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    Fintechs: Banks can't live with 'em, can't live without 'em

    Fintechs: Banks can’t live with ’em, can’t live without ’em

    MarTech
    By Penny Crosman Bankers have increasingly come to accept that they need to work with fintechs — most financial institutions can't build technology as quickly and...
    The global digital payments market was valued at USD 3885.57 billion in 2019 and is expected to reach USD 8686.68 billion by 2025, recording a CAGR of 13.7 percent, during the forecast period of 2020 – 2025—according to various reports. In the last one decade or so, we saw rapid changes in the payments landscape, building on the accelerating growth in digital payments. The emerging markets have been at the forefront of this payment transformation. With the rise of innovative fintech players, the digital payment ecosystem, in recent years, witnessed unprecedented growth. In India alone, we have had many success stories of fintech players that literally transformed the payment ecosystem and the way India transacted. Most importantly, technology allowed us to build a payment infrastructure from the scratch, in a relatively short span of time, without the burden of legacy systems. Globally, the power dynamics in the payments industry are changing as businesses and consumers shift dollars from cash and checks to digital payment methods. Cards dominate the in-store retail channel, but mobile and other fintech are seeing a rapid uptick in usage. Back in 2019, WPR stated that mobility, connected homes, entertainment, and media are expected to boost non-cash transactions in the future. The rise of digitization at corporate B2B payment is affecting regional trends. In the Asia Pacific markets, large and medium scaled businesses are adopting digital invoicing, virtual cards, and cloud-based finance and accounting. In the emerging Asian markets, charge cards are popular among corporates to ease and secure supply-chain payments. Banks, fintechs and regulators embraced cashless payment, as it is cheaper, more effective and more transparent. Nandan Nilekani committee on digital payments had recommended that the Reserve Bank of India and the government must aim to maximize the volume of digital payments by a factor of 10 in three years, leading to double the value relative to gross domestic product. The committee also emphasized the need to expand the acceptance infrastructure across the country and also to reduce the interchange on card payments by 15 basis points. The panel also pushed for the removal of all charges on digital payment transactions for the convenience of customers. RELATED NEWS How RPA adoption ignites BFSI industry? How Fintechs can deal with the rising delinquency rates Cryptocurrencies open up new investment opportunity amid Covid-19 crisis Overall, the decline of traditional branch banking and ATMs will give way to digital financial services. That said, cash is an inevitable part of our economy and many developed economies which have seemingly become ‘cash-less’. Ironically, fintechs and cashless payment technologies who promise to ensure financial inclusion often achieve the opposite results in the process of cutting cash out—experts point out. Banking pundits underscore that cash is and will remain the most inclusive financial instrument across the globe. Cash distribution might incur huge costs and the new-age financial services users might prefer a completely digital money based system. But, cash is critical in ensuring true financial inclusion to cater to segments that can’t afford to be part of the modern financial system—senior citizens, less educated and less tech-savvy communities. In markets like India, where almost 80 percent of the transactions are still cash-based, going cash-less might not even be an option. That explains why the industry is now focusing on ‘cash-lite’ instead of cashless. In many markets though, industry stakeholders and banks are mindlessly pushing forward a paradigm of a cashless society. The era of ’20s will be the years of falling cash usage, but it is our responsibility as an industry, to ensure this process is smooth and painless, and no-one is left behind.

    Bruselas se pone las pilas ante la irrupción de las fintech

    MarTech
    By Luis Suárez La Comisión Europea pone en marcha una consulta pública sobre las fintech para evaluar si la regulación actual es adecuada o es necesaria...
    En España, existen ya 238 compañías Fintech y 63 Insurtech

    En España, existen ya 238 compañías Fintech y 63 Insurtech

    MarTech
    Según los datos facilitados por la AEFI ayer, actualmente existen en España 238 compañías Fintech y 63 Insurtech, lo que representa un crecimiento exponencial...
    Una agresiva banca española en busca de nuevos modelos 'fintech'

    Una agresiva banca española en busca de nuevos modelos ‘fintech’

    MarTech
    By Christopher Truce El mundo financiero está en pleno proceso de transformación digital. A lo largo y ancho del sector, la banca y empresas de servicios...
    Banca digital se intensifica; las fintech se aproximan

    Banca digital se intensifica; las fintech se aproximan

    MarTech
    By EDGAR JUÁREZ Ahí vienen las fintech y los bancos lo saben. De acuerdo con Bankia Fintech by Insomnia, en alrededor de 10 años esta industria...
    Can banks rebuild consumer trust with digital services?

    Can banks rebuild consumer trust with digital services?

    MarTech
      By Victoria Kirk Owal Trust has eroded Most banking customers regardless of age have a functional relationship with financial institutions. We trust our banks as far...
    The Smartphone Is The New Bank

    The Smartphone Is The New Bank

    MarTech
    By Matthew Wilcox The day is nearer than anyone thought when children wonder aloud what on earth their forebears did with those folded, leather...
    RBC is the first bank to offer Siri e-transfers

    RBC is the first bank to offer Siri e-transfers

    MarTech
    By Jayson MacLean RBC has become the first Canadian bank to provide its customer with e-transfer services using the Siri feature on Apple phones and...
    How Blockchain will Change the Future of Financial Service Sector?

    How Blockchain will Change the Future of Financial Service Sector?

    MarTech
    By Toni Xhufi The technology that is likely to have an enormous impact on the future of the world economy has arrived and it is...
    La revolución fintech es imparable y “está empezando a desintermediar"

    La revolución fintech es imparable y “está empezando a desintermediar”

    MarTech
    La realidad es que tras el I Estudio presentado por el Observatorio Globaltech sobre Rentabilidad Financiera hay una pérdida de cerca de 7.300 millones...
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    Chewy Announces Fiscal Fourth Quarter and Full Year 2023 Financial Results

    Fintech Companies
    PLANTATION, Fla.--(BUSINESS WIRE)--Chewy, Inc. (NYSE: CHWY) (“Chewy”), a trusted destination for pet parents and partners everywhere, has released its financial results for the fiscal...

    Global Sustainable Data Center Market Sees Notable Growth with Increased Focus on Renewable Energy...

    Fintech Companies
    DUBLIN--(BUSINESS WIRE)--The "Global Sustainable Data Center Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering. The global landscape of data centers...

    StarFive’s RISC-V Based JH-7110 Intelligent Vision Processing Platform Adopted VeriSilicon’s Display Processor IP

    Fintech Companies
    VeriSilicon’s scalable and flexible DC8200 IP delivers display device adaptability and high-quality effects, offering immersive visual experienceSHANGHAI--(BUSINESS WIRE)--#DisplayProcessor--VeriSilicon (688521.SH) today announced the successful integration...
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