The opportunity from digitisation in banking

From Finextra –

“There are a number of areas of the digitalisation of financial services that represent opportunities for established banks and new entrants to the market.

More than £1.7 billion is now transferred each week using mobile phones or tablets at the major UK banks, and, according to Accenture’s research, around 80% of the UK banking population is now using some form of mobile banking service every month. You could realistically expect that number to increase towards 90% in the next couple of years as more teenage digital natives enter the banking industry and digital skills among older customers increases.”

Read more>>

It took 17 years, but PayPal is finally becoming a mobile payments company

From QUARTZ –

“In 1998, when Max Levchin was building what would become PayPal, he did it specifically for one device: the Palm Pilot. So it’s safe to say that the digital payments platform has envisioned itself as a mobile company from the very beginning.

But it took 17 years to actually become one.

Payments on the Palm Pilot were simply too far ahead of their time. PayPal took off, but it was on desktop computers. In 2010, mobile payments comprised less than 1% of the company’s transaction volume. By the first quarter of 2015, however, the figure had soared to 30%.”

Read more>>

Nordic countries point way to cashless future as US struggles with chip-and-pin

From The Guardian –

“Sweden, Denmark, Finland rank top in the EU for card payments. Are there lessons here for America?

Nordic countries are leading a shift by rich nations towards cashless societies, providing a test case for whether the lower cost and convenience of using cards and smartphones for payments outweigh the risks of fraud and some people being left behind.”

Read more>> 

What really is “digital banking”?

From Banking Exchange -

“Consensus on this oft-used term’s meaning eludes.

Most people in the banking industry agree that digital banking is the wave of the future. Indeed, many would contend that it’s already here.

Yet there’s not all that much agreement regarding what “digital banking” really means.

“Digital banking” often gets confused with mobile banking and online banking, and even omnichannel banking. True, all these involve digital applications in one form or another. But what constitutes “digital banking,” or even a “digital bank” has yet to gain overwhelming agreement.”

Read more>>