Banking

Small businesses are the backbone of modern economies, in which the democratization of financing opens new frontiers for an increasing number of entrepreneurs.

The European Banking Authority (EBA) has published its ‘final’ draft Regulatory Technical Standards (RTS) on Strong Customer Authentication (SCA) and secure communication under PSD2.

Neobanks are viewed as a direct challenge to the status quo of the established traditional banks, with their lower cost structure and hyper-personal customer experience.

While a plethora of challenger banks and neobanks have preferred to build their core platforms in-house, the game is not lost for traditional platform providers.

Video banking could become the banking of the next generation along with mobile-only banks and other latest trends in banking.

In this age, where millennials expect everything in four clicks, it is also important to quickly provide those accurate answers and a great customer experience.

As incumbent companies continue to maneuver the demands of consumers, many of them are betting on a tech/mobile-forward approach to help retain satisfied users.

With the rising bar of customer expectations, the need for faster, safer, and highly personalized solutions in personal finance management grows beyond measure.

With effect from January 13, 2018, the EU member states implemented PSD2 in their national regulations.

On June 28, 2019, the Monetary Authority of Singapore (MAS) announced that it would issue up to five new digital-only bank licenses.

Cloud and mobility are enabling the next generation of banking and commerce experiences. Cardless ATMs and withdrawing cash without cards are great examples of such innovations.

The rise of the ever-growing relationship between technology and financial services is bringing significant changes to the banking industry, which is becoming a battleground where competition is developing to be increasingly multifaceted.