Web3 Crossroads Newsletter
Find Rita’s latest newsletter on Substack.
Don’t forget to subscribe, so you don't miss out on any updates in this exciting space
Should Innovation teams adopt a FinTech or a TechFin approach?
The term FinTech refers to a company in which financial services experience is improved by leveraging digital technologies. FinTechs leverage approach 1. They start by understanding the problem and then identify the technology.
While TechFin refers to a technology company that aims to improve financial services experience. TechFins leverage approach 2. Technology is at the heart and starting point.
Now, let’s look at innovation teams within incumbent banks.
Corporate Hackathons: How far have we come?
This article was originally published on FintechTalents.
Hackathons seem to be in vogue this year, potentially boosted by global organisations and employees working remotely. However, and similar to other innovation methods, particularly innovation labs, they create a love-hate reaction in the financial services industry.
Having been a judge of hackathons throughout the years, I keep going back and forward on this matter too.
Big Financial Institutions Can Foster An Innovation Mindset
Innovation is driven by people for people.
Technology has been at the forefront of innovative change and a big enabler in the transformation of financial services. However, all innovative products and solutions deployed in financial services have in common an innovative team.
Fintech vs Incumbents: From competition to partnerships
This article was originally published on FintechTalents.
Fintechs have been created to transform the banking industry. Digital-centric, they started with a small niche — payment offerings, they then quickly moved onto the backend of financial services, providing a multitude of new solutions.
Throughout the years, some have moved from being a standalone proposition to partner with incumbents.
The Pandemic shows that digital transformation pays off
This article was originally published on Data Driven Investor.
The Pandemic crisis has created turmoil in the global economy and challenged the traditional ways of working and delivering value.
It has shown large financial institutions that digital transformation projects do pay off, they should be a continuous investment and that the “new normal” will be a continuous re-invention based on new tools and technologies in the market.
Innovation in a pandemic: Moving Away From Fully Fleshed Out Products
During the pandemic, corporations faced the challenge of having to pivot quickly to remote working. In many cases, technology had to be upgraded with Zoom and similar platforms being adopted.
We have seen numerous success stories, many with new technology adopted within weeks and in some cases even days instead of pre-coronavirus adoption times of months or even years. Here the key focus was on speed and immediate support instead of design and perfection.
Innovation in a pandemic: Why incumbents have not gone Digital Only?
This article was originally published on FintechTalents.
Coronavirus has dialled up the urgency for digital-only banking. However don’t be fooled by the excitement, digital-only banking is starting to gain momentum, yes but it will take a few more years before we see a truly cashless world.