Banking Technology November 2018 issue out now
Fintech inception. Ideas come to life.
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
A note from our editor-in-chief, Tanya Andreasyan:
Digital disruption hits you in waves. So far, we’ve got hit by three of those, according to Bragi Fjalldal, CMO and VP business of Meniga, speaking at the recent FIN42 conference organised by the fintech firm in its home country of Iceland.
The first wave, pre-2006, is small – it is just the beginning. “Look at all those cute, little fintechs,” say the incumbent industry players. They set up “nurseries” for them in the form of incubators and accelerators, innovation labs and hubs.
The second wave, 2006-2014, is bigger – “whoa, there is a lot of them and some are huge!” exclaim the incumbents. Fjalldal highlighted the likes of Klarna, Adyen and Stripe. The market is taking notice.
And now we are in the third wave, where all these fintechs “are not so cute anymore” but are upsetting the balance of existing powers of the financial services market. New entrants are making a real impact, Fjalldal emphasised. 63% of banking and payments institutions in the UK are post-2005 creations. Together, they capture 14% of total banking revenues in the country. There are over 40 institutions in the UK that fall into the “challengers” category, and the UK regulator is kept busy with a steady stream of applications for banking licences.
On the global scale, Alibaba’s Ant Financial empire is valued at $150 billion, which is more than Goldman Sachs and BBVA combined, Fjalldal noted. Alipay has 870 million mobile pay users (30% of whom are outside China), MYbank serves over 3.5 million SMEs, wealth manager Ant Fortune has over 180 million users, while Ant Check Later has over 100 million consumer credit clients. And all these numbers are for active users.
In his keynote speech at the FIN42 event, Chris Skinner, a well-known commentator and strategist on the financial markets, cited a conversation he had with Li Wang, head of Alipay and Ant Financial in EMEA, and Ashok Vaswani, CEO of Barclays Bank UK. Each employee of Alibaba generates $16 million a year, Wang said. What about Barclays? An employee of Barclays generates less than $400,000, Vaswani replied.
Look east, Skinner and Fjalldal urged.
The fourth wave is on the way.
The November 2018 edition of Banking Technology features:
Transformation of the European landscape.
The biggest hurdle to financial institution future-proofing.
Case study: Citi
A quest for real-time corporate banking.
Spotlight: open banking
Changing culture, meeting expectations.
Food for thought
The real question behind build/buy/partner.
An economic case for gender equality.
Analysis: digital banking
The five attributes of a successful digital banking experience.
Fintech funding round-up
Who’s invested in whom?
Technology for the new world.
Lendtech vendor spotlight: AFS
Regulation and competition driving lending transformation.
The age of the generalist is now.
Analysis: audiovisual technologies
How Odeabank, Citizens Bank and Bank of America utilise AV tech.
Spotlight: cloud tech
The key to agile change.
And not to forget the Regulars of course:
News – the good, the bad and the ugly.
Appointments – the movers and the shakers.
Industry events – mark your calendars!
Out of office – a slice of satire.