By Fintech News Switzerland In the age of disruption and increased competition from tech players, the traditional banking model is rapidly becoming outdated. For banks and financial companies, platformification is emerging as the most fitting strategy to maximized results, enabling greater agility and personalization. According to the World Retail Banking Report 2020, platform-based banks can…
The financial services industry continues to attract tech companies that transform how people and businesses spend, save, borrow, invest, and more. From capital markets to insurance and digital banking to wealth management, the Fintech 250 are among the most promising of these companies globally. The 2020 Fintech 250 cohort has raised approximately $49.2B in aggregate…
By Matt McClarty – Mulesoft There is a data revolution driving the digital transformation movement. Organizations can reap plenty of business benefits in the back office by digitizing data and automating their processes. However, the companies setting the bar in the digital economy are the ones that maximize their use of data to deliver captivating…
By Jordan Blake, Payments Journal The fintech world is having a meteoric 2020. Already riding a wave of early-adopter momentum in recent years, the industry gained massive followers out of necessity as the COVID-19 pandemic disrupted the public’s ability to shop in-person or visit traditional financial firms’ branch offices for banking, lending and other services.…
By Miklos Dietz, Hamza Khan, and Istvan Rab – McKinsey Digital While ecosystem-building has been a red-hot topic in the business world in recent years, the COVID-19 crisis has amplified the importance of digital interactions and will likely further accelerate the adoption of digital-ecosystem business models. Our global consumer sentiment surveys indicate that the spike…
Competition in the banking industry is intensifying. Neo-banks are winning market share and serving customers at around one third of the cost of traditional banks. Fintechs are targeting lucrative niches in the value chain. Big tech players, with their large customer bases, pose a real threat and a few incumbents are investing heavily in innovation,…