Artificial intelligence (AI) is rapidly evolving across various parts of the banking and payments sectors, and digital consumers are reaping the benefits from institutions that apply this technology. There is an increasing number of operational use cases for AI as well, which are proving beneficial to employees looking for more efficient ways to complete routine tasks. Read More
Over the past decade, the banking industry has made great strides when it comes to providing customers with better digital experiences – thanks in part to the rise of innovations like cloud computing and APIs. Increased competition from startup fintechs has also motivated banks to offer a broader range of digital products and services. Read More
It’s no secret that technology is dramatically changing the way financial services are being delivered. At the beginning of 2010, few banks offered mobile banking apps; now having one is almost a requirement to conduct business. Read More
The idea of sharing data and exposing APIs to third parties was usually routinely dismissed out of hand by financial institutions. But that’s beginning to change, as both regulatory and consumer demands are moving the world in the direction of open banking. Read More
Real-time payments (RTPs) have long been a dream for consumers and the financial industry alike, but so far have yet to become ubiquitous. In the U.S., the legacy systems used to run banks – and the rails on which payments are moved – simply weren’t built to handle RTPs. Read More
In the past five years, the B2C payments space has seen significant advances. The widespread adoption of mobile wallets, the rise of contactless payments in Asia, and high popularity of peer-to-peer payment platforms exemplify how B2C payment solutions are rapidly evolving to keep up with consumer demand for simplified, secure transactions. Read More
The EU Revised Payment Services Directive, or PSD2, came into effect January 2018. While this expansive regulation includes numerous updates, the requirement for financial institutions to participate in an open banking system is arguably the most disruptive. Read More
In Q4 2017, I touched on three data-backed reasons why Asia is the perfect incubator for fintech innovation. The region has leapfrogged legacy payment methods, China’s government endorsed the Social Credit System (SCS) – which translates into the greater potential to open the fintech market beginning in 2020 – and simply put, consumers in Asia are much less worried about online security when compared to consumers in America. Read More
On October 31, millions of American children (and some young-at-heart adults) will dress up and go trick-or-treating for Halloween. But in the banking world, it’s the Brits who have all the treats as the country’s top banks prepare to open their APIs to licensed startups by the January 13, 2018 deadline. Read more.
A report released by Ernst & Young and major Singaporean bank DBS November 2016 declared China the “undoubted centre of global fintech innovation and adoption.” And China isn’t the only Asian country making waves in the fintech sphere. Read More
Millennials now make up nearly one quarter of the U.S. population. As a result, many businesses thrive or fail based on whether they can successfully cater to this generation of consumers. A key component to attracting and maintaining millennial customers is offering the technology they have come to not only expect but demand of the businesses they frequent. Read more.
In September 2014, Apple announced its mobile payment offering, Apple Pay. Much like the iPod, iPhone, and iPad, this latest Apple innovation met a need that consumers hadn’t even realized they had: the need to pay for products without fishing for cash or credit cards—to utilize a phone as a mobile wallet. Read More