A financial services industry report study by the UK-based Financial Services Club and US-based Ravco Marketing has found that the fintech industry sees positive results despite Covid-19. A surprising key finding comes from the American market, which showed a discrepancy compared to the rest of the world, in terms of adopting the programs proposed by governments during these times. Further positive outcomes are expected also by the fintech executives, with over 60% of the ones interviewed claiming that the pandemic has had a positive effect on the market fit of their current products. Read more

PYMNTS analyzes in their “Digital Consumer Onboarding” report how the ongoing Covid-19 pandemic is continuing to affect digital onboarding the tech companies are now using as part of these processes. In addition, the study also covers topics such as address verification, which during times of Covid-19 has become an essential tool for the online working environment. In addition, the paper points out that for the clients, it’s important to have a quick and smooth onboarding process. Read more

The “Neobanking Consumer Intelligence” report conducted by The Fintech Times in partnership with Ten Bear Group covers the top 15 neo-banking leaders globally. The paper also emphasizes the latest trends in terms of analysis of performances, how the user trends are changing and also how the customer base is fragmented now. For neobanks, the Covid-19 pandemic has helped them into increasing their market reach and consumption with YoY conversation growth of 7%. Read more

A new study from PPRO has revealed that younger generations feel confident using or have used alternative payment methods. 42% of Millennials (born between 1980-1993) and 35% of Generation Z (born between 1994-2001) feel confident using, or have used, these methods of payment before. In addition, with the current pandemic, a new wave of online shopping is seen increasingly among customers, thus, they are more likely to also experiment with the many methods of digital payments which are currently available on the market. Read more 

The issuance of contactless cards nearly tripled recently, according to a report by PULSE. The card-not-present transactions volume approximately increased 10 times than 2019. These key insights show also a growth in app using behavior, such as PayPal, Venmo, and Zelle. As a consequence of Covid-19, by 2022 it is expected that 87% of debit cards will be contactless. Read more

A new report, “The Future of Growth Capital”, by ScaleUp Institute, Innovate Finance and Deloitte recommends National Growth Blueprint to fill a £15bn (€16.6bn) capital gap to fuel economic prosperity. The report argues that by taking action now and covering the gap in the UK economy, a post-Covid recovery will be seen. The paper presents 5 pieces of advice on how to engage the long-standing issue of lack of available capital for scale-up companies. Read more

The “Data Platforms in Financial Services – The NoSQL Edge” report by MEDICI in partnership with Aerospike focuses on sharing knowledge and promoting interest in NoSQL databases. Furthermore, NoSQL databases provide further business opportunities for the financial sector, such as how to deal with data silos or lack of real-time processing.  Read more

A study by Stichting MKB Financiering revealed that SMEs raised €2.7 billion in the Netherlands in non-bank financing. Based on the findings, AltFi is seen moving forward and beyond an experimental phase, establishing a strong position in the SME finance market. Stichting MKB Financiering argues that these types of finances for SMEs can fill in a market gap, by providing investments up to one million euros. Read more

According to Fintech News, Monzo, the UK app-based challenger, has a good ranking in terms of social media mentions and managed to have a more dominant position than its main competitors, Revolut and N26. During Covid-19, the findings showed that Monzo was the most talked about neobank (43%). However, Monzo faces backlash, since not all mentions on social media platforms were positive, with many clients complaining about fraudulent calls. Read more

The Payper’s report on how tomorrow’s banks will function digitally shows that new opportunities can come, such as making the process more flexible, cheaper and faster for clients. This opportunity of moving digitally could further bring benefits for the population in the world without enough access to financial services to join the banking system. Read more

The International Monetary Fund presents in their report, “Financial Intermediation and Technology: What’s Old, What’s New?”, new findings regarding the effects of technological change on financial intermediation. For the traditional bank business models, the new communication channels seem to be the main disruptor. Furthermore, recent technological advancements, such as combining AI with data abundance, prove to be a further challenge that banks will need to adopt in order to keep up with the customer demands. Read more

Asian Development Bank (ADB) analyzed in their latest report, “Fintech and Financial Inclusion: Opportunities and Pitfalls”, how the banked population saw an increase due to new financial innovations. These advancements, such as mobile money and crowdfunding, make the finance sector more accessible for clients and give them a feeling of interaction and participation. However, financial innovations can also cause confusion in terms of regulatory boundaries, which have been blurred by nonbanks and big techs, such as Alibaba and Tencent. Read more

Do you have any news to share: please put feed@https://hollandfintech.com/ on your press list. 

Read here our other sections of this week:

• Weekly funding highlights 14 August 2020
• Weekly news highlights 14 August 2020
• Weekly analysis & opinion highlights 14 August 2020

Subscribe & read the full newsletter here: https://hollandfintech.com/featured/newsletters/