Americans Want Paper Checks To Die (#KillTheCheck)
A survey of US consumers this week found that a third of Americans believe that paper checks will die within five years, andmore than 80 percent believe checks will be completely gone within 20 years. In addition, 80 percent of respondents believe that the future of finances will be significantly easier thanks to digital payment technologies, fingerprint sensors, facial recognition, voice technology, and retinal scanning. In short, consumers are rapidly accepting new technology, a change that will force the industry to evolve.
Visa unveils new incentive plan to push cashless transactions
Visa announced that they will give $10,000 to improve the payment infrastructure at 50 different food vendors, starting in August. The only catch? These vendors must promise to eliminate or remove cash payments. The move represents Visa's push to drive down the number of cash transactions happening around the world, thereby driving up the number of payments via card (and in turn driving up revenue to Visa).
Forrester Research analyst Aurélie L’Hostis says, "The future of mobile banking will come down to user experience, personalization and how, in the future, banks will create new sources of value for customers through digital partnerships."
L’Hostis adds that it's no longer enough to show users their transaction history. Today, banks and credit unions must actively provide their users with true financial guidance.
5 Reasons Why a Consolidation of the Fintech Ecosystem May Be Inevitable
Devie Mohan, Co-Founder and CEO of Burnmark, says that the fintech ecosystem will consolidate because neobanks need to scale and diversity their product lines, while traditional banks need to improve their user experience. Each player needs something from at least other player in the space — especially when it comes to analytics.
Chris Skinner writes that "the universal model of a bank doing 1000 things averagely around the world is replaced by 1000 companies doing 1000 specialist things brilliantly, thanks to the deployment of technology for financial processing. They are also succeeding.”
What Santander’s latest bets say about the future of fintech
American Banker's Bryan Yurcan writes,“Need more evidence that banks are bullish on AI? Just look to Santander Group’s announcement Wednesday that its venture capital arm has taken stakes in two startups in the artificial intelligence space.”
Revolut raises $66 million for its global banking alternative
Romain Dillet at Tech Crunch writes that “Revolut started as a mobile app that lets you send and receive money in multiple currencies. Over time, the company has added a ton of financial services, turning it into a credible alternative to a regular bank account.”