The 3 Most Pressing Issues in the Finance Industry
How Innovation Is Changing Retail Banking
As fintech companies keep remodelling the finance sector, banks face many obstacles to adapt their structures into the digital era. But with the astonishing growth in fintech investment, the change is already inevitable. These are three of the most pressing issues in the industry:
1. Fintech Sourcing Methodology:
One of the most important components for solving a problem is to find the best solution, but what if there are numerous providers to choose from? The founders of Startupbootcamp FinTech and Rainmaking have an answer to this complicated business. With the support of various banks and firms, they have created Rainmaking Colab, a lab that connects corporations and start-ups that are ready to commercially engage.
2. Agile Business Models:
The challenger banks have mastered the issue of remaining agile whilst growing. They have built their status with the use of technologies and have improved customer service levels in the market. Here and now, the challenge is for the big banks to overcome this problem and adapt their structure and processes to the requirements of the digital era.
3. Open Banking, APIs and Blockchain Technology:
The new game-changing element for retail banking is called PSD2 (Revised Payment Service Directive). This regulation aims to increase competition and eliminate retail banks’ monopoly on their customer’s account information and payment services. PSD2 facilitates the use of an application programming interface or APIs for banks to enhance their digital offerings and operate under an open market.
Moreover, the use of blockchain in banking is definitely altering the industry. This technology allows multiple parties to have access to a database with the full history of financial transactions. Many banks are now investing to prevent losing revenue to start-ups in the future.
Exploiting these new technologies will certainly define the future of many financial corporations. if you are a professional interested in learning more about the future of the industry you cannot miss the 2nd Annual Harnessing Fintech Innovation in Retail Banking Conference that is taking place on the 20th and 21st of June in London.
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