Fintechs and techfins are challenging traditional banks and the evolving ecosystem is bound to be disruptive:
The trends that are shaping the ‘bank of the future’ can be summed up as moving from offline to online, creating an increasing trust by customers on digital first platforms and ability to personalize and customize. Apart from traditional banks, there are 2 other distinct digital finance platforms today that compete for a major share of the bank of the future, the one going by the name fintechs and the other by techfins. The former tries to deliver financial services through a better experience using digital technologies and compete with the established banks, while the latter are hardcore technology enterprises that have entered the banking domain to offer products as part of their core offerings. Alibaba, Tencent, Google, Amazon and Facebook among others fall into this latter variety.
TECHFIN ADVANTAGE
Alibaba’s founder Jack Ma has these words: “Fintech takes the original financial system and improves its technology. Techfin is to rebuild the system with technology. What we want to do is to solve the problem of a lack of inclusiveness.”
This story is from the June 2019 edition of Banking Frontiers.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the June 2019 edition of Banking Frontiers.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
It's a bank and a brokerage - FinecoBank
FinecoBank of Italy is a highly tech-enabled bank that is a combination of a bank and a brokerage:
A model for cloud adoption - Zurich Cantonal Bank
The bank is had opted for cloud to offer better service to its customers:
RBI Governor urges NBFCs to adhere to fair practices code
The Reserve Bank of India (RBI) Governor has urged Non-Banking Financial Companies (NBFCs) to strictly adhere to the Fair Practices Code, emphasizing sustainable growth and robust risk management in the sector.
Automated, Adaptive, Al-enabled Architecture is a must
Security heads from 2 BFSI companies reveal the key cyberfrauds and strategies to combat them:
Fraudsters too gain ground as real-time payment systems grow
There is a need for the technologies behind the real-time payment systems to gain a march over the methods of fraudsters:
Ethics & Challenges of AI in Cyber security: Navigating the Moral Maze
Even as AI is finding its place in the cyber security domain, an entirely new frontier of ethical challenges awaits.
Bangladesh Finance: 25% faster customer service; 15% higher customer retention
Bangladesh Finance, established in 1999, is a leading financial institution in Bangladesh.
Fino sparkles with technology & brand upshift
Fino Payments Bank started operations in June 2017, providing banking services to mass market customers, who are largely rural-based.
Savington Upshifts: 48% Faster, Churn down 31%
Savington International Insurance Brokers LLC, founded in 2006 by Dev Maitra, is a prominent insurance provider in the UAE.
Zoroastrian Bank: Multiple awards for being the Best
Established in 1927 by Sir Hormusjee Cowasjee Dinshaw Adenwalla, Zoroastrian Bank is a prominent urban cooperative bank headquartered in Mumbai, India.
