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Crystal Ball Gazing – Post-COVID, ROI on Digital Investment by Financial Institutions

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There is a fresh wave of disruption post COVID-19. Banks and financial institutions are adapting digital transformation at a blazing pace, this is a good and a progressive sign for us as this opens doors to the much awaited advancements in the financial sector. Lets just say – now the digital revolution has truly begun. The COVID-19 crisis has triggered customers to adopt digital interaction across segments. Nowadays branch loving customers are also using digital platforms to interact with their banks or NBFCs (Non-Banking Financial Companies) – this routine may become a trend in the future.


Banks and Fintechs: Adversaries or Partners? - Knowledge@Wharton

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The fast-moving world of financial technology, better known as fintech, is settling into a global pattern. Disruptive fintech startups not long ago were thought to threaten important revenue streams of even the biggest financial institutions. But they are now pursuing business models based on collaboration with banks or even being acquired by them. And banks increasingly see ways they could improve customer service by working cooperatively with the nimble entrants, which are unconstrained by layers of bureaucracy, regulation and conservative corporate cultures unused to rapid change. But don't expect total harmony, say experts. Some fintechs will aggressively go it alone and challenge the legacy banks in their most lucrative markets. And recent rule changes in Europe, which force banks to transfer closely guarded customer information to fintechs upon customer request, will add new momentum to the upstarts.


Banks and Fintechs: Adversaries or Partners? - Knowledge@Wharton

#artificialintelligence

The fast-moving world of financial technology, better known as fintech, is settling into a global pattern. Disruptive fintech startups not long ago were thought to threaten important revenue streams of even the biggest financial institutions. But they are now pursuing business models based on collaboration with banks or even being acquired by them. And banks increasingly see ways they could improve customer service by working cooperatively with the nimble entrants, which are unconstrained by layers of bureaucracy, regulation and conservative corporate cultures unused to rapid change. But don't expect total harmony, say experts. Some fintechs will aggressively go it alone and challenge the legacy banks in their most lucrative markets. And recent rule changes in Europe, which force banks to transfer closely guarded customer information to fintechs upon customer request, will add new momentum to the upstarts.


top-10-technological-trends-in-fintech-industry

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Fintech means the technology used in the financial sector including areas like insurance, investment, banking, and many more. Fintech app development, finance software development, building self-service portals, and online banking platforms are the latest fintech solutions that are now replacing traditional banking and face-to-face communications. So, people now can handle their financial actions online through an application in just a few taps. Apart from easy accessibility, fintech makes financial services more secure. Fintech offers new ways to protect sensitive customer data and manage other financial services to fintech startups and other organizations.