Digitizing the lending process is still incomplete for #banks of all sizes. A recent #survey from the lending platform Lendtech, provides further evidence that banks and lending platforms must digitize the loan application and servicing process to capture today’s borrowers. LendTech, a member of the current cohort of this site&8217;s sister accelerator INV #Fintech, conducted a […]
Bank Innovation
#Most #fintech #startups don’t survive. The landscape of payments, lending, artificial intelligence might seem bustling thanks to all the industry hoopla around it, but the success rate for a startup to make it in these fields — or for that matter any of 15-plus fintech segments &8212; is slim. How slim? Well, according to a […]
Bank Innovation
#Consumers want to engage with #banks on an omnichannel level, and right now, the mobile channel seems to be the #most popular. The percentage of “mobile-dominate” customers, who prefer to bank from their smartphones, has increased from 10% to 15% of consumers YoY, according to a June 2018 report published by Price Waters Cooper. Mobile […]
Bank Innovation
81% of mobile customers use notifications and alerts in their mobile banking apps. The majority of these will be transactional and #service oriented in nature, which notify individuals about a variety of important happenings in relation to their accounts, at the moments that matter. For instance: a low balance alert, unusual account activity, new statements […]
Bank Innovation
PREMIUM — Digital payments are on the rise across the globe. In the U.S., the world’s largest economy, the use of mobile payments has increased significantly in the past two years. Add to that mix the prevalence of e-commerce and, the growing popularity of P2P apps, such as Venmo and Zelle, as well as digital banking. […]
Bank Innovation
My colleagues Elena Mazzotti and Francesca Caminitti recently pointed out that #banks collaborating with #fintechs can move more rapidly and more effectively than they could on their own to introduce new products, streamline processes, enhance the customer experience and accelerate growth. It is a good time for banks to re-examine their #technology strategies and explore the investments and #partnerships necessary to get to the next level of digital sophistication.
Indeed, Accenture analysis has found that banks’ revenues at risk from #fintech competition are typically in the range of two to three percent from lower loan origination, lower net income and fewer customers acquired. On the flip side, banks can gain a potential three to five percent in revenues by collaborating with fintechs, through enhanced customer acquisition, more fee-based revenues, better pricing accuracy and lower cost of risk.
Finally, we could take the discussion one step further and question the current #focus on “fintechs”. Client journeys are going outside the scope of the purely financial, and relationships could benefit from partnerships between banks and players in other industries such as real estate, health, and education. The focus on fintechs may ultimately prove to be too narrow for banks seeking to enter underserved new markets.
The post Focus on fintechs? How banks can make the most of fintech partnerships appeared first on Accenture Banking Blog.
Long before PSD2 arrived ( the European regulation that requires #banks to open their platforms to fintechs), the U.K. had already established itself as a hub in Europe for #digital banks like Revolut, Monzo etc. And indeed, these digital banks are growing in popularity, at least when it comes to people knowing they exist. A […]
Bank Innovation
It may come as no surprise to hear that venture capitalists are skeptical about investing in initial coin offerings (#ICOs). Indeed, all four panelists on “Where and How to Invest in #Fintech Now,” at Bank Innovation 2018 in San Francisco, unanimously dismissed investing in ICOs. ICOs are rapidly falling in popularity. This fall could, partially, […]
Bank Innovation
As data security and usage becomes more of a hot topic for businesses in 2018, #most financial executives are feeling positively #about the #cybersecurity at #their institutions, a report by IBM Resilient found. Of the 2,848 respondents surveyed for the study (released last week, IBM’s third annual on “cyber resilient” organizations), 72% felt their organization …Read More
Bank Innovation
EXCLUSIVE – Everything in #banking is changing: fintechs are solidifying their place in the financial ecosystem, as challenger #banks, online lenders, and #blockchain #technology providers become essential functions to keep the industry moving forward. As the innovations of these startups seems set to continue, 2017 seemed to mark the year that banks set themselves with …Read More
Bank Innovation
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