Recent high-profile fintech provider failures — like Wirecard — have shown that relying on a single provider for essential banking services is potentially catastrophic for your fintech. While business media is focused on the macro fallout from questionable management practices, the fintech community is focused on the practical implications of this situation, namely what to do when an essential building block, like Wirecard, shows itself to be unreliable. But this is not a time to throw innovation in banking and wider financial services under the bus.
This is time for us all to remember how important fintech is to underserved communities around the world. Let us remember that we are giving them opportunities to engage in commerce unlike anything ever before. At the same time, they are relying on us to give them reliable and transparent service. This is a massive responsibility and we must be the best version of ourselves that we possibly can to make this happen. But whatever we do, we must keep in mind that people might need their money right away, so keeping the payment tap on and payments flowing is critical. …
Repeat after me: Tribalism is not bad
Irecently searched in Google for the rise of tribalism. The top set of results were pretty ominous, to say the least:
“Here’s how we solve the global crisis of tribalism and democratic decay” or “The politics of fear: How it manipulates us to tribalism.”
Tribalism has a bad reputation in today’s world, overshadowed by increasingly populism, fake news, and certain world leaders stoking fear in order to maintain power. One search for Tribalism and you are immediately pushed to think about how we are destroying society by joining these Political Tribes, and that’s a shame. …
The way we work is changing. The idea of a co-worker is changing. And lastly, the way we see companies as facilitators of a lifelong career is changing. I recently read an article in the Atlantic about how McKinsey destroyed the Middle Class and the downfall of the lifelong full-time employee.
The way we work is changing. The idea of a co-worker is changing. And lastly, the way we see companies as facilitators of a lifelong career is changing.
I recently read an article in the Atlantic about how McKinsey destroyed the Middle Class and the downfall of the lifelong full-time employee. It was eye-opening and got me thinking about what this means for the likes of my generation and the generations to come. It got me thinking about the gig economy, my professional career compared to my parents, and, naturally, how this will impact banking. …
The rise of the niche banks: how customer values and engagement with technology are shaping the next wave of neo-banks.
The onset of digitalisation disrupted and forever changed countless industries and incumbents such as Kodak and Blockbuster. Up until around 2012, banks appeared to be immune from such disruption. However, around 2012 the rise of the neo-banks and unbundlers began.
There are countless drivers behind the rise of the neo-banks, but two important factors have propelled the rise. First, the opening up of the market for new entrants and further innovation by regulators. …
How Niche Banks can thrive in the SME and Corporate spaces
Niche banks are on the rise and continue to form an important part of the new wave of neo-banks. In our previous article, we explored a few of these banks and how they are deeply tailored to fulfil the needs of their target customers in the consumer space.
In this article, we will explore the potential of niche banks in the SME and Corporate spaces and whey they can have a huge impact.
First, let’s take a brief look at traditional customer segmentation and disruption in financial services. …
Exploring new paradigms of core banking technology
In our last article of the “build your own bank” series, we explored innovative partners who deliver out-of-box banking services; from licensing to the technology stack. In this article, we will take a closer look at the very foundation of the banking stack — the core.
Gartner defines core banking as a ‘back-end system that processes daily banking transactions and posts updates to accounts and other financial records. Core banking systems typically include deposit, loan and credit processing capabilities, with interfaces to general ledger systems and reporting tools’.
From a tech perspective, core banking would typically be composed of (relatively) simple transaction and balance holding systems. …
Why banks are innovating through new brands and spin-offs instead of changing from within.
When JP Morgan Chase launched Finn in October 2017, their aim was to create a mobile-first bank built around their younger customers’ needs.
Like Monzo, Revolut, and other neo-banks, Finn could be accessed from a smartphone app. There were no monthly fees. And the app was packed with features — such as auto-saving and spending limits — designed to address younger consumers’ financial challenges and expectations.
As Chase’s CEO of Digital Bill Wallace explained it:
“When it comes to money, millennials told us they don’t want to feel like they’re being judged. So, we designed Finn to put them in charge, no matter where or how they’re spending.” …
Meeting industry experts and learning from them is what makes conferences great. We compiled a list of 9 conferences in CEE region, you shouldn’t miss no matter if you’re a dev, CTO, entrepreneur or just a tech enthusiast.
APRIL 26–29 BUDAPEST, HUNGARY
Being a Conference dedicated to software delivery craftsmanship, CRAFT2016 aims to improve every step along the way of software development. Experts will help developers to improve their individual skills, successful entrepreneurs will provide young teams with tools to overcome their organisational issues and industry innovators will share the newest trends. …
Having a company that grows is amazing, as is hiring new teammates. You’re getting more done and it feels great. Until there is no place left for the new guy.
Sooner or later your growing company will have to change its office.
Relocation can be a nightmare, but these 10 tips should pull you through it.