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  user 3:35 am on July 22, 2016 Permalink | Reply
  Tags: bitcoin ( 241 ), Blockchain ( 836 ), fintech ( 1,103 ), startups ( 74 ), Swiss ( 24 ), technology, Watch ( 33 )   

  30 Swiss Fintech Startups To Watch 

  The #Swiss #fintech startup scene has been growing steadily during the past year, expanding from 157 #startups in November 2015 to 185 players in June 2016, according to Swisscom’s Fintech Map.

  

  Image via Wikipedia

  Despite the growing industry, Switzerland&8217;s fintech sector is lagging behind the likes of New York and London. Industry observers have pointed out the lack of governmental and institutional support in comparison to these front-runners.

  A report released in February by EY and the Swiss Finance + #Technology Association on the Swiss fintech sector argued that there were “clearly some room for improvement regarding governmental support,” adding that Switzerland had yet to leverage its strong position as a financial center in Europe to become a global fintech hub.

  Swiss financial regulators have been slow to react to the emergence of the digital economy. The Swiss Financial Market Supervisory Authority (FINMA) has recently introduced a new ruling to facilitate client on-boarding through digital channels.

  At the Swiss International Finance Forum in June, FINMA&8217;s director Mark Branson said:

  &8220;The financial revolution is evolving so rapidly that we can’t get bogged down striving for a 100% perfect legislative solution. We are advocating swift action that we can fine tune later.&8221;

  That said, there are several reasons to be optimistic about Switzerland&8217;s nascent fintech sector. The country&8217;s strong data protection laws, tax regime and political neutrality have attracted a number of foreign companies and organizations including the Ethereum Foundation and Xapo.

  Switzerland has notable competitive advantages as a fintech hub in comparison to the likes of London or Berlin.  To mention here the stability and reliability in general (financial, legal, government, and so on), which continues to be a hard value for other locations to match. The existing financial services expertise remains another strong advantage. However, the high salaries in Switzerland is another story.

  Today, a number of Swiss fintech startups are standing out. These are covering varied industries and applications ranging from wealth management, #blockchain technology, to insurtech and crowdfunding.

   

  Crowdlending/ Financing and Peer-to-Peer Lending

  Based in Zurich, DealMarket is a Swiss fintech startup provide three distinct products: a global marketplace for fundraising and deal sourcing, connecting the private equity industry; a browser-based deal flow management and deal exchange tool; and the DealMarket Intelligence which offers affordable access to third-party data, research and services.

  Another crowdlending platform is Splendit, which focuses on allowing students to access a fair source of financial their education. The platform matches students and investors in an auction process, issues documents and manages payments.

  CreditGate24 is a highly automated platform that connects borrowers with private and institutional investors, offering an efficient and scalable settlement of loans. The company applies a strict credit check based on classic credit assessment methods, Big Data analysis, as well as the insurance and the solidarity arrangement.

   

  Blockchain Technology

  

  Image credit:

  Xapo, one of the #bitcoin industry&8217;s best-funded startups, provides bitcoin storage services and a digital wallet. Initially headquartered in California, Xapo relocated to Switzerland in May 2015 in a bid to boost customer privacy protections. The startup has raised US$ 40 million in funding so far.

  The Ethereum Foundation is the organization overseeing Ethereum, the open source decentralized platform that runs smart contracts: applications that run as programmed without possibility of downtime, censorship, fraud or third party interference. Ethereum&8217;s crowdfunding campaign is one of the most successful campaigns to date, raising over US$ 18 million in bitcoin.

  iProtus is a company that provides consulting services on blockchain technology and helps businesses implement new business models with distributed ledgers.

   

  Insurtech

  Knip is undoubtedly one of the most visible insurtech ventures in Switzerland. Founded in 2013 by Dennis Just and Christina Kehl, Knip has now over 100 employees based all over Europe. Knip provides users with a digital insurance manager and a mobile app that allows for the management of existing insurance politics, tariffs and services.

   

  Wealth Management and Personal Finance Management

  

  Image credit: Pressmaster via Shutterstock

  True Wealth is an online wealth management platform and an automated investment solution based in Zurich. True Wealth is an independent asset manager and a member of the Swiss Association of Asset Managers (SAAM).

  Qontis is an online personal finance management (PFM) platform that provides users with the ability to document and organize data from all instances of private income and expenditures.

  MoneyPark is an independent provider of personalized financial advice on mortgages, providing pension planning and investment guidance. MoneyPark is a financial intermediary that is subordinated to FINMA and holds a license as a distributor of collective investment schemes.

   

  Other ventures worth mentioning include Qumram, a cybersecurity firm; Advanon, an invoice financial platform; CashSentinel, an online platform focused on facilitating the purchase and selling of vehicles; TawiPay, a financial services comparison platform focused on money transfers and remittances; Amnis, an online platform for currency exchange and foreign currency payments; Contovista, a digital banking software company; and Run My Accounts, an automated online accounting platform for SMEs.

  See the Full List of all 30 Swiss Fintech Startups to #Watch HERE

  

   

   

   

  The post 30 Swiss Fintech Startups To Watch appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

  Fintech Schweiz Digital Finance News – FintechNewsCH

   

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  user 6:40 pm on July 20, 2016 Permalink | Reply
  Tags: Blockchain ( 836 ), Conduct, Mizuho ( 2 ), payments ( 197 ), Ripple ( 19 ), technology, Trial ( 4 )   

  Mizuho to Conduct Blockchain Payments Trial With Ripple 

  #Mizuho Financial Group announced this week it will pilot #Ripple‘s distributed ledger #technology for use in cross-currency settlement.
  CoinDesk

   
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  user 12:40 am on July 19, 2016 Permalink | Reply
  Tags: Asset ( 15 ), Blockchain ( 836 ), JPMorgan ( 15 ), Managers ( 8 ), Opportunity ( 10 ), Tech ( 58 ), technology   

  JPMorgan: Blockchain Tech is an ‘Opportunity’ for Asset Managers 

  A new report from #JPMorgan Chase and Oliver Wyman argues that #blockchain #technology is an #opportunity for #asset #managers.
  CoinDesk

   
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  user 3:35 pm on July 18, 2016 Permalink | Reply
  Tags: fintech ( 1,103 ), Future ( 52 ), Infographic ( 4 ), Money ( 46 ), technology, Visuals   

  FinTech Infographic – The Future of Money – 15 Visuals 

  #Technology informs just about every aspect of our lives, so it should come as no surprise that it’s having a big impact in the financial sector. #FinTech, or the field of financial technology, is becoming as ubiquitous as the downtown bank: it’s multi-faceted, it’s everywhere, and millions of people are using it every day.

  FinTech is exactly what it sounds like: using digital technology so that both consumers and businesses can better handle and manage their #money. It’s online banking services, for sure, but FinTech is also consumer and business lending, investing, crowdfunding, and the security behind it all.

  Need some help navigating these strange new waters? You’re not alone, and that’s why our friends at appcessories.co.uk developed this helpful #infographic. Check it out for a better understanding of the scope of this emerging field, as well as where the investment capital is going and where the developments are taking place.

  
  

   

  The post FinTech Infographic – The Future of Money &8211; 15 Visuals appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

  Fintech Schweiz Digital Finance News – FintechNewsCH

   
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  user 9:30 pm on July 17, 2016 Permalink | Reply
  Tags: banks ( 784 ), biometric ( 4 ), financial services ( 6 ), Security ( 33 ), technology   

  Biometric Tokenization Delivers Financial Services the Best in Security, UX 

  

  A question that #security providers are prodded to answer is how to safeguard identity while not burdening the end user too heavily with new tasks when they access their accounts online, whether on desktop and mobile. This question, however, is a flawed one since within our reach is a solution that markedly enhances user experience (UX) while providing the best security available.

  The marriage of biometrics and cryptography along with advances in mobile #technology has made biometrics a viable, immediately-deployable, and scalable replacement for yesterday’s flawed username and password authentication scheme. The solution is called #biometric tokenization, and our partners are already implementing it to eliminate passwords, lower enterprise risk, introduce IT efficiencies, and preserve user privacy.

  What remains when passwords are left behind is a new UX where the user registers his or her biometric signature on-device, and when their banking app prompts them to log in, transact, or otherwise assert their identity he or she simply authenticates using the device’s embedded fingerprint sensors, camera, microphone, or combination thereof. When accessed, a cryptographic challenge-response validates the identity, login, transaction, or communication in under a second.

  The biometric data is decentralized across millions of user devices, meaning the financial services institution no longer holds customer data as it currently does with passwords and PIN codes. It also means that the user is in possession of his or her biometrics, and that these encrypted templates are stored offline in trusted zones found on the devices.

  Biometric tokenization such as the FIDO UAF standard HYPR supports is integrable with existing security architectures, requiring no overhaul, and HYPR is interoperable with the diverse biometric sensing modalities, biometric sensing vendors, operating systems, devices, and enterprise applications in use and in place. Bank employees using internal applications on desktop are treated to the same UX that their customers using a consumer-facing mobile app are, and a user’s mobile device can communicate over Bluetooth low-energy (BLE) to navigate desktop applications.

  The underlying security that decentralizes and encrypts biometrics also delivers the best UX Internet users have ever known. Biometric tokenization eliminates passwords—it doesn’t corral passwords into a single sign-on, and it doesn’t cause the actioning of an on-device biometric to unlock the phone or paste in passwords. This is true password elimination for the best UX plus top security—no workarounds or corner-cutting.

  Enterprises like #banks and their customers can finally “forget about forgetting” when it comes to the credentials they once used to access accounts, and when a device is lost the biometric template, lacking its owner, is rendered useless. Public keys on the enterprise side are also revocable, adding another layer of confidence to the enterprise and user.

  Biometrics has brought us such a long way in security innovation because of the security in its own right. What’s not widely known is that there is a usability revolution in the making as a byproduct of the hard work companies like HYPR are doing to finally make online banking safe.

  ---

  [linkedinbadge URL=”https://www.linkedin.com/in/george-avetisov-b555a6a6″ connections=”off” mode=”icon” liname=”George Avetisov”] is CEO is Co-Founder & CEO at HYPR

  [linkedinbadge URL=”https://www.linkedin.com/in/per-lind-5b894″ connections=”off” mode=”icon” liname=”Per Lind”] is Partner at HYPR Asia Pacific.

   
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  user 5:05 pm on July 17, 2016 Permalink | Reply
  Tags: banks ( 784 ), Blockchain ( 836 ), fintech ( 1,103 ), luxembourg, technology   

  Why bring your FinTech business to Luxembourg? 

  

  Introduction

  With all the media attention on “brexit” there is a renewed interest by #FinTech companies who want to take full advantage of the European Financial Services market in examining locations outside of the UK.  Once again cities in Europe are positioning themselves as the next hub. Paris, Frankfurt, Dublin and more certainly all have their advantages.  We have seen the German FDP taking the initiative driving around the City of London advising start-ups to “keep calm and move to Berlin”.  In choosing a location for FinTech business, entrepreneurs need to consider key aspects: the business environment, market access, regulatory and government support.  We believe #Luxembourg is well positioned with respect to these aspects coupled with a unique set of advantages.

  Environment

  Luxembourg has a track record in evolving the economic environment to suit the needs of the time.  Over the last 50 years Luxembourg has transformed itself from an iron and steel centre to a global financial centre and media hub, with two home-grown European giants in the field, RTL Group in media and SES (Société Européenne des Satellites) in satellite transmission.

  Developing a strong FinTech industry has naturally become a key focus as Luxembourg hopes to capitalize on its international character and openness to innovation. Finance represents 36% of GDP, the creation of a vibrant FinTech hub is high on the political agenda. Luxembourg’s small size and agile government machinery provides a unique environment for FinTech including:

  • Ease of access to key governmental decision makers at ministerial level.
  • Prime Minister who, himself, takes responsibility for the development of the ICT sector.
  • An active ecosystem supported by a ‘Can Do attitude’.
  • A strong regulatory authority that is open minded to innovation and willing to move fast.

  Market access

  As a ‘gateway to Europe’ Luxembourg is at the heart of European decision making and is quick and efficient at transforming EU directives into practical applications which have been influential in attracting many key players to setup their operations in Luxembourg including PayPal, Amazon Payments, Rakuten, and Yapital.  EU “passporting” regulations allow companies based in EU member states to operate throughout the European Union.

  Ecosystem

  Luxembourg has created an active and vibrant ecosystem including incubators and accelerators, law firms, service companies, IT hosting companies, university with its research centre, data centres, and financial expertise.

  This ecosystem, stimulated by innovation funding and supported by pro-active and pragmatic approach to regulation, has enabled an industry hub of over 150 FinTech companies. Many are small start ups such as Digicash in mobile payments, Mangopay, a crowd funding platform or #BlockChain, part of the crypto-currency value chain.

  The reason they give for coming to Luxembourg is access to Talented ‘International’ People (Luxembourg has the highest number of developers in the world per capita) and an active tight knit ecosystem, with a ‘can do’ attitude that incorporates private business, public research organisations and government bodies such as regulators and innovation agencies. For the period 2016-2020, Luxembourg will spend 200M€ promoting research, development and innovation.

  In February, Minister of Finance, H.E. Pierre Gramegna, announced a project to create the LHoFT, the Luxembourg House of Financial #Technology which will provide a place for companies from Finance, Technology and FinTech to interact amongst themselves and with research and government actors to develop ground-breaking concepts.

  Regulation

  As a founding member of the EU, Luxembourg has a real influence on its strategic direction, particularly in the area of the regulation of new financial products. Currently it is moving faster than UK and Germany on crypto-currency regulation, Luxembourg recently made history by becoming the first member state to issue a license to crypto-currency exchange Bitstamp.

  The Luxembourg regulator CSSF (Commission de Surveillance du Secteur Financier) has created an Innovation, Payments, Markets Infrastructure and Governance department responsible for financial innovation, payment services, markets infrastructures and general and transversal aspects relating to governance and remuneration in the financial sector.

  “Luxembourg’s regulatory approach has contributed to the development of an important payment services industry which generates nowadays an ecosystem of highly innovative products”, says Nadia Manzari, Head of Innovation, Payments, Markets Infrastructure and Governance, at the CSSF.

  Research

  As a global leader in specific financial niches and with renowned experts populating the research institutes, Luxembourg has fast access to financial and technology talent to deliver game changing ideas.

  The University of Luxembourg, one of the youngest universities in Europe, announced in January the establishment of a FinTech lab as a part of its interdisciplinary centre for Security, Reliability and Trust (SnT).  Professor Björn Ottersten (Director of SnT) explains, “the coming years will see a transformation driven by technological advances and Luxembourg must be at the forefront if it wishes to maintain its current position. SnT can play an instrumental role as an R&D partner positioning corporate partners and increasing their competitiveness.”

  The Luxembourg Institute for Science and Technology (LIST) is another important piece of the puzzle with a strong focus on FinTech research.

  Infrastructure

  As home to major payment systems in Europe, mission critical infrastructure is a must have.  Luxembourg has invested heavily in internet infrastructure and is home to 40 percent of Europe’s tier IV data centres — the most robust and secure favoured by financial companies.

  Funding Opportunities

  For start-ups, Luxembourg’s “Fit for Start” scheme offers early-stage funding and coaching to ICT start-ups in Luxembourg. The programme is intended to help fund the development of a prototype and to provide start-ups with support in their early phase.

  The Luxembourg Government announced the launch of a seed fund, created jointly with a group of private investors, to support the financing and development of start-ups operating in the field of ICT. Named the ‘Digital Tech Fund’, the fund was set-up on the initiative of the Ministry of the Economy as part of the national “Digital Lëtzebuerg” initiative.

  For more established companies, the national level “Law of 5 June 2009 relating to the Promotion of Research, Development and Innovation” provides for financial support to companies who launch innovation activities in Luxembourg. The support is particularly adapted to the needs of Small and Medium-Sized Enterprises and allows granting specific support to R&D&I Projects or Programmes, Process and Organisational Innovation in services and “De minimis” measures (discretionary, capped aid measures, to enable enterprises and private research organisations to benefit from public funding if these entities are not eligible for a specific aid schemes).

  As a base in the European Union, Luxembourg can provide a means to benefit from European Union-wide schemes including access to the EU’s €74bn Horizon 2020 fund, aimed at driving innovation within the EU. Together with the Juncker plan, this represents significant funding opportunities for companies located within the EU market.

  In addition there is an abundance of private funding opportunities including the Luxembourg Business Angels Network (LBAN) – a strong and active community of business angels and seed capital investors in Luxembourg.

  Want to find out more?

  As an independent member of the FinTech innovation ecosystem in Luxembourg, FinnoLux have developed a number of services to help growth-mode FinTech companies to establish themselves in Luxembourg.  We are able to help you by:

  • Identifying unique business opportunities for your company/product, leveraging our extensive network and industry experience.
  • Facilitating introductions to the research organizations, universities and government agencies for research- related projects.
  • Providing assistance in accessing funding, both locally and at EU level.
  • Identifying customers, interesting business collaborations and investors.
  • Advising in the tailoring of your product to meet the needs of the European market.

  We have put together a unique package of services which bring together all required pieces to setup and (re)locate your FinTech business in Luxembourg. Our partners include:

  • Accountants
  • Lawyers and notaries
  • Relocation agents
  • Office space providers
  • Real estate agents
  • Recruitment agencies (both locally and pan European)
  • Sales and marketing
  • Events
  • Industry associations

  Luxembourg Key Facts

  • Located in Western Europe, Luxembourg is situated between France, Belgium and Germany.
  • Population 563 000
  • Founding member of the European Union, OECD, United Nations, NATO, and Benelux.
  • 65 000 employed in Financial sector.
  • Luxembourg is highly stable, AAA rated by Standard & Poor’s, Moody’s and Fitch.
  • Home to 143 #banks and 324 insurers
  • Second largest investment fund centre in the world (first is the United States), number 1 in global fund distribution
  • Premier private banking centre in the Eurozone
  • Leading Renminbi centre in Europe
  • Largest domicile for Islamic funds in Europe
  • Hub for e-commerce and e-payment companies

  If you would like to know more about bringing your business to Luxembourg, please see our website at http://www.finnolux.com and feel free to get in touch.

  ---

  [linkedinbadge URL=”https://www.linkedin.com/pulse/why-bring-your-fintech-business-luxembourg-matt-elton” connections=”off” mode=”icon” liname=”Matt Elton“]  is Cofounder at Finnolux and this post was originally published on linkedin.

   
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  user 12:19 am on July 17, 2016 Permalink | Reply
  Tags: banks ( 784 ), Being ( 5 ), Companies ( 19 ), Danger, Facebook ( 25 ), Kasisto ( 4 ), Outage, Shows ( 13 ), Tech ( 58 ), technology   

  Kasisto Facebook Outage Shows Danger of Banks Being Tech Companies 

  It’s become common for bankers to say, “Our bank is a #technology company.” But technology #companies &8220;move fast and break things,&8221; and that doesn&8217;t square well with providing customers reliable access to their money. Case in point: MyKai, the remarkably clever chatbot from #Kasisto, suffered an #outage yesterday on oneRead More
  Bank Innovation

   
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  user 10:01 am on July 16, 2016 Permalink | Reply
  Tags: banks ( 784 ), Blockchain ( 836 ), fintech ( 1,103 ), summary ( 2 ), technology, week ( 17 )   

  Fintech and blockchain developments for the week of 4 July 2016: What you may have missed 

  Big bank comeback in mobile payments: Payment processing companies such as PayPal have long offered a nimbler and faster payment option to consumers. The downside has been cost as merchants typically pay a fee for using the service which is often passed on to consumers. US bank J.P. Morgan Chase seems willing to challenge nascent players head on with a payment solution of its own. The big bank maintains the upper hand in the battle as it can offer its services at a significantly discounted rate. The winner will be merchants, which have long complained of exorbitant transaction fees.

  AmEx ventures into on-line loans: In more news of incumbents challenging new market players, AmEx has announced an on-line lending platform for small-business clients. Popularized by the likes of #fintech companies such as Lending Club, Square Inc. and On Deck Capital, on-line lending offers loans at significantly reduced turnaround times but at rates sometimes greater than those offered by financial institutions. AmEx is seeking to bridge that divide through quick funding and competitive rates.

  Russian blockchain consortium sees daylight: Novel technologies face an uphill adoption challenge, comprehension of the concept being a major roadblock. Industry consortiums alleviate these concerns and promote further cooperation among members to accelerate adoption. With this in mind, a group of Russian #banks have announced their intention to form a consortium to explore #blockchain. Among the potential applications the consortium will investigate include KYC procedures as well as joint settlements. The news comes on the heels of a similar Chinese project recently announced and led by 31 financial and #technology firms.

  Blockchain based FX clearing: Clearing trades is expensive and timely with the typical settlement time hovering around three days. Blockchain promises to cut that delay to mere minutes, if not instantaneously. As such, the application of distributed ledgers in clearing and settlements has garnered much attention in the past year. Enter FXCH, a startup Irish clearing house. It successfully cleared an fx-spot transaction using blockchain. Said Franck Mikulecz, founder of FXCH: “Streamlining steps to settle FX trades at a fraction of the current costs is brilliantly disruptive.” The successful transaction will surely give credence to the potential of blockchain in clearing and settling trades.

  The Instagram bank branch: In an unconventional branding and marketing exercise, the Singaporean subsidiary of Malaysian bank CIMB has launched a new social media campaign to promote its offerings. Dubbed The Small Bank Theory, the bank has created an “Instagram branch” in the hopes of familiarizing potential clients with its products and services and to replicate, to the extent possible, the actual experience of visiting a physical branch.

  Please contact me to discuss these and any other related topics. 

  Abraham A. Tachjian

  ---

  [linkedinbadge URL=”https://www.linkedin.com/in/abrahamtachjian” connections=”off” mode=”icon” liname=”Abraham A. Tachjian”] is Legal Counsel at Standard Chartered Bank – FinTech/Blockchain Adviser and Speaker

   
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  user 6:00 am on July 16, 2016 Permalink | Reply
  Tags: insurance ( 46 ), InsurTech ( 30 ), Startup ( 74 ), technology   

  My four Ps of InsurTech 

  A concrete approach to focus innovation efforts in the #insurance sector
  

  The insurance sector, which is considered to be fairly traditional and resistant to change, is currently being overtaken by a macro trend of digital transformation. This is causing institutions with hundreds of years of tradition to rethink their insurance business models, by identifying modules within their own value chain that need to be transformed or reinvented with the help of #technology and data usage. #InsurTech represents a macro trend destined to take on an ever-growing relevance in a world which tends toward hyperconnectivity and the infiltration of technology into all aspects of society. The insurance business will become more InsurTech-oriented, and technology will have a decisive role in reaching strategic goals. This applies to insurance companies, reinsurers, intermediaries and newcomers. During 2015, InsurTech startups received around $2.5 billion in funding, according to LTP.

  

  The number of innovative initiatives is growing exponentially, raising interest for all phases of the customer journey and all steps in the insurance value chain. This reveals a very crowded map of innovations that were introduced by the incumbents of the insurance sector or by startups. The innovations can be divided into seven macro areas: awareness, choice, acquisition, use, recommendation, Internet of Things (IoT) and peer-to-peer (P2P). One of the main challenges for analysts, incumbents, startups and investors is identifying the degree of relevance that these innovations represent for the insurance sector.

  InsurTech: My way to answer to the question: “Should I invest on this?” [ Click to Tweet]

  After many discussions with venture capitalists and insurance thought leaders, I’ve come up with my own answer for the following question: What is the potential of each InsurTech initiative? My approach is based on four axes related to the fundamentals of the insurance business:

  1. Profitability: Impact which an innovation may have on the level of profitability of the insurance portfolio, acting on the loss ratio level or on the cost level without an increase of volumes.
  2. Proximity: Contribution for creating improved relationship that is based on numerous touchpoints during the customer journey. Bain’s international research reveals that the customer satisfaction (measured with the Net Promoter Score approach) of those clients that have interacted directly with the insurance company is markedly superior to those who have not. Obviously, there is a predictable relationship between satisfied clients and their economic effects.
  3. Persistence: The reach of the new initiative in terms of renewal rate increase, and thus of stabilization of the insurance portfolio.
  4. Productivity: Evaluation of the contribution that a certain InsurTech approach can have at the top-line insurance level in terms of new client acquisition, cross-selling or additional fee collection for services.

  These considerations refer to a specific innovation initiative and are not absolute. On the contrary, they should be customized to each specific market, line of business, and client segment. In a similar manner, an insurance company has to make these considerations by taking into account both the contribution brought toward the achievement of strategic priorities and the coherence with its distribution approach.

  I am convinced that evaluating InsurTech opportunities based on this pragmatic approach clarifies the rationale behind each innovation initiative. It facilitates the prioritization of initiatives and ultimately helps focus investors’ and innovators’ efforts.

  InsurTech: Connected insurance is here to stay [ Click to Tweet]

  If we consider some connected insurance use cases, it easy to understand the reason why the World Economic Forum identified connected insurance as one of the main insurance innovation trends:

  • Profitability: From this perspective, the experience of the Italian insurance market in motor telematics (which is the most advanced market at an international level, with a 16% penetration for private use vehicles) shows how this approach is able to generate actual value for the insurance bottom line by acting on risk selection and the claims management process.
  • Proximity: Nowadays, within the connected car line of business, there are dozens of different services based on data collected from black boxes—services which the insurance company offers to the final client. By focusing instead on health insurance business, the Chinese insurer Ping An has built an initiative based on connected health that recently raised a round A financing of $500 million, with an evaluation of $3 billion.
  • Persistence: The experience of Discovery Holding in the field of protection has shown relevance when it comes to reducing the lapse rate by using the Vitality approach—which works by identifying and rewarding healthy behaviors.
  • Productivity: The data recorded by sensors represents a great opportunity for getting to know customers and to send personalized offers at the best moment possible. This potential, which is yet to be explored, is precisely the driver that helped create the #startup Neosurance, recently awarded the IoT Newcomer award at the Insurance IoT Europe Summit.

  Insurtech what’s in it for the customer from Matteo Carbone

    

  These insurance approaches suggest the use of sensors for data collection for different business lines. This data refers to the status of an insured risk, and to the telematics for remote transmission and informatics management, alongside the insurance value chain of the collected data. These approaches represent a great opportunity for connecting the insurance sector with its own clients and their risks.

  Italy is today one of the most advanced ecosystems of connected insurance, encompassing 4,9 million auto insurance contracts, which include a box provided by the company, and almost 50,000 home insurance contracts, which are characterized by the use of sensors communicating with the company. In this context, the Connected Insurance Observatory was born: a think tank dedicated to spreading the culture of insurance innovation. I put together the Observatory at the beginning of 2016 with the support of the Italian National Association of Insurance Companies (ANIA). The Observatory has made it possible to unite 30 primary Italian and international insurance groups and some 15 other interested players to bring a contribution to the InsurTech story in the making.

  ---

  Matteo is Principal in Bain & Company’s Financial Services and Digital Practices, Founder and Responsible of the Connected Insurance Observatory, Thought Leader in InsurTech, Top 50 InsurTech Influencer.

   
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  user 3:35 pm on July 15, 2016 Permalink | Reply
  Tags: Center ( 5 ), fintech ( 1,103 ), Fintechs ( 58 ), Management ( 37 ), online ( 35 ), Opportunity ( 10 ), robo ( 81 ), Stage ( 6 ), Take ( 16 ), technology, Untapped ( 2 ), wealth ( 20 ), women ( 5 )   

  Women Take Center Stage As Fintechs Eye Untapped Opportunity in Online Wealth Management 

  #Fintech ventures have long been praised for providing products that suit consumers’ changing behavior and expectations, but also for providing financial services to demographics that have been so far excluded.

  Whether it is for rural populations in developing countries or SMEs struggling to get a business loan, #fintechs are smart in the way they target specific niches and markets, focusing on one product range, optimizing processes and leveraging #technology and digital platforms to cut costs, and thus, prices.

  One demographic that has become more and more appealing to entrepreneurs is #women. This is mainly because women clients are finding that financial institutions are not meeting their specific needs. A Boston Consulting Group survey found that of all the industries that affect their daily lives, women feel most dissatisfied with the financial services industry, and this, on both product and service levels.

  

  Image credit: Juan Nel via Shutterstock.com

  Investing in particular is an area where women substantially differ from men. Studies have found that women are more conservative when it comes to investing and more insecure regarding their ability to invest. Other researches have suggested that women are actually better investors than men, preferring a more long-term approach, trading less frequently and sticking with their asset allocations.

  As automated investment services – so called #robo-advisors &8211;, continue to expand into niche offerings, #online financial advice and portfolio #management is becoming more accessible to a broader variety of investors, including women.

  Miss Kaya will be Southeast Asia&8217;s very first woman-focused robo-advisor. Founder Gina Heng, who simultaneously serves as CEO and co-founder at Marvelstone Group, has worked as a venture partner at Yozma Ventures, and co-founded asset management firm One Asia Investment Partners and Leonie Hill Capital in Singapore.

  In a recent interview with the Singapore Business Review, Heng explained what pushed her to launch this particular venture.

  “The types of online based #wealth management services in Asia today are still limited to financial education and product comparisons,” Heng said.

  &8220;We want to bring a new wave of innovation by providing a robust, automated, algorithm-powered, wealth management platform. Miss Kaya, by being the first women-driven robo-advisory platform in Asia that caters to their very needs, serves to empower them to achieve longer-term financial goals and allow them to pursue their dreams.&8221;

  

  Gina Heng, Miss Kaya

  The company plans to pre-launch its website some time this month, starting with offering financial education materials and a beta version of its personal portfolio management services. Later, it will offer full financial advisory services for women to manage their own finances, Heng said.

  Miss Kaya follows the likes of Ellevest, Worth Financial Management (WorthFM), SheCapital and Women Investor Now (WIN), which are all offering woman-centric financial services.

  

  Sallie Krawcheck, Founder of Ellevest, at TechCrunch&8217;s Disrupt NY 2016, via https://techcrunch.com/

  Ellevest, which launched in May, was founded by former Citigroup CFO Sallie Krawcheck and works much like more-established players such as Betterment and Wealthfront. Ellevest creates financial portfolios made of exchange-traded funds based on a user&8217;s timeline and risk tolerance. It also offers investment products such as Roth IRAs, traditional IRAs and investment accounts, and makes money by charging users a fee as a percentage of assets managed.

  Ellevest takes into account female professionals&8217; unique needs such as the fact that women live longer than men and the fact that they tend to earn less than men.

  Ellevest raised US$ 10 million in a funding round led by Morningstar in September 2015.

  WorthFM, a digital investing platform by DailyWorth, was designed to engage and educate women as their investments grow. Launched in private beta in March, the platform builds one&8217;s portfolio by taking into account the client&8217;s personality, strengths, fears and sabotage patterns.

  SheCapital, which launched in 2015, targets female investors and aims at closing the gender gap in financial advice. The platform was designed to act as a one-stop shop for women who are looking to invest.

  Similarly, WIN aims at acting as an all-in-one platform integrating financial planning, investing, real-time money management tools, Robo and custom investment portfolio management, and curated content.

  For Switzerland we haven&8217;t yet spoted a similiar Fintech Startup.

  Featured image by Andresr via Shutterstock.com.

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  Fintech Schweiz Digital Finance News – FintechNewsCH