Are fintechs a danger to traditional banks? In the last few years, banks have suffered as fintechs have provided people with functionalities that were once unavailable to them. Fintech threat to banks has caused the latter to rethink its model of service delivery and administration.

Traditional methods of saving money consisted of depositing money into the bank and relaxing while our savings yielded interests over a span of time. While these banks operated using traditional…

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Retail banking 2020: why everyone’s talking about it The face of the banking industry is constantly changing. Retail banking 2020 is a move to prepare the retail wing of banking for the macro trends that will impact the banking sector in the year 2020.

Retail banking provides financial services to families and businesses in the form of credit, deposit, and money management. Retail banks provide credit to small and medium-sized enterprises (or SMEs) as…

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4 ways technology is transforming finance Technology in finance is enhancing workflows and processes in the financial services industry. Several tasks that were once handled with paper money, human interaction, and bulky computer systems are now conducted entirely on digital interfaces. The disruption that technology is bringing in the financial sector is massive.

Technology in finance has made an impact on almost every type of financial activity from payments to online banking to wealth management and more. Financial institutions are now required to…

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Why fintech matters to all entrepreneurs From mobile payments to Robo-advisors, fintech is changing the way customers are interacting with their banks and other financial institutions, making it an important aspect for all entrepreneurs in the BFSI space.

The term financial technology can apply to any innovation where individuals transact business, from the invention of money to double-entry bookkeeping. Since the advent of mobile and internet revolution, financial…

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Leveraging digital technology for financial inclusion An estimated 2 billion working-age adults all over the world do not have an account at a formal financial institution. Financial inclusion efforts include delivery of financial services at an affordable cost to sections of disadvantaged and low-income segments of the society. Using digital technology in finance can result in successful financial inclusion efforts.

Financial inclusion is ensuring that all households and business organizations, regardless of income level, have access to appropriate financial services they need to improve their lives. Currently, the poor or…

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In-memory computing in finance In-memory computing has the ability to transform business IT; enabling companies to crunch and analyze large volumes of data in near real-time. It involves storing data in the main random access memory (RAM) of specialized servers instead of storing data in complex relational databases running on relatively slow disk drives. In-memory computing in finance empowers banks, retailers, and other financial institutions to analyze huge volumes of data on the fly and detect patterns quickly.

In the old days, organizations used to produce plans for the future and then report on a quarterly basis about how they were performing against that budget or plan. Today…

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