No matter how strong, many of the world’s fintech companies are starting to struggle. Read more on this trend below.
The cloud has revolutionized the way that people store information. The cloud is integral to Fintech because it offers a cost-effective and scalable platform for storing data, processing transactions, and running applications. It also helps ensure that your company’s security…
It’s a great space a great and a great opportunity says Fiserv CEO Frank Bisignano. The opportunity to build things and grow is always a lot of fun. From large to small there’s a comeback in payments and we see growth going forward.
Verizon and Mastercard are partnering to bring the benefits of 5G to the payments industry.
Google Pay is losing talent, in the form of both executives and employees, as the division struggles to gain ground.
Square has announced it is purchasing Afterpay Limited, the Australian firm that made its name in the “buy now, pay later” business.
Visa is abandoning its plans to acquire Plaid after the Department of Justice (DOJ) sued over antitrust concerns.
“We got our virtual banking license in April,” says WeLab CEO Simon Loong. “These are very exciting times. Traditional banks have their own way of doing things, but what we’re looking at is how do we look at offering technology-driven banking through innovation and technology?”
“Over the last several years in the company’s history we’ve diversified the business so that we have less and less exposure to fuel,” says WEX CEO Melissa Smith. “But as fuel prices go up we do have some benefit from that and when fuel prices go down we do have something negative to that.”
The future of fintech is cloud, AI, blockchain, IoT, 6G and quantum computing, says Anton Ruddenklau, Global Co‐leader of FinTech at KPMG. Those are the technologies that are fueling the digital transformation and will be central to financial services in the UK and the world going forward.
Bank of America has gone massively digital and it is now powering their growth. “We had a billion and a half logins to our apps last quarter,” says Bank of America CEO Brian Moynihan. “This is not theoretical. We are one of the largest digital companies. We are also one of the largest physical companies. It takes both high-touch and high-tech.”
“Cloud is really the new normal,” says Scott Mullins, Head of Worldwide Financial Services Business Development at AWS. “If you look across enterprise companies and financial services today, the vast majority are considering cloud as a major part of their IT strategy going forward.”
Digitalization is not something that’s coming, this is something that already exists, says Bank of America CEO Brian Moynihan. He says that 25 percent of their sales are done on digital. Moynihan says his goal is to bring the whole banking system to the digital age to make it more efficient for customers.
The pace of technological change is possibly the biggest challenge that financial institutions are facing says Cisco FinTech Lead Al Slamecka. He says that the large financial organizations are zeroing in on automating the network management functions and the operations side of their businesses, which they call Intent-Based Networking.
American fintech company Brex has just launched a new corporate credit card designed specifically to assist startups. The news of this unique credit card also comes on the heels of Brex’s recently concluded Series B funding round. The company was…