Issues : Technology
As blockchain-based virtual currencies gain in popularity, opportunities exist for banks to use them to improve their operations and gain a competitive advantage.
Retail banking customers now expect high-quality, easy-to-understand products at a fair price from a banking provider that knows and understands them.
Many management teams and boards are currently developing strategies to address the opportunities and challenges posed by the fintech industry.
A new P2P competitor to PayPal’s Venmo is already gaining traction in the marketplace.
Investing in data quality can provide a range of substantial cost savings by improving the productivity of the analytical risk management processes.
Three-quarters of executives and directors see room to improve data analytics at their bank.
Banks may be slow to adopt blockchain in the long run but commercial clients may force their hand.
Banks are discovering that the stronghold they once held on payment processing, a thriving revenue-generating machine for their industry, is beginning to slip away.
Other companies have found success with subscription based revenue streams. Why can’t banks do so as well?
Some of the best banking technology is coming from outside banking.