A new mobile era: are you prepared?
Nearly 90% of digital consumers view their phone within an hour of waking up and roughly 80% do the same within an hour of going to sleep. But over 70% of younger demographic groups believe they are using their phones too much and are looking for ways to limit dependence. What does this all mean to banks and other financial institutions? Find it out here.
The next thing after today’s fintechs
What will become of new entrants to the financial services market as they scale and mature? Can fintechs maintain their edge in an industry that won’t stop disrupting itself? We’re already approaching a saturation point that will spark the reintegration or rebundling of digital financial services, says Oakam, a fintech firm focusing on those financially excluded or overlooked by traditional lenders.
Innovate on all layers, go greenfield!
Having a great website or app does not make banks digital institutions. Digital transformation on legacy systems is a flawed strategy for large banks. The answer lies in the greenfield approach that a number of large banks have adopted, setting up new operations alongside their existing businesses, according to Peter-Jan Van de Venn, CCO of Dutch digital core banking platform provider Five Degrees.
How to flourish in an uncertain future
There are four strategic options for incumbent banks to respond to open banking: they remain in control of customer relationships as full service providers or utilities, become suppliers or operate as interfaces, Deloitte says in a new report. But the big question is whether opening up customer data represent a threat or opportunity, asks The Financial Brand.