In an article published by Reuters in November 2017, the Bank of England stated that banks may be underestimating the fintech threat. Today, fintech firms and alternative providers are encroaching into every function of the bank. These new kids on the block specialise in specific processes or use cases and are leveraging banks as a
The advent of open API economy has potential to unleash a new wave of changes in the financial services industry. Bank Regulators are looking to drive better deals for the customers by generating more competition by innovating customer information sharing, transaction initiation, and payment mechanisms. Their efforts, along with changing customer sentiment, are creating both
‘Trust’ and ‘Transparency’ have always been the cornerstones of stakeholder expectations in the banking industry. Since 2008, there has been a constant deficit on both fronts, resulting in heavy regulatory penalties, right sizing of banks and several other long-term implications on the economy. Since then, banks have taken up the responsibility of rebuilding customer trust
Blockchain and its related technology has gained significant attention across industries. The financial industry has begun to realize the potential of it. It’s very well known that blockchain technology decentralizes decision making and fosters decision by consensus (in technical terms, proof of works where all participating miners are expected to solve a given mathematical problem).
The customer is always at the centre of innovation. New business propositions are being tested out almost daily to deliver services that provide engaging experiences and more convenience. Contactless payments are a great example of an innovation that has made customers lives easier. And with the Internet of Things now becoming a reality, the coming,
On 24th July 2013, the European Commission outlined proposals around the Payment Services Directive 2 (PSD2). One key element, is the ‘access to accounts’ proposal, which will require banks to open their customers’ accounts to Third Party Payment Providers (TPPs). So far, banks have been operating in a closed loop – this proposal will change that.