- “According to technological growth statistics, there are approximately 4.88 billion mobile phone users across the globe as of January 2021. 62% of the world’s population owns mobile devices.
- Over 69 million people use mobile payment services. Not only this, but also in the United States, in-store mobile payments are reaching $128 billion in 2021.
- The progression in voice technology is expected to evolve from 8% to 31% by the year 2022. Also, it is estimated that robo-advisors are capable of managing an incredible $2 trillion in assets.
- In 2019, open banking generated a revenue of $7.29 billion, and it is estimated that it will surpass the figure of $43.15 billion by the year 2026.”
- “48% of Americans have never heard of the term “open banking,” and only about half of those actually know what open banking is, according to a new report by Axway.
- People do still trust and need their banks, as 81% said they feel their banks offer all the financial services they need in their daily life. Yet, 40% of the same people use at least one finance or budgeting app other than their bank’s mobile app”
- “The fintech sector has been hugely successful (and hugely profitable) for much of the last decade, and even more so during the pandemic. But it might come as a surprise to learn that many in the industry believe that the story is just beginning and the sector is poised to achieve much more, with fintech’s next decade expected to be radically different from the last 10 years.
- At its most fundamental level, open banking refers to the process of using APIs to open up consumers’ financial data to third parties. This allows these third parties to design, build and distribute their own financial products.
- So if fintech has had a good year, this is likely to be just the start of the story. Backed by open-banking initiatives, the sector is now at the forefront of a banking revolution that will finally give SMEs the level of service they deserve and unleash their true potential across the economy at large.”
“Fintern, a UK-based fintech startup, is aiming to shake up the market for low-value consumers loans with the launch of credit technology that bypasses credit scores in making lending decisions, focusing instead on affordability.
Founded by a team from McKinsey, EY, Bank of America Merrill Lynch, HSBC and XiaoMi, Fintern skips traditional credit scoring techniques by applying AI, Open Banking and transparent affordability testing to make lending decisions.”
- “Mostly, open banking is about data. Specifically, it systematizes the reality that the most important asset for a financial service institution (FSI) today is no longer capital or scale, but rather data.
- The decisive factor for adaptation and survival will be the speed at which they can analyze customer information through the use of algorithms and automation.
- Jamie Dimon, CEO of JPMorgan Chase, recently addressed the topics of cloud and AI in an earnings call by saying ‘10 years from now, [Cloud+AI] will be probably 50 times more than we are doing today. And I would spend anything to get it done faster.’”
Junta Nakai – Databricks