Investment in UK fintech startups exceeds $1 billion
Despite growing concerns over the impact that Brexit might have on fintech startups in the UK, new figures have revealed that the sector has seen record investment throughout the year so far.
According to data from London and Partners and Pitchbook, over $1 billion has already been invested in UK fintech by venture capitalists which is more than double that of the same last year.
UK banks rally behind fintech startups
In an effort to help Britain maintain its position as a world leader in the tech sector, UK banks and startups have come together to rally behind the fintech industry.
A number of the world's leading banks have come together to show their support for fintech startups in the UK while entrepreneurs have promised to remain in the country in lieu of taking their businesses somewhere else in Europe.
Blockchain technology is an integral part of FinTech's future
Blockchain technology is perceived as "critical" for the future of financial services companies, a new report by Cognizant has shown.
A poll of more than 1,500 financial services executives from more than 500 companies worldwide found that 91 percent saw implementation of blockchain technology to be critical for the firm’s future.
Bank of England supports FinTech startups
The Bank of England has allowed access to settlement accounts in the real-time gross settlement system (RTGS), the media reported this week.
Apparently, this move should blow some wind into the sails of innovative fintech companies, boosting competition.
Turning the Open API promise into reality: A roadmap for U.S. banks
Most major U.S. banks today seem to be singing the same tune, when it comes to acknowledging the potentially transformative impact Open API could have on their fortunes. Be it enabling reduced time to market, or helping reimagine the customer experience with personalized core and value-added services, the wide-ranging promise of Open API is not lost on banks.
And, many U.S. lenders are beginning to walk the talk by sharing customer data with third parties through rollout of application programming interfaces (APIs). Bank of America recently announced plans for an API-driven information sharing agreement with two data aggregators, conditional upon its customers giving consent for the same. Wells Fargo and JPMorgan Chase, too, have struck partnerships with third-party service providers and data aggregators like Finicity, Xero and Intuit to allow the latter to import their customer data.
Fintech players need to build bridges, not walls
At a time where in certain parts of the world there is a desire to build walls, brick by brick, to keep people out, it’s ironic that elsewhere -- not least in the global fintech space -- the mantra is all about sharing, partnering, competitive innovation and freedom of movement within a well-governed environment.
That said, a number of the early digital advisory (or "robo") propositions have -- surprisingly -- been slow to recognize this sentiment, instead aiming to recreate a faster version of the conventional advice (or investment) experience -- "faster horses" syndrome. Hardly the stuff to make the big incumbents shake in their boots or lose any sleep.
Four FinTech trends to look out for in 2017
Could 2017 be any more turbulent than 2016? Some would argue that because of last year’s unprecedented surprises, fluctuating markets and politics and real-world events, this year couldn’t possibly offer any more shocks.
In the midst of all of this, the technology world continues unabated, with the FinTech sector holding some exciting new developments for the year ahead. Here are four themes within the FinTech sector to keep an eye on in 2017:
What you need to know about fintech
Fintech is certainly mentioned a lot in business circles, but without a clear understanding of what the term actually means it risks becoming just another technology buzzword. Not only that, when you consider that investment in fintech had grown from $4.05 billion in 2013 to $12.2 billion by the start of 2015, it’s clearly something that is worth having an understanding of.
As a portmanteau of financial technology, it is hardly surprising that fintech refers to any kind of technology that relates to the financial sector. More specifically, however, the term has gained much greater traction in recent times due to the rapid adoption of the Internet, smartphones and mobile applications. So many aspects of our lives have been disrupted, enhanced and revolutionized by digital technologies, and the financial services sector is no different.
AI will boost fintech revenue by 960 percent
Earnings created by the use of artificial intelligence (AI) in financial technology (fintech) will skyrocket in the next five years, according to new reports by Juniper Research.
The researchers have said that, by 2021, we should expect a jump of 960 percent, with revenues hitting $17 billion (£12.95bn).
What to expect of FinTech in 2015
Ever since the global economic crisis led customers to question the previously unrivaled traditional banking system, we have seen a wave of innovative players rising up and re-shaping old-fashioned banking models. Over the past few years a host of new companies have shot up, offering alternative methods to everything from loans to foreign exchange services to investments.
While this FinTech revolution has been gradually gaining momentum, 2014 will forever stand out as a landmark year for the industry.
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