This is a roundup of industry news and links for the week of September 4th that have informed, entertained, and inspired us.
Here’s our weekly roundup of industry news:
How Banks And Fintech Startups Redefine Finance – For years, traditional financial institutions have kept their distance from the fintech industry, loath to embrace the trend that is threatening their monopoly over banking, finance, loans and investment.
But as financial technologies continue to expand, legacy players have come to accept the disruptive role of fintech startups and the need to work together. In recent years, the relation between banks and fintech startups has evolved from marginal investments to closely knit collaboration and integration.
Adapt, Automate, Accelerate: AI and the Future of SME Lending – All companies make poor decisions from time to time. Often, a company’s refusal to embrace a disruptive technology in favor of tried-and-true traditional methods, doesn’t turn out well. Think of Kodak, the once-great imaging empire, inventing the first digital camera in 1975 but deciding not to sell it right away for fear that it would cannibalize film sales. The company filed for bankruptcy in 2012 and now operates as a black-and-white negative of its former glory. Similarly, for a financial institution (FI), a failure to implement new technologies for lending to small and medium enterprises (SMEs) can mean a dim future.
Financial services industry joins the texting generation – As financial services firms continue to grapple with how to deliver the type of personalized, on-demand communication that investors prefer, texting is emerging as an increasingly critical way for advisors to communicate with clients.
Once simply banned due to compliance concerns, this channel is now becoming the new norm, and for good reason: It’s fast, effective and personal – all vital to building those long-term relationships that grow business.