Banking Technology September 2016 issue

Banking Technology September 2016 issue

The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.

So, what has caught our Editor’s eye?

Banks and start-ups – a match made in fintech heaven… Following a period of the challengers being practically invisible to the big guys, the latter are now keen to be friends.

A fintech solution alone is not enough, argues Anthony Brady, BNY Mellon’s global head of business strategy and market solutions, treasury services. Banks have been in business for nearly 550 years, he points out, bringing to the table unmatched experience and expertise that “can be invaluable to fintechs”.

But equally, the incumbents need agile and innovative start-ups onboard to keep up with the times.

“If the fintech firms’ strength is the banks’ weakness, and vice versa, then smart banks and fintech firms will look to leverage each other’s competitive advantage to preserve their value within the chain and survive and build scale within the financial ecosystem,” observe Saxo Bank’s Søren Kyhl (global COO) and Stig Tørnes (head of business management).

A good example is a recent tie-up between Santander and Kabbage for an online tool to give UK SMEs access to same-day funding. Santander uses the Kabbage platform to provide a line of credit between £500 and £100,000. Approval times can vary from 20 minutes up to 13 hours, whilst traditional methods would take between two and 12 weeks.

Gopi Krishnan, Al Hilal Bank’s new CIO, is asking fintech firms to get in touch “to explore ways to collaborate”, and so is Nordea’s new chief digital officer Ewan MacLeod, who is on the lookout for fintech companies, services and ideas to introduce to Nordea.

But it is important in all this exhilaration not to lose common sense. Not every fintech start-up is a “wonder kid”, comments Matteo Cassina, member of the global executive committee at Saxo Bank. (Although he does say that some of them are impressive and “will eventually get it right”.)

“Big banks have multiple clients with multi-million dollar business. Sometimes these start-ups are arrogant. They have four people in a room doing a website and they think this is amazing. But they don’t have 20 million customers.” A fair observation.

So, what are you waiting for? Make a fintech friend today – but make sure it is a good one!

The September 2016 edition of Banking Technology features:

Payments commentary
Harmonising high-value payments worldwide – how it’s being done and who’s onboard.

Banks and fintechs, unite!
BNY Mellon calling on greater collaboration.

Food for thought
Why payments can no longer be “an industry”.

Real-time payments across the globe
Nifty infographics and expert commentary.

Interview: Martin Coen, CEO of Dovetail
Pioneering endeavours for the lifeblood of commerce (i.e. payments).

Innovation spotlight
Monizo – first for freelancers. Not to be confused with Monzo.

Interview: Matteo Cassina, Saxo Bank
Saying no to fluff, buzzwords and the arrogance of start-ups.

The death of innovation
If Vocalink is sold to MasterCard…

Project spotlight: Association of British Credit Unions
Tech modernisation is really taking its time.

And not to forget the Regulars of course:
Appointments – the movers and the shakers.
Comments – outspoken and opinionated (this time on the UK’s Speaking Clock turning 80 and financial services).
Industry events – mark your calendars!
Out of office – curiosities, frustrations and mishaps of the fintech world.

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