As Blockchain Finds A Foothold Traditional Fintech Plants The Flag
Feb 11, 2018
A PWC survey of the financial services sector and fintech has showed that almost 77% of financial services industry plan on adopting blockchain in some way by 2020. Banks, especially, have indicated an interest in the technology, with nearly one third of surveyed institutions noting that they are at least in the initial stages of developing strategies to integrate blockchain into their operations.The technology does offer several solutions that can greatly aid an industry that has been historically mired in the shadows.The result is the rise of companies like the UK’s EZBob. The company, which recently earned accolades for technological innovation at the Financial Innovation Awards in London, raised another £15 million and reached a total of £103.5 million in investments to date.EZBob’s platform focuses on Straight Through Processing (STP), an initiative that financial companies use to optimize the speed at which they process transactions, in lending.The firm has helped several banks to expedite their platforms. Moreover, it offers the largest banks the ability to compete with smaller, leaner lenders on their own terms while offering a more secure, accurate, and reliable evaluation and fraud prevention system.Others have tackled different arenas, from payment processing - companies such as PayPal and Stripe, which have eased online transactions - to wealth management, where young start-ups such as Addepar are creating better investment platforms.Despite the promise blockchain holds, the fintech industry continues to find new ways to solve existing problems on its own, providing better accessibility to more people in the process of its own evolution.The industry may find great uses for blockchain, but should not consider it a pillar so much as a powerful and complementary asset.Why ezbob Has Focused On Technology Over Lending
June 14, 2017
UK-based ezbob is now one of the leaders of the growing LaaS (lending as a service) market. It wasn’t always like that, as the company, which was started in 2011, operated as an online lender and completed over 10,000 loans to SME with over £130 million of credit extended from its own balance sheet. The company signed a deal with RBS/NatWest in Q3 of 2016Ezbob’s advantage is its technology. For the bank’s customers, his/her customer experience is about to get a whole lot better. Our technology makes banks’ customer journeys enjoyable. We are seeing Net Promoters Scores of our bank customers go through the roof. Collaboration Is The Way Forward For Banks And Fintech
April 7, 2017
Much has been said and written about the impending doom of banking, as customers begin to flock over to Fintech products and services. However, the claim that Fintech will kill banking is still an overstatement. Banking, as we know it, is changing because of Fintech, but it would take a major event of cataclysmic proportions to do away with banking institutions. That said, the disruption of the financial services industry is real. Until very recently, banks had an uninterrupted monopoly over banking, financial, commercial, loans and investments. Not anymore. Gone are the days when people are comfortable dealing with just a single entity for all their financial needs. People simply aren’t happy with how their banks treat them and have become increasingly receptive to new solutions.