By Jonathan Phillips - May 17, 2022
Health insurance: the impact of COVID-19 on health services
The last few years have had a tremendous impact on
Given that half of the world is connected to the internet, and a powerful generation of future consumers is emerging, there’s no doubt that retail banking is going digital. Who are the industry’s digital champions these days? Where do they come from and what are they doing to better serve their customers?
Last but not least, what are the hottest trends that the banking world should keep an eye on in the years to come? We have done the research for you and compiled this selection of articles we think are worth reading.
Author: Accenture
Date: January 2021
The pandemic has accelerated the need for digitalization. What can we expect in 2021? First of all, 2021 “will be remembered as the year we picked ourselves up after COVID-19, hopefully learning something in the process”, according to Alan McIntyre, head of global banking at Accenture. He also presents the 10 trends most likely to affect banking over the next 12 months. Here are the top three:
Author: McKinsey & Company
Date: January 2021
This article talks about the Asian region’s regulators increasing license allocations that set standards for the next wave of digital banks, hence “the opportunities for both incumbents and new entrants to enter the arena”. Three take-aways:
Asia’s digital licensing process began with Chinese regulators in 2015, and has since expanded around the region. Central banks in South Korea, Taiwan China, and Hong Kong SAR China granted a limited number of licenses.
Chat Luangarpa, executive vice president at KBank was a speaker at FintechOS Annual Summit’s debate on SME Banking in November 2020. He revealed KBank’s strategy towards SME banking, a banking segment severely hit last year. FintechOS wrote about KBank’s story and its initiatives amid COVID-19’s crisis in a recent article that we also recommend reading.
Author: Alex Kreger, Financial UX Strategist/Founder of UX Design Agency, hosted by The Financial Brand
Date: February 2021
According to Statista, there are 21,000 fintech startups in the world – in addition to about 90,000 banks worldwide that are rapidly digitizing themselves. Alex Kreger points out that “it’s not easy anymore to ensure the success of digital financial services among thousands of competitors. Even some fintech challengers struggle to stand apart”. Read this story for a practical perspective on the already-crowded fintech world.
Three take-aways:
This article published by The Financial Brand also offers reality-check insights and action points – it is definitely a good read if you’re working in the banking industry.
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MAIN PHOTO Credit: Marvin Meyer, Unsplash
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This article is part of a series of articles dedicated to the banking industry. FintechOS talked to leading companies, from incumbents and startups to accelerators and consultants, to get to the heart of the question: What does digital transformation look like?
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Related articles:
SME Banking: Weathering the Storm
Is Gen Z the Next Big Thing in Banking?
FintechOS Annual Summit: The Top Three Digital Transformation Lessons Of 2020
Andra Sonea, FintechOS: “We Should Look Closer Before Attempting Fundamental Transformations”
SME Banks Need to Act Fast: Responding to The Wave of Newcomers
Cov-19 Response: Banks will have to rise to new digital expectations
Banking Under Lockdown: How Western European and CEE Banks Have Responded to the CV-19 Crisis