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Weekly Analysis And Opinion Highlights – 29 August 2022

And we’re kicking off the week with new analysis and opinion on NFT, open banking, metaverse and more. Dive into the latest fintech insights and have a great start of the week!

In this inflation crisis, banks should prioritize their reputations (Euromoney)
Banks may soon match energy companies for political unpopularity – posting soaring profits, even as customers struggle with the cost-of-living crisis, and higher interest rates. To safeguard their long-term interests, banks need to show much greater social awareness in their actions. A new windfall tax on Spanish banks – coupled with mortgage holidays in Poland that will halve banks’ profits – should give lenders across Europe pause for thought. More intervention in the banking sector is coming. The question is how much, and what banks should do. Read more

After $177 Billion in Investment, Why Do Metaverse Graphics Still Suck? (Decrypt
The metaverse has been touted as the place where we’ll spend our lives in the future—but the visuals still leave a lot to be desired. It’s approaching 20 years since the release of Second Life, an early stab at an immersive multiplayer universe from Linden Labs, in which people began living and working—as well as making plenty of cash along the way. Two decades on, the promise first hinted at in Second Life is nearing reality, as the persistent digital world of the metaverse starts to make inroads into the mainstream. Read more

How open banking payments will help businesses keep up (Fintech Futures)
The pandemic forced consumers to spend more online and alerted them to the benefits of digital payments. With our research finding that 20% of UK consumers reported the pandemic changed the way they think about paying for products and services, it’s no wonder that open banking is taking centre stage. Open banking is accelerating innovation within the payments sector and providing forward-thinking businesses of all sizes with a competitive edge by giving them the license to offer customers flexible options at checkout. Read more

Fraud in the unregulated Metaverse: Is your money safe? (Fintech Magazine
David Sancho of Trend Micro Europe discusses the pros and cons of Metaverse investment and which threats pose the biggest challenges. While the Metaverse marketing hype is making everyone excited about the future, there is a pile of technical and design problems to solve – including cybersecurity. The huge volume of eCommerce transactions in the metaverse will be a magnet for criminals and criminal groups who will try and take advantage of users and steal their money and digital assets. Read more

3 Cities That Aspire to Be Future Metaverse Hubs (The Fintech Times)
While the topic of the metaverse is still new for all, there are some countries in the world that are starting to get their heads around it. In fact, there are cities that are already aiming to attract and foster the metaverse, with the ultimate aim of being a global hub for it. It is estimated that the metaverse will have a quarter of people working, studying, shopping and socialising for at least an hour a day by 2026. Additionally, around 30 per cent of the world’s organisations are projected to have metaverse products and services by then as well. Other stats, such as some from Citi, estimate that the direct metaverse-related economy could be around $13trillion – where it can impact not just tech players but also the likes of cryptocurrencies.Read more

Why ISOs need to embrace software – and how they can do it (Fintech Magazine
Nick Starai says independent sales organisations (ISOs) should start thinking about the value proposition of a software-led integrated payment offering. The traditional payment processing and account management model can only take independent sales organisations (ISOs) so far in today’s landscape. Merchants need omnichannel payment processing to keep pace with the digitally sophisticated consumer landscape that emerged from COVID-19. That puts the onus on service providers to supply integrated, software-led solutions that can support frictionless transactions. But is it really worth the time and investment it takes for an ISO to become an expert in software development? Read more

The role of the payments industry in saving people and planet (Fintech Futures)
The 2020s has been called the ‘decisive decade’ in terms of strengthening climate cooperation. We are now beginning to see the effects of climate change in changing weather systems worldwide. Decarbonisation has become more of a priority for investors, customers and employees when they think about the organisations they want to be involved with. Environmental, social and governance (ESG) is something the majority of large, established organisations now report on, and it is something that more investors are prioritising. Individuals are beginning to understand and concentrate when deciding which organisations to shop at, bank with or work for. Read more

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