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- Nuapay data reveals strong consumer demand for Open Banking and better payment experience
- US banks see IT modernisation as a way to improve customer experience
- Risk mitigation in global trade depends on digitisation-Andrew Raymond, CEO, Bolero International comments
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- CMA issues fifth publication over 3 years of the service quality league table of personal and business current account providers
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- S&P Global report says financial market infrastructure sector's earnings likely to cool off In second half
- Global banking market capitalisation slumps by over 30% amid pandemic says Buyshares research
- Digital wallet spend in Europe & North America to increase by 40% in 2019, finds study
- Juniper forecasts mobile money transactions will exceed 200 billion by 2024
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- Research by NatWest reveals gender divide over attitudes to saving
- Europe’s big bank problem: too much capital is trapped in the US, says Scope
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- Barclays/Cebr report challenges nation to think differently about wealth
- Fifth of UK investors looking to debt investment, new research reveals
- Regtech will play a more important role in PSD2, says Mitek
- Banks turn to Fintech partnerships to improve customer experience, finds Fraedom
- New industry code to tackle fraud must deliver, says Which?
- New TTF report highlights loss of trust in financial services
- Arxan highlights financial app vulnerability epidemic
- SAS asks whether banks really need to choose between operations and innovation
- Which? raises alarm as almost 1,700 free ATMs become fee-charging
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
26th April 2019
Study finds traditional financial institutions embrace Fintech disruption
Trend
As new technologies and regulations bring new opportunities and challenges to the financial services industry, nearly two-thirds of established companies are leveraging Fintech capabilities for growth, according to a new survey from Harvard Business Review Analytic Services. That number is expected to increase by 20 per cent in the next three years.
“In the Game: Traditional Financial Institutions Embrace Fintech Disruption” surveyed 300 senior executives at financial services companies to gauge their views on the opportunities and threats brought about by newer, nimbler competitors that rely heavily on specialised software, algorithms, and technology to offer their services.
The Mastercard-sponsored study showed that traditional institutions are “banking” on brand recognition, customer trust, physical distribution channels, and experience navigating the complex regulatory environments to maintain a competitive advantage. In fact, nearly 80 percent do not feel an immediate threat from Fintechs, but are learning from their efforts.
Michael Miebach, chief product officer of Mastercard, said: “This report reinforces the importance of collaboration and new partnerships in sparking innovation and new ways of working. Many traditional companies are already using technology to improve their business. Yet, there’s an opportunity to realize greater success by thinking differently and combining experience with the agile nature of Fintechs.
“Over the long-term, every financial services company has an opportunity to learn from today’s emerging Fintechs, particularly in the areas of agile business practices, digital-first business plans and leading with an entrepreneurial mindset.
“As they do, data and analytics will play an even more critical role. Companies will increasingly use these capabilities to support risk management and the customer experience. Data-driven companies will have a greater advantage in terms of personalizing the customer experience and boosting customer loyalty.”
Additional insights and the full report are available at: http://go.mastercardservices.com/en/expert-insights/financial-institutions-embrace-fintech-disruption.
