According to Capgemini and Efma’s World FinTech Report 2020 six percent of global banks and more than fifty percent of...
"Getting rid of overdraft solves part of the problem, but it also can hurt customers who are relying on those funds to get by, even though it's a very expensive credit," said the fintech's top executive, Jason Wilk.
A new report flags the skills gap financial institutions face as the industry becomes more tech driven. Altering hiring criteria is crucial.
Banks have started to come to terms with the importance of the cloud and what it means to their business;...
We are living in times of extremes, particularly when it comes to economic data, and this is reflected in the...
Despite the popularity of M-Pesa and other similar services less than half of the population in sub-Saharan Africa has bank...
While banks might have been a bit slow to react to online lenders they are certainly taking notice today and changing how they operate; fintech companies originated about 30 percent of unsecured consumer loans in 2016 according to TransUnion, up from 1 percent in 2010; banks have started to take notice and compete with fintech companies head on and in some cases partner with them as well; banks hold significant advantages over online lenders in cost of capital and customer acquisition costs which could erode that 30 percent market share that fintechs have built. Source.
The options for banks to compete in a changing financial services landscape are to either build, buy or partner; while we have seen a number of banks build their own technology or partner with fintechs, there has yet to be significant acquisitions in the market; an article in Tearsheet highlights how few purchases banks have made and how that compares to the amount of investments in fintech companies. Source
Most if the talk about banks going digital has been focused on the front end customer facing tools, there is...
There is sure to be a growing consumer debt issue when the government assistance finally ends and banks are starting...