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  • @fintechna 12:18 am on August 9, 2018 Permalink | Reply
    Tags: , , , Digitally, , , , , Survey,   

    Most Consumers Want to Apply for Loans Digitally, Survey Says 

    Digitizing the lending process is still incomplete for of all sizes. A recent 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 , conducted a [&;]
    Bank Innovation

     
  • @fintechna 3:35 am on February 28, 2018 Permalink | Reply
    Tags: , , , , , , , , , Survey   

    Pulse survey results suggest banks should ask merchants to the Open Banking dance 

    The American square evolved from 16th-century English folk dances, in which the dancers are prompted or cued through a sequence of dance steps by a caller to the beat of the music. The caller is typically on a stage beside the musicians, giving full attention to directing the dancers.

    Payments stakeholders in Europe are gearing up for , a new type of square dance where they are answering the regulatory compliance calls of the revised Payment Services Directive (PSD2). If they pick the right partners and are skilled enough in the dance, then they’ll stick around long enough to benefit from the new value being created. But if they are not careful, they risk falling over their own feet. need partners in this new dance and some of the most important are retail .

    PSD2 allows consumers to grant merchants access to their bank accounts for direct payments, rather than using a credit or debit card. By using bank-to-bank payments, merchants can clear and capture funds faster and significantly reduce—if not eliminate—the fees they pay for card and processor interchange services. The British Retail Consortium estimates that merchants in the UK alone could save £650 million per year1, thanks to the PSD2-required Interchange Fee regulation. Innovative application programming interfaces (APIs) will play an important role in enabling retailers to deliver faster, more personalised shopping experiences at a lower cost.

    Smart banks will view merchants as attractive dance partners—and will help them optimise Open Banking to reap benefits and grow their business—despite it cannibalising existing bank revenue streams. If banks sit on the sidelines, then the merchants will undoubtedly find other partners.

    For example, banks can offer APIs that give merchants access to the bank’s capabilities. A recent Accenture online of 50 payment executives within the European retail industry indicates that most plan to implement PSD2-related APIs over the next two years. Only nine percent of the retailers who are familiar with PSD2 do not have any immediate plans to do so; 63 percent of them cited slow customer adoption as the main reason. Most of the retailers we polled would consider embedding bank account balance displays, payment initiation, and bank account transaction history APIs into their point-of-sale (POS) systems.

    Considering high levels of consumer confidence in banks handing their data and transactions, banks are in a strong position to take on and dominate the new role of registered account information service providers (AISPs). In that role, banks can aggregate their massive amounts of customer transaction data (that is approved by regulation and authorised by consumers) to isolate and identify spending patterns based on age, region, store location, and so forth. (Think Nedbank Market EdgeTM) Merchants will value and pay for such insight to gain a better understanding of their market and to tailor their offers. Seventy-four percent of retailers familiar with PSD2 say that access to better consumer information is most important to their organisation, followed by API-initiated payments (53%), fraud reduction (53%) and the ability to generate offers at the POS based on insight from bank account data (51%). As AISPs, banks can serve as financial advisors to both merchants and their shoppers to monetise their data.

    Like the AISP role, banks are well positioned to serve as PISPs, initiating direct payments to merchants on behalf of their customers. Seventy-six percent of consumers we surveyed are likely to choose traditional banks as their PISP over third-party PISPs. Merchants are also likely to choose to partner with PISP banks to accelerate the bypassing of card networks for online payments, improve their merchant service fee structure, and gain access to ancillary services. Over the next three years, 65 percent of European merchants plan to use a third party to provide AISP or payment initiation service provider (PISP) services. In operating a PISP service, a bank would have the opportunity to capture an additional slice of transaction revenue while also providing opportunities for customer loyalty schemes and cross-selling. Accenture estimates PISP services could account for up to 16 percent of online retail payments by 2020. It’s an opportunity for banks to help merchants deliver more seamless shopping while also protecting their own relationships with customers, and avoiding being cut out of the value chain by merchants and other non-bank players.

    Whether collaborating in promenade or do-si-do style, banks and merchants can perform a variety of Open Banking dance moves to strategically lead the migration away from card payments. Banks can become “the dance caller,” giving full attention to directing the migration towards new revenue models and market relevance. Those who sit with their arms crossed on the sidelines are unlikely to be part of the long-run future of the industry.

    I invite you to share your thoughts on the near-term dance partnership between banks, merchants and consumers.

    [i] Currencycloud.com, “How Will EU Interchange Caps Affect the Industry?, February 27, 2016. https://www.currencycloud.com/en-us/news/blog/how-will-eu-interchange-caps-affect-the-industry/

    The post Pulse survey results suggest banks should ask merchants to the Open Banking dance appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • @fintechna 3:35 am on January 23, 2018 Permalink | Reply
    Tags: , , , , , , , , , Survey   

    Pulse survey results suggest banks should ask merchants to the Open Banking dance 

    The American square evolved from 16th-century English folk dances, in which the dancers are prompted or cued through a sequence of dance steps by a caller to the beat of the music. The caller is typically on a stage beside the musicians, giving full attention to directing the dancers.

    Payments stakeholders in Europe are gearing up for , a new type of square dance where they are answering the regulatory compliance calls of the revised Payment Services Directive (PSD2). If they pick the right partners and are skilled enough in the dance, then they’ll stick around long enough to benefit from the new value being created. But if they are not careful, they risk falling over their own feet. need partners in this new dance and some of the most important are retail .

    PSD2 allows consumers to grant merchants access to their bank accounts for direct payments, rather than using a credit or debit card. By using bank-to-bank payments, merchants can clear and capture funds faster and significantly reduce—if not eliminate—the fees they pay for card and processor interchange services. The British Retail Consortium estimates that merchants in the UK alone could save £650 million per year1, thanks to the PSD2-required Interchange Fee regulation. Innovative application programming interfaces (APIs) will play an important role in enabling retailers to deliver faster, more personalised shopping experiences at a lower cost.

    Smart banks will view merchants as attractive dance partners—and will help them optimise Open Banking to reap benefits and grow their business—despite it cannibalising existing bank revenue streams. If banks sit on the sidelines, then the merchants will undoubtedly find other partners.

    For example, banks can offer APIs that give merchants access to the bank’s capabilities. A recent Accenture online of 50 payment executives within the European retail industry indicates that most plan to implement PSD2-related APIs over the next two years. Only nine percent of the retailers who are familiar with PSD2 do not have any immediate plans to do so; 63 percent of them cited slow customer adoption as the main reason. Most of the retailers we polled would consider embedding bank account balance displays, payment initiation, and bank account transaction history APIs into their point-of-sale (POS) systems.

    Considering high levels of consumer confidence in banks handing their data and transactions, banks are in a strong position to take on and dominate the new role of registered account information service providers (AISPs). In that role, banks can aggregate their massive amounts of customer transaction data (that is approved by regulation and authorised by consumers) to isolate and identify spending patterns based on age, region, store location, and so forth. (Think Nedbank Market EdgeTM) Merchants will value and pay for such insight to gain a better understanding of their market and to tailor their offers. Seventy-four percent of retailers familiar with PSD2 say that access to better consumer information is most important to their organisation, followed by API-initiated payments (53%), fraud reduction (53%) and the ability to generate offers at the POS based on insight from bank account data (51%). As AISPs, banks can serve as financial advisors to both merchants and their shoppers to monetise their data.

    Like the AISP role, banks are well positioned to serve as PISPs, initiating direct payments to merchants on behalf of their customers. Seventy-six percent of consumers we surveyed are likely to choose traditional banks as their PISP over third-party PISPs. Merchants are also likely to choose to partner with PISP banks to accelerate the bypassing of card networks for online payments, improve their merchant service fee structure, and gain access to ancillary services. Over the next three years, 65 percent of European merchants plan to use a third party to provide AISP or payment initiation service provider (PISP) services. In operating a PISP service, a bank would have the opportunity to capture an additional slice of transaction revenue while also providing opportunities for customer loyalty schemes and cross-selling. Accenture estimates PISP services could account for up to 16 percent of online retail payments by 2020. It’s an opportunity for banks to help merchants deliver more seamless shopping while also protecting their own relationships with customers, and avoiding being cut out of the value chain by merchants and other non-bank players.

    Whether collaborating in promenade or do-si-do style, banks and merchants can perform a variety of Open Banking dance moves to strategically lead the migration away from card payments. Banks can become “the dance caller,” giving full attention to directing the migration towards new revenue models and market relevance. Those who sit with their arms crossed on the sidelines are unlikely to be part of the long-run future of the industry.

    I invite you to share your thoughts on the near-term dance partnership between banks, merchants and consumers.

    [i] Currencycloud.com, “How Will EU Interchange Caps Affect the Industry?, February 27, 2016. https://www.currencycloud.com/en-us/news/blog/how-will-eu-interchange-caps-affect-the-industry/

    The post Pulse survey results suggest banks should ask merchants to the Open Banking dance appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • @fintechna 12:19 pm on July 21, 2017 Permalink | Reply
    Tags: , , , , , , , Survey   

    Invest in Data Management to Fight Regulatory Challenges, Survey Says 

    Financial service executives are still concerned about changes, but the best response is to improve aggregation and services. This is according to a by AxiomSL, which found that 66% of regulatory executives believe their institution needs to make investments in data management. The majority of respondents noted that the best response [&;]
    Bank Innovation

     
  • @fintechna 8:26 am on May 22, 2017 Permalink | Reply
    Tags: , , , , , , Survey   

    Survey: Help Us Make Bank Innovation Better (and Win $100) 

    In its ongoing pursuit to be the go-to hub for insights and ideas,   has garnered a dedicated following of more than 65,000 monthly readers, nearly 40,000 Twitter followers, and almost 21,000 exclusive LinkedIn group members. Most of our best coverage comes directly from our audience, so we ask you: How can we make Bank Innovation ? Please take a moment to complete [&;]
    Bank Innovation

     
  • @fintechna 12:19 am on October 12, 2016 Permalink | Reply
    Tags: , , , , Survey,   

    USAA Rules Latest Net Promoter Score Survey 

    A study from Temkin Group released today puts San Antonio-Texas-based  head and shoulders above every other corporation in America in terms of Net . Net promoter Score is a slightly controversial metric that measures customer loyalty. A company&;s NPS is supposed to correlate with revenue growth. A score of -100Read More
    Bank Innovation

     
  • @fintechna 12:19 am on October 12, 2016 Permalink | Reply
    Tags: , , , , Survey,   

    USAA Rules Latest Net Promoter Score Survey 

    A study from Temkin Group released today puts San Antonio-Texas-based  head and shoulders above every other corporation in America in terms of Net . Net promoter Score is a slightly controversial metric that measures customer loyalty. A company&;s NPS is supposed to correlate with revenue growth. A score of -100Read More
    Bank Innovation

     
  • @fintechna 8:55 pm on June 23, 2016 Permalink | Reply
    Tags: , , , , , , , , Survey   

    Survey: Blockchain Capital Markets Spending to Reach $1 Billion in 2016 

    A new estimates that finance companies will invest as much as $ 1bn on initiatives related to in .
    fintech techcrunch

     
  • @fintechna 12:20 am on June 12, 2016 Permalink | Reply
    Tags: , , , , , , Survey   

    Final Days of API Survey with Open Bank Project 

    Innovation and Berlin-based Bank reunited this year for a second annual on API use at . This week is the week to contribute to the research. We have already received many responses &; and thank you to all those who have contributed answers &8212; but weRead More
    Bank Innovation

     
  • @fintechna 3:35 am on May 23, 2016 Permalink | Reply
    Tags: , , Convinced, Dramatically, , , , , , Survey, ,   

    CFA Swiss Fintech Survey: Swiss Bankers Convinced That Fintech Will Dramatically Impact Financial Industry 

     are the most that will the entire services , naming -advisory and as the most impactful innovations, according to a new by CFA Institute.

    CFA Institute Fintech Report 2016Released earlier this month, CFA Institute&;s &;Fintech Survey Report 2016&8217; measures the opinions of the organization&8217;s investment professional members to better understand their sentiment towards the emerging fintech scene.

    According to Christian Dreyer, CFA and CEO of CFA Society Switzerland, the survey results highlight &;the fascination and respect that financial experts have for financial technologies.&;

    &8220;Swiss counterparts are particularly convinced by all things related [to financial technologies],&8221; Dreyer said in a media release.

    Findings suggest that among the current innovations in the financial services industry, robo-advisors are expected to have the biggest impact in both short and long-term.

    Asset management (55%), banking (16%), and securities (12%) are the three sectors that will be the most affected by automated financial advice tools.

    sectors affected by robo advisors CFA institute fintech survey 2016

    70% of participants consider that mass affluent investors will be positively affected by robo-advisors in the form of reduced costs, improved access to advice, and improved product choices. In Switzerland, this figure rises to 80% of respondents.

    That said, respondents also named the biggest risks affiliated with the increase in automated financial advices as technical flaws in the algorithms (46%), mis-selling of financial advice (30%) and privacy and data protection concerns (12%).

    While robo-advisors are considered to be the technology that will have the greatest impact on the industry both 1 year and 5 years from now, blockchain technology is considered as the second technology with the greatest potential future opportunity (and risk) in the medium- to long-term.

    Clearing and settlement, alternative currencies, and commercial banking are the top three areas that are thought to be under greatest impact of blockchain technology.

    greatest impact innovation cfa institute fintech survey 2016

    Crowdfunding and lending marketplaces on the other hand should have short-term impacts on the financial services industry.

    38% of respondents believe that existing crowdfunding and/or peer-to-peer lending marketplaces do not have the right balance between ease of access and investor protection. 53% of them are not sure if such balance is possible.

    As a leader in both financial services and innovation, Switzerland has the potential to become a frontrunner in fintech. That said, not all are convinced that the country is putting enough effort to fulfill its potential.

    In a report released in February, EY argued that Switzerland is lacking governmental support when compared with the likes of London or Singapore.

    In March, the Swiss Financial Market Supervisory Authority (FINMA) issued new rulings aimed at reducing obstacles for fintech startups and allowing the industry to flourish.

    The circular allows financial intermediaries to onboard clients by means of online and video transmission and is targeted at digital businesses in particular.

     

    Read CFA Institute&8217;s &8216;Fintech Survey Report 2016&8217;: https://www.cfainstitute.org/Survey/fintech_survey.PDF

     

    Featured image: Graphs and charts with stacks of coins, by S.Dashkevych, via Shutterstock.com.

    The post CFA Swiss Fintech Survey: Swiss Bankers Convinced That Fintech Will Dramatically Impact Financial Industry appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

     
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