# Fintech Friday
Fintech Friday Post 01 - Fintech Industry
The scope of Fintech extends across multiple industry verticals making financial services affordable & accessible to everyone. #FINAP, a leading Fintech solutions provider in the Asia Pacific region, ...
The scope of Fintech extends across multiple industry verticals making financial services affordable & accessible to everyone. #FINAP, a leading Fintech solutions provider in the Asia Pacific region, ...
Fintech Friday Post 02 - Legacy Banking Issues
Do you know that many financial service providers’ core IT infrastructures are resting upon fragile, outdated technology? Digitalized services & frontends are often built on top of #legacy software. S ...
Fintech Friday Post 03 - Cloud Banking Benefits
Cloud computing offers an abundance of features & benefits to Financial Service Providers in contrast to traditional on-premises approach. Surprisingly, many FSPs are still hesitant in adopting cloud ...
Fintech Friday Post 04 - Data Protection & Cyber Security
For centuries banks have been protecting our wealth under lock & key. But now, new and more dangerous threats are looming over the industry.A vault can secure physical assets, but what about data?Even ...
Fintech Friday Post 05 - Andy Hertzfeld (Cloud Technology)
Although cloud technology has come a long way since 1994, Andy Hertzfeld’s (Member of the original Apple Macintosh development team) quote still holds up today. Mobility, scalability, recoverability, ...
Fintech Friday Post 06 - Omni Channel Banking
Omni-Channel Banking provides the same financial products & services for customers across multiple channels, both online & offline, regardless of geographical location or time of day. Cloud technology ...
Fintech Friday Post 07 - KYC Process Flowchart
The KYC (Know Your Customer) process takes place before the onboarding of a new client to a financial institution.The first step is to identify if the customer is a PEP (Politically Exposed Person). I ...
Fintech Friday Post 08 - Word Definitions - Middleware
Middleware was named as such due to its typical function as an intermediary between an operating system and its user. Middleware plays a central role in cloud computing and API-driven platforms. Middl ...
Fintech Friday Post 09 - Bill Gates (Digital Banking)
One of the most pressing issues of many developing nations is not having access to cheap and convenient financial services. Conventional banking approaches have been unable to make a positive impact i ...
Fintech Friday Post 10 – The global financial system depends on MS Excel
Many financial institutions still depend on Microsoft Excel for at least some of their operations. MS Excel is one of the best spreadsheet software available today. However, Excel does come with its l ...
Fintech Friday Post 11 - Evolution of Fintech
The #transatlantic cable connecting Europe and America in 1866 marked the beginning of the first fintech era. Electronic fund transfers and credit cards were notable innovations of this period. In 196 ...
Fintech Friday Post 12 - Embedded Finance
Solution providers, data enablers, showcase platforms, and financial institutions are the essential players of the embedded finance ecosystem.Banks, NBFIs, and other Financial Service Providers (FSPs) ...
Fintech Friday Post 13 Jamie Dimon (JPMorgan Chase)
Fintech products interact and integrate well across multiple platforms. It is phenomenal how fintech products and services are pushing the boundaries of the financial services industry. Fintech compan ...
Fintech Friday Post 14 Word definition – Word Definitions - RegTech
RegTech is a subset of technology that falls under the umbrella of fintech. Much like fintech, the word RegTech is a fusion of two words, namely Regulatory and Technology. The RegTech sector has witne ...
Fintech Friday Post 15 – Fintech Cube
The ‘Fintech Cube’ portrays three dimensions of digital finance. The digitalization process of the financial sector has shifted from merely improving traditional services to creating new innovative bu ...
Fintech Friday Post 16 – M-Pesa
Why aren’t banks investing more in technological innovations? The hierarchical structure of most banks often restricts changes and appears to be determined to uphold the status quo. Truthfully, the ba ...
Fintech Friday Post 17 – Jim Marous - (Online Banking)
In an increasingly digitalized economy, digitalization of banking is indeed the way forward. As of 2022, nearly every bank offers their services online. So what is the problem? Offering a miniaturized ...
Fintech Friday Post 18 Banking Innovation
Why aren’t banks investing more in technological innovations? The hierarchical structure of most banks often restricts changes and appears to be determined to uphold the status quo. Truthfully, the ba ...
Fintech Friday Post 19 Types of Banks
In the modern financial landscape, there are many types of banks catering to various markets. Commercial & investment banks offer services for businesses, governments, and high net worth individuals. ...
Fintech Friday Post 20 Word Definitions - Rug Pull
Word Definitions – Rug Pull – FINAP Fintech Friday#RugPull scammers usually create cryptographic tokens and list them on decentralized exchanges. The scammers will start promoting the project by creat ...
Fintech Friday Post 21 - JP Nicols (Banks' Customer Intimacy) Quote
Banks held an undisputed dominance in the financial services industry. But now, banks are looking down at serious threats arising from fintechs, neo banks, and tech giants. Slow response to changes in ...
Fintech Friday Post 22 - Credit Card Transaction Process
Credit Card Transaction Process – FINAP Fintech FridayA simple credit card transaction consumes a lot of energy, processing power, dedicated hardware, and middleware with 5 parties being involved.Proc ...
Fintech Friday Post 23 - Cloud Banking Iceberg
The cloud computing approach and the on-premises approach both seem to incur similar implementation costs on the surface. However, the hidden costs of running on-premises data centers are often overlo ...
Fintech Friday Post 24 – Outdated KYC & Onboarding Approach
The traditional KYC approach is tedious for the consumer, and it is inefficient, labor-intensive, and too expensive from a bank’s perspective. Although KYC is crucial for banks, it must not add fricti ...
Fintech Friday Post 25 - Brett King (Banking without banks) Quote
Fintech enthusiast Brett King made this prediction a few years ago, which was a bold statement at the time. However, in 2022, two years into the pandemic, by taking into account the rapid growth of em ...
Fintech Friday Post 26 – Electronic Fund Transfer (Fact)
The first Electronic Fund Transfer (EFT) was completed in the United States back in 1871; by utilizing existing telegraph networks. #EFTs were a breakthrough in financial technology because long-dista ...
Fintech Friday Post 27 - Platform Banking
Platform banking also referred to as “Banking as a Platform (BaaP)” is a model through which fintech companies provide services to banks and other financial institutions. In the BaaP model, fintech co ...
Fintech Friday Post 28 – The Evolution of Banking
For centuries, banking was centered around physical branches and did not change much in the eyes of the consumer. Today, the way consumers experience day-to-day banking services has changed immensely, ...
FF 29 – Bill Gates Automation Quote
Most banks focus only on the technological aspects of automation instead of focusing on improving internal processes. Many financial service providers have inefficient, outdated processes riddled with ...
FF #30 – Financial Inclusion
According to the latest World Bank data, over one-third of the world’s adult population remains unbanked, and that is one of the most pressing issues of this decade. The silver lining, however, is tha ...
FF #31 – Word Definitions - Insurtech
Insurtech is a subBset of technology that falls under the umbrella of fintech.After 2010 new fintech startups began to emerge, providing advanced software solutions for the insurance sector.The shortc ...
Fintech Friday Post #32 – Platform banking (BaaP) vs Banking as a Service (BaaS)
The terms platform banking (Banking as a Platform or BaaP) and BaaS (Banking as a Service) are being used interchangeably, which is incorrect. #BaaS is in fact the opposite of #BaaP.In the BaaS model, ...
Fintech Friday Post #33 - Chris Skinner Automation Quote
The modern financial system heavily relies on technology. However some FSPs continue to use outdated legacy systems. In doing so, banks are placing themselves at a huge disadvantage.#FintechFriday #Fi ...
Fintech Friday Post #34 Central Bank Digital Currencies (CBDCs)
Central Bank Digital Currencies (CBDCs) are cryptographic tokens similar to cryptocurrencies. Unlike cryptocurrencies, CBDCs are centralized and issued by a Central Bank, and pegged to the nation’s of ...
Fintech Friday Post #35 Credit Card Fraud Recovery Process
The credit card fraud recovery process (#chargeback) begins as the customer notices unauthorized credit card activity and informs the #bank. In some instances, the bank’s systems can recognize unusual ...
Fintech Friday Post #36 Global Blockchain Market
Blockchain industry – FINAP Fintech Friday#Blockchain technology has come a long way since 2008. Many industries are being disrupted and revolutionized in their entirety by blockchain #ecosystems. The ...
Fintech Friday Post #37 – Jo Ann Barefoot - Quote
#Millennials are used to living in a world where everything is instantaneous. They expect financial services to be no exception. By holding on to the traditional banking channels, banks are ignoring a ...
Fintech Friday Post #38 – Money Laundering Process
Money Laundering Process InfographicMoney laundering is the process of making money generated by illicit activities such as misuse of public funds, corruption, terrorist activities, and drug trafficki ...
Fintech Friday Post #39 – Banking Innovation Challenges
The words banking and innovation are rarely mentioned in the same sentence. However, there once was a time when banks were pioneers of technological innovation. Banks were one of the earliest industri ...
Fintech Friday #40 – Evolution of POS Payments
Point of Sales (#POS) payments have evolved significantly from simple cash registers to smartphone-powered (#mPOS) smart terminals. In the 1980s, the use of credit cards became mainstream, and with it ...
Fintech Friday Post #41 – Automation Quote
Process automation can improve the banking industry by enhancing quality, and efficiency and reducing costs. A large proportion of the workforce in the industry is working on mundane tasks. Automation ...
Fintech Friday Post #42 – Applications of blockchain
Blockchain has become the new buzzword in many industries. In a few years, blockchain will be a mainstream technology. Most people still associate blockchains with cryptocurrencies and NFTs. But in re ...
Fintech Friday Post #43 – DeFi (Decentralized Finance)
DeFi (Decentralized Finance) is a fully functioning financial system that can operate on its own without intermediaries or a centralized authority. A DeFi system runs on a network of decentralized dev ...
Fintech Friday Post #44 – Digital Banking Platforms
Digital banking platforms have enabled banks to take on a more customer-centric approach. Platform banking enables banks to offer new innovative solutions, staying competitive with tech companies. Unl ...
Fintech Friday Post #45 – Arvind Sankaran Quote
We’re witnessing the creative destruction of financial services, rearranging itself around the consumer. Who does this in the most relevant, exciting way using data and digital, wins!Arvind Sankaran B ...
Fintech Friday Post #46 – Banking Baggage
It looks like some traditional banks are competing with a lot of constraints. Legacy systems, silo culture, and the brick & mortar setup are slowing down innovation, restraining them from providing an ...
Fintech Friday Post #47 – Smart Contracts
Smart contracts have become a buzzword in the DeFi industry. Smart contracts are self-executing contracts written into a decentralized blockchain network. The terms of a smart contract are irrevocable ...
Fintech Friday Post #48 – dApps
Decentralized applications, which are more commonly known as dApps, are software that operates on a peer-to-peer (P2P) blockchain ecosystem. A dApp is also an open-source application allowing other de ...
Fintech Friday Post #49 – Nigel Morris Quote
The financial services industry is being revolutionized by disruptive technologies. Brick and mortar branches will soon become obsolete. Millennials and Gen Z accounts for a huge chunk of banking cust ...
Fintech Friday Post #50 Blockchain in Banking
At its inception, #blockchain technology was introduced as an alternative to the existing outdated financial infrastructure. And today, while most banks still rely on brick & mortar infrastructure, pa ...
Fintech Friday Post #51
Banks still require customers to visit their branches from time to time. Even though most banks have apps and web portals, they offer very limited functionalities. Unlike many other industries, the ba ...
Fintech Friday Post #52 Legacy vs Modern Systems
Most banks tend to stick to their legacy systems and delay modernization for convenience and to reduce costs. In reality, legacy systems need much more maintenance, are vulnerable to security threats, ...
Fintech Friday Post #53 Brett King Quote
Why do we need FinTech? Because traditional banking practices are outdated. The dependency on physical locations, legacy systems, and paperwork has made the entire industry seem absurd in today’s fast ...