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Weekly analysis & opinion highlights 7 August 2020

According to Amita Choudhary, Marketing Manager at Princeton Growth Accelerator, the fintech sector has seen an increased adoption from the healthcare industry. Fintech helps accelerate the payment process in healthcare, making it easier especially when it comes to patient data and maintaining complex data, and also offers a more adequate planning and personalized care. Read more

Katherine Flocken, a former Senate staffer and now a Senior policy adviser at Allon Advocacy LLC and Tyler Griffin, co-founder at Prism Money, a consumer-focused bill payment tool, in 2012 and now a managing partner at Financial Venture Studio, discuss data privacy issues that can affect US financial services innovators to lose access to data critical for their business. The data privacy bill is considered by lawmakers, who are increasingly concerned that Americans continue to sacrifice privacy in exchange for products they can’t live without, especially as the coronavirus pandemic forces more commerce online. Read more

Karen Webster, one of the world’s leading experts on emerging payments and a strategic advisor and CEO of Market Platform Dynamics, dives into the aftermath of last week’s Big Techs (Apple, Amazon, Google, Facebook) appearance in front of the US lawmakers. The illusion with the 4 Big Techs is based on what they are doing, what they are investing in and the partnerships they are striking: they are much more competing aggressively with each other rather than acting like monopolies with a particular segment locked up. Read more

After announcing a big push into financial services at the Money 2020 conference last fall, Uber revealed it will scale back those plans. Ron Shevlin, the Managing Director of Fintech Research at Cornerstone Advisors, explores Uber’s initial position to capitalize on two trends, the rise of gig economy and embedded finance. For the case of embedded finance, recent consumer behavioral shifts are the main drivers behind its growth, such as buying behavioral changes, openness to non-traditional financial providers and the willingness to share personal data. Read more

According to Nick Clarke, capital markets firms are under pressure to increase efficiency and reduce operational costs, especially in times of Covid-19. For banks and brokers wanting to reduce operational costs, there are three areas which can be explored: automation, moving to the cloud and solving specific challenges. With the right post-trade technology, businesses can benefit greatly and reduce costs. Read more

“An executive’s guide to real-world AI – lessons from the front lines of business” presents advice and recommendations for companies looking to implement artificial intelligence. The results of the study by Harvard Business Review Analytic Services explains how to move past the hype and lay a true foundation for AI. The report includes interviews and case studies from top technology executives at companies including Adobe, Capital One, Discover, and Equifax. Read more

Pymnts’s new analysis examines how merchants around the globe are localizing their payment services to suit the needs of customers located near and far, as well as the challenges they face when transacting across borders. The Payments Orchestration Playbook gives recommendations on how comprehensive cross-border payments strategies can optimize UX and also how merchants can improve their payments processes to satisfy customers and maximize their revenues. Read more

In Latin America, women are stepping up as fintech leaders, with five times as many female-founded fintechs as the global average. In 2019, the Latin American fintech received 31% of the region’s venture capital, and more than 35% of Latin American fintech startups have female founders. However, challenges are still ahead, with gender inequality being in the lead. Read more

AI can be implemented by banks to dive deeper into the customers’ needs and to also release the full potential of data. By unlocking the full potential of AI technology, banks can have great competitive advantage, creating personalized offers for clients, providing investment forecasts, security, advisory and support and also alternative processing, by using alternative interfaces, such as voice, gestures, neuro, VR and AR. Read more

The retail challenger bank models across the world have been diverging with the current pandemic. As such, the US has seen an increasing number of bank clients opting for a “no-touch” economy, Europe has seen lay offs from Revolut and new funding required by Monzo.  In Latin America, Albo in Mexico or Neon in Brazil are targeting a younger, lower-income segment that is willing to make the challenger bank cards their primary spending vehicle. Asia, Africa and other emerging markets have not seen yet the emergence of challenger banks at meaningful scale. Read more

For the payments infrastructure, new opportunities are regarded in order to adapt to the current pandemic situation. As such, Request to Pay (RTP) payment solution can provide benefits for customers, banks and businesses. Peer-to-peer payment services have been integrated with messaging platforms, such as Venmo in the U.S. or Tikkie in Europe, showing great success. However, the inconvenience of using two separate platforms can be fixed with RTP, which is a messaging platform that includes billing and payments capability, all rolled into one unified platform that enables an end-to-end audit trail. Read more

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