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Nvoicepay's co-founder and CEO Karla Friede (@KarlaFriede) weighs in on the impact of fintech's disruption on the banking industry. “Banks will evolve," Friede begins. “They will continue to provide value, but they will be hard pressed to deliver the same customer experience level and service levels that financial technology solutions deliver." The short of it: Fintech is forcing companies of all sizes to question their relationships with banks—fintech solutions may surprise you.
Toast—the next best thing since sliced bread in fintech. Saheli Roy Choudhury (@sahelirc) of CNBC reports how one software developer is making cross-border money transfers better. “Remittance is the non-sexy end of finance," says Aaron Siwoku's founder of Toast, which aims to make sending remittances easier for the millions of foreign workers who send money back home. Although unsexy, The World Bank estimates over $601 billion flows through remittances in 2015.
What are the barriers preventing mainstream adoption of mobile wallets? PYMNTS.com answers that by distilling the information found in Vantiv and iModerate's eBook, “The Tale of Two Wallets." You won't need to read the whole book to glean the insights. Learn how the challenges of breaking paradigms and the discomfort of new technology are giving way to convenience and security. The biggest challenge, however, will be in getting late adopters on board: “for people who aren't yet using mobile payments, it's about building trust and familiarity."
If only we could judge a book by its cover. That's the idea behind Rana Gujral's article in Forbes' CommunityVoice section. He discusses implied trust—one of the tenants to blockchain—and how it could be used to verify the legitimacy records. “This is a profound concept because it means that a decentralized technology can replace centralized institutions to provide security," Gujral asserts. “It could replace entire realms of bureaucracy with a decentralized technology that people trust."
Another week, another use-case for the blockchain. John Bertrand (@john8bertrand), Industry Value Engineer of SAP, shares how blockchain technology could revolutionize financial supply chains—and shed millions by doing so. Simply put, it's costly to process Letters of Credit. By sharing all transactions, Blockchain would allow companies to pay each other faster. “Details of where the money should be sent provides banks with an opportunity to increase the straight through processing rate, saving both time and money," Bertrand says. “This not only reduces risk, it also amplifies fiscal liquidity across the chain for all participants."
About the Author
Ralph is a Research Analyst at Nvoicepay. He's passionate about marketing technology and creating engaging content that delivers value to the consumer.More Content by Ralph Perdomo