4 Innovation Themes to Transform Financial Services
“Future banks will operate in different modes: direct to consumer, as-a-service, marketplace seller, and platform owner — all of which may operate concurrently. Yet no bank will do any of this alone.”
Cross-Border B2B Payments will Reach $35 Trillion
According to the latest worldwide market study by Juniper Research, the total value of B2B cross-border payments will reach $35 trillion in 2022. That’s up from a COVID-related low of $27 trillion in 2020, representing 30 percent growth.
How Open Banking Enables Competitive Differentiation
“Open banking IT service providers can help banks build the capabilities they desire. To do so, they are investing in business advisory assets to help financial services firms plug the gaps in their business change management initiatives. They are also investing in Fintech partnerships, talent and solutions.”
via Everest Group
How Open Banking will Enable Disruptive New Services
According to Juniper Research, the total number of Open Banking users — who share data via Open Banking APIs to access new services — will double between 2019 and 2021; reaching 40 million in 2021, that’s up from 18 million in 2019.
Fintech: The Short- and Long-Term Outlook
While deals and dollars to global fintech companies are both down, certain parts of the fintech ecosystem actually stand to benefit long-term from the COVID-19 pandemic. Mirroring other sectors, fintech activity and investment has been muted through the first five months of 2020.
via CB Insights
How Fintech Innovation Transforms the Banking Sector
The total number of digital banking users will exceed 3.6 billion by 2024 — that’s up from 2.4 billion in 2020 and a 54 percent increase, according to the latest worldwide market study by Juniper Research.
Why Banking Leaders Seek a Global Digital Currency
A global group of central banks from the United Kingdom, the eurozone, Japan, Sweden and Switzerland assisted by the Bank for International Settlements (BIS) are pooling their research and experiences in the pursuit of a central bank digital currency (CBDC).
Rethinking Financial Services with Artificial Intelligence Tools
“Using AI merely to revamp traditional products and processes in banks and credit unions misses the point of such digital innovation. Instead of improving old recipes, use new tools to shift from a fixation on product cross-selling to serving consumers’ long-term needs for financial direction and problem-solving.”
via Financial Brand
The Fintech Talent Trends for Traditional Banks
Today’s banks are losing employees not only to other banks, but also to techfin firms. Amazon, Apple, Facebook, and Google are all making forays into banking, and they’re always on the lookout for people who can help their engineering teams understand the financial payments and risk disciplines.
via Everest Group
Ongoing Challenges for Digital Transformation in Banking
“As we begin a new decade, the banking industry is trying to adjust business models to reflect a more digital ecosystem. Unfortunately, this year’s Retail Banking Trends and Priorities research findings don’t reflect the urgency for change needed in the banking ecosystem.”
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