FinTech Connect 2019 Blog
“The past is a foreign country; they do things differently there.” Can you imagine a world without fintech? No, of course you can’t. The days before millennials began smugly wielding luminescent orange debit cards, like a peacock fanning out its bight plumage, are resigned to a period some historians are calling ‘the past’. Come with us on a journey to the land where the past intersects with the future, to the dawn of fintech.
Oh no its an AI article…. Cutting through the bubble of hype and confusion around AI and what it means for banking, the simple chatbot is quietly changing the banking user experience. We explain how and why this is important to banking, and why you need to start loving the bot
Metro Bank has been getting some questionable press in the past few weeks. Worrying echoes of 2008 have been shown, with the added twist of a negative WhatsApp message going viral. The UK’s original challenger bank looked troubled. What does this mean for the rest of the fintech industry, and what lessons can everyone else learn?
For a decade, a silent force has been sweeping through the world of investment. More cost effective and efficient than flawed humanity, the Robo-Advisor had begun its non-violent takeover. Providing sensible investment advice using a series of complex algorithms, can the Robo-Advisor subvert humanity, in investment… and possibly everything else?
Over the past few months the news has been dominated by the B word. We have witnessed a political stalemate that has embarrassed a country previously known for its economic pragmatism. But, all is not lost. The fintech industry in London has continued to show record levels of investment and growth; being driven since the start of the year by positive news coming out of the key players including OakNorth, Monzo and Nutmeg.
You don’t want your mates Nan dropping the term “distributed ledger technology” into conversation, only to be left staring dimly out the window whilst you attempt to untangle the word from the rest of the vocabulary your brain has filed as “unnecessary in layman’s society.” To avoid you the embarrassment, here’s a catalogue of the fintech canon.
Cash is so last century. The future is paying for your latte macchiato with your wedding ring/bracelet/shirt cuff. The future is thrusting your finger/wrist/wrist in the direction of the startled cashier, when he/she blithely asks you if you would like to pay through cash or card. The future is here, you could be wearing it.
During our PayTech Connect Advisory Board meeting in early April, I caught up with Iryna Agieieva, the Senior Product Manager Payments for Booking.com. I fired a few payment specific questions at her, covering strong customer authentication, alternative payment methods and open banking. With years of experience in online payments, alternative payment methods and payment flow optimisation, she was pretty well placed to give us the merchant perspective.
A quick run through of the founders of companies selected for the FinTech 50 reveals 118 men, and just six women. That’s just over 5%. The figures around fintech’s gender imbalance are frankly staggering! Fintech in short has a gender diversity problem.
It’s been just over a decade since Satoshi Nakamoto – or at least the animal, mineral or vegetable that the name represents – conceptualised the first blockchain. And, whilst the forums of FinTech are alive with talk of blockchain, you could be forgiven for suggesting that real world application is currently at a premium. But alas, creative blockchain use is all around, if you know where to look.
Asia looks to be fighting it out with Europe and North America for dominance of the fintech market. China and India both have the ecosystems, demographics and tech based foundations, to make a huge play in this space. Here’s why.
"The 20th century was disastrous for human health and wealth, and the rise of central banking and industrial food was clearly a major reason why. Bitcoin is a revolt against fiat money, and an all-meat diet is a revolt against fiat food.” Michael Goldstein, Bitcoin carnivore enthusiast.
Over the course of a day, 4 closed-door meetings took place addressing the key themes of the agenda this year; Digital Transformation, PayTech, RegTech and Blockchain. Over 50 leaders were in attendance, with award for furthest distance travelled specially to attend going to Oli Harris, Head of Crypto-Assets Strategy & Quorum, JP Morgan.
In the current payments environment the banks, non-bank financial institutions and new payment service providers are faced with both opportunities and challenges when delivering new and compelling services to meet the increasing digital, 24x7 demands of their customers.
PSD2 is here, SCA is coming and the merchant will have to update tired process and practice as much as the financial institution. In this feature, Rajesh Vohra of Sarova Hotels talks up the law of unintended consequence, predicts the proliferation of mobile wallets and laments legacy.
OakNorth is one of the more well-known of a number of new British fintechs that have attracted both investors and customers in the past few years. There has been a huge buzz around several other British fintechs - though, as the figures show, OakNorth has led the way in putting together a sustainable business model, as well as making efforts to use fintech 'for good'.
This week we bring you an interview with advisory board member Nick Kerigan, MD, Future Payments, Barclaycard. Nick leads Barclaycard's innovation strategy. Here, he gives his thoughts and predictions for payment technology in the months ahead.
Cash has died without a clear heir. Whilst plastic is acting regent the noble families of the alternative payment landscape battle for the crown of commerce. The mobile wallet, Open Banking and cryptocurrency have the strongest claims, and in the melee of technological advance, one will emerge victorious.
On 14th September, Strong Customer Authentication enters the financial canon. It’s left merchant and payment institutions scrambling to find ways to pacify the ripples of regulation. In the midst of prodigal sons and pillars of authentication, how can the powers that be ensure the waterlilies of frictionless authentication are left undisturbed?
"Some of the more inventive uses of Open Banking, which we have not seen or thought of yet, will start to emerge in 2019. The backbone of Open Banking will support the NPA changes ahead, where everything is assumed to be real time and accessible at any time from any device."
Fintech is full of inspiring women. Strong leaders, who have had the tenacity to succeed and challenge the status quo.
We have the honour of having a number of these incredible fintech leaders on the FinTech Connect Advisory board, supporting and advising on the development of this year’s agenda.
In this article for International Women's Day, I would like to showcase three of them:
Lory is a Managing Director with ConsenSys and leads ConsenSys Ireland. ConsenSys is a global technology company, building the infrastructure and applications to help corporates and governments harness the power of blockchain technology.
This week, Laurence Coldicott sat down to discuss Lory’s role at Blockchain Connect, and the state of play for blockchain in 2019.
Excuse me? That’s right! Splice together finance, technology, the body of a man and the head of a bull, and you get yourself a FinTech Minotaur.
Over the past 15 years the GAFA group (Google, Apple, Facebook, Amazon) of companies have dominated the consumer domain, creating digital engagement across multiple verticals and touchpoints.
Central to this has been a customer first philosophy, delivering relentless value. As they enter the world of banking and fintech; let’s take a look at the potential impact they could have
I became interested in blockchain as a platform for improving traditional financial markets very early on. When we founded SPiCE VC, a tokenized VC fund, we knew we were developing an application for blockchain technology that could transform global markets in a way that would make them better for everyone.
Over the past 12 years, Northern Ireland has been establishing a reputation as a global hub for fintech, regtech and cyber. The region offers a combination of great infrastructure, competitive costs and supportive administration but above all a talented, well educated workforce with a superb work ethic.