Covid-19 is on everybody’s mind. It’s safe to say that no one was prepared for a global pandemic of this kind and now everything revolves around getting through it.
How about a quick break from the worries that Covid-19 have brought on to the worth, and how about you let team Global Fintech Series help you catch up on some pre-covid19 insights and articles to help you get through the blues and gear up for a (hopefully soon!) post pandemic world?
To start with, let us explore the world of Digital Banking…
The dawn of a new decade comes innovations, connectivity, speed, ease, and security in banking like never before. It is an exciting time to be in digital banking to say the least. Banks are responding and innovating themselves, recognizing that the landscape is shifting and they must shift with it. So in such a case, rises the question – are banks moving beyond the prison paradigm? If yes, then what are the top digital banking trends that we can expect to see in 2020?
Moving ahead to the latest buzzword – open banking
Open banking is a concept of commercial banking models predicated on the sharing of customer information electronically, with third parties, under conditions that customers approve of – is poised to become the norm in many East Asian markets.
But given the concerns over data privacy and protection, cyber security, fiduciary responsibility, and commercial uses, open banking is an evolutionary, iterative process. It will take time for all parties to work out the right standards, protections, and revenue models.
Read More: Three Ways AI Enables Personalized and Engaging Customer Experiences in Financial Services
What are your views? Are banks going to win when it comes to open banking?
Before our thoughts hover around that first question, let us quickly anticipate why banks will benefit from open API.
While we give you some time to share your views on open banking, let’s evaluate some pros and cons of FinTech…
It wasn’t that long ago that banks were the only game in town, and if you wanted to borrow money, that was your primary option. But the recession of 2008 caused banks to strain under the weight of tough lessons learned and heavy regulations. That created the perfect opportunity for financial technology and FinTech startups to slide in.
While some new FinTech innovations in the small business market, the tide hasn’t completely turned and one solution can create new challenges. Read on to know if FinTech will eventually be able to truly serve the small business customer better.
As we conclude this article by sharing a few interesting insights on how AI is enabling personalised and engaging customer experiences and some Fintech trends defining finance for 2020, team Global Fintech hopes you enjoyed reading and would love to hear your feedback!
Read More: Why Banks will Benefit from Open API
