Hani Hagras, chief science officer at Temenos, argues that one solution for banks to save SMEs is to implement AI technology. In order for businesses to take advantage of the government-led funding programmes, a long process for scanning lenders takes place. One technology that can effectively solve these challenges is Explainable AI (XAI), which enables banks to significantly accelerate digital onboarding and conduct eligibility checks and process loan applications. Read more
Leon Muis, Chief Business Officer at Yolt Technology Services, shows that 2020 has seen quality, reliability and a variety in terms of APIs connecting to accounts that realise the regulators’ vision. These changes bring numerous benefits for consumers and firms that use open banking, such as users being able to track their various accounts from one single app or even permit access to lenders in order to make the loans and mortgages processes easier. Read more
Investors are starting to gain interest for the decentralized finance (DeFi) sector, which has been steadily growing according to Jay Hao, CEO of OKEx. An important milestone for the DeFi field was back in February, when the cumulative value of tokens locked in DeFi applications reached more than $1 billion (EUR 0.86bn). And while a Bitcoin-ETF may continue to be hot news, this July the SEC approved an Ethereum-based fund. Read more
Fintech changes bring new opportunities for the financial services sector, according to Eddie Davis, VP of business development for FINSYNC. For small enterprises, tools such as finance automation, data analysis and being able to have flexible financing, gave them a way to save money and also gain a competitive advantage. Cloud-based apps are also popular, making it possible for businesses to link all their finances under one platform. Read more
Richard Harmon, Managing Director of Financial Services at Cloudera, discusses new key elements on how the financial services sector can make use of new machine learning models to improve. As such, there are a few steps that can be taken in order to make the best out of machine learning: modifying existing models, testing stress scenarios, industrialising ML and using prescriptive analytics. Read more
Simon Wilson, Co-Head Global Payment Solutions at Icon Solutions, shares his predictions and recommendations for the banking industry. The key elements to be followed by banks regard: building foundations to reduce costs and deliver for customers, overhauling legacy infrastructure, embracing purpose in new look economies and focusing on leadership. Read more
Jeff Goldberg, VP, Research and Consulting at Novarica, discusses new entries on the InsurTech market. Although these start-ups present themselves and talk like carriers, an incumbent insurer is writing the risk in most cases. Most insurers recognize that these startups are MGAs despite their public positioning as carriers. Examples of “carrier” MGAs include: Next Insurance, Buckle and Clearcover. Read more
For many insurers, the value chain is being redefined by exponential technologies, according to BNamericas. Thus, insurtech companies are playing a major role in responding to the obstacles faced by the sector, with solutions such as: improving the insured’s experience, improving customer service with a view to increasing customer loyalty, maintaining high standards of quality and operating efficiency despite confinement. Furthermore, consulting firm Kantar predicts the use of digital services will continue to climb higher. Read more
With over 300 European fintech and insurtech names, branding becomes an essential determinator, according to Gabrielle Thomas, VC investment director at BlackFin Capital Partners. Branding represents the modality of communicating about your business to the external world, the message you want to transmit and the culture you want to create and also expressing the firm’s value proposition. In terms of names mapping, 4 categories are the most prominent ones so far: the ‘Back to basics’ tribe, the friendly tribe, the committed tribe and the scrabbles. Read more
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Read here our other sections of this week:
- Weekly funding highlights 24 July 2020
- Weekly news highlights 24 July 2020
- Weekly research highlights 24 July 2020
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