A bank account - A concept of the past

JORIS LOCHY | March 23, 2020

article image
Almost every recent article written about banking starts with the statement that the banking industry is being disrupted by new competitors, new innovations and new technologies. Although this statement is definitely true, the extend of the disruption can still be debated. Even the most innovative neo-banks still work with bank (current, saving, term and investment) accounts, cards (credit and debit), traditional credits, existing payment infrastructure… The user experience surrounding the origination and servicing of these products has dramatically improved (and will continue to evolve), but the underlying banking products are not really disrupted.

Spotlight

RT Specialty

R-T Specialty, LLC (RT) is an independent wholesale brokerage that provides specialty insurance services, proven leadership, outstanding industry expertise and quality services to agents, brokers and insurance carriers.The RT mission is different from other insurance organizations. We help your clients confront specialized risk through a meaningful collaboration between agents, brokers and insurance carriers. Together we will help you analyze the many ways you can resolve your clients' risks, leading you to inspired solutions

OTHER ARTICLES

Dangerous Intersection Ahead: Privacy and Banking Fintech

Article | March 9, 2020

Bankers in the fintech space are familiar with the FFIEC’s Guidance recommending multi-factor authentication for certain financial transactions. Multi-factor authentication, at least for “high risk” transactions, requires a combination of something you know, something you have and something you are. This last factor is often referred to as biometric information. While biometric authentication is making great strides around the globe, its adoption in American banking is not yet common and poses its own set of legal issues.

Read More

WHY FINANCIAL INSTITUTIONS ARE ON CLOUD NINE POST-PANDEMIC

Article | March 9, 2020

Financial institutions have, for a while now, been operating in a highly cost challenged environment. These firms will continue walking the tight rope of executing on efficiency, digital transformation and supporting the business. Post-COVID when our dear planet begins to get back to some form of normality in the months ahead, it does not necessarily assume that wallets will be loser and further budget constraints are expected to be with us for some time. As we know the Genie is out of the bottle on the whole “agile” working theory and the Cloud providers have responded in kind such as providing virtual desktops and VPN solutions. Of course not forgetting the Video calling enablement which has coined a phrase never to leave our vocabulary “sorry I was on mute”. Cost pressures aside businesses are already reassessing the effectiveness of their technology stacks. I believe we will see an acceleration of an already giddy pace by firms to move parts of their estate and applications to the public cloud. It is not only essential from a practical basis covering the usual themes of cost, storage planning on demand compute etc but if you want to retain the best talent in technology you need to be exposing them to the likes of AWS, GCP and Azure in some form. Data is the new oil As to my world in data various analogies “data is the new oil” etc, but getting beyond the taglines the public cloud is shaking up the status quo. From off-the-shelf Amazon style access to data products via a web store or to throw in another term “supermarket”. Fundamentally the barrier to entry for clients to access data, storage and enormous compute resource is really down to what you can afford. Efficiencies on compute, serverless technologies pay for what you use not pay for standby is changing the paradigm in architecture. Thereby pushing boundaries in innovation, experimentation and exposing teams to AI/ML as a utility as opposed to things you read about in journals or online. No two businesses are the same which is why certain firms are further in the journey than others. But regardless of the path financial institutions decide to go down, it does not change the fact that data needs to be delivered to the right place, at the right time, and in a preferred format. Some firms will simply want their channel partners to ship data into the cloud as an end point. From Satellites to the Cloud This leads me into my next comparison. I was lucky enough (or unlucky) to be there when the internet created another paradigm shift as a delivery end point for data. Prior to that I spent many years plugging firms into Satellites or Leased lines for the delivery of Market Data. As a younger man I thought those days would never end! If the internet became the end point that people used to get data into their own network, then the cloud to a certain extent is the modern day equivalent. After all, if firms want to use cloud as an end point into a physical data centre or on-premise, they can do that. Alternatively, if the firm wants to use the data exclusively within the cloud, then that is also achievable in this day and age.

Read More

How the Coronavirus Crisis is Impacting Fintech

Article | March 9, 2020

The global coronavirus pandemic has far-reaching implications for every aspect of the economy, and fintech is already feeling some of the consequences of the escalating crisis. From canceled events to shrinking opportunities for fundraising, we’re talking through some of the biggest challenges this crisis will present to the industry. We’re also highlighting the areas of opportunity unique to fintech as the situation continues to evolve.

Read More

Are banks ready for the Corona emergency measures imposed by governments?

Article | March 9, 2020

Amid the Corona crisis, governments worldwide are urgently deciding on numerous actions to limit the economic impact of this unprecedented health crisis. Top priority in these plans is to help people and businesses overcome a period of low to zero income, which completely breaks their predicted liquidity forecasts. Such a shock in liquidity can even bring strong businesses on their knees, if no supporting measures are put in place.

Read More

Spotlight

RT Specialty

R-T Specialty, LLC (RT) is an independent wholesale brokerage that provides specialty insurance services, proven leadership, outstanding industry expertise and quality services to agents, brokers and insurance carriers.The RT mission is different from other insurance organizations. We help your clients confront specialized risk through a meaningful collaboration between agents, brokers and insurance carriers. Together we will help you analyze the many ways you can resolve your clients' risks, leading you to inspired solutions

Events