Weekly analysis & opinion highlights 17 July 2020

Weekly analysis & opinion highlights 17 July 2020

Weekly analysis & opinion highlights 17 July 2020

Carl Slabicki, Head of Strategic Payment Solutions, BNY Mellon Treasury Services, discusses the changing climate of US payments. The first step is to replace legacy capabilities with new payment rails, followed by the second step, which concerns improving security, such as delivering solutions that enable real-time pre-validation. The issue that still remains is for cash managers to implement a successful migration from checks to electronic payments. Read more

For businesses, finding the competitive advantage has always been an essential key element. Richard Price, Head of Financial Services UK & Ireland TIBCO Software Limited, argues that banks are currently missing a digital-centricity, facilitated by AI and data science, streaming analytics and machine learning. One successful example of implementing such innovations is the KuveytTurk Bank in Turkey, which combines real-time data from up to 25 institutions into one real-time big data stream and, as a result, it increased its FX volume and became the first bank in Turkey to provide a gold exchange market. Read more

Back in 2018, security token offerings (STOs) were considered as the new milestone for the fintech industry. Artem Tolkachev, founder and CEO of Tokenomica, explores why STO has not made its big break yet on the market. The problem lies in the fact that there are more than 50 security token issuance providers on the market and none of them currently offer fully operational and regulated secondary trading solutions, and thus, there is no second market in existence. Read more

For the Chinese banking industry, fintech and digitalization is expected to play a significant role for blockchain technology. This comes at a crucial point for SMEs, since these companies can rely on the new financial infrastructure in order to make profits. This marks an important moment for the history of banking, which is up to a certain extent also the history of technological developments, considering that FinTech was officially announced nationwide in March 2016, when the Financial Stability Board in China released the analysis framework report. Read more

Tal Daskal, CEO and co-founder of EasySend, dives into the digital insurance paradigm shift. When it comes to digitalization, the insurance industry has always fallen behind, relying on paper documents and PDFs to collect customer data. However, EasySend, a no-code development platform, addresses the challenges that the insurance companies are facing. This comes in-handy for business users without a technical background or coding skills to create digital applications through a visual, drag-and-drop environment. Read more

For the alternative finance industry, uncertain times may arise. Jonathan Segal, partner, Fox Williams, describes the three best practices to be followed: not taking your eyes off the ball, building your finances and learning from history. In these trying times, businesses must be seen as supportive for customers. If the business urgently needs capital, selling off debt portfolios is an option. Another available option is to branch out into new domains, such as open banking, which is likely to thrive in this environment, as lockdown drives more people to use alternative services. Read more

For the data science field, good news is to be expected. With the vast amount of data that is made available online, fintech and banks need to join forces in order to find all the possible consumer insights that the data provides. According to a research commissioned by Relay42, s data management platform (DMP), “digital banking is growing in popularity with 53% of consumers using or willing to move to an online or mobile only bank — 27% have moved already, while 26% are considering the switch”. Read more

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