Weekly Analysis and Opinion Highlights – 26 July

For this analysis & opinion piece, we provide you with an overview of data integration, use cases of digital banking, data reconciliations, cryptocurrencies, cash, banking & fintech and retail. Dive into the insights from top fintech experts and have a good start of the week!

Why a strategic approach to data integration is key for mergers & acquisitions in insurance (FinTech Global

Writers at FinTech Global explore a new strategic approach to data integration and its influence for mergers and acquisitions in the insurance industry. In a new blog post, Alex Johnson, Head Insurance at risk management firm Quantexa, highlighted the key challenges for a successful M&A deal in the insurance industry. However, mergers and acquisitions require smart strategic planning in a range of functional areas – from legal, regulatory affairs and finance, to IT and human resources. Consequently, many M&A deals fail or flounder in delivering maximum value due to problems with integrating disparate IT systems and data. Read more.

How COVID-19 has accelerated the use of digital banking solutions in Africa (Fintech Futures)

Ellen Kumwenda Mtine, Head Cash Management, Transactional Banking, Africa (ex. S.A.) at Absa CIB, investigates the impact of COVID-19 on the usage of digital banking solutions in Africa that will have an impact across organizations, businesses, regulators, consumers and society. As the world returns to normal, it is likely that a number of trends that appeared during the pandemic will become the new normal in consumer transactional preferences and client needs. The payments industry in particular has continued to mature during the pandemic. Read more.

AI and machine learning spearheading rapid change in data reconciliations (Fintech Fututres) 

Writers at Fintech Future analyze the AI’s and machine learning spearheading that is facing a rapid change in data collection reconciliations. Many firms are taking big strides in improving operational efficiency and decision-making. On the one hand, there is considerable demand for very high-volume reconciliations, particularly in payments processing. On the other hand, , there is the area of  area derivatives contracts, where there might be hundreds of data elements which can prove to be complex. Read more

Over half of crypto experts believe bitcoin will replace fiat money by 2050 (FinTech Global)

Writers at FinTech Global share the majority of experts’ beliefs that bitcoin will replace the money issued by central banks in less than 30 years. According to Markets Insider, the survey conducted by personal finance comparison site Finder.com found that 54% of 42 crypto experts surveyed expect ‘hyperbitcoinization’, which is the moment bitcoin overtakes global finance, as likely to occur by 2050. The projection isn’t completely a surprise, as the interest around cryptocurrencies is continuing to grow at a high rate. Read more.

FCA/PSR: Pockets of vulnerability remain but most UK consumers have reasonable access to cash (Finextra)

Writers at Finextra highlight the result of research commissioned by the Financial Conduct Authority and the UK’s Payment Systems Regulator. The findings show that contrary to popular belief – most people have reasonable access to cash through a combination of bank, building society, or Post Office branches and ATMs. The withdrawal of bank branches and free-to-use ATMs on Britain’s high streets alongside a mass-market switch to contactless payments has raised concerns that vulnerable consumers who rely on cash are being left behind. Read more.

Starling chief Boden bristles with confidence as the bank pulls away from fintech pack (Finextra)

Writers at Finextra explore Anne’s Boden statement (CEO at Starling) saying that the fledgling bank is pulling away from its loss-making fintech peers as revenues soared by 600% to nearly £97.6 million in the 16 months to March 2021. The company’s deposit base has grown to £5.8 billion, while customer accounts more than doubled to 2.1 million and lending shot up to £2.2 billion from a very low base. Boden says the pandemic has been a game-changer for the business. Read more.

Retail needs to innovate to stay relevant — here’s how (Sifted

Steph Bailey, publisher at Sifted, dives into the topic of how retailers can keep customer attention now, as the COVID-19 situation is now more under control. The research from payment service provider Checkout.com found a 17% growth in ecommerce in Western Europe in 2020 and a 22% growth in Central and Eastern Europe, making it the highest ecommerce growth region in the world. To keep up with increasingly demanding customers, retail businesses need to stay on top of the latest payment trends. Nevertheless, just incorporating new payment methods sometimes isn’t enough. Read more

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