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.View. 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.View. Is Fintech really all about millennials?
Matchi Report: Cyber Insurance
How Insurtechs Can Unlock The Opportunity
Cyber risk is not just a wholly digital risk – it spills over into the physical world of tangible assets as well, e.g. hacking into a fire protection sprinkler system could lead to flooding and damage to physical property.
An integrated view of cyber is critical to fully address the range of risks that it can give rise to.
Cyber risk is a bridge between tangible and intangible assets, which leaves organisations exposed to a much wider scale of damage, which is not often adequately insured since Cyber Insurance has historically been focused on digital assets, such as client’s personal data or transactional data.
The increase in cyber attacks along with its wider impact has led insurers clients and insurers to rethink the knock-on effect on other insurance lines like personal (reputation), property (physical damage), intellectual property (competitor information) etc.
View: Matchi Report: Cyber Insurance
Matchi Master Discussion: Agile Payments with i2c and KPMG
Transforming Financial Institution Business Models in the Cloud
Are business models and market conditions changing faster than your payment strategy can?
Changing business models require innovative agile technology and a recognition that innovation in payments is a necessity to keep existing customers and create new opportunities. Financial institutions are ill equipped and encumbered by legacy systems which prevent them from adapting to this new environment.
The right cloud based payments systems can help financial institutions compete in this landscape and not be left behind.
Successful implementation and integration of these systems are already taking place –and in many cases forward thinking Financial Institutions are already doing this.
View: Matchi Master Discussion: Agile Payments with i2c and KPMG
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.View. KPMG Pulse of Fintech, Q4 2017
Bank Innovation Readiness Report
A collaboration between i2c and PYMNTS.com
When it comes to innovation in payments, the hip new alternative finance players — from Bitcoin-based startups to Lending Club to Venmo — get much of the press. In fact, hardly a week goes by without an article on cryptocurrency in the Wall Street Journal, and a hardly a day goes by without one in tech media like TechCrunch.
They have benefited enormously from innovation led by FIs over the last decade, from ATMs that provide an increasing variety of services to mobile banking, one of the apps types most commonly used by smartphone users.
Of course, very large banks, such as JPMorgan Chase, have the money to invest in innovation. They can grow their own or buy companies, such as up-and-coming FinTechs, to introduce new products and features to their customers. The majority of FIs, however, are relatively small. The 25th largest FI in the U.S. in 2016 has assets of $116.38 billion. As of June 2017, there were nearly 11,565 FIs with fewer than $116 billion in assets, and they accounted for just 28.1 percent of total bank assets.
Between being traditional and simultaneously lacking the deep pockets of a large brand, one might think FIs outside the Top 25 innovated about as often as the local taxi company. But, we surveyed financial institutions about innovation — defined as both the implementation of wholly new products and new features for existing products — and the results show that view is quite wrong.
We conducted a detailed survey of payments executives at FIs to study payments innovation in these institutions, excluding the largest 25 U.S. banks. We obtained a sample of 214 respondents representing the complete size distribution of various types of FIs throughout the country.
View: Bank Innovation Readiness Report
Fintech innovations automating Cheque Processing
As much as the digital revolution has created multiple forms of paperless payment, from EFTs to cards to wearables, there is still a substantial amount of cheques still being issued, particularly for the B2B market. Cheques have some defining characteristics that may seem archaic in the new world of real time, instant payments but may actually be desirable in many instances, e.g. delays payment, ability to post date payment, simple to use, requires no knowledge of payees banking details etc.
However, the process of issuing and receiving can be cumbersome. Several fintechs have automated some aspects of cheque processing either by digitally issuing checks or using technology to digitise paper cheques while maintaining adequate security.
View: Fintech innovations automating Cheque Processing
Fintech innovations offering Cloud Based services
A driving factor behind the rise of fintechs has been access to technology and storage, at lower cost. Fintechs have leveraged these advantages to start offering niche based services with different pricing models as opposed to normal, location based technology.
Applications of cloud based fintech range from the obvious one like data and document storage to much more complex products like separating the elements of encryption in different layers. In addition, the cloud allows greater collaboration between developers and data analytics providers.
View: Fintech innovations offering Cloud Based services
Fintech Innovations that use Comparison Engines
The exponential increase in data as well as the willingness of people to share information has led to a rich set of data that peers can compare themselves to. In addition, there is an abundant set of technologies that allow data to be anonymised while being aggregated. The earliest versions of this were comparison of interest rates offered by banks.
However, this has evolved and it's now possible to compare your investment portfolio to others of a similar profile. The continued transparency in costs and benefits has led to a transfer of power to the consumer. However, the glut of information needs to be organised in a user friendly manner which is where the fintech industry has stepped in using efficient algorithms and cloud computing.
View: Fintech Innovations that use Comparison Engines
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