BFC Bulletins Monthly News Digest

Stay up-to-date on all the all the latest FinTech news and information from around the world in the BFC FinTech Monitor. Around the World: Management at PayPal is predicting that the use of cash as a major payment instrument is quickly coming to an end. As a result, the payment giant plans …

The COVID-19 pandemic has revealed the shortcomings of a number of traditional financial institutions, especially as related to digital transformation. Here are 4 digital transformation lessons they need to embrace in the post-pandemic period or risk being left behind: Be more open to digital collaboration – traditional financial institutions’ internal …

While the banking industry leads other industries in the adoption of some practices and technologies, digital transformation is not one of them. So, let’s take a look at 4 things financial institutions can learn from other industries in regard to digital transformation: Adopt the first principles of engineering – made …

The banking world appears to be convinced that the COVID-19 pandemic has accelerated digital transformation in the financial services industry. While this may be true in some senses, it is important to temper expectations of a quick and radical shift toward personalized digital solutions that can be seamlessly integrated into …

Stay up-to-date on all the all the latest FinTech news and information from around the world in the BFC FinTech Monitor. Around the World: The Office of the Comptroller of the United States Currency has authorized financial institutions to provide custody services for cryptocurrencies as they are able to “offer more secure …

A new retail banking consumer “pulse” survey by the Boston Consulting Group is helping identify short- and long-term shifts in consumer behavior and sentiment on the basis of data from more than 5,000 respondents across 15 markets, especially as related to channel usage, customer satisfaction with how financial institutions managed …

COVID-19 has resulted in an economic contraction that will likely be the deepest since World War II. It has also put tremendous stress on the banking industry. At the same time, this stress has helped show financial institutions what is actually possible in terms of change. And it is time …

Experts are predicting that the COVID-19 pandemic and related measures will serve to accelerate digital transformation strategies at commercial financial institutions across the Association of Southeast Asian Nations (ASEAN) region. This is largely due to the fact that consumers tend to prefer convenience and perceived safety during times of crisis. …

Stay up-to-date on all the all the latest FinTech news and information from around the world in the BFC FinTech Monitor. Around the World: The world’s leading payment systems are launching new click-to-pay online payment technologies in a number of new markets, including Australia, Brazil, Canada, Hong Kong, Ireland, Kuwait, Malaysia, Mexico, …

Financial institutions operating in Eastern Europe and Central Asia were active in providing innovative services and solutions for small- and medium-sized enterprises (SMEs) in 2019. In fact, financial institutions in these regions implemented 20% more such services and solutions than in 2018, with more than 40 financial institutions distinguishing in …

The COVID-19 pandemic has given Russian financial institutions the impetus to increase the implementation and use of innovative financial technologies, which will, in turn, serve to further accelerate the process of digital transformation in the financial sector in the country. At the same time, the benefits associated with digital transformation …

Kazakhstan began its journey toward digitization in 2006. Since that time, digitization has gained much traction in the country in both the public and commercial sectors. Our friends at Terrasoft sat down with Nurlan Akshanov, deputy chairman of Construction Savings Bank (one of the largest banks in Kazakhstan) to discuss …

Stay up-to-date on all the all the latest FinTech news and information from around the world in the BFC FinTech Monitor.  Around the World: 16 major financial institutions operating in the European Union (EU) have begun working on a pan-European payment system that will provide an alternative to Visa and Mastercard as …

Bloomberg convened a peer community of C-level technology executives and senior decision-makers to examine how financial services leaders are embracing digital transformation to improve business continuity, modernize processes and navigate mounting challenges. Watch this fascinating panel discussion to gain some interesting insights into how the COVID-19 pandemic is driving digital …

Prior to the COVID-19 pandemic, many financial institutions were on the digital transformation path, slowly moving toward what seemed like an eventuality. As the pandemic broke and the world moved online, gaps in these efforts were highlighted. The good news is that this may actually give financial institutions the impetus …

In recent months, there has been a deep cultural change in the way we live our lives and conduct business. This change, brought on by the COVID-19 pandemic, is largely being driven by digital transformation initiatives, which became front and center as the world was urged to stay home. Fortunately, …

Stay up-to-date on all the all the latest FinTech news and information from around the world in the BFC FinTech Monitor.  Around the World: Analysts with CB Insights have teamed up with Fast Company to compile a list of 50 companies poised to become the next “unicorns” and receive an estimated total …

As we emerge from the COVID-19 crisis and look to the future, we can clearly see that banking will be very different than it was before. Perhaps most obviously, banking will move increasingly into online spaces as the measures taken to combat the spread of COVID-19 are exposing a greater …

We’ve already seen some of how COVID-19 has changed our thoughts on the financial industry and how we engage with it. But it’s also important to look toward the future and try to understand what is driving the future of the industry once we move past COVID-19. Economics – low …

COVID-19 has spurred a fundamental shift in consumer behaviors and expectations. This shift is also impacting the way in which financial institutions interact with consumers as well as the way they are likely to be viewed by consumers in the long term. With that in mind, let’s take a look …