Cash Management in the Digital Age

| March 9, 2018

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The solution described in this white paper is for banks that have a commercial line of business that provides deposit and lending services for their corporate.

Spotlight

BDO Unibank

BDO is a full-service universal bank in the Philippines. It provides a complete array of industry-leading products and services including Lending (corporate and consumer), Deposit-taking, Foreign Exchange, Brokering, Trust and Investments, Credit Cards, Corporate Cash Management, and Remittances in the Philippines. Through its local subsidiaries, the Bank offers Leasing and Financing, Investment Banking, Private Banking, Rural Banking, Life Insurance, Insurance Brokerage, and Stock Brokerage services.

OTHER ARTICLES

TIME TO DRIVE API INNOVATION THROUGH OPEN BANKING

Article | March 31, 2020

As the paper points out, application programming interfaces (APIs) are starting to significantly disrupt corporate banking. Nearly nine in ten (86 percent) banks are working on Open Banking and open API platforms, and nearly half (47 percent) of corporate treasurers see opportunities for banks to improve their product offerings to provide innovative solutions that go beyond traditional services.

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Fintech in 2021: 5 Fintech Trends Shaping the Banking Industry for Good

Article | March 12, 2021

The Fintech industry is consistently regulating itself since its inception. The industry has become a game-changer since the pandemic caused every consumer to look for convenience in daily transactions. Recent situations have created a necessity for Fintech companies to empower financial institutions as digital transactions soar to an all-time high, with the Indian Fintech sector at the forefront, contributing the highest in CAGR (Combined Annual Growth Report) globally. According to the market research report of March 2020, Indian and Chinese markets contributed the highest in Fintech adoption rate (87 percent) out of all emerging markets worldwide. These numbers are a green signal for the industry to roll up its sleeves as market researchers expect the Fintech market to reach INR 6207.41 billion by 2025 in India. As the Fintech world sees an all-time high upsurge, this article covers the list of 5 Fintech trends to look out for that will shape the banking industry. But before that, let's take a look at what Fintech is, and what value it can provide. What is Fintech Fintech is an abbreviation of Financial Technology and refers to the emerging technologies in finance that provide improved business solutions to clients, and a convenient way to transact. Fintech helps customers to interact and exchange value with businesses more efficiently. Fintech is neither a software, nor a brand name. You can describe Fintech as a collection of technological advancements in the financial sector to ease up transactions. Fintech trends help customers do banking in a faster, smarter, and efficient way. Fintech is on a bull run with the ongoing pandemic covering the finance industry and making users pay without wasting any time or physically being present. With Fintech, financial institutions use technologies like blockchain, artificial Intelligence, biometrics, electronic and mobile payments, etc., to make their business more efficient, helping them interact with their customers effortlessly. New upgrades and innovations in Fintech allow businesses to integrate their financial accounts with secure mobile applications. Receiving and making payments, alerts, and tracking invoices have become swift due to this integration and allow users to undertake time-intensive activities within seconds. With the help of Fintech, you can sell or buy products and pay for them from anywhere around the world—that is how Fintech is changing the world. 5 Fintech Trends That Are Shaping the Future of Banking Financial firms are aggressively taking on Fintech Financial firms and banks are adding new features in their cashless transactions to fit this pandemic-hit economy. Fintech offers convenience to customers as it has multiple options to choose for cashless transactions like mobile wallets, QR codes, contactless payments, etc. It provides a speedy process for payments and digital loans and can create dynamic growth in financial services. This acceleration will continue to groom the investments until banks and Fintech become interwoven. Now, it is just a matter of time for Fintech to emerge as one of the most booming industries. Blockchain and Big data Although blockchain and big data are on a bull run, there are miles to go before it enjoys a major slice of the market. This full swing of blockchain and big data may disrupt if challenges like cyber-attacks and fraudulent activities don't get addressed. To help overcome these obstacles, financial services adopting blockchain technologies can utilize Fintech. This implementation will help reduce fraudulent activities, phishing, and cybercrimes while generating trust with the customers. Looking at all the advantages that Fintech offers, banks adopting blockchain technologies will benefit the most out of it. Artificial Intelligence & Machine Learning Additional fields where the Fintech industry has to shift its attention are AI (Artificial Intelligence) and ML (Machine Learning), where there is a lot of room for growth. Progressively, Fintech brands rely heavily on AI technologies to reduce costs and monitor transactions closely. Experts predict AI will lower the cost of financial services up to 22 percent in the next five years. Through Machine Learning, banks can offer ease of use to their customer with speedy transactions, automated trading processes, and secure payment processing. Providing multiple services on a Single Platform Instead of downloading a separate app for each financial service, any customer would prefer to have a single platform that can do everything. Many banks have already taken a step to offer multiple services across one app. It may increase the cost of building such apps with powerful API integration, but soon enough, it pays off as most financial services will turn to those banks that offer 'single platform, many features' apps. Some financial institutions may not deliver this kind of app, but the Fintech industry is sufficient to meet their demands. Fintech becoming 'the new normal.' The Fintech industry is slowly taking a step towards the general community of consumers. As the need for secure payment processes and easy accessibility of transactions keeps increasing, so does the value of Fintech serving these demands. Adoption of data analytics will garner a massive Fintech market in the upcoming days. According to market research experts, banks have already started providing financial services with a customized and local offering to their customers by closely watching market movements and data analytics. What should we expect from here? As the need to balance the demand and supply of financial transactions keeps increasing, payments and the banking sector need to keep up the speed. It is only a 'wait and watch' game to see to what extent the Fintech market grows. Frequently Asked Questions What is the next big thing in the Fintech industry? AI and blockchain are the next big thing that would take over the Fintech industry by storm. Artificial Intelligence like chatbots reduce the front-desk manual work and can be available 24/7 to help the users. Blockchain provides security on every customer transaction on payment platforms. What's new and trending in the Fintech industry? Financial institutions are focusing on financial literacy to enhance the banking experience for users. They have more control over their expenditure and savings through innovative features of Fintech, like income and expense analytics. What are the benefits of Fintech for banking? Through new Fintech innovations, the Fintech industry is reaping the benefits of improved global money transfers. Here are some of the benefits banks get through Fintech: • State-of-the-art security and compliance • Better speed in transactions • Enhanced transparency • Reduced costs { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "WHAT IS THE NEXT BIG THING IN THE FINTECH INDUSTRY?", "acceptedAnswer": { "@type": "Answer", "text": "AI and blockchain are the next big thing that would take over the Fintech industry by storm. Artificial Intelligence like chatbots reduce the front-desk manual work and can be available 24/7 to help the users. Blockchain provides security on every customer transaction on payment platforms." } },{ "@type": "Question", "name": "WHAT'S NEW AND TRENDING IN THE FINTECH INDUSTRY?", "acceptedAnswer": { "@type": "Answer", "text": "Financial institutions are focusing on financial literacy to enhance the banking experience for users. They have more control over their expenditure and savings through innovative features of Fintech, like income and expense analytics." } },{ "@type": "Question", "name": "WHAT ARE THE BENEFITS OF FINTECH FOR BANKING?", "acceptedAnswer": { "@type": "Answer", "text": "Through new Fintech innovations, the Fintech industry is reaping the benefits of improved global money transfers. Here are some of the benefits banks get through Fintech: State-of-the-art security and compliance Better speed in transactions Enhanced transparency Reduced costs" } }] }

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What is the best accounting software for small businesses?

Article | August 10, 2020

The world of accountancy software has changed significantly during the course of the last few years and in this blog we are going to attempt to unravel the minefield of online accounting software to give you a clear understanding. Small business accounting is a huge area in which many small business owners struggle to get right. To find the best accounting software for small businesses in the UK we must first assess what cloud accounting is.

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Are challenger banks transforming the lending market or just providing digital makeup?

Article | March 4, 2020

The short answer is yes…. sometimes to both. However, there is a huge change underway and enough evidence to suggest that customer and competitive pressure alone will drive more change, even without further regulatory updates. Globally, and in the UK, margins in the lending market are feeling the pressure. Slow credit growth (currently at 2.5% in the UK), and low interest rates are the primary drivers. This has fueled competition, especially for lending products with higher margins, such as mortgages.

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Spotlight

BDO Unibank

BDO is a full-service universal bank in the Philippines. It provides a complete array of industry-leading products and services including Lending (corporate and consumer), Deposit-taking, Foreign Exchange, Brokering, Trust and Investments, Credit Cards, Corporate Cash Management, and Remittances in the Philippines. Through its local subsidiaries, the Bank offers Leasing and Financing, Investment Banking, Private Banking, Rural Banking, Life Insurance, Insurance Brokerage, and Stock Brokerage services.

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