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By The Numbers: The Financial Brand In 2017

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The Financial Brand has been read by more than 7.5 million financial services executives around the world, making it the second largest publication in the banking industry.


How accounting and financial apps will be the first beneficiaries of Open Banking

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The financial app is no longer a futuristic ambition. It is a great social leveller because anyone can download it. It caters to the Uber driver who never had a job or a bank account to the techie who turned to contracting after a profitable in house career. It provides a positive experience. Apps sit in an app store that is 100 focused on customer need and positive feedback.


How Should Banking Respond to Embedded Finance Model?

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At the same time that most traditional financial institutions are trying to rebuild legacy products for digital delivery, the biggest banking firms and non-financial companies are partnering to embed banking services in non-financial brand apps. This includes deposit services, payments, lending and other services that were only offered by banks and credit unions directly in the past. The appeal of embedded banking is to provide an easy and seamless way to deposit, save, pay or borrow without leaving a non-financial company's app. The result is the ability for non-financial firms to retain customers and increase the overall value of the relationship. According to McKinsey, "Companies of all types and levels of maturity – including retailers, telcos, big techs and software companies, car manufacturers, insurance providers, and logistics firms – are considering and preparing to launch embedded financial services to serve business and consumer segments."


Open Banking Will Change The Financial Services Industry Forever

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Throughout history, banking has remained a closed industry, monopolizing the majority of other financial services. Total digitalization has brought changes to the industry. Fintech firms give users the right to choose an alternative. However, the PSD2 directive adopted in the European Union goes even further. It will disrupt the entire banking industry, completely changing the rules of the game worldwide through massive competition.


Blockchain In Financial Services

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The big buzz of the tech town blockchain has paved way for many possibilities that could enhance the basic human lifestyle. Banking and financial institutes are nowhere away from enjoying the benefits of blockchain. The ultimate goal of employing this trending technology is to make the financial sector provide better service and more security to customers. Blockchain has the potential to benefit the banking industry much more than any other technology would offer. By implementing the smart contracts in the platform banking sector can easily eliminate the cost of counterparties and intermediaries.