Fintech News Issue #176

Fintech News Issue #176

In 1999, Anthony Kiedis of the Red Hot Chili Peppers sang about a “Parallel Universe”, unencumbered by the natural laws of the known universe. Around the same time, banks were dealing with the most disruptive technology shift since the introduction of the microchip. It was the dawn of Internet banking and newly-minted Internet banks, backed by reputable brands, began to draw customers out of the branch and onto the Internet.

Nothing has impacted today’s consumer more than the power of the smartphone and digital technologies. The full impact of digital technologies has yet to be fully realized. Those banks and credit unions that continue to have a passion for yesterday’s banking models will soon see negative impacts on growth and revenue.

Thirty years ago, in practically every organization in every industry, “reengineering business processes” was at the top of the list of strategic initiatives. Five years later it was “knowledge management.” Five years after that everyone had to become–or find a way to launch–a dot-com. Today, it’s “digital transformation.”

With all the tweets, iMessages, streamed songs and Amazon prime orders, did you ever wonder just how much data is actually being generated every minute? To find out, cloud-based operating system Domo analyzed data usage over the past year, and shared the results in its sixth Data Never Sleeps report.

While social media is taken for gossip in one part of a continent, it is a banking tool in another. WhatsApp is evolving from just a mere chit chat messaging platform to one used for basic banking services. Before you will know it, it will be another of the e-banking options your bank will improvise – through WhatsApp banking.

COBOL is a programming language that was ubiquitous to the programming world around 60 years ago. It’s since been replaced by newer and more useful languages. Unfortunately, COBOL still underpins a great deal of the banking technology in the world, but no-one’s trained in it. This has left to a rise in the number of 60-80 year olds who have come out of retirement to maintain the modern banking world.

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Source

https://www.fintechweekly.com/fintech-news/issue-176

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