationsstory von Heinrich Fendt. Erwähnenswert in dem Zusammenhang ist das Expertengespräch der Credit Suisse Keeping the Wheels Turning, das 2013 geführt wurde.
Neu hinzugekommen sind nun u.a.
Die UBS-Y Vision richtet ihren Blick in das Jahr 2040. Im Zentrum steht dabei das virtuelle Ich, mit dem sich der Kunde im Netz bewegt. Aber nicht nur das:
Ebenfalls verfügt der Kunde der Zukunft bereits über einen «evolutionären Filter», der es ihm erlaubt, aus dem auf ihn niederprasselnden Datengewitter relevante Informationen herauszufiltern.
Die Folge: Was nicht in 2 Sekunden zu erfassen ist, fällt durch. Ebenso alles, was nicht einen unmittelbaren und sofort verfügbaren Mehrwert bietet. Mehr als Dinge und Geldwert zählen dabei Erlebnisse, .. . Der digitalisierte Mensch gibt wieder viel auf physische Sinne und Beziehungen zu Mitmenschen.
Andreas Buschmeier sieht die Banken durch die fortschreitende Digitalisierung in ihren Kerngeschäftsfeldern Zahlungsverkehr, Kredit und Anlage unter Druck. Die Zukunft könnte digitalen Plattformen gehören, die von #Fintech-Startups begründet werden.
Bei Prognosen gilt generell, dass sie schwierig sind, vor allem dann, wenn sie die Zukunft betreffen 
Trotzdem lassen sich schon jetzt einige Grundlinien, Muster erkennen, die sich in den nächsten Jahren verstärken werden. Hierzu zählt die Verbreitung großer digitaler Plattformen, wie sie derzeit von Apple, Google, Amazon, Alibaba und Samsung betrieben werden. Die Plattformökfonomie wird auch vor dem #Banking nicht Halt machen. Wer als Bank nicht auf einer der führenden Plattformen vertreten ist, wird es schwer haben. Ob es den Banken gelingt, eigene Plattformen, u.a. durch Kooperationen mit Fintech-Startups zu schaffen, wird sich zeigen. Ein weiterer Schub wird durch das sog. Internet of Things kommen. Wenn technische Objekte in der Lage sind, bruchlos miteinander zu kommunizieren, dann lassen sich auch Finanzservices integrieren, ohne dass eine Institution wie eine Bank in Erscheinung treten muss.
Von großer Bedeutung ist der Einsatz virtueller Assistenten, wie Siri, Alexa und Co. Wenn die Prognose zutreffen sollte, wonach die Menschen sich im Internet mit ihrem virtuellen Ich bewegen, dann muss sich das Banking von Grund auf ändern. Es wird Bedarf an sog. Algorithmic Angels , Vertrauensdiensten, Treuhändern entstehen, die sich als Sachverwalter der Interessen ihrer Kunden, als Partner des “virtuellen Ich” verstehen.
Die Bankeninfrastruktur, wie wir sie heute noch kennen, wird sich ebenfalls von Grund auf ändern. Ob die #Blockchain hier eine gewichtige spielen kann, bleibt abzuwarten. Denkbar ist auch das Modell, von dem Heinrich Fendt spricht, d.h. die Europäische Finanzagentur übernimmt in weiten Teilen die Transaktionsabwicklung, evtl. auf Basis der Blockchain.
Daneben können wir mit Robert Shiller davon ausgehen, dass bis zum Jahr 2030 noch die eine oder andere Finanzkrise sowie weitere externe Ereignisse eintreten werden, die den Wandel zum #Bankless Banking beschleunigen können.
Artikel erschien zuerst auf http://bankstil.blogspot.com/2016/06/bankless-banking-im-jahr-2030-2035-2040.html
The post (Bankless) Banking im Jahr 2030, 2035, 2040 &8230;. appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
The #price of #ether, the native digital asset on the Ethereum #blockchain, neared $ 20 for the first time ever on 14th June, approaching the milestone as it appeared to break out of its old trading patterns. In recent weeks, market observers asserted that ether had been displaying a negative correlation, with the older, more established […]
fintech techcrunch
Representatives of the #blockchain industry spoke today at a #North #Carolina Senate Finance Committee meeting to advocate for a #bill that they believe is among the more favorable seen so far at the state legislative level. At the center of discussion today was the state’s Money Transmitters Act, and changes to the legislative framework that would […]
fintech techcrunch
Reply