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Cloud Banking Gives Legacy Systems A Lift

PYMNTS

“Migrating to cloud- and AI-based solutions could help FIs handle growing calls for faster banking tools during the COVID-19 pandemic, and recent trends show they are beginning to do so,” according to PYMNTS’ June 2020 Digital Banks And The Power Of The Cloud Tracker® done in collaboration with NuoDB.

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What Open Banking Means For China, Challenger Banks And SMBs

PYMNTS

Small businesses continue to embrace digital banking. At the same time, digital banks are looking to capitalize on their growing small and medium-sized business (SMB) customer base, with open banking and bank-FinTech collaborations an important part of that strategy. Enfuce Tackles Fraud In Open Banking.

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Deep Dive: Why Video-Based KYC Is Key To Seamless, Cost-Effective FI Onboarding

PYMNTS

Speedy, secure onboarding is vital at a time when consumers have to use digital banking to prevent health risks. One study revealed that 73 percent of U.S. adult consumers are more likely to use digital banking in response to these mandates.

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Shoring Up FIs ‘Deteriorating Advantage’ Over Big Tech

PYMNTS

That agility is in evidence with the speed at which tech-focused players bring new products and services to market, said Cohen. Big Tech is good at promoting, designing and improving the user experience, he said. That’s especially a challenge for legacy FIs as digital transactions and the online economy continue to take root.

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In Banking Innovation, Eyeing The Needs Of The ‘Digital Native’

PYMNTS

As noted in the study, larger financial institutions outpace smaller brethren when it comes to grabbing market share, largely through the competitive advantage of hefty IT budgets that get new products to market with haste. As he told Webster, “Smaller banks are not burdened with large infrastructures and legacy systems.

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1 in 3 digital consumers globally embrace fintech offerings

NCR

A new study has revealed the extent to which consumers around the world are embracing emerging financial services providers, with one in three digitally-active citizens now using fintech solutions on a regular basis. However, some developed markets are also showing strong interest in fintechs.

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20 Banking Realities for 2020

Gonzobanker

Banks are most afraid of big tech, just when these players face regulation. There are still 106,000 branches when credit unions are considered, and banks are overestimating the contribution many branches are making to retaining and growing revenue, all while starving investments in marketing, digital and data maturity.