![]() “We needed to act like a start-up.Nashville, TN based four piece Framing Hanley released their album The Sum Of Who We Are April. “We needed to change the way we worked,” said Derek White, Barclays’ chief design officer. ![]() “It helps us bridge the gap by actually speaking to the practitioners and refining the technology and proposition,” said Joshua Wallace, co-founder of Cytora, set up two years ago in the English university city of Cambridge to analyse social media and give early warning of geopolitical risks.īanks are still spending tens of millions of euros on their own development teams, but want to make them more nimble.īarclays BARC.L, whose Chief Executive Antony Jenkins has hailed a technological revolution that will transform banking, has set up about 40 units dubbed "hoppers" to develop ideas more quickly. ![]() Seven firms picked for this year's Fintech Innovation Lab in London are visiting HSBC, Intesa Sanpaolo ISP.MI, JPMorgan JPM.N and more than a dozen others, perhaps pitching to up to 70 bankers in an intensive two-hour rotation across business areas. So-called “accelerator programmes” which involve banks paying for office space and offering advice to fintech companies in return for hearing their pitches in a series of “speed dating” sessions are proving popular. Peer-to-peer lending sites are linking lenders and borrowers, spearheaded by San Francisco-based Lending Club LC.N and European rivals like Zopa payment is being shaken up by the likes of TransferWise, a UK start-up offering a low-cost way of sending money around the world. Whether banks can avoid being outflanked by the wave of innovations remains to be seen, given the speed at which fintech is overhauling how people manage their money, threatening banks’ dominance in lending and payments. SBT Venture Capital has invested about $50 million in less than 18 months in companies including Moven, which allows customers to track spending on a mobile, and NetGuardians, which uses behavioral analysis to monitor risks in a bank’s operations. Sberbank said its fund, Silicon Valley-based SBT Venture Capital, could swell to $700 million, and is only one element of a strategy that also includes in-house development and partnerships. Spain's Santander SAN.MC and BBVA BBVA.MC, and Russia's Sberbank SBER.MM, for instance have each set up funds to invest about $100 million in fintech firms, while HSBC HSBA.L has an investment team that could spend even more on innovation projects. "For the last five years the industry has tended to communicate strategy through the rear-view mirror," said Kevin Hanley, responsible for strategy, architecture and data within operations and IT at Royal Bank of Scotland RBS.L. Getting digital right was a “do or die challenge”, McKinsey said, while banks also see technology as a way to reconnect with customers and improve their image after years of scandals. Consultancy McKinsey said the shift to digital could see more than 30 percent of European banks’ revenues up for grabs as customers shop around for online deals, while banks could cut a quarter of their costs. ![]() LONDON (Reuters) - Hoping to link with tech entrepreneurs and get ahead of a wave of digital innovation, Europe’s top banks are setting up multi-million dollar investment funds, hiring scouts in Silicon Valley and hosting “speed dating” sessions.įinancial technology, or fintech, is shaking up the sector, allowing savers and borrowers to bypass traditional banks with smartphone apps and websites for loans, payments and all areas of financial services. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |