Large Singapore bank launches Innovation Challenge
Calling the world’s best fintechs to solve real business problems
One of the largest and most established Singapore banks has launched the TOV Innovation Challenge 2018 that aims to reimagine customer experience through co-innovation with fintech firms.
Shortlisted fintechs will be invited to join a 12-week programme where they will further develop their implementable solutions to address the challenges put forth by eight different business units in the bank. This is a collaborative programme where both fintechs and the respective business units will have to work closely together to co-develop and test the solutions.
The TOV Innovation Challenge 2018 is open to any organisation that has developed and built a solution that aligns to one of the pre-defined opportunity statements:
Mismatched furniture? Hipster. A mismatched experience across channels? Not so cool.
Written by guest blogger, Ruhan Basson
"You’ve got to start with the customer experience and work back toward the technology, not the other way around.” ~Steve Jobs
In today’s world of omni-channel banking, over 90% of customers are dissatisfied with traditional methods of authentication (1). Some of the more common grumbles include:
- The time taken to authenticate
- Complex password and PIN requirements that are hard to remember
- Challenging questions that are intrusive and, in some cultures, offensive
- Authentication tokens that are inconvenient to carry around
Traditional frameworks and security approaches to mapping the customer journey are becoming obsolete. In today’s interconnected world, why would customers want to continuously authenticate themselves? They want synchronisation access across including branches, desktops, call centres and mobile phones. They want to choose between numerous channels, and move freely and seamlessly between them. Customer expectations are changing, and as such, the way that security supports the customer journey needs to adapt too.Read More. Mismatched furniture? Hipster. A mismatched experience across channels? Not so cool.
Is Fintech really all about millennials?
Written by Matchi Fintech Lead, Sashreka Pillay
Have you ever seen the Facebook page “Millenials of New York”? I’ve had one visit and that was enough for me. It was around the time Prince passed away. They featured a stock-photo perfect face; the kind you find in all adverts targeting youths with messages of freedom and happiness etc. The caption below flaunted something like: “Prince is dead? The queen must be so sad!”
Yup. It didn’t matter that the page had more than 200 000 likes, I was out. So much so that I’ve spent many hours rejecting any definition of the millennial generation including my birth year.
More frightful for me: Are we really trying to design the future of finance based on what we bucket as the characteristics of this generation? It feels like our vision of the future should be set a little further and based more on what we imagine the future expectations of our customers to be.Read More. Is Fintech really all about millennials?
KPMG Pulse of Fintech, Q4 2017
Global report on on fintech investment trends
Given the significant interest in fintech globally, and its ongoing evolution in terms of market drivers, technologies and potential use-cases, KPMG brings you the pulse of fintech investment globally. In this publication, we highlight key fintech deals, issues and challenges seen around the world, in addition to key trends and insights related to fintech in key regions, including the Americas, the US, Asia and Europe.
Despite a third straight quarter of decline in total global fintech deal volume, total investment rose slightly in Q4’17. A number of large deals helped to buoy investment levels, including the buyout of Bankrate and the acquisitions of BluePay and Trayport. The fintech market as a whole continued to mature during 2017, with global investors no longer just getting their feet wet within the fintech market, but making more targeted investments focused on value and long-term sustainability. Despite the narrowing focus on the part of investors, total global investment in fintech remained steady at over $31 billion, year-over-year.Read More. KPMG Pulse of Fintech, Q4 2017
Activating Fintech in Twenty Great-Teen!
Written by Sashreka Pillay
I have to admit: I am much older than I’d like to give myself credit for. This was made strikingly clear to me when, on my first day back at work after a restful festive reprieve, the term “Twenty GREAT-Teen” wafted out of the radio and caught my attention. It had to be repeated twice before I got it right– and that’s not just because of my failing hearing.
The term sounds almost desperately positive but got my mind stewing over what, exactly, would make 2018 “Twenty GREAT-Teen”. Don’t worry I’m not launching into a list of my top ten goals/trends. I’m quite to the collar with those and trust you are too. I would rather throw out a challenge:
Could we find ways to accelerate the actual implementation and roll out of fintech solutions to the end customers this year? I ask this not without recognising the already incredible strides we’ve achieved in fintech as an industry.Read More. Activating Fintech in Twenty Great-Teen!
Webinar: 2018 Digital Insurance Predictions
If you missed it, you can watch the recorded webinar here
Listen to Matchi CEO, David Milligan and other top industry Thought Leaders during this 90 minute special edition webinar on 2018 Digital Insurance predictions including the hottest trends, themes and companies to watch!
Recorded in January 2018, the panel discussion between The Digital Insurer’s and KPMG’s top Thought Leaders in the space delivered plenty of debate, diverse views from a global panel and answered many questions from the live audience.
View the recording to take a deep dive into four key topics including Digital Business Models; Value Chain Innovations; Tech Enablers & People and Organizational Design.
Read More. Webinar: 2018 Digital Insurance Predictions
H2 Ventures KPMG Fintech 100
The Fintech 100 showcases the world's leading established and emerging firms.
A collaboration between KPMG Fintech and Fintech investment firm, H2 Ventures, the 2017 Fintech 100 features the leading 50 'Established' fintech companies across the globe, as well as the most captivating 50 'Emerging Stars' – exciting new fintechs with bold, disruptive and potentially game-changing ideas.
The Fintech 100 demonstrates the acceleration of the disruption taking place in the global financial services industry, with more capital being invested around the world in startups and established ventures that are creating new financial products and solutions.
While China fintech continues to dominate with first, second and third place held by Chinese tech firms, global adoption of fintech innovation continues to accelerate, with 29 different countries represented, up from 22 countries in 2016. In 2017, we saw the financial services industry becoming an interconnected ecosystem, with innovators working with global financial institutions.Read More. H2 Ventures KPMG Fintech 100
4 Key Themes Emerge during Fintech Rising Africa
Written by Freda Gray
"Having a bank account should be a birth right” says Wizzit Founding Director and CEO, Brian Richardson, one of the panellists and presenters at the recent Fintech Rising Africa conference.
Financial inclusion in Africa was just one of the key discussion points at the conference which took place in Cape Town on 7-8 December.
The nature of the event, a number of panel discussions and a smaller knowledgeable group, lent itself to active participation in many great discussions, focussing on all aspects of the fintech ecosystem. To top it all there were various excellent fintech solutions showcased.Read More. 4 Key Themes Emerge during Fintech Rising Africa
Matchi CEO speaks at KPMG Digital Summit
David Milligan addresses landmark gathering in Lagos
The digital and financial services industry have continued to show significant developments with the entry of new innovative technology solutions, emergence of new digital business models, increasing adoption of Fintech services and perhaps more conspicuously, growing local and international investments in technology innovation.
For discussions around these trends and on the theme ‘Leading through Digital’; on November 1, 2017, Lagos witnessed a landmark gathering of technology, digital and financial services thought leaders and professionals for the KPMG Digital Summit 2017. The summit which held in Eko Hotel, Lagos was a sequel to the 2016 KPMG Fintech Summit.Read More. Matchi CEO speaks at KPMG Digital Summit
Possible approaches to Fintegration within banking
Written by Terence Singh
The fundamental challenge of integrating fintechs with banks has been a lack of experience on both sides – banks are familiar with large scale implementations with technology companies that are themselves familiar with integration. These companies typically have teams dedicated to project managing these integrations. Small fintechs are generally resource constrained with little experience of dealing with large companies in terms of culture, compliance and other non-technical areas. As banks and insurers have come to realise that there are significant benefits collaborating with fintech solutions, several approaches are becoming apparent:
The first step in all cases though is one of assessment:
- Classifying fintech solutions according to degree of integration required. This requires an assessment of which areas in the bank will be impacted, which systems, compliance, regulatory etc. This will determine the level of integration required. For example, a data cleaning solution merely requires an anonymised data file which is enhanced by adding missing information (the file itself may not even leave the bank’s systems).
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