For this week, we explore analysis and opinion pieces, and bring you the newest updates from the fintech world. We take a closer look at new financial services offerings, such as cash cards for kids, spot the latest celebrities purchasing Bitcoin, analyze the status for the insurance economic recovery, find out why there’s a buzz surrounding digital banking platforms, discover new sustainable fintech tools, check on the UK SMEs, and go in-depth with the consequences of fraudulent activities for businesses.
Enjoy the reading!
Finding the point-of-differentiation for financial services: cash cards for kids…
Cash cards for kids: digital banks race to capture the next generation (Reuters)
With traditional banks limiting opportunities in terms of offerings and target audience, neobanks and fintechs are taking center stage with new products, such as cash cards for children. Starling’s newest product, Starling Kite, allows parents to transfer money to their children’s account, set spending limits and receive notifications of their purchases. JPMorgan Chase & Co JPM.N are also following the trend, launching a children’s account in collaboration with Greenlight. Read more
Celebrities and Bitcoin?
Game of coins: How Maisie Williams makes bitcoin investments (Fintech Global)
With last week’s breaking news on the high price of Bitcoin, reaching the sum of $18,274 per Bitcoin, numerous cryptocurrency investors jumped onboard. Maisie Williams, actress famously known from HBO series Game of Thrones, was among the ones to make a purchase. The main point of attraction for Bitcoin amid Covid-19 is represented by its safe, valuable and rare reputation. Read more
2021: economic recovery or downward spiral for insurance?
Ten Largest Insurance Markets Likely to See 4.5% Drop in GDP During 2020 (Insurance Journal)
Q4’20 GDP is expected to decrease by -4.5% in 2020 for the world’s 10 largest insurance markets compared to 2019. For the new expected year, the economic recovery will strongly depend on new lockdowns, the success of vaccine trials and the efficacy of vaccine distribution. In terms of economic growth, research shows positive results only from Q2’21 onwards, with Q3’21 and Q4’21 setting the mark for economic development. Read more
The hype around digital banking platforms…
Digital banking platforms – the new core (The Fintech Futures)
According to Dharmesh Mistry, a fintech industry influencer, when it comes to digital banking platforms (DPBs), customer engagement is the primary key element. The platforms represent a solution to drive and increase interaction with the customer. By using tools at their maximum potential, such as digital channels, product holdings, open banking, smooth onboarding, DPBs help financial institutions manage the customer lifecycle. Read more
Status check: How are the UK SMEs doing?
UK fintechs poised to save credit-starved SMEs (Bobsguide.com)
UK SMEs are in need for improved access to credit, most likely to come from new lenders. Currently, new lenders account for just 10% of the overall credit stock to SMEs, with the major banks providing the rest. A new lending infrastructure providing both involved parties with more clarity in terms of information is needed, such as an open platform to run as a decentralised network of data providers using a standardised set of APIs. Read more
Going in-depth on the implications of fraud…
Unpacking The Overall Impact Of Fraud (Forbes)
Jordan McKee, Research Director at 451 Research, explains the numerous implications of fraudulent activities, far more reaching than the usual financial losses. On top of the list, the main areas affected by fraud are having major consequences on the customer experience (32%), fraud management (29%), compliance requirements (26%) and damage to the brand reputation (26%). Successful fraud-prevention strategies need to involve a proper mix focused on customer experience, operational and topline impacts. Read more
Covid-19 and economic implications..
How COVID-19 is changing the economy – and what we can do about it, according to Christine Lagarde (World Economic Forum)
Christine Lagarde, President of the European Central Bank, outlined the challenges facing the global economy at the World Economic Forum’s Pioneers of Change Summit. The public and private sectors will need to collaborate in order to have an economic recovery. In terms of the industries which suffered the highest hits, service provision is in the top. In addition, businesses are facing increased competition and must find new solutions to encourage productivity. Read more
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