fintech News
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Insurance companies continue to struggle when it comes to customer experience, with users complaining of poor service when making claims or because of undue waiting times. Insurance companies are redressing this with new technology.
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Digital technology is disrupting finance in several ways, from blockchain to artificial intelligence. Those who embrace the technology and implement it smartly are likely to gain a competitive advantage, says analyst Scott Rottmann of Genpact.
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Startup Altcoin.io, a decentralized cryptocurrency exchange located in San Diego, has announced it has secured $1 million of funding via crowdfunding service WeFunder.
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While some millennials have poor saving records overall, many are investing their savings in the stock market. To boost investment, however, companies need increase corporate social responsibility.
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Many people, find it hard to save. Trends suggest workers paid biweekly are 50 percent more likely to need cash between paydays than those paid weekly. David Claffey, Head of Communications at fintech company Earnin explains more.
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Insurance is in a deep wave of change and a considerable part of this transformative process is coming from new, aggressive insurtech startups. We profile three leading examples.
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PwC and CB Insights have released their MoneyTree™ Report for Q2 2018 and US-based artificial intelligence companies saw an increase in funding, but not an increase in deals.
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Finance services are showing an uneven path for digital transformation, with some identified leaders and a host of laggards. This insight comes from Forrester Consulting on behalf of consulting firm Ernst and Young LLP.
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Robotic process automation can help with many of the tax department’s labor-intensive and repetitive tasks such as gathering data or running reports. John Viglione, of Vertex, explains how.
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Montreal -
Luge Capital, a new venture capital fund specifically focused on early-stage FinTech companies and artificial intelligence solutions applied to financial services, announced it has completed a $75 million round of financing to begin operations.
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Accountancy, as with other professions in the financial sector, is being disrupted by digital transformation. The main technological drivers are artificial intelligence, robotics and chatbots.
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The British Parliament's Treasury Committee heard evidence on cryptocurrencies and blockchain on Tuesday.
Martin Walker from the Center for Evidence-Based Management spoke before the committee.
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A new report looking at trends in banking has found that 84 percent of respondents stated they are increasingly using data for automated decision-making. However, a sizable number recognize that this expansion comes with risks.
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Blockchain is transforming a number of sectors, and this includes financial intuitions like banks. What major banks need to weigh is the extent to which they embrace blockchain and the threats that the technology poses to the industry.
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Paris -
A new partnership has been formed between the Request Network Foundation and PwC’s French operation to devise methodologies for companies to incorporate blockchain into their exiting services.
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New York -
The real estate company Ideal was founded in 2007 by Aleksandra Scepanovic and partner Erik Serras. The duo identified a need to build a technologically innovative infrastructure for sales and rentals in key neighborhoods.
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Ottawa -
The University of Ottawa Heart Institute held a rare "open house" on Friday, unveiling its 145,000 square-foot expansion project that officials claim will significantly enhance the experience of heart patients in the capital.
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The U.S. Treasury has released a list of five tips for companies implementing blockchains. The insights are based on lessons learned by the department while building its own blockchain proof of concept.
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A new report looks at data-driven global insurance technology trends and charts record investment from both financial investors and reinsurers in these emerging technologies.
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Cybercriminals have developed an effective way to clone chip-and-pin cards, according to research from Kaspersky Lab. The Prilex campaign has been active for over three years and is designed to subvert the latest protections introduced by card companies.
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Many people struggle with their savings or with their finances overall. To make it easier to save, mobile banking technology offers solutions. One example is with Mobile banking startup Varo Money, Inc., who have introduced SMS alerts to encourage saving.
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Microsoft has published a whitepaper that provides policy recommendations for dealing with blockchain security. The company said that regulators and industry should engage with each other to better understand the risks and align incentives to improve.
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The European Union has proposed draft laws for fintech, crowdfunding and blockchain in an attempt to make itself attractive to new start-ups. The European Commission said it wants to create a "competitive and innovative" financial market using fintech.
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Fintech startups are having to reassess the way they provide their services as the industry becomes dominated by partnerships with banks. According to a new report, collaboration with existing firms is now the top priority at over 75% of new providers.
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London -
British bank NatWest has embarked on a program to establish four fintech accelerators based in the U.K. The bank will provide resources with the aim of adopting some of the new technology.
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A Canadian based startup has raised funding and plans to disrupt the ever-changing digital investment advice market. The company is Wealthsimple and it has raised $51 million in funding from Power Financial Corp.
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The Japanese cryptocurrency exchange Zaif has reported a "system glitch" which allowed customers to purchase cryptocurrencies without paying any value in yen. During the incident, customers used the platform to buy trillions of dollars worth of Bitcoins.
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Global banking regulators have indicated they're not rushing to introduce new fintech rules. A report from the Basel Committee on Banking Supervision has addressed the "hype" in fintech, comparing it to previous disruption in the financial industry.
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Global banking is currently a $134 trillion industry and in the U.S. ten or so major banks have dominated the market for decades. This is set to be disrupted with blockchain and cryptocurrencies.
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A new market analysis report maps out how the top ten U.S. banks are investing in fintech. This is across categories like blockchain, insurance and lending.
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fintech Image
Wala and financial service providers can make banking more accessible and minimize the costs of financial products for users. Wala
The Revolut card pictured alongside the app in action. Revolut/Business Insider
Nikolay Storonsky, CEO & Founder of Revolut. Revolut/Business Insider
Bitcoin has enjoyed a stratospheric rise this year, approaching $10,000 from a 2017 low of $752 seen in January Pixabay / Pexels
PayU Chief Commercial Officer Matthias Setzer PayU
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