Banking is on the brink of being completely disrupted by customer expectations, new players, new technology and new regulations. Here you can find a curated list of awesome reports, articles, surveys, etc. that covers digital banking, FinTech, payments, WealthTech, etc… from all around the world.
Removing Roadblocks: The New Road of Fintech
MagnaCarta & Klarna – December 2018
Identifies four key elements critical to the future development of fintech – Relevance, Openness, Automation and Data.
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Relevance – organisations across the spectrum will need to understand their purpose and how to deploy technology to serve their customers
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Openness to partnership and cultural candidness, including a firm grasp of the new dynamics of competition
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Automation – understanding how, when and when not to automate processes
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Data and it’s use and value either as a profit pool or a source of purpose
Read the report here
#biometrics #mobile #AI #banking #finserv #FinTech #CX
2018 Mobile Biometrics Platform Scorecard
Javelin – November 2018
Five years ago Apple unveiled TouchlD, and biometrics quickly took consumer authentication by storm. Today, consumers expect their financial institutions to support fingerprint scanning, but an apparently
ever—expanding array of biometric modalities are appearing on consumer devices, ranging from iris scanning to palm geometry. Effectively meeting consumers’ demands while protecting them from fraud means not only integrating multiple biometric modalities, but also supporting them with robust risk assessment and ancillary authentication capabilities to secure critical moments like enrollment. This report evaluates twelve of the leading mobile biometric authentication platform providers to assess the capabilities they offer in authenticating customers and the flexibility they provide in adapting to the practical needs of businesses.
Read the report here
#biometrics #mobile #AI #banking #finserv #FinTech #CX
Capgemini – Top 10 Trends in Retail Banking (November 2018)
The proliferation of technology and entry of new players such as FinTechs continues to disrupt the retail banking industry. Augmenting customer experience has been the need of the hour as customers increasingly adopt digital products and services. In pursuit of more nimble processes and innovative approaches, traditional retail banks are enthusiastically investing in digital transformation and FinTech collaboration. With banks under pressure to boost revenues and reduce costs, while delivering better customer experience, they have been investing in emerging technologies such as blockchain, Artificial Intelligence, and Digital IDs. Moreover, banks are automating their processes and increasingly migrating their infrastructure and applications to the cloud to create a seamless customer journey. Many regulations and open-banking initiatives are emerging across the globe aimed at fostering innovation. To stay competitive, banks must remain cognizant of numerous implications from within and from outside the financial services industry. This report explores and analyzes the most high-impact tech trends expected to drive future retail banking ecosystem dynamics.
Read the report here
#banking #FinTech #finserv #CX #technology
PYMNTS and Brighterion: AI Gap study (November 2018)
The study analyzes the survey response data of more than 200 financial executives from commercial banks, community banks and credit unions across the United States to provide a comprehensive overview of how financial institutions leverage AI and ML technology to optimize their businesses. To this end, we gathered more than 12,000 data points on financial institutions with assets ranging from $1 billion to more than $100 billion. This report details the results of our extensive research.
Read the report here
#banking #FinTech #finserv #CX #technology
Unlocking opportunities in the API economy
Innopay & Deustche Bank – August 2018
Market disruption, client evolution and regulatory change mean that the banking and corporate world is preparing for an API and Open Banking revolution. Making a success of it will require both collaboration and standardisation
In Europe, in addition to the general drivers prompting API development among businesses – extending business reach, improving time to market, developing new partnerships, nurturing new business models and fostering agility and innovation – APIs have become particularly relevant by reason of Europe’s second payment services directive, PSD2.
While it came into force on 13 January 2018, PSD2’s most transformational provisions have yet to come into full effect. From September 2019, they will oblige banks to give third-party payment providers access to their customer accounts through a new interface. There seems to be industry consensus that APIs will provide the most secure and effective means of providing this.
Read the report here
#OpenBanking #API #technology #PSD2 #regulation #FinTech #finserv #CX #innovation
The Bank of the Future The ABCs of Digital Disruption in Finance
March 2018 – Citi
This new report identifies what we believe are the ABC’s of digital disruption in finance — Artificial Intelligence, Big Tech, Core Banking & Cloud, and Digital Assets — and identifies ways that incumbent banks can adopt/embrace these disruptive factors and drive their businesses forward.
For an incumbent bank to evolve into the new landscape will require (1) senior leadership teams to be focused on digital transformation; (2) relatively simpler business mix by geography and products; and (3) the cushion of better existing financial returns that allows management to divert their attention from near-term firefighting.
Read the report here
The battle is ON: incumbent banks accelerate onboarding innovations
July 2018 – InnoPay
Where newer and smaller banks used to outclass the incumbent banks regarding the onboarding process, the recent INNOPAY benchmark shows a comeback of the established players. By now, there is no longer a need to visit the office to open an account. Now the question is: did the larger banks manage to compete with the challengers?
Read the report here
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EY FinTech Adoption Index 2017. The rapid emergence of FinTech
The rapid increase of FinTech firms operating in the financial services industry, and the corresponding VC and corporate investment in this sector, has attracted significant attention from both industry observers and the media.
Findings from the 2017 study show that FinTech firms have reached a tipping point, and are poised for mainstream adoption across our 20 markets. Building upon the strength of their core characteristics of focusing on the customer proposition and leveraging technology in novel ways, FinTech firms are gaining traction in the market. In the process, they are blurring boundaries between financial products and lifestyle propositions, as well as defining new standards within financial services.
Read the report here
