IBM has identified five essential qualities for banks seeking to thrive in today’s increasingly digital and cloud-first environment. Like many other industries, the established players in banking are constantly facing changes and new competition. These challenges stem primarily from on-the-cloud start-ups and agile FinTechs, a group of businesses that Moody’s Investor Service estimates as high as 4,000-strong worldwide and on the receiving end of $19 billion in venture capital funding.
April 21 – BMO Harris Bank has announced a partnership with 1871 – a leading technology and entrepreneurship ecosystem which is currently home to nearly 500 high-growth digital startups in the Merchandise Mart – that will provide a select group of FinTech startups the opportunity to participate in a three-month mentorship program.
March 20 – The need to improve efficiency in financial institutions continues to drive the growth of the financial services application market. According to a report published by MarketsandMarkets, the global financial services application market is projected to reach $103.66 billion by 2019, growing at a CAGR of 9.1%. The report indicates that technology development, global market liberalization, market innovation and globalization are the major drivers of the market.
March 13 – JPMorgan Chase has agreed to acquire MCX’s payments technology to help expand Chase Pay, the mobile and digital wallet for Chase customers. MCX, a network of America’s largest merchants, was the premier launch partner for Chase Pay in October 2015. The transaction is expected to close in the coming weeks.
March 7 – LendingPoint, the company working to revolutionize access to credit, has announced a partnership with FinWise Bank that allows the company to offer its full suite of loan products to customers nationwide.
February 21 – P2P Cash, a Georgia-based digital financial services company, has opened a new money transfer service between Georgia and South Carolina in the USA and Mexico, enabling cross-border money transfers at competitive exchange rates without any transfer fees.
February 21 – Plug and Play is pleased to announce that premier consumer financial services company, Synchrony Financial, has joined Plug and Play FinTech’s innovation platform as it prepares to kick off its fifth cohort. Through the partnership, Synchrony Financial will engage with leading entrepreneurs in the FinTech and Retail sectors to further accelerate pioneering digitization efforts to enhance the customer experience.
February 13 – Some form of regulation is in the interest of the evolving fintech industry, Federal Reserve Bank of Philadelphia President Patrick T. Harker said recently in remarks at the Global Interdependence Center’s Payment Systems in the Internet Age conference in San Diego. “Regulation is not just a question of protecting consumers; it’s a question of protecting the innovators as well,” Harker said. “It’s in their best interest to have an established framework in which to operate.” (more…)
February 14 – Data Center Inc. (DCI), the privately-owned developer of iCore360® core banking software and related technologies, has announced a new partnership with Checksforless.com, one of the best-known online providers of high-quality banking-related products.
February 14 – Ensenta, a provider of enterprise-wide, real-time SaaS solutions for making mobile and online payments and deposits, announces they were recognized by TAG FinTech, Georgia’s foremost association devoted to the advancement of Georgia’s technology industry, as one of five recipients of a 2017 TAG FinTech ADVANCE Award, which honors leading technology companies in the financial technology sector.