60 percent of consumers prefer a fintech app to an accountant
Fintech apps have simplified financial management to the point where 60 percent of people will now seek advice from personal finance tools before reaching out to financial professionals.
A new survey from Capterra makes gloomy reading for accountants as it finds 64 percent of fintech users feel that these tools have significantly reduced their reliance on financial advisors.
The new challenger bank ethos: Why sustainability is fueling the next wave of disruption
If you were to take their marketing at face value, you’d assume that big banks were leading the finance sector’s charge regarding sustainability. And while they undoubtedly play an essential role, especially when financing major renewable energy projects and the like, the biggest disruption comes from challenger banks.
Increasingly, popular challenger banks such as Monzo and Starling, for example, are marketing themselves as more sustainable, capitalizing on a growing desire for banks to prioritize the environment. In fact, a recent report found that 67 percent of customers want their bank to be more sustainable.
Selling Gen Z on Fintech
Technology is becoming a more significant part of the world with each passing year and the newest generation of consumers is growing up with digital tools in hand. With this comes a great opportunity for selling Gen Z on fintech.
"Fintech" is a portmanteau of the term "financial technology." It refers to any digital tools financial institutions offer that make managing finances convenient. Since the COVID-19 pandemic, using fintech tools has become the preferred way consumers manage their finances.
How artificial intelligence is transforming banking [Q&A]
Banking is a key industry, playing a major role in the economy, historically though it's been one that's slow to adapt to technological advances.
That's starting to change though, partly down to the arrival of more agile fintech companies. We spoke to co-founder of Iterate.ai, Brian Sathianathan, to find out more about how AI and machine learning can help transform the banking sector.
Payment fraud gets democratized as cybercriminals target consumers via social media
According to a new report, 17 percent of consumers have encountered online offers to commit payment fraud, a symptom of fraud's increasing accessibility and democratization among everyday internet users.
What's more the study from Sift shows 16 percent of consumers admit to having committed, or knowing of someone who has taken part in, payment fraud.
FinTech can enable older adults' financial freedom
The 21st century has given people new ways to manage their everyday affairs using advanced technology. Money management is one of the areas made more accessible because of this. Financial technology -- more commonly known as fintech -- typically refers to apps that streamline managing financial accounts and transactions.
While most fintech apps target the younger generation, older adults can also greatly benefit from learning how to use fintech.
Open banking remains a closed book for most consumers
Open banking first began to roll out in 2018, following the introduction of the PSD2 legislation in the UK, but five years on new research finds that most consumers still don't understand what it is, and the vast majority don't believe that it's safe.
The study from NTT DATA shows 58 percent of UK consumers still don't understand what open banking is, while just 16 percent believe that it's completely safe.
Digital banking, biometric payments and more regulation -- fintech predictions for 2023
Like any other industry, the financial services sector is undergoing digital transformation. While banking and finance have historically been quite traditional, pressure from more agile startups has led larger companies to look to tech to stay competitive.
The effect of the COVID-19 pandemic has driven more people to do their banking online too. Here are the key trends that experts expect to see in the fintech sector in 2023.
Three quarters of Americans would ditch traditional banks for fintechs
A new survey shows that 74 percent of Americans would be willing to switch from their bank to safe and more cost-effective fintech services. The same research also finds that half believe their bank fees are too high, while one in five thinks banks are slow innovators.
The survey of over 1,100 people by the Money Transfer Comparison website finds 39 percent of Americans would switch for innovative low-rate credit cards, 35 percent for personal or car loans, 30 percent for home loans, 25 percent for savings accounts, 22 percent for budgeting apps, 15 percent for share trading and 13 percent for international money transfers.
PayPal backs down over Free Speech Union account
The latest development in the ongoing 'PayPal-gate' story is that the fintech giant has now reversed its decision and apologized for closing the Free Speech Union's account.
The FSU tweeted news of the decision yesterday evening following several days of people closing down their accounts and the stirring up of a political storm with questions asked in the UK parliament.
PayPal faces UK backlash over account closures
As we reported last week, PayPal has cancelled the accounts of a number of campaigning organizations in the UK, citing its Acceptable Use Policy but without providing a specific reason.
On Friday The Times reported that the fintech giant was poised to back down in the case of parents' group UsForThem, which campaigned for schools to be kept open during the pandemic.
PayPal cancels customers it doesn't like
In the past 48 hours or so PayPal’s UK arm has canceled the accounts of a number of campaigning organizations including the Free Speech Union, legal campaigners Law or Fiction, parents group UsForThem, and even the personal account of the FSU's founder journalist Toby Young.
The only reason the company has given for these actions is to cite its Acceptable Use Policy. And, as Young wrote in his column in The Spectator, PayPal also decided it would hang onto his money for up to 180 days while deciding whether to extract 'damages' before refunding it.
Revolut customer data exposed in cyberattack
Fintech firm Revolut has been hit by a cyberattack that resulted in personal data of tens of thousands of users being exposed.
Described as a "highly targeted" attack -- although it is not clear who was targeted or why -- the security incident took place on the night of September 11. The attack gave an unauthorized third-party access to a range of data including postal and email addresses, account information, and phone numbers.
6 FinTech trends that will dominate the industry in 2022
2022 may have started as the year of blockchain technologies and NFTs, but since March, the crypto market has seen a major dip.
However, despite the cooling of crypto, some trends have continued to flourish throughout the middle of the year. This article will discuss the six FinTech trends we believe will boom in 2022.
Banks choose to build their own tech solutions
While banks are investing in technology solutions to meet increasing demands, a new study shows that 61 percent prefer to build their own technology stack, rather than buy technology solutions from a third party.
The study from IT services company NTT DATA surveyed 900 senior banking respondents across 12 countries and examines the state of corporate banking following the COVID-19 pandemic.
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