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fintech News

Banks 'two APIs away' from losing customers to mobile apps

Consumers are increasingly interested in mobile payments technology and are attracted to the idea of a centralised digital wallet. A new study by Accenture found smartphone users are "desperate" for a modern approach to banking that works around them.

Credit unions engaging with digital transformation

It’s not only large banks and finance house that are engaging with digital transformation, the processes of automation and moving services online pays benefits for credit unions as well.

Fintech startup Revolut signing 40 new business customers per day

-Foreign exchange startup Revolut has 16,000 business customers four months after launch. -Signing up 3,000 to 3,500 new retail customers each day. -Plans to launch in the US, Australia, Canada, Singapore, and Hong Kong in the first quarter of 2018.

Chatbots to improve customer experience at banks

Chatbots could improve customer experience and increase efficiency within finance. The relative simplicity of creating and running chatbot services is making them a popular option. They can replace regular staff and offer users support as they need it.

Fintech innovation for African banks

Maastricht - FMO, the Dutch development bank, and Above & Beyond, have come together to launch a fintech platform for African Banks. The aim is to accelerate the financial inclusion of the African banking system.

Bringing the blockchain to the unbanked

Singapoe - The Singapore based company MicroMoney is aiming to ‘bank’ the ‘unbanked’ through the implementation of a $30 million token swap. It is estimated that the potential global market of the ‘unbanked’ is 2 billion people.

FinancialWorks: New U.S. national financial security ecosystem

New York City - A Prudential Foundation grant has enabled The Financial Clinic and UnidosUS to expand the financial security capacity across the U.S. and to build financial security for the working poor across the country.

Banking sector pushes ahead with digital technology

According to a new survey, U.S. banking CEOs are continuing to increase investments into digital transformation projects. Leading the way are robotic process automation, cognitive technologies, and data and analytics.

IMF head thinks cryptocurrencies might one day lead the economy

Cryptocurrencies like Bitcoin could displace central banks and the current banking system. The head of the International Monetary Fund, Christine Lagarde, has said virtual currencies should not be dismissed, explaining they might be the future.

Bank of America embarks on cloud-first digital transformation

Bank of America announced it's embracing a cloud-first digital transformation supported by Microsoft's cloud infrastructure. The organisation said it will be a "digital leader" in financial services, adopting cloud systems to help it grow its business.

U.S. must embrace mobile payments: Interview with an innovator Special

Last year the number of mobile payments processed in China was 50 times greater than the number processed in the U.S. To change this, the company Omnyway wants to disrupt the payments status quo. We spoke with the company's CMO to find out more.

Insurance companies urged to accelerate digital transformation

A new report signals a warning to insurance companies: accelerate your digital transformation and accept disruption, or risk falling behind into a spiral of uncompetitiveness.

Future of banking survey reveals growing E-trend

A Future of Banking survey conducted by digital banking app Varo Money, looking into the financial habits of U.S. consumers, reveals a growing tendency for people to adopt and to seek out more online banking and financial services.

Insurance companies increasingly using 'InsurTech' to set rates

The latest World Insurance Report (WIR) finds a wave of new digital technology is confronting most insurance sectors. While disruptive, the InsurTech movement is forcing insurance companies to rethink their business model and customer relationships.

EU could relax banking software rules in response to fintech rise

The EU is considering relaxing banking software rules to help banks resist competition from fintech providers. As fintech usage surges, traditional lenders are finding they're unable to invest in their own web-based platforms due to European regulations.

Falcon bank expands blockchain asset management

The financial institution Falcon has become the first Swiss private bank to add Ether, Litecoin and Bitcoin Cash to its current Bitcoin blockchain asset management services. This signals greater acceptance of digital currencies.

Digital payments now more popular than cash

Digital payments are now popular than cash as app-based methods become more widely supported. Every major mobile operating system now comes with a built-in payment provider. Adoption amongst banks and retailers is also on the rise.

Importance of digitally transforming credit risk management

A new report, reviewing the impending disruption of the finance sector via digital technology, states that banks need to reset their value focus and digitize their credit risk processes.

New report signals faster digital transformation of insurance

The insurance sector is increasingly turning to digital technology for automating insurance claims, analyzing big data for trends, and the way clients access services. A new report highlights how this disruption is creating opportunities for start-ups.

Blockchain a 'catalytic force' in soaring fintech market

Blockchain technology is propelling the fintech space to new highs as more investors get on board. The rising increase in fintech and the applications of the blockchain is leading to "exponential" increases in pilot projects, according to a new report.

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Nikolay Storonsky  CEO & Founder of Revolut.
Nikolay Storonsky, CEO & Founder of Revolut.
Revolut/Business Insider
Wala and financial service providers can make banking more accessible and minimize the costs of fina...
Wala and financial service providers can make banking more accessible and minimize the costs of financial products for users.
Restrictive EU rules are limiting the banking sector s response to fintech
Restrictive EU rules are limiting the banking sector's response to fintech
Pixabay / Pexels
The Revolut card pictured alongside the app in action.
The Revolut card pictured alongside the app in action.
Revolut/Business Insider

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