Warning Banks

This week’s FinTech news features more calls for banks to tap into their strengths — their wide consumer base for one thing — and begin strategizing in 2016 to prepare for future digital disruptors or risk losing significant profits. Meanwhile, cryptofinance technology gains increasing legitimacy, while mobile payment providers need to step it up.

The death of bank products has been greatly under-exaggerated

Branch use declined by 6% in 2014, the biggest reduction in a single year ever. But as Brett King points out in Medium, this should be no surprise given the way technology has dramatically changed our lives for the past decade. Read King’s warning for banks to change in 2016.

Competing with digital disruptors

“It’s clear that digital disruption will cause new leaders to emerge in the financial services industry and the institutions known as leaders today may become laggards or disappear altogether if they fail to evolve,” writes Leni Selvaggio for BIA’s Banking Strategies. Selvaggio lays out bank’s opportunity to embrace disruption, update their business model and enhance their IT capability.

Why we, the customer, will decide the fate of our banks

Gemma Godfrey, quantum physicist and founder of Moo.la, points to progress banks shrinking physical presence and the lowered barriers to switching bank accounts as signs of progress. In a LinkedIn piece, she advises banks to capitalize on their wide customer banks and data, work with other companies and more.

An infographic that presents the B2B opportunity in FinTech

B2B payments are in serious need of an update, and several startups are stepping up to the challenge. Ranging from small businesses trading internationally to using blockchain technology for cross-border B2B payments, Let’s Talk Payments has nearly 30 companies aiming to simplify money movement for businesses.

Apple Pay and other mobile payments: why we still don’t use them

Mobile payments was a promising development, but so far has fallen short of expectations, contends Salva Gomzin in Venture Beat. Despite major announcements such as Apple Pay launching in China, flaws such as not accepting all cards and lack of adoption from retailers indicate that Apple Pay and others have a long way to go.

Bitcoin tech approved as a way to issue shares

In the latest example of the industry’s incresing acceptance this year of cryptofinance technologies, The U.S. Securities and Exchange Commission is allowing one company to issue public shares using blockchain technology, Engadget reports. The measure could pave the way toward using blockchain technology for near realtime payments, which, as Daily Fintech points out, could affect current intermediaries and possibly create new ones.