FINTECH ARTICLES OF THE WEEK 10/09/16
The leaders in FinTech and banking are featured as American Banker releases its annual list of FinTech companies to watch, and Burnmark releases an excellent and comprehensive report on challenger banks throughout the world. Take a look, too, at a future without cash in this week’s links.
20 FinTech companies to watch
From Currencycloud’s customizable APIs to BookingBug’s appointment management system, American Banker’s round-up features FinTech firms that are solving banking industry problems one platform at a time.
Burnmark’s 2016 report on Challenger Banking
The October 2016 report provides insights in the changing values of Generation Z, highlights the impact changing international banking relations, and the shift in customer acquisition challenges.
Innovate finance publish autumn statement recommendations to government for UK FinTech
In a post for Medium, George Hanias and Dan Morgan of Innovate Finance laid out their recommendations following the EU referendum results. Among them are continued access to capital and ensuring ongoing support for FinTech initiatives.
Smaller banks open their eyes to tech long embraced by big banks
First Federal Lakewood is set to roll out an app that speeds up the small business loan process to five minutes on a smartphone. It’s the latest small financial institution to embrace the technology that their larger competitors have used, writes Jeremy Nobile for Crain’s Cleveland Business, adding that the spending on these improvements is expected to grow.
Collaboration between FinTech startups and traditional banks is surging: Mario Aquino, McKinsey Ventures
Mario Aquino, managing partner at McKinsey Ventures Asia Pacific, sat down with Anirvan Ghosh of Deal Street Asia to discuss whether FinTech opportunities are overhyped, if FinTech will have a great impact on consumers and when FinTech will begin to simplify money management for developing nations.
Consumer use of cash slides as alternative payment methods take hold
Cash payments dipped below 50 percent in 2014 in the United Kingdom, signaling the growth of contactless card use, according to Finextra. The ATM network predicts a 34 percent decrease in the number of cash payments to 11.3 billion by 2025.
Imagining a cashless world
Picking up on Wired’s previous reporting in May 2016, The New Yorker takes another look at Sweden’s declining use of cash and how going cashless could cut expenses and risk for banks while complicating the lives of consumers.
A big Dutch bank is replacing 5,800 people with machines, at a cost of $2 billion
Dutch lender ING will save approximately $1 billion annually by cutting nearly 6,000 jobs and changing the roles of 1,200 employees. “We have to adapt. The consequence is that we can do it with less people,” Raymond Vermeulen, an ING spokesperson, told Quartz.