The effects of the ongoing coronavirus crisis are being felt in almost every sector. From retail and consumer packaged goods to entertainment, sports, and of course travel and leisure, every sector is being impacted in a different way and is facing down its own unique challenges.
Last month, China Construction Bank (CCB) opened the first fully-automated bank branch in China.
Interest rates are on the rise in the US and banks, eager to lure depositors, are finally beginning to increase the rates they offer depositors.
If you can’t beat ’em, buy ’em.
For years, many large companies have employed that approach in their digital efforts with varying degrees of success. But in the world of fintech, it would appear that even if you can potentially beat ’em, some companies are still willing to buy ’em.
Singapore’s DBS Bank, the largest bank in Southeast Asia, is profiting from its digital investments in a big way.
At an investment conference, DBS CFO Chng Sok Hui revealed that the bank now generates double the income from digital customers as it earns from traditional customers.
While six of the U.K.’s biggest banks have been given until March to adopt Open Banking for most of their customers, the writing is on the wall: large retail banks will be forced to compete differently.
In response, a number of them are gearing up to launch apps that help their customers manage their money.
Last week, TD Bank, the second largest bank in Canada, announced that it is acquiring Layer 6, a prediction and personalization platform.
The deal highlights the growing importance of artificial intelligence (AI) to banks that are trying to stay ahead of the curve as they face digital disruption from fintechs.
As 2018 fast approaches, there’s reason to believe that one of the biggest trends that will be seen in the banking industry in the UK next year is a tighter relationship between big banks and fintechs.
That’s because on January 13, Open Banking comes into effect.
Fintech companies are already disrupting established financial services institutions in markets like banking and auto lending, but their future fortunes could be based in large part on government policy.
On that front, one of the biggest regulatory developments in years could be on the horizon in the United States.
How does digital technology enable the customer to manage their finances? Does your banking app check up on your spending?
The mobile is the device that should have transformed the way consumers manage their finances. And though there is now a slew of transfer/payment apps, and many banking apps are some of the slickest you’ll ever use, their functionality rarely addresses a very common customer need – ‘How can I protect myself from spending too much?’
Fintech startups have major financial institutions in their sights.
From banking to payments to lending, upstart companies are increasingly attempting to compete with companies that have been around far longer and that have far more money than they do.