FinTech Weekly - Fintech News Issue #317

Extension of program membership to Asia-Pacific follows USA, Canada, and Middle East-North Africa

The UK-based BankiFi is ready to disrupt the traditional banking institution to better support small business clients in Australia by expanding into the country’s emerging open banking industry.

Corporate social activism is likely to backfire by dividing employees, and distracting enterprises from their true purpose. His post said Coinbase should not be expected to represent employees’ personal beliefs externally, or to take on any activism outside of its core mission. The company later offered an exit package to workers who disagreed with the policy. Briain Armstrong: "He’s had a ton of coaching - (..) Andreessen Horowitz paid a ton to basically humanize him.

The NFT market saw about $35 million in sales, according to the data tracking firm DappRadar, down significantly from its February peak. During the same period, the number of people using NFT marketplaces fell 80% from a peak of 650,000 people to a more modest 128,000.

Lindsay Howard, head of community for the NFT art market Foundation, said that although the company definitely saw an initial boom around February when it first launched, she is starting to see a “promising” secondary market and works averaging 200% increases from their original sale price.

Despite the demand, only about five percent of retail capital in the U.S. was allocated to alternative investments, according to a May 2020 report by BCG. But the market is ripe for opportunities. Global financial wealth reached a record $250 trillion last year, in spite of economic uncertainties arising from the pandemic, according to a BCG report published this week. The report also argued that a key opportunity for asset managers will be offering investment funds and alternatives such as private equity and hedge funds to retail investors, including what it calls the simple-needs segment, or the mass affluent. These investments have long been out of reach of individuals.

Pierre Quemard, Senior Manager, Innovation Principal, Finastra

New technologies, competitors and regulations mean that to remain relevant, banks must innovate faster than ever. Today, open collaboration is essential. In fact, 91% of banks want to collaborate with fintechs and 75% of fintechs want to collaborate with banks according to Capgemini reports. Companies we use every day – such as Google and Facebook – are already using open APIs to create a larger ecosystem that drives innovation on top of their platform. Now is the time for financial institutions to do the same. Learn what it means to innovate and collaborate in financial services through an open platform.

Alyona Medelyan, CEO, Thematic

In 2020, consumers shifted to mobile banking and, within weeks, banking apps had to serve millions more consumers. They left hundreds of thousands of app reviews on Google Play and Apple App Stores, which represents substantial first party data about user experience. When turned into meaningful data, these reviews reveal where banks are delivering well and where there are barriers to usage.

Welcome to the BTF 2021 CX video portal. Explore the talks from the conference below. Feel free to share these with your friends and colleagues. All sessions are organized by track for easy browsing. Enjoy!

AI and machine learning have evolved from being technologies limited to a few major tech companies and hardcore academic researchers to something every business can and should be implementing as a key growth strategy. In this session, Professor Raj Venkatesan will provide insights featured in his new book, The AI Marketing Canvas. It’s a hands-on guide that shows marketing leaders how to go from “zero to hero” with AI in marketing, and discuss important implications for your team, talent, training, people and culture.