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Tag Archives: Digital Transformation

Infographic: the rise of WealthTech

Evolving consumer expectations, the rapid adoption of technology and new competitors are placing new demands on today’s wealth management companies and reshaping the whole look and feel of the industry. Here’s a glimpse of the evolution of digital wealth management since 2011.   Does the Beyond Banking model represent the …

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5 competitive strategies for facing the BigTech threat

Today’s consumers want the same level of experiences they get from financial institutions as they get from BigTechs like Amazon and Google. The reality, however, is that most financial institutions do not currently offer this level of experience, meaning that, when BigTechs start delivering banking services, financial institutions may well …

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BigTechs march to battle in the financial sector

Over the past few years, there has been much made of the FinTech boom and how tech- and financially-focused companies were invading the financial sector from seemingly every corner. A new player, however, is entering the sphere and making even bigger waves. BigTechs (also known as TechFins) have swooped into …

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4 lessons financial institutions can learn from digital-centric companies

Digital-centric companies like Amazon and Uber have raised consumer expectations regarding the experiences companies provide. These expectations are even being placed on financial institutions. Here are 4 lessons the financial industry can learn from digital-centric companies: Be obsessed with consumer experiences – younger generations have come to expect companies to …

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Video: the threat of payment apps to U.S. banks

U.S. banks are projected to lose as much as USD 43 billion in revenue if mobile payment apps become as popular in the U.S. as they are in China. This video examines how cheap and easy phone-based payments are threatening one of the banking industry’s most profitable businesses. Sberbank registered …

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BigTech’s impending banking invasion

With concerns of a BigTech “invasion” into financing reaching an apex, it seems appropriate to examine BigTechs’ interest in the financial sector: Why might BigTechs get into banking? – financial services already make up about 11% of BigTech revenue streams. Moreover, there is great potential for this to grow in …

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China’s TechFin giants

Chinese tech firms are moving into the banking sector in a much different way then their Western counterparts. Whereas Western BigTechs like Amazon and Google seem content in serving financial institutions with cloud features and advertising, Chinese ones like Tencent and Alibaba seem far more interested in competing with financial …

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3 ways financial institutions in Kazakhstan can interact with BigTechs

New players, so-called BigTechs, are entering global financial markets and capturing new market niches by taking advantage of their technological innovations and huge customer bases. As these companies slowly begin their penetration into Kazakhstan, financial institutions in the country will need to choose one of three paths forward: Competition – …

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The heads of Yandex, Tinkoff and Severstal discuss technological developments

The St. Petersburg International Economic Forum hosted a discussion with the heads of Yandex, Tinkoff and Severstal, during which the three discussed ideas on the development of technologies. Highlights of the discussion are presented below, with more details available here. Artificial intelligence – artificial intelligence will not change human functions, …

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Sberbank to launch music streaming service?

Russian bank Sberbank is planning to launch a music streaming service in the near future. Currently, the bank is looking for a partner and is reportedly in negotiations with Yandex, Mail.ru and Zvooq. While representatives of all the aforementioned companies declined comment, Sberbank has reportedly been eyeing the streaming market …

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Video: opportunities and risks with bigtechs entering the financial sector

BIS economic adviser and head of research Hyun Song Shin discusses the entry of bigtech companies into the financial services industry and the new challenges this poses for financial regulators, consumer protection and data privacy. “Box” vs. “platform” IoT solutions: which is better? E-mortgage system launched in Azerbaijan VTB Bank …

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Video: the opportunities of TechFin

Chris Skinner, chairman of the Financial Services Club UK, discusses the opportunities of TechFin. Video: a cautionary tale of cyber privacy Startups are disrupting the payments industry The Six Biggest Trends in Fintech Today

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Expert opinions on Kyrgyz fintech and e-commerce market

E-Commerce and FinTech Hackathon 2019, organized by KG Labs and financially-supported by GIZ’s Trade Facilitation in Central Asia project and Interbank Processing Center, was held June 14-16, 2019 in Bishkek, Kyrgyzstan. We asked its mentors how they assess the state of the FinTech and e-commerce market in Kyrgyzstan. Here’s what …

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Video: what to look for in FinTechs

FinTechs are leading the charge in using advancements in technology to fundamentally change the landscapes of e-commerce, payment networks, online lending, money transfers, business-to-business (B2B) payments, personal finance and banking. Gain some insight into what is likely to drive a FinTech toward success and make is a smart investment choice. …

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Video: B2B financial services firm case study

Explore an interesting case study of a financial services firm that produces software for other businesses as they incorporated a new reference model and enhanced functionality to meet new government and consumer requirements. Infographic: Millennials vs. Gen Z in the workplace 10 charts that explain IoT’s growth Video: artificial intelligence …

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BFC takes part in E-commerce and FinTech Hackathon 2019

BFC experts took part in E-Commerce and FinTech Hackathon 2019, which was held June 14-16, 2019 in Bishkek, Kyrgyzstan. During the event, participants were given 54 hours to turn their ideas about e-commerce development and cross-border trade into working projects. Evaluation of the projects as well as technical assistance was …

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