Dr. Andrew Johnston, Global Head of Willis Re Insurtech, warns that the insurance industry is facing unprecedented historical losses. However, not all players are confronting the same struggles. An increasing number of insurers are moving towards a fully digitalized environment, relying more on remote systems (increasingly cloud-based) that can support electronic quoting, policy binding and issuance, and claims paying technology. Read more
In a discussion between Bill Wrest (Gresham Technologies) and David Christie (Bleckwen), it was highlighted that maximizing the full potential of data can be a challenging task to be achieved for many companies. The two industry experts highlight important issues from the financial sector, such as banks only touching the surface of the true value of data, slow response times for adapting to customer demands, lack of data tracking and high possibility of data breaches. Read more
In a recent analysis conducted by Forbes, Daniel Webber, founder and CEO of FXC Intelligence, focuses on how digital and cash transactions have paved the way for leading money transfer players to thrive in the current Covid-19 climate. With the rise of contactless payments, cash has been overlooked, although it is the primary growth facilitator of the digital divisions and businesses across the money transfer sector. Read more
James Booth, VP of Payment Partnerships, EMEA, at PPRO, further emphasizes the rise of a cashless society and the impact this has on businesses and the payments industry. Consumers have become more trustful in online payments, with 31% of UK consumers reporting that they are confident using mobile wallets, such as Apple Pay. However, it’s important to consider the downsides of a cashless future, such as financial exclusion, considering that 26% of the global population doesn’t have a traditional bank account. Read more
According to FinSMEs, the current economic climate is facilitating fintechs with several advantages in terms of customers and market entries. Compared to traditional banks, fintechs have quickly adapted to the new changes, providing customers with smoother onboarding processes, constant quality improvement of services, and new products such as Trade Ledger. One potential territory to be explored regards a partnership between fintechs and banks, due to the fact that fintechs are more likely to come up with innovative solutions whereas banks take a risk management approach. Read more
Batteux, A. Bilovich, S. Johnson, and D. Tuckett emphasize in an analysis piece how consumers can easily be influenced by the false impression of trust in financial providers. In their experiment conducted between July and September 2020, consumers show an initial preference for certainty, but even when the certainty is removed, consumers do not necessarily stop investing. However, due to the fact that the respondents were exposed only to positive outcomes, results may vary if the experimental conditions involved an experience of loss. Read more
According to Lex Sokolin, a CoinDesk columnist, DeFi sector can fill in the gaps and bring solutions instead of crowdfunding and P2P lending. With P2P models still not fitting the norm nor reaching the stable market balance, original innovators have exited the business in favor of a more straightforward, scalable solution such as banking. Likewise, in P2P crowdfunding, the market is consolidating and showing limited growth economics. Read more
According to the Fintech Times, with fintechs providing effortless financial payments, instant delivery, and security, the entertainment industry is joining the trend, with players such as world-class gaming Casino.com implementing efficient payment procedures for their clients. For certain gaming companies, facing strict regulatory conditions, the increased liberalization of payments provided by the fintech sector is a groundbreaking innovation. Read more
Shortly after Yandex (“the Russian Google”) announced earlier this month its plans to acquire online bank Tinkoff, an agreement was reached to not proceed further with the transaction. The main disagreement comes from the different views on the new partnership, which posit Yandex as merely being interested in a takeover of Tinkoff, the world’s largest fully online bank with more than 10 million customers across Russia, whereas Tinkoff viewed the deal as a merger. Read more
Do you have any news to share: please put feed@https://hollandfintech.com/ on your press list.
Read here our other sections of this week:
- Weekly funding highlights 23 October 2020
- Weekly news highlights 23 October 2020
- Weekly research highlights 23 October 2020
Subscribe & read the full newsletter here: https://hollandfintech.com/featured/newsletters/
Fintech-Insight is dedicated to delivering unbiased and dependable insights into cryptocurrency, finance, trading, and stocks. However, we must clarify that we don't offer financial advice, and we strongly recommend users to perform their own research and due diligence.