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#Fintech Disruption in Banking – Will Neo Banking be the new normal in COVID Era?

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The global banking sector is increasingly being disrupted by a new wave of FinTech – The Neo banks – that have challenged every part of the traditional banking model, from customer onboarding to transaction models, to consumer marketing, etc. magnifying the competition in a big way. Neo (new) banks are FinTechs that are the new-age interpretation of banking services. In contrast to the conventional banks, which may offer digital services, but usually rely on their physical branches, neo-banks are digital-only financial institutions. Neo banks do not have a physical presence. Every process is digitized, and everything can be done from the bank’s website or just a smartphone app. Globally, neo banking has recorded a CAGR of 50.6% from 2016 to 2020 being valued at US$ 50.2 million in 2020. Fu...

FinTech meets TechFin – The Future in Focus.

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We have heard so much buzz around FinTech and TechFin bidding against each other on “who will disrupt financial services,” “which is better,” etc.  Let us shift our focus from this paradigm to a different outlook. For that, we must first understand the underlying meaning of the above. FinTech looks at how we do financial services today and deliver it in a better, quicker, cheaper, and more efficient fashion with technology. E.g., PayPal, UPI, etc. TechFin doesn’t start with the concept of finance or how we do finance today; it begins with technologies we have now and works at how to exchange values(products/services) in a new form in the ecosystem. e.g., Google, Amazon, etc. The focus should be more on expanding the size of the plate rather than eating somebod...

5 biggest cybersecurity challenges for fintech enterprises in 2020

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Financial technology (fintech) has completely revolutionized the traditional financial services industry in the last few years. However, the adoption of the latest technologies has brought several cybersecurity challenges for fintech industry. Banks and other financial services organizations started the use of fintech services to improve their processes, which were typically very difficult to deal with. For instance, the fintech solutions can enable investment, money transfer, lending and personal finance, right from smartphones or desktop devices. Related read: How COVID-19 reinforced the importance of Business Continuity Planning? Cybersecurity landscape in fintech Cybersecurity is a big challenge for almost every sector today, as the number of cyberattacks continues to rise despite the ...

FinTech – Cracking the Millennial Code.

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  “Millennials are often portrayed as apathetic, disinterested, tuned out, and selfish. None of those adjectives describe the Millennials I’ve been privileged to meet and work with” ~ Chelsea Clinton So, what do we know about the millennials? A Millennial is someone born amidst the years of 1980 and 2000 (opinions can vary). Brought up in the age of instant gratification alongside the era of growing technology, they have been labeled as “Screen addicts,” “Show-offs”, “Liberals” (as if it’s an awful thing), and the list continues… Let us thwart that mindset with a new perspective. Millennials think differently to Generation X (1961-1980). They tend to see things differently, faster, and the need for speed is faster than Generation X, which has ...

The FinTech Revolution

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“ India has the highest fintech adoption rate and second-largest fintech start-up based in the world. 1000+ fintech start-ups in India spread across diverse areas such as digital lending, digital payments and wealth management are offering impressive emerging tech-based solutions”~Achyuta Ghosh, Head – Research, NASSCOM  Let us start with a simple question, How many of you like to travel overseas? You go to the airport with money in your pockets to convert them to dollars, pounds, etc., so you go to an exchange bureau, and you feel like crying on the rates you get. Let’s say you are paying 5% transaction cost on a trip abroad which means for every 20 trips you could have got one trip free if there were no charges. You take a trip to the US; you spend money. You have Revol...

#TechFightsCovid: FinTech Disrupts Corona

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“FinTech is not only an enabler but the driving engine”                                                                                                 -Pierre Gramegna While the coronavirus pandemic sweeps the entire world, governments’ response to this international health crisis has worsened the global economy. Substantial lockdowns and social distancing measures are leading to tremendous unemployment spikes and numerous businesses are already seeing conspicuous loss of revenue and struggling to maintain their operations. The shift in the payment habits amidst the covid-19 and post will be fairly visible in coming months. Now the focus is on how human touch or interaction can be done away with digital payments. COVID-19 is trying its best to bring down the FinTech sector: 2019 seemed to...

#FinTech Enablers in Covid-19 – Combating Payment Frauds with 5 Disruptive Technologies

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With a sudden surge in the digital payments in midst of the corona virus fear, the risk of cyber fraud has also amplified. Online payments and other digital methods like UPI, wallets, USSD, etc. are prone to a number of cyber-attacks and are attractive targets for cyber criminals, especially during the ongoing pandemic. According to a recent study, almost 50% Indian consumers are more concerned about digital payments fraud now than when COVID-19 first emerged! Further, 31% of Indian consumers have been recent victims of card or digital payments fraud or know someone among their immediate family or friends who has been impacted through such cyber frauds. Additionally, key digital payment fraudulent concerns of Indian consumers include – fake apps and websites-biggest concern (52%), co...

Covid-19: An Opportune Time for Fintech to Grow

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Did you know that Fintech is one of the fastest-growing sectors? Well yes, it is and as per data from NASSCOM, globally the industry is estimated to soon touch $45 billion with a growth rate of 7.1%. The COVID-19 worldwide crisis is affecting every industry differently, and FinTech is no exception. But, as the world shifts from “respond” to “recover” to “resurrect”, and economies shifts from crisis mode, new opportunities will be created for FinTech. It is an opportune time to think big, be agile and act boldly. The key question though is how FinTech industry will seize the new opportunities post the pandemic using their unique assets and skills. What we are facing are: We are headed towards a Global Recession. There’s an unprecedented rise in the unemployment: Highest since 2010. The Capi...

Emerging technologies transforming the financial sector.

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“Fin-tech is not just a term that describes technological integration with Finance. It is the fuel that is going to decide the race and the winners in the market in the coming times. To drive towards success financial companies need to implement some changes” We can feel the change in how India is adopting the digital platform to transform the businesses that operate today. There has been a disruptive shift in conventional cash flow and all other financial services as Fintech entered the Business Environment. People are now coming forward to accept the change and adopt the latest technology to simplify their financial transactions using various apps such as BHIM, UPI, etc. As predicted by the experts, the Fintech market is likely to expand to $31 Billion by 2020.  Collaboration between ban...

#TechFightsCovid: Top 5 Digital Payment Methods – A Boon Amid Crisis

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The COVID-19 pandemic has indeed affected markets and industries across the globe sparing none. The payments industry is not spared either – but with a pinch of positivity – with digital payments seeing a huge uptick since the covid-19 outbreak. Cash exchange and exchange of physical banknotes and coins is a big threat to the spread of the covid-19 virus and has led to huge public concerns about viral transmission via cash. Even WHO spokesperson has reportedly recommended people to Avoid use of physical banknotes and coins and use digital payments where possible. As a result, the adoption of the digital payment solutions is increasing at a rapid pace. In India, per say, RBI has encouraged people to use digital payment services amidst the covid-19 outbreak. As a result, a recent report foun...

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