The Uberization of Banking
Simon Mathews, Chief Strategy Officer at Extractable, says that the current battle in financial services is about being the primary interface for consumers — just as Uber did with the taxi industry. When it comes to new disruptors, Mathews says, "it’s the technology and the algorithm that is now the intermediary, not a person in a local office. And that technology is transparent and enabling to the user, not limiting and obfuscating."
Brett King talks to CNBC about the current state of fintech and how his company, Moven, fits in the landscape. Also check out King's recent Medium post, "The Augmented Age," which looks at the future of technology as it relates to banking and beyond.
No more 25¢. No more transaction fees.
Dwolla's founder, Ben Milne, announces that his company will no longer charge consumers to transfer money — making the payments arena even more competitive and beneficial for end users.
How Can Banks Remain Competitive in the ‘Digital Age’?
Nicole Kealey from SAP says that if financial institutions want to succeed in the current market, they need to be digital, distinct, and adaptable for consumer demands.
Will banks be laid low by a killer blow from new competition and regulation?
Chris Skinner outlines the consolidation in the banking industry and how new technology gives users the opportunity more choice in where they bank. Skinner says, "The combination of the new firms with narrow focus and the regulators with broad focus is creating a new world. The new world is one where no-one controls anything, certainly not banks, as the user has the choice. Users with choice will focus upon bundling their own bank rather than having a bundled bank." In other words, financial institutions no longer have a monopoly on the banking experience.
Google and Intel top charts of corporate investors in fintech
Finextra covers a story about the latest in fintech investment, saying that "in 2014, $1.4B was invested across more than 110 deals involving as many as 90 large corporate investors." Of the 90 large investors, Google and Intel topped the list.