Becoming a Digital Bank: the how and why

Chris Skinner

Starting From Scratch – The Path for Western FinTech It would be incorrect to call Chris Skinner an industry old hat, since despite his 10+ years in the FinTech industry, he’s known for being on the … The post Becoming a Digital Bank: the how and why appeared first on Chris Skinner's blog.

Digital Bank Tandem Buys British Fintech Pariti

Bank Innovation

based digital bank Tandem closed a deal to acquire fellow British fintech Pariti, a personal money management app in the country with about 95,000 registered users. Exclusive Mobile Payments acquisitions Harrods Bank neobanks Pariti Tandem UK fintech

U.K. Digital Bank Monzo Eyes Expansion, Tests SMB Accounts


Monzo, a digital bank out of London, wants to expand past just mobile-based personal banking customers to small and medium-sized businesses (SMBs). . The bank said it’s going to figure out what it needs to feature and what it needs to prioritize during the test period.

The growing interest in digital banks

Insights on Business

With few exceptions, “banking hours” are becoming 24/7/365, or whenever and wherever a customer wants to do banking. Traditionally, banking was a conservative industry with relatively high barriers to entry. Banking products and services were defined and controlled by the bank.

The new FinTech bank

Chris Skinner

The requests would get prioritisation and be delivered in sequence over time, sometimes a very long … The post The new FinTech bank appeared first on Chris Skinner's blog. Digital Bank Fintech Grid

Hollywood’s Newest Special Effect, Digital Banking?


From phone support and mobile apps to ATMs and chatbots — when it comes to customer service, banking automation has come a long way. However, the one missing piece that these automated banking features lack is a real human being to interact with during a transaction.

We need to launch a digital bank? OK, here’s $3 billion!

Chris Skinner

There were then several other announcements that caught my attention about Citibank and Bank of America investing similar amounts in digital. The question it prompted is: why are … The post We need to launch a digital bank? Digital Bank Fintech Grid Opinion

Why Not All FinTech Providers Are FinTech Firms


Such is the case in financial services, where “ FinTech ” is often used to describe financial technology vendors. “A FinTech is a term that’s become synonymous with innovative, agile and digital-first financial services companies,” said Thomas. The Promise of FinTech.

Digital banking? Isn’t that just an app?

Chris Skinner

I meet a lot of senior executive teams of large banks. I talk to them about the fintech world of change and how millennials are reshaping banking, from Stripe, started by two … The post Digital banking? Digital Bank Grid OpinionSome are visionary, many are committed and a large number understand that life is changing. Few understand how.

Top Digital Banking Players Ranked


The digital banking industry is heating up — and fast. The tracker provides the latest news, research and expert commentary from the FinTech and consumer banking space, along with profiles of dozens of companies in the industry. Digital Banking What's Hot What's Trending

The digital bank vs digital banking


Traditional banks should feel more threatened than they currently do, says Sudhir Kesavan, who examines the difference between digital banks and digital banking. The digital bank vs digital banking on BankNXT.

Digital banks are 35+ times more productive than traditional banks

Chris Skinner

I’m launching the new book Digital Human in New York on the evening of April 12. BTW, I’ve also heard a lot of people have been frustrated that Amazon cancelled their pre-orders of the new … The post Digital banks are 35+ times more productive than traditional banks appeared first on Chris Skinner's blog. Blog Index Case Studies Chris Skinner Digital Bank Fintech Future Grid Inclusion Innovation Mobile Numbers Opinion Payments Technology

Fintechs, digital banks reach out to workers impacted by government shutdown

Mobile Payments Today

Fintech companies, mobile banks and others are granting waivers, extended payments and other services to help workers impacted by the government shutdown

A new digital bank needs a new customer service experience

Insights on Business

Banks continue their digital transformation journey to create new business models to satisfy today’s demanding customers. How do banks prepare for this new reality? For Bradesco, a large Brazilian bank, NEXT is the answer. Next is a digital bank, completely disassociated from the Bradesco brand. Next has access to all of Bradesco’s ecosystem, ATMs, call center, internet banking. –> Explore IBM Banking and Financial Markets Solutions.

CBW Bank sharpens focus on digital banking, fintech collaboration

Mobile Payments Today

Suresh Ramamurthi, chairman and CTO of CBW Bank, opened the annual Bank Customer Experience conference with a keynote speech detailing his financial institution's unique journey

Around the World in Digital Banking & Fintech: Realtime Payments, Blockchain and Wearables

Bank Innovation

There is a lot going on in fintech and digital banking around the world, not just the U.S., where Bank Innovation is based. The editorial team is compiling a biweekly list of three events that we believe will make waves in the fintech and digital banking landscape. Malaysia switches to realtime payments Malaysian banks went live […].

In The Middle East, Banks Embrace FinTech


Efforts in the Middle East by banks and other financial institutions to embrace FinTech are on the rise. As reported from Daily News Egypt , a consortium of banks in the region expects a number of FIs, including those in Egypt, to embrace FinTech.

NEW REPORT: Wells Fargo On Leveling Up Its Digital Banking Game


Online and mobile banking interfaces have become must-have features for financial institutions in the digital age. Fifty-five percent of Americans have a full-service banking app on their phone, and 16 percent check these apps at least once per day. Customers think of these digital offerings as crucial to their banking decisions. More than 50 percent reportedly believe it’s important for banks to provide mobile deposits, P2P services and account openings.

Alior, solarisBank, Raisin And Mastercard Partner On European Digital Bank


The Poland-based Alior Bank is teaming up with solarisBank , Raisin and Mastercard to roll out a digital bank in Europe open to all European Union residents. According to a report in BankingTech , the new digital bank is slated to launch in the fourth quarter of this year and will be a collaboration between all of the companies. Its first partner bank in the U.K.

The 411 On The Digital Banking Evolution


As the banking shift brought about by the rise of FinTech startups continues to disrupt the traditional brick-and-mortar banking experience to make it seamless, convenient and richer, we’re seeing all sorts of interesting partnerships and technological adoption.

Kuwait Debuts FinTech Sandbox


As evidence that sandboxes are ever-increasingly a global phenomenon, Kuwait’s central bank put forth guidelines this week that are geared toward companies seeking to meld financial technology (FinTech) and financial services (FinServ). FinTech Efforts In Africa.

For Challenger Digital Banks, It’s Game On


New players on the digital banking scene are hoping to change the game by looking to industries that are categorically unlike banks for inspiration. The digital-first approach appears to be resonating well with consumers. Gaming The Banking System.

Are banks serious about fintech?

Chris Skinner

I’m often asked how I got into FinTech. Back in the day, it wasn’t called FinTech. It was just boring old tech in banking. Interestingly, for almost a quarter century, tech … The post Are banks serious about fintech? Digital Bank Fintech Grid Opinion

Turning To AI To Reduce Digital Banking Risks


Banks of all sizes are now looking to reduce the risks they face when doing business, increasingly turning to new and emerging technologies like artificial intelligence (AI) and machine learning (ML) to reduce risk and combat fraudsters. According to a survey conducted last year by the Global Association of Risk Professionals (GARP), 88 percent of bank executives believe AI and ML adoption could provide “a foundational change” for risk management.

How Facebook Became Fast Friends with Digital Banks

Bank Innovation

EXCLUSIVE - Before social media platform Facebook became a popular channel for digital banks to offer banking features to its customers, let’s not forget that FB was first and foremost an important advertising tool for banks to reach a younger audience.

Is Stand-Alone The Future Of Digital Banking?


As the world goes increasingly digital, banks are struggling to decide how they should package their digital service offerings. They don’t make any sense to a customer – they’re just bank constructs.”. . What’s a traditional bank to do?

Look Beyond Technology for Better Digital Banking, Fiserv Says

Bank Innovation

EXCLUSIVE—With mobile banking services offered at the majority of financial institutions, innovating the digital space is becoming more important in the fintech ecosystem, especially for smaller players like regional banks or credit unions.

Finding Value In The Digital Banking Lifestyle


Consumers have come to expect the ability to bank digitally, but is there a way to make the experience more than just a transaction? But, in my view, everyone will be paying with their phone, with either a bank app or retailer app, in the near future.

Digital Bank or FinTech? You’re not a digital bank…

Banking 4 Tomorrow

If you listen to the Breaking Banks AM Radio Show today (also available via stream and podcast) you’ll hear a spirited rematch of the Great Digital Banking Debate that Michal Panowicz and I had on Twitter a few weeks ago. The debate concluded with a split decision – Twitter declaring the FinTech team the winner, […].

Digital banks are Copernicus banks (incumbents are with the Flat Earth society)

Chris Skinner

Most of the time I was getting exasperated because the banks wouldn’t take on the big projects, like the mortgage process, as it went across too many divisions. Yea, they may be valid to get a 5% cost reduction in the banks bottom-line, but they were dull.

The Definitive Guide to Digital Banking Platforms


Did you doze off and miss the digital banking revolution? If so, here is your indispensable guide to choosing a digital banking platform The innovative nature of the financial services industry calls for constantly introducing new solutions to the market.

Digital Banking Startup Alkami Secures Series D Funding


Alkami Technology , a startup providing banks and credit unions with digital banking technologies, has announced new funding. In an era of digital transformation , our clients, who consist of credit unions and banks in the U.S., count on Alkami to inspire and power their digital strategies through enhancing value, growth, service, efficiency and relationships,” said Alkami CEO Mike Hansen in a statement.

Most U.K. Customers Would Not Choose a Digital Bank Over a Traditional One

Bank Innovation

Long before PSD2 arrived ( the European regulation that requires banks to open their platforms to fintechs), the U.K. had already established itself as a hub in Europe for digital banks like Revolut, Monzo etc.

The battles for the future of fintech

Chris Skinner

The battles for the future of fintech The future of financial … The post The battles for the future of fintech appeared first on Chris Skinner's blog. Chris Skinner Digital Bank Fintech Future Grid Opinion PaymentsWhilst in New Zealand, I had an interview with the country’s most respected business paper: National Business Review. The subsequent article is behind a paywall but, as they sent it across to me, I feel it’s worth sharing here.

The difference between FinTech and TechFin

Chris Skinner

Banks that get digital and banks that don’t; fintechs that want to change everything and fintechs that don’t; digital currencies to replace fiat currencies and fiat currencies that are going digital; destruction, disruption and disappointment; and more. It just shows the world of … The post The difference between FinTech and TechFin appeared first on Chris Skinner's blog. Digital Bank Fintech Grid

Big banks are not feeling the FinTech heat (yet)

Chris Skinner

A few years ago Jamie Dimon was renowned for saying that bitcoin developers “are going to try and eat our lunch” and that silicon valley was coming to get the banks. The big banks are getting bigger, and the FinTech community is nibbling … The post Big banks are not feeling the FinTech heat (yet) appeared first on Chris Skinner's blog. Digital Bank Fintech Grid Numbers

An Insider’s View On Digital Banking’s Growth


Traditional financial institutions have certain advantages over their new, and often much smaller, digital counterparts. Large, prominent banks typically have more resources, bigger customer bases and more experience working with consumers and financial markets.

Can FinTech Walk The FinTalk?


It’s a thought that was triggered recently after reading and reflecting on recent developments across three innovations heralded as FinTech’s poster children — disruptors out to change the world and eat the proverbial lunches of incumbents they say are too big and too unmotivated to change.

Umpqua Sells Digital Banking Innovation Unit to Fintech

The Financial Brand

In first of its kind deal, a fintech firm is acquiring a traditional bank's innovation subsidiary to provide humanized consumer engagement. The post Umpqua Sells Digital Banking Innovation Unit to Fintech appeared first on The Financial Brand.

As Digital Banking Advances, Denmark Sees 60% Jump in Card Fraud

Bank Innovation

As online banking becomes more popular, countries are grappling with cybersecurity. In Denmark, the advent of digital banking also saw almost a 60% jump in card fraud, Bloomberg reported yesterday.

Fraud 185

Société Générale to Cut 15% of Branches as it Moves Towards Digital Banking

Bank Innovation

French bank Société Générale will be closing 300 of its branches as it expands it digital banking capabilities and moves to cut costs, the bank announced yesterday. Exclusive Online Retail European fintech online banking Retail Banking societe generale

Why The Bank-FinTech Relationship Is More Complicated Than Conflicted


The ongoing struggle, supposedly existential in nature, that pits upstart, relatively young FinTech firms against arrogantly complacent banks for supremacy in this new and growing world of digital payments and commerce. Deutsche Bank ‘s earnings, however, slumped.”.

Are you in banking or technology?

Chris Skinner

That realisation is a simple but important one, and it is this: dealing with technology is very different to dealing with money; furthermore, dealing with money through technology is very different to dealing with technology through … The post Are you in banking or technology?