Saturday, 14 May 2016

Fintech could be bigger than ATMs, PayPal, and Bitcoin combined (PYPL)

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We’ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs.

No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new financial technology (“fintech”) revolution.

The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world:  The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes:

  • Traditional Retail Banks vs. Online-Only Banks: Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees

  • Traditional Lenders vs. Peer-to-Peer Marketplaces: P2P lending marketplaces are growing much faster than traditional lenders—only time will tell if the banks strategy of creating their own small loan networks will be successful

  • Traditional Asset Managers vs. Robo-Advisors: Robo-advisors like Betterment offer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for.

As you can see, this very fluid environment is creating winners and losers before your eyes…and it’s also creating the potential for new cost savings or growth opportunities for both you and your company.

After months of researching and reporting this important trend, Business Insider Intelligence has put together an essential briefing that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like:

  • Retail banking

  • Lending and Financing

  • Payments and Transfers
Wealth and Asset Management

  • Markets and Exchanges

  • Insurance

  • Blockchain Transactions

If you work in any of these sectors, it’s important for you to understand how the fintech revolution will change your business and possibly even your career. And if you’re employed in any part of the digital economy, you’ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable.

Among the big picture insights you’ll get from this new report, titled The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry:

  • Why financial technology is so disruptive to financial services—it will soon change the nature of almost every financial activity, from banking to payments to wealth management.
  • The basic conflict will be between old firms and new—startups are re-imagining financial services processes from top to bottom, while incumbent financial services firms are trying to keep up with new products of their own.
  • Both sides face serious obstacles—traditional banks and financial services firms are investing heavily in innovation, but leveraging their investments is difficult with so much invested in legacy systems and profit centers.
  • Meanwhile, startups are struggling to navigate a rapidly-changing regulatory landscape and must scale up quickly with limited resources.
  • The blockchain is a wild card that could completely overhaul financial services. Both major banks and startups around the world are exploring the technology behind the blockchain, which stores and records Bitcoin transactions. This technology could lower the cost of many financial activities to near-zero and could wipe away many traditional banking activities completely.

This exclusive report also:

  • Explains the main growth drivers of the exploding fintech ecosystem.
  • Frames the challenges and opportunities faced by incumbents and startups.
  • Breaks down global and regional fintech investments, including which regions are the most significant and which are poised for the highest growth.
  • Reveals which two financial services are garnering the most investment, and are therefore likely to be transformed first and fastest by fintech
  • Explains why blockchain technology is critically important to banks and startups, and assesses which players stand to gain the most from it.
  • Explores the financial sectors facing disruption and breaks them down in terms of investments, vulnerabilities and growth opportunities.
  • And much more.

The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry is how you get the full story on the fintech revolution.

To get your copy of this invaluable guide to the fintech revolution, choose one of these options:

  1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
  2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of financial technology.

Join the conversation about this story »

via Enterprise

Bits: Farhad and Mike’s Week in Tech: Facebook’s Take on the News

Charges of bias at Facebook Trending; a bad week for tech companies; ride-hailing and the cities.

via NYT > Technology

Technophoria: When Websites Won’t Take No for an Answer

User experience experts are calling out companies whose digital practices may cross the line between nudge and manipulation.

via NYT > Technology

Friday, 13 May 2016

Details Emerge on Global Bank Heists by Hackers

The latest target appears to have been in Vietnam, and the intruders used tools similar to those used in a Sony Pictures hacking in 2014.

via NYT > Technology

We just saw a new term for white men in tech: 'non-diverse'

Salesforce CEO Marc Benioff

When it comes to companies that have staffed their board with people of many backgrounds, Salesforce has done commendable job.

Its board of directors includes former Secretary of State Colin Powell, Gilead Sciences CFO Robin Washington as well as YouTube CEO Susan Wojcicki and former vice president of the European Commission, Neelie Kroes.

That means that of the 12 people on its board, four of them (one third) are not white males.

(And, by the way, the company's initiatives on equal pay for women make it a role model on that front)

Still we couldn't help but chuckle at the company's latest SEC filing, in which it describes the backgrounds of its board.

Take a look at the chart, at the part where it describes the diversity of its board. 33% of them are "diverse" and 67% of them are "non diverse."

We have now gotten to the point in the diversity discussion where everyone is being labeled in relation to it. The new chic term for white men: non-diverse.


Salesforce board diversity 

Salesforce board non diverse 

SEE ALSO: Larry Ellison explains why life isn't about money: 'At some point, you can't spend all of it. Trust me, I've tried'

Join the conversation about this story »

NOW WATCH: The US Navy is catapulting trucks off aircraft carriers

via Enterprise

Who Trolled Us Best: Azealia Banks, Gene Simmons or Yacht?

If you’re reading this, the misbehaving musicians have won.

via NYT > Technology

Larry Ellison explains why life isn't about money: 'At some point you can't spend all of it. Trust me, I've tried'

Larry Ellison graduation

On Friday, self-made billionaire Larry Ellison gave a funny and poignant speech filled with life advice to the University of Southern California's class of 2016.

Ellison's commencement speech was quite the coup for the USC class, but there's a good reason why he was there.

Ellison was granted an honorary doctorate by USC, a Doctor of Humane Letters. He has just donated $200 million to the university, one of the largest donations in USC's history, to establish a first-of-its kind holistic cancer treatment and research center.

The center will be run by famed cancer research doctor and best-selling author, Dr. David Agus. Agus is known for treating the cancer of many the tech elite, including Ellison's best friend, Steve Jobs.

During the speech he revealed something about himself that puts that donation into perspective. 

"When I was your age, I used to dream about this place. My dream was to go to med school at USC," he told the class.

Instead, Ellison went to two different colleges, the University of Illinois at Urbana-Champaign and University of Chicago, and dropped out of both. But he learned enough about computers to move to Northern California find work in the tech industry. He then helped create a new kind of database, cofounded Oracle, and built it into one of the world's biggest software companies.

He was born of modest means and is now the 7th richest man in the world.

Ellison's commencement speech was filled with quotable tidbits and words of wisdom. Here's a few:

SEE ALSO: How to find out everything Google knows about you

"At some point it's not about the money. At some point you can't spend all of it. Trust me I've tried." (Ellison is known for his lavish lifestyle and collection cars, airplanes, art, and real estate — including the entire Hawaiian island of Lanai.)

"When people start telling you that you’re crazy, you just might be onto the most important innovation in your life."

"Deep inside all of us there is a primal desire to do something important in life."

See the rest of the story at Business Insider

via Enterprise