This week in fintech news, the Global Banking Outlook 2017 study finds 60% of banks see the need to invest in new customer-facing technologies and innovation in order to spur growth. The Forbes Finance Council weighs in to talk about which financial technology tools are disrupting the financial services market, and Kent Mackenzie, head of Deloitte’s fintech team in Edinburgh offers his thoughts on why fintech will become a more pervasive part of our lives in the coming years. Continue reading our roundup for the latest in Fintech news.
Technology the Answer to Growth in Financial Services
For almost ten years, the banking industry has faced economic uncertainty and attempts made across the board to recover from the recession and return to growing, profitable, innovative organizations. The recent Global Banking Outlook 2017 found that, despite this lack of confidence (or maybe because of it), some 60% of banks see the need to invest in new customer-facing technologies and innovation in order to spur growth. Read the full story here.
Fintech Tools Changing the Industry Today
There is no doubt fintech is growing and disrupting the financial services industry by offering enhanced efficiencies, speed, and accountability to businesses. Many tools exist today that have led to this new age of financial services. Recently, members of the Forbes Finance Council weighed in to talk about which financial technology tools and software are causing a shift in the current financial services market. Find out what they had to say here here.
Artificial Intelligence and the Impact on Financial Services
As artificial intelligence continues to make its mark on every industry imaginable, it has many begging the question: will new technology replace people and jobs? Experts believe it depends on the industry. Moshe Vardi, a computer science professor at Rice University, points to the example of ATMs. “ATMs is the one example where people thought there would be fewer tellers—but it turned out, we lowered the cost of operating the branch so much the banks opened more branches. And so we have hired more tellers,” he said. Read the full story here.
Why Fintech Should Matter to You
Fintech has been around since the advent of the ATM and is exploding as customers choose mobile banking options on phones, tablets, or PC’s over visiting a branch. In the immediate future, fintech will become an even more pervasive part of our lives, says Kent Mackenzie, head of Deloitte’s fintech team in Edinburgh. “The growth of and development of technology is advancing at a quicker pace than it ever has done before, so it’s no wonder that new disruptive technologies are being considered in financial services,” he says. Read the full story here.
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