Banking faces massive disruption by fintech says IBM
A new study argues that as the traditional functions of banks become commoditised, value is moving from transactions to relationships. Unfortunately for banks, they face competition from small start-ups and enormous, cashed-up tech giants inserting themselves directly into the relationship with their customers. IBM’s Institute for Business Value has released a fintech report called “Banking at the Brink”, which identifies the finance industry as sitting square in the centre of a perfect disruptive storm. The Institute calls out three challenges. Banks are still struggling with sluggish profits in the aftermath of the Great Recession. A new type of customer, easily dissatisfied and disillusioned, has ever-growing expectations of engagement and improved […]
Fintech floater convinced blockchain its future
David Cassidy, the managing director of Irish float hopeful KYCkr says blockchain is the future of its business identity check business. KYCkr is raising between $6 million and $8 million by floating between 30 million and 40 million shares at 20¢ each on the Australian Securities Exchange in June. This would give it a market capitalisation of between $25 million and $27 million. The funds will be used to market the business in Europe and Asia as well as move its systems to a blockchain, or distributed ledger. The company, which has direct links with government business registries around the world, verifies the business customers of banks and other companies […]
Globalisation of FinTech: Are we learning from our neighbours?
Most areas in the fintech space are hotly contested. Anyone watching the fintech space can feel overwhelmed by the sheer volume of perspectives that emerge when a new product is launched, an article is written or a tweet is sent. And that is largely because fintech is global. Fintech companies may operate in their own local markets and compete with, or “disrupt”, local banks, but financial technology as a whole is a global dealing. Any discussion of fintech needs to have this perspective. This is not just a matter of having the correct frame of reference for discussion and debate, it ensures we find the right way to […]
Banks Struggle to Keep Pace with FinTech Disruption – World Retail Banking Report 2016
FinTech providers are making increasingly significant inroads with customers, yet the vast majority of banks admit they are not adequately prepared to manage this emerging FinTech threat, according to the 2016 World Retail Banking Report (WRBR), released today by Capgemini and Efma. The report found that nearly two-thirds of customers (63 percent) are now using FinTech products or services, and are much more likely to refer friends and family to their FinTech provider (55 percent) than to their bank (38 percent). However, while 96 percent of banking executives agree that the industry is evolving toward a digital banking ecosystem, where Fintech providers play a much bigger role, only 13 percent […]
Accenture calling for fintech entrants
Fintech startups are being asked to apply for a place in a 12-week program that will see the young companies gain exposure to executives at big global banks. Accenture is taking applicants for its third annual Asia-Pacific FinTech Innovation Lab, a program for entrepreneurs that are developing technologies for the financial services sector. It focuses specifically on new technologies in the areas such as big data, analytics and cognitive computing, security and identity management, risk management and compliance, blockchain technology, and Internet of Things applications. Accenture says investments in Asia-Pacific fintech companies are on the rise, totalling $2.7 billion in Q1, 2016 – representing 51 per cent of the $5.3 […]
UK experts kick off week of FinTech in Australia
Chris Woolard and Shaul David bring cutting-edge insight and expertise on FinTech regulation and innovation to Australian audiences. Chris Woolard, Director of Strategy and Competition at the UK’s Financial Conduct Authority (FCA), and UK Trade and Investment’s FinTech specialist Shaul David are in Australia this week to take part in a range of events to strengthen links with the Australian FinTech community. Both visitors spoke at UK Trade and Investment’s sell-out event on FinTech Innovation and Regulation at Sydney’s FinTech hub, Stone & Chalk, this evening. The event attracted over 150 of Sydney’s brightest in FinTech and focused on navigating the regulatory challenges facing both Australia and the UK. Earlier […]
truRating launches in Australia, empowering businesses to capture mass customer feedback at point-of-payment
Award-winning UK-based point-of-payment rating system, truRating, has officially launched in Australia, giving businesses a straightforward and cost-effective way to collect immediate feedback from their customers when they pay. Using the payment terminal, truRating presents customers with a single feedback question, asking them to rate an aspect of their experience using a scale of 0-9 on the keypad. This gives companies a real-time, mass-market view of customer satisfaction and overall company performance on key metrics such as service, value or product selection, providing the insight they need to make changes and improvements. The UK fintech startup has demonstrated impressive growth, with over one million ratings processed globally to date, averaging 8,000 […]
UK fintech startup truRating knew Australia would be a prime market
“Australia was in our sights early on as a prime market for truRating to launch in following our early success in the UK. Our local market research demonstrated that consumers want a simple and anonymous way to provide feedback about their experiences to businesses and truRating is committed to delivering that capability via our world-first technology. The rapidly growing fintech scene and market potential we identified here cemented Australia as the natural next step. Australia has a flourishing startup ecosystem which is producing world-class technologies and truRating is proud to join the mix.” – Georgina Nelson – CEO & Founder truRating
