Weekly Research Highlights – 2 April 2024

The fintech industry is rapidly evolving and disrupting traditional financial systems. In this article, we bring you the latest research insights to help you stay ahead of the curve and understand the future of financial technology. Enjoy researching!

New Study Shows Big Gap Between Open Banking Interest and Use (Pymnts)

Open banking payments are gaining appeal among consumers, especially younger generations, for various expenses like monthly bills and groceries. However, despite high interest, actual usage remains low. Consumers trust banks the most for these payments, but there’s an awareness gap among non-users. Higher usage correlates with increased satisfaction levels. While open banking payments offer a secure and convenient way to pay, adoption rates are lower than expected. Additionally, regulatory issues, such as those involving Apple’s actions in Russia, and food price inflation are impacting consumer behavior and spending habits. Read more

Q4 2023 interim report from Fortaco (Fortaco)

Fortaco Group’s Q4 2023 interim report likely offers insights into the company’s financial performance, operational updates, strategic initiatives, and outlook during the period. It may highlight factors influencing its business, such as market conditions, operational challenges, and opportunities for growth. The report is expected to provide stakeholders with a comprehensive overview of Fortaco’s performance and its plans for navigating the evolving business landscape. Read more

Download the Alveo Leveraging AI in Financial Data Management Industry Survey Report 2024 (Alveotech)

Alveo’s research delves into the impact of AI on data management across asset owners, asset managers, and banks in Europe and the US. The study explores firms’ expectations, goals, challenges, and obstacles in adopting AI, including regulatory issues, data sensitivity, technological limitations, and talent shortages. It also examines the anticipated impact on financial services firms’ cost base and the investment outlook for AI projects over the next two years. Key areas covered in the survey include the current state of AI adoption in financial data management, the most affected data management capabilities and domains, challenges faced by firms, promising use cases in various business areas, and projections for technology and data budgets, as well as operations headcount. To learn more, download the industry survey. Read more

How to prepare for the CFO role (McKinsey)

The article explores the evolving landscape of CFO roles in major companies, emphasizing the need for financial leaders to possess skills beyond traditional financial expertise. It highlights the importance of taking career risks, developing operational know-how, and embracing a diverse set of sponsors to secure top positions in finance. The research discusses the challenges and opportunities faced by CFOs today, including navigating regulatory complexities, technological advancements, and macroeconomic disruptions. Key priorities for aspiring CFOs include formulating a distinctive vision for the role, building relationships with influential sponsors, enhancing critical skills, leading impactful initiatives, and engaging with the CEO and board to gain visibility and trust. The insights provided by former CFOs offer valuable advice for individuals aspiring to excel in finance leadership roles. Read more

Transforming digital banking and instant payments: the LHV story (The Paypers)

The interview with Mike Goodenough from LHV Bank highlights the institution’s transformation from a traditional banking entity to a tech-focused innovator, particularly after obtaining a banking license in the UK in 2023. With a strategic vision to expand beyond Estonia and the European Union, LHV offers customized solutions to fintech partners, including Indirect Scheme access and collection possibilities. Currently servicing around 200 fintechs globally and facilitating 7% of all instant transfers across Europe, LHV is driving financial inclusion and supporting the development of the tech industry while catering to over 400,000 customers, predominantly merchants and small enterprises. Listen more

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