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samielbaqqali

Enjoy free banking transactions with your Carbon Account - 0 views

ng.getcarbon.co/carbon-account.html

Money debit cards gtbank

shared by samielbaqqali on 07 Feb 21 - No Cached
  • People can send you money via debit cards, USSD or bank transfers from financial institutions including GTBank, Access Bank, First Bank, and Zenith Bank.
  • samielbaqqali on 07 Feb 21
     
    It is important to increase the possibilities of banks that could deal with carbon, to encourage more customers to the service.
tahaemsd

mpesa_d_1540.pdf - 0 views

fintech development africa technology

shared by tahaemsd on 12 Feb 21 - No Cached
  • n April 2007, following a donor‐funded pilot project, Safaricom launched a new mobile phone‐based payment and money transfer service, known as M‐PESA. 10 The service allows users to deposit money into an account stored on their cell phones, to send balances using SMS technology to other users (including sellers of goods and services), and to redeem deposits for regular money. Charges, deducted from users’ accounts, are levied when e‐float is sent, and when cash is withdrawn.
    • tahaemsd
      tahaemsd on 12 Feb 21
       
      M‐PESA has spread quickly, and has become the most successful mobile phone‐based financial service in the developing world.
aminej

Tax-free Investing | EasyEquities - 0 views

www.easyequities.co.za/tax-free-investing

Trading Platform Online Service Mobile Shares Fintech

shared by aminej on 12 Feb 21 - No Cached
  • Tax-free Investing South Africans automatically get a Tax Free Savings Account when you sign up for an EasyEquities account. Invest in a wide range of ETFs and Bundles & Baskets. Done and dusted!
    • aminej
      aminej on 12 Feb 21
       
      It is really interesting since it gives you the opportunity to trade and gain money without paying any taxes
hichamachir

Microsoft Word - Mbiti Weil NBER Working paper revised June 2014.pdf - 1 views

M-Pesa Savings Banks

shared by hichamachir on 12 Feb 21 - No Cached
  • Researchers have also noted the potential of M-Pesa to affect savings. Morawcyznski and Pickens (2009) observe that users often keep a balance on their M-Pesa accounts, thereby using the system as a rudimentary bank account despite the fact that the system does not provide interest.
  • hichamachir on 12 Feb 21
     
    M-Pesa might affect the savings because people are believing in this app. This business solved their problems and they are using it daily. It's becoming a lifestyle in Kenya.
hindelquarrouti

Ethiopians say hello to new mobile banking initiative | Mobile Payments Today - 1 views

www.mobilepaymentstoday.com/...-new-mobile-banking-initiative

Belcash Financial-Services Interoperable

shared by hindelquarrouti on 11 Feb 21 - No Cached
  • BelCash Technology Solutions PLC is working with Lion International Bank and Somali Micro Finance on a system that is intended to bring financial services to all Ethiopians and give them the ability to make bank account deposits and withdrawals as well as account transfers and payments, according to local media reports.
  • hindelquarrouti on 12 Feb 21
     
    Belcash is combining efforts with other companies in order to make financial services inclusive to all Ethiopians through a system. This will give them the opportunity to have enjoy all the financial facilities.
hindelquarrouti

Fawry changing the culture of payment in Egypt: Top management - Daily News Egypt - 1 views

dailynewsegypt.com/...e-payment-egypt-top-management

fawry Fintechs Services

shared by hindelquarrouti on 11 Feb 21 - No Cached
  • our solution is based on high technology and based on Service Oriented Architecture (SOA) standard. We are highly available and our system is scalable as it can carry huge numbers of transactions. We are now certifying for the Payment Application Data Security Standard (PA-DSS) for security development and we’re following the standards of the Interactive Financial Exchange (IFX), ISO27001 and other different standards related to technology and security. Our solution is based on applying the latest technology, following the latest standards and being reliable. Moreover we allow easy access through more channels than competition to satisfy our customers’ needs. Also we’re covering more sectors and providing more services than our rivals.
  • Fawry is an Egyptian company that started in 2009 with the purpose of offering electronic payment services through several payment channels. The service started at banks and a big network of outlets all over the republic as well as Egypt post.
    • samielbaqqali
      samielbaqqali on 12 Feb 21
       
      The business aims to be creative as much as possible and to make all its offerings very realistic in order to make it simpler for its customers. Fawry cares a lot about the happiness of its customers. I believe Fawry recognizes the value of customer loyalty and how it allows an organization to retain profitability.
  • Fawry is an Egyptian company that started in 2009 with the purpose of offering electronic payment services through several payment channels. The service started at banks and a big network of outlets all over the republic as well as Egypt post.1 Now we are covering about 60 types of bills, where we cover the telecommunications sector and lately we covered all electrical companies in the country and some water companies. We also offer our services at universities and syndicates. Adding to that, users can now buy their airline tickets through us.
  • ...1 more annotation...
  • Fawry is an Egyptian company that started in 2009 with the purpose of offering electronic payment services through several payment channels. The service started at banks and a big network of outlets all over the republic as well as Egypt post. Now we are covering about 60 types of bills, where we cover the telecommunications sector and lately we covered all electrical companies in the country and some water companies. We also offer our services at universities and syndicates. Adding to that, users can now buy their airline tickets through us.
  • chaimaa-rachid on 11 Feb 21
     
    Fawry cares a lot about the satisfaction of its customers, the company tries to be innovative as much as possible and to make all its services very practical in order to make life easier for its customers. I think Fawry knows the importance of customer satisfaction and how it helps a business maintain sustainability.
  • hindelquarrouti on 13 Feb 21
     
    Fawry is gaining more and more popularity in Egypt. Also, it has developped two methods of payments: 1) anonymous: in which customers can pay their bills without actually revealing their identity. 2)Account creation: in this case the customers need to create an account with Fawry; this last one makes the process much easier for the customer
kenzabenessalah

Belcash - CB Insights - 1 views

www.cbinsights.com/...belcash

Banks Accounts Belcash

shared by kenzabenessalah on 11 Feb 21 - No Cached
  • Currently 617 bank branches in Ethiopia are serving 85 million people.
    • kenzabenessalah
      kenzabenessalah on 12 Feb 21
       
      What's interesting is that Ethiopia was once one of the underbanked countries where only 5% of the people owned a bank account, but now it has managed to establish 617 banks.
  • aminej on 12 Feb 21
     
    Indeed, they have developed their banking sector in a great way by increasing competition between different banks and proposing many interesting services that are very practical and convenient.
kenzabenessalah

The Great FinTech Robo Advisor Race - 0 views

www.forbes.com/...reat-fintech-robo-adviser-race

EasyEquities RoboAdvisors Strategy Startups

shared by kenzabenessalah on 13 Feb 21 - No Cached
  • By now, the robo advisors are familiar to almost all fintech watchers.  These are the startups which have garnered media attention and customers given digital native investment accounts.  Their services include automated portfolio planning, automatic asset allocation, online risk assessments, account re balancing and other digital tools. Fees are competitive and range between 15 to 35 basis points of AUM.  Well known players include Betterment, Wealthfront, Motif and Folio, among others.
    • kenzabenessalah
      kenzabenessalah on 13 Feb 21
       
      The reason why I think Robo advisors would be a great additional strategy to EasyEquities is because they are familiar with the procedures of startups. They would help enhance the quality, secure, and efficiency of the company.
hibaerrai

How we keep your data and money safe | Know your customer - 0 views

www.worldremit.com/...kyc

WorldRemit Remittance E-payments Data Security

shared by hibaerrai on 13 Feb 21 - No Cached
  • “Know Your Customer” - or KYC - is a verification process in the financial industry. If you have ever opened a bank account or applied for insurance, then you have been a subject to KYC checks. All regulated financial companies are responsible for building their KYC checks based on global and national anti-money laundering standards. This way, companies can make sure that it’s a suitable verification process for their customers, services and industry. If customers can’t provide any formal identification, or if it is difficult to authenticate it, companies can’t easily identify them and offer them their services. 
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      WorldRemit obviously takes data privacy seriously and it employs the KYC model to make sure that their customers meet the requirements to use these financial services. It is important to use the appropriate security measures in order to establish a safer platform.
samielbaqqali

Clear Junction and Zeepay Ghana keep families connected during lockdown | INTLBM - 0 views

intlbm.com/lies-connected-during-lockdown

Zeepay Extand Fintech

shared by samielbaqqali on 13 Feb 21 - No Cached
  • “Since Sub-Saharan Africa is traditionally considered a challenging region from the remittance perspective, we are glad to extend our service to an institution that just recently has satisfied the scrutiny of the local regulator,” said Dima Kats, CEO of Clear Junction. “Our correspondent account service will lower the entry barrier for Zeepay when rolling out the payment collection in the EU and UK.”
    • samielbaqqali
      samielbaqqali on 13 Feb 21
       
      Extending the business to new countries will make the brand name more famous.
  • “Since Sub-Saharan Africa is traditionally considered a challenging region from the remittance perspective, we are glad to extend our service to an institution that just recently has satisfied the scrutiny of the local regulator,” said Dima Kats, CEO of Clear Junction. “Our correspondent account service will lower the entry barrier for Zeepay when rolling out the payment collection in the EU and UK.”
ayachehbouni

Thndr | Digest Africa - 0 views

digestafrica.com/thndr

shared by ayachehbouni on 13 Feb 21 - No Cached
  • thndr is Egypt's mobile first investment platform with 0% commission, no account minimum, access to real time news, market data and easy account setup and funding processes.
    • ayachehbouni
      ayachehbouni on 13 Feb 21
       
      Thndr does not take a commission from trades, which makes it unique in the financial technology world. I believe that this particular thing is what will make users go for Thndr rather than any other platform.
kenza_abdelhaq

M-Pesa: A Case Study in Financial Inclusion | by Matt ฿ | ChainRift Research ... - 0 views

medium.com/...nancial-inclusion-5b14cb7c612f

M-Pesa Kenya Payments Service

shared by kenza_abdelhaq on 12 Feb 21 - No Cached
  • M-Pesa was launched in 2007, and it’s still going strong. The concept of a phone-based money transfer service originated back in 2002, when researchers realized the popularity of the market for phone airtime — individuals in a handful of African nations often transferred it to friends and family for subsequent use or resale.
  • Their analysis found that, as a result of M-Pesa’s proliferation, 2% of Kenya’s households had been lifted out of poverty. Moreover, the study established (due to the lack of hard cash in said households) that money was better managed and less prone to being allocated to unimportant endeavors (I feel there’s a loose parallel to be drawn to the HODL/long time preference mentality here).
  • When M-Pesa (launched by Safaricom) made its debut a few years later, it had initially been conceived as a solution for microfinancing — allowing institutions to distribute and collect loan payments without the hassle of cash. However, during this pilot, its widespread adoption in a myriad of alternative use cases caused the company to reconsider and relaunch with a focus on ensuring individuals could send money to their families and execute payments.
  • ...3 more annotations...
  • Whilst things like Apple Pay and Google Pay leverage some interesting technologies, they still rely on the participant being ‘banked’ in the first place. That, and they’re about ten years too late to the party.
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      Unlike Apple pay and Google Pay, M-Pesa does not need its customers or users to have a bank account.
  • Clearly, there are benefits to virtual currency that physical fiat can’t mirror. Beyond convenience and security (no need to carry cash), the M-Pesa offering allows for remittance across long distances cheaply and without a bank account.
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      In addition to being convenient and secure, M-Pesa provides easy solutions for remittance or money transfer across long distances with low cost.
  • M-Pesa has proven that relatively low-tech ‘dumb phones’ can be transformed into tools for better wealth control. The leap from virtual money to cryptocurrency isn’t a massive leap from there. Indeed, tools such as BitSIM (development appears to be stalling, though the concept is simple; overlaying a SIM card with a small sticker so that even archaic phone models can transact in BTC), Samourai’s PonyDirect and CoinText (currently aimed at Bitcoin Cash) facilitate entry into the Bitcoin ecosystem with cellphones.
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      M-Pesa is setting the example in how regular phones can be used for virtual money transfer and how this could incorporate in the same sense cryptocurrencies.
  • chaimaa-rachid on 12 Feb 21
     
    The organization becomes exceptionally well known among the low-income local area. It furnished people with a simple solution to send money from any location.
  • mohammed_ab on 12 Feb 21
     
    It's quite fascinating to see that 2% of Kenyan households were lifted out of poverty just because they start using M-Pesa services. I think that M-Pesa has some great potential in dealing with poverty as people get to manage their money more efficiently when they use mobile money.
  • hindelquarrouti on 13 Feb 21
     
    M-pesa was launched in 2007 and it is based on the concept of phone based money. It was established for the main purpose of allowing institutions to distribute and collect loan payments without having to deal with actual cash, yet they were smart and made it a company that has the main goal of giving people the opportunity of making payments and send money.
hibaerrai

Ghana's AgroCenta raises US$ 790k to scale its Agri-tech ecosystem - 0 views

africabusinesscommunities.com/...-scale-its-agri-tech-ecosystem

shared by hibaerrai on 12 Feb 21 - No Cached
  • Through AgroCenta’s CropChain platform, smallholder farmers can execute transactions with accurate information. Since the app’s launch, the average CropChain farmer’s income has increased by circa 35%.  AgroCenta says it has managed to reduce food waste by 25%.
    • tahaemsd
      tahaemsd on 12 Feb 21
       
      via an all encompasing ecosystem approach, agrocenta blends cutting edge digital innovation with traditional on the ground operations to transform the lives of smallholder farmes in Ghana
  • Agriculture accounts for circa. 17% of Ghana’s GDP. Through its outreach and services, AgroCenta has increased crop yields of farmers by 40% thereby contributing to Ghana’s economy at large.
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      AgroCenta contributes to Ghana's economy by providing support to smallholder farmers along the value chain.
  • This funding was secured from UK charity Shell Foundation, the UK’s Foreign, Commonwealth and Development Office (FCDO), AV Ventures and Rabo Foundation. “This is a significant milestone for AgroCenta, having the support of leading institutions, particularly with the COVID-19 backdrop, underlining the strength of AgroCenta and the importance of its mission. The demand for agricultural raw materials from offtakers in the brewery, manufacturing and consumer sector is increasing exponentially because of the easing of the COVID-19 restrictions that were put in place by the government of Ghana, hence this capital injection will help to secure purchases at fair and transparent prices from smallholders — a much needed lifeline for many who are at the proverbial bottom of the pyramid”. Francis Obirikorang, AgroCenta’s CEO and Co-Founder Michael Ocansey said while highlighting the importance and criticality of this investment.
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      After the Covid-19 Outbreak, the situation in farms was quite challenging as lockdowns were imposed. Now with easier restrictions, AgroCenta raised a huge amount of funds in order to cover for the losses and develop its fintech more and more. This money should be used to develop programs and services that support financial inclusion.
  • kenza_abdelhaq on 13 Feb 21
     
    "Agriculture accounts for circa. 17% of Ghana's GDP. Through its outreach and services, AgroCenta has increased crop yields of farmers by 40% thereby contributing to Ghana's economy at large."
nourserghini

PayPal Mobile Money Service with M-PESA - 0 views

www.paypal-mobilemoney.com/m-pesa

Mpesa Partnership Paypal payments

shared by nourserghini on 13 Feb 21 - No Cached
  • Got paid through PayPal? That's great, now you can easily withdraw the funds to your M-PESA, and use them any way you like. Need to pay your bills? No problem - your latest PayPal payment can be waiting for you on your M-PESA. Yeah, it's that easy. Why limit your shopping experience? It's now easier for you to top up your PayPal account, and shop around the world. Just transfer your M-PESA balance to your PayPal account, and get ready to shop almost anywhere, anytime.
    • nourserghini
      nourserghini on 13 Feb 21
       
      According to this Paypal's website, M-pesa partnered with Paypal in order for both to expand their target and network. Customers can simply transfer their funds to their M-pesa or the other way around to get the best online payment experience.
aminej

About - 1 views

thndr.app/about

Trading Platform Online Mobile Investing Literacy Financial

shared by aminej on 08 Feb 21 - No Cached
  • We are thrilled to be pioneering commission free trading in Egypt. We believe that saving through investing is the right and sensible thing to do.
  • an app that is designed for everyone, green and expert investors alike. Our technology innovation allowed us to remove the barriers that anyone could face when opening or funding their brokerage accounts, helping us open up the market for a whole new wave of investors.
    • mehdibella
      mehdibella on 08 Feb 21
       
      this app main mission is to help the Egyptian lives easier by enabling investments opportunities easier and accessible to eveyrone.
  • we don't stop there. Through access to the right tools, our app is built to empower you to invest smartly.
  • ...1 more annotation...
  • We are thrilled to be pioneering commission free trading in Egypt. We believe that saving through investing is the right and sensible thing to do. So, we built an app that is designed for everyone, green and expert investors alike. Our technology innovation allowed us to remove the barriers that anyone could face when opening or funding their brokerage accounts, helping us open up the market for a whole new wave of investors. And, we don't stop there. Through access to the right tools, our app is built to empower you to invest smartly.
    • aminej
      aminej on 12 Feb 21
       
      I believe that it is an interesting application that would help many people discover the culture of trading and investing smartly in order to maximize their profits
nouhaila_zaki

What Is a Robo-Advisor? - 0 views

www.investopedia.com/...roboadvisor-roboadviser.asp

Robo-Advising Drawbacks Fintech Strategy

shared by nouhaila_zaki on 13 Feb 21 - No Cached
  • Shortcomings of Robo-Advisors The entry of robo-advisors has broken down some of the traditional barriers between the financial services world and average consumers. Because of these online platforms, sound financial planning is now accessible to everyone, not just high-net-worth individuals. Still, many in the industry have doubts about the viability of robos as a one-size-fits-all solution to wealth management. Given the relative nascency of their technological capabilities and minimal human presence, robo-advisors have been criticized for lacking in empathy and sophistication. They are good entry-level tools for people with small accounts and limited investment experience, namely millennials, but are far from sufficient for those who need advanced services like estate planning, complicated tax management, trust fund administration, and retirement planning. Automated services are also ill-equipped to deal with unexpected crises or extraordinary situations. For instance, if a young person's parents passed away and he/she receives an inheritance, going online to a robo-advisor to manage the money is probably not the optimal decision. In fact, a study conducted by Investopedia and the Financial Planning Association found that consumers prefer a combination of human and technological guidance, especially when times are rough. According to the report, 40% of participants said they would not be comfortable using an automated investing platform during extreme market volatility. Furthermore, robo-advisors operate on the assumption that clients have defined goals and a clear understanding of their financial circumstances, to begin with. For many, that is not the case. Answering questions like, "Is your risk tolerance low, moderate, or high?" presupposes the user has a fundamental knowledge of investment concepts and the real-life implications of each option they choose.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This article does a great job at introducing the limits of Robo-advisors: - the one-solution fits all to wealth management proposed by Robo-advisors does not account for extraordinary situations and unexpected crises. - people do not trust a robot to make life-changing huge decisions, especially when times are rough and market volatility is extreme. - Robo-advisors assume that clients have defined goals and a clear understanding of their financial circumstances, which is not always the case.
sawsanenn

Is M-Pesa really Kenyan or British? - 1 views

www.iafrikan.com/...m-pesas-origins

Financial inclusion FinTech Service Africa Kenya

shared by sawsanenn on 12 Feb 21 - No Cached
  • Hailed as the “Kenyan technology success story”, many have claimed M-PESA to be a testimony to the greatness of the East African country’s technology scene, producing world-class technology companies that rival those in South Africa. However, is the acclaimed mobile money service really Kenyan at all? The answer is no. M-PESA is British.
    • hichamachir
      hichamachir on 12 Feb 21
       
      M-Pesa can be a british company but it's becoming part of the Kenyan culture. It's not important whether it's British or Kenyan, the most important thing is that M-Pesa revolutionized the Kenyan economy and played a huge role to develop the financial industry in Kenya.
  • By any stretch of the currently available facts, the service that accounts for more than 60 percent of Kenya’s GDP in transactions was conceived by British professionals. The company commissioned with developing the idea, Sagentia, into a workable technology was British. Additionally, the company that owns the intellectual property rights to the idea, Vodafone, is British and, lastly, it was funded in its initial stages by the British Government.
    • samielbaqqali
      samielbaqqali on 12 Feb 21
       
      M-Pesa may be a British business, but it is becoming a part of the culture of Kenya. Whether it's British or Kenyan, the most important thing is that M-Pesa has revolutionized the Kenyan economy and played a major role in the growth of Kenya's financial sector.
  • Despite this certificate being awarded in 2012 and being stated as being in the LITERARY category, Ouko insists he is the original M-PESA innovator and further elaborates by saying that he has been “trying to Patent a Money Transfer system way back in 2003”. Even though he says that he believes many more Kenyans contributed to the innovation and development of M-PESA without recognition or reward, he writes, “Even though I currently believe I am the one, I start this with an open mind. If another person or firm comes forward with compelling proof I am ready to step aside and support that person.”
  • ...2 more annotations...
  • Nyagaka Anyona Ouko, a Kenyan from Nairobi, claims he is the innovator of M-Pesa and claims that Vodafone and its representatives stole the idea of Mobile Cash Transfer from him.
    • ghtazi
      ghtazi on 13 Feb 21
       
      there is a lot of perspectives about the fact that M-Pesa is not really a Kenyan product but a British product. Nyagaka Anyona Ouko, a Kenyan from Nairobi, claims he is the innovator of M-Pesa and accuses Vodafone of plagiarism. but the story vanished quicker than it appears.
  • By any stretch of the currently available facts, the service that accounts for more than 60 percent of Kenya’s GDP in transactions was conceived by British professionals. The company commissioned with developing the idea, Sagentia, into a workable technology was British. Additionally, the company that owns the intellectual property rights to the idea, Vodafone, is British and, lastly, it was funded in its initial stages by the British Government.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      This excerpt is important because it shows how M-Pesa helped in the economic growth of Kenya. They also helped in expanding the fintech culture in the country
ghtazi

About Mukuru | Bulk Remittance Services | Sign up, Send it, Sorted! - 0 views

www.mukuru.com/our-values

Mukuru Money Africa Bank Account

shared by ghtazi on 09 Feb 21 - No Cached
  • Mukuru helps you move money around Africa. Sending cash for instant collection or topping up a bank account or mobile wallet, has never been easier.
    • nouhaila_zaki
      nouhaila_zaki on 09 Feb 21
       
      This page explains what Mukuru proposes as services for its customers, namely moving money around Africa (for paying school fees, hospital bills, rent or groceries etc).
  • We exist as a remittances company, to empower migrants to move money in a convenient, safe and affordable manner. These workers, who would usually be excluded from mainstream financial services, can now fulfill their desire to improve their own and their families’ lives.
    • nouhaila_zaki
      nouhaila_zaki on 09 Feb 21
       
      Here the page introduced the main mission of the company and its target customer segment, being securing remittances for migrants in Africa who are excluded from mainstream financial services.
  • It is this, the opportunity to enrich the lives of Africa’s people by helping family, friends and loved ones stay connected, that motivates us to improve, to do more and to reach further. To us, a remittance is more than money. It represents the love, care and hard work of the sender and can be a lifeline, an opportunity or even a celebration to the recipient.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      this page shows Mukuru's values, I really appreciate the goal behind this business which is help Africans to move forward by offering them many services to help each other.
  • ...1 more annotation...
  • We know that every one of our customers has a story; just like we do. So whether you are sending money for school fees, hospital bills, rent or groceries, we are passionate about making that story end well.
    • ghtazi
      ghtazi on 13 Feb 21
       
      once again we can see that Mukuru is very attached to what its customers want and need.
mehdi-ezzaoui

Techstars Announces 10 Startups For First-Ever African Program - 1 views

www.forbes.com/...for-first-ever-african-program

SimbaPay payments Fintech

shared by mehdi-ezzaoui on 13 Feb 21 - No Cached
  • SimbaPay (UK, focussed on Kenya, Uganda, Rwanda) – "Send money to family and friends bank accounts or mobile wallets in Africa (from abroad) in a convenient and cheap way. Customers can also use their bill settlement technology to pay merchants in Africa (such as universities, utilities). You can also open a bank account back home using the app".
  • mehdi-ezzaoui on 13 Feb 21
     
    simbapay as one of the 10 best startups
sawsanenn

Frontiers | FinTech: A New Hedge for a Financial Re-intermediation. Strategy and Risk P... - 0 views

www.frontiersin.org/...full

FinTech Financial inclusion Strategies

shared by sawsanenn on 13 Feb 21 - No Cached
  • FinTechs and the Value Chains in the Financial IndustryIt is beneficial to remember how things worked before and after FinTechs and TechFins or big techs in the financial industry.Banking models are shifting significantly from a pipeline, vertical, paradigm, to modular solutions that pave the way to new banking paradigms that entail higher levels of openness toward third parties and a growing number of modular services bundled together.Value is created in platforms through economies of scope in production and innovation (Gawer, 2014). In order for platforms to work, adoption and network effects are essential. Models can go to mere compliance with the prescriptions of openness of PSD2, to the inclusion of new services, the opening of the banking core and data, and the aggregation of those within a platform experience. In particular, we assist both to the evolution of a Bank-as-a-Platform model and a tech-platform-driven model supporting banking and financial intermediation, which both constitute a new interesting field of analysis.Since the wave of digital transformation started entering the financial industr
  • , banking-as-a-business has started moving from a product/service perspective to more contextual solutions where providers are customer needs-driven. This is because customer-driven companies outperform the shareholder-driven ones, and this requires an outside-in approach.Having said that, it is beneficial to remember that digital transformation implies four main categories of innovation (product, process, organizational and business model) (Omarini, 2019, p. 340); all of them require rediscovering that a new strategy paradigm exists. This regards the concept of co-creation, and because of this no single firm can unilaterally carry out a process of continuous experimentation, risk reduction, time compression, and minimizing investment while maximizing market impact. Co-creation requires access to resources from extended networks (suppliers, partners, and consumer communities).Under these new market conditions, FinTechs have become an important piece of a bigger puzzle, each one in its own area of business (payment, lending, etc.), while at the beg
  • inning most of them started as mono-business companies. Only a few of them may become leaders in the market. On the one hand, there are those that make their strategy become international, and on the other, there are FinTechs which enlarge their services-scopes. However, the majority of them will become part of ecosystems where the direction could swing from banks to tech companies or to FinTechs as well, able to manage the network by developing kinds of conglomerate-as-a-service.Another interesting point to outline regards this recent period where all of us have experienced lockdowns around the world, and some effects have also impacted FinTechs as well. The valuations of most unicorns have crashed overnight, while on the FinTechs side there are different situations. Some of them have experienced a dramatic reduction in their
  • ...6 more annotations...
  • strategy development process, especially when the various units and individuals in the network must collectively execute that strategy. The key issue is this: balancing act between collaborating and competing is delicate and crucial” (Prahalad and Ramaswamy, 2004, p. 197).If co-creation is fundamental to the industry, this needs to leverage on a wider customer perspective that requires introducing the idea of developing ecosystems where the customer is truly free to move and choose the best deal in more competitive markets able to let consumers' ability to make informed decisions against any possible market concentrations among market providers.A business ecosystem (Moore, 1996) reflects the new paradigm of competition in a better way. Traditional management models aimed at gaining competitive advantage, such as vertical or horizontal integration, economies of scale and scope, are not effective anymore. The value of today's companies is determined by the size of its ecosystem (Tewari, 2014). Business ecosystems consist in crossovers of a variety of industries, of which companies cooperate and embrace open innovation to satisfy new customers' needs an
    • samiatazi
      samiatazi on 13 Feb 21
       
      Digital transformation implies four main categories of innovation: product, process, organizational and business model. FinTechs have become a significant piece of a greater riddle, every one in its own zone of business. The victors are those that have sufficient liquidity and money to purchase great innovation. This is particularly valid for installments that will be progressively contactless. Individuals costs and per-client commitment edge are key elements, and important markers. The more wellsprings of incomes an organization holds, the better it is for it to be a FinTech.
  • evaluation, others were quite lucky and suffered less.There are many and different feelings on the way FinTechs will exit this situation, which as far as we understand has overall accelerated some strategic choices.First of all, there are many and different FinTechs in the market. What is critical is to look at the fundamentals of the business. All of them are about answering what society is going to look like in the future (attitudes, behaviors, habits, etc.), so that if we no longer need to go to retail stores anymore, why do we need some services based on this situation? This, again, underlines that banking is a people business (Omarini, 2015) and this requires a business to be resilient to become adaptive to consumer changes or moves into a different market where you can still apply the service because the society is not yet ready to shift somewhere else, which means the same business in different markets. Just think of the ongoing situation where the recent wave of people is rethinking and restructuring their finances, so that they have decided to switch rates to digital banks. In this scenario, the winners are those that have enough liquidity—or better still cash-rich—to buy good technology and invest in new directions, also taking the opportunity to use the pandemic to its advantage. This is especially true for payments that are going to be increasingly contactless. However, some more les
  • sons can be learnt from difficult times especially due to external factors such as the following:- People costs and per-customer contribution margin are key factors, and valuable indicators. They are valuable for incumbents too. When staff costs rise, then this becomes a burden if growth is not going to move on. Then, if we move on the per-customer contribution margin (revenue, minus variable costs including credit losses), then this makes a FinTech earn more money per bank account than the cost of running those bank accounts.- One more point has to do with the way a FinTech makes its revenues per customer, and net income is the figure to look out for here. This means that the more sources of revenues a company holds, the better it is for it. If we think of some of the best-known FinTechs, they gather their net income from interchange fees, ATM withdrawals, which can diminish during the pandemic, but gathering revenues from other sources such as lending, investing, or again from referring customers to third-party services, and earning commissions from these referrals.Under this oncoming market structure configuration, a focus on control and ownership of resources is giving way to the importance of accessing and leveraging resources through unique ways of collaboration. “The co-creation process also challenges the assumption that only the firm's aspirations matter. (…) Every participant in the experience network collaborates in value creation and competes in value extraction. This result in constant tension in the
  • One more point has to do with the way a FinTech makes its revenues per customer, and net income is the figure to look out for here. This means that the more sources of revenues a company holds, the better it is for it. If we think of some of the best-known FinTechs, they gather their net income from interchange fees, ATM withdrawals, which can diminish during the pandemic, but gathering revenues from other sources such as lending, investing, or again from referring customers to third-party services, and earning commissions from these referrals.
    • hichamachir
      hichamachir on 13 Feb 21
       
      Pula can benefit so much from expanding its revenues streams. It lets the customers use the product or service in different ways which can't make them feel lazy to use a specific way.
  • The emergence of new technologies and players, along with a favorable regulatory framework (PSD2 Directive), is changing the banking industry. FinTechs and TechFins have allowed the introduction of new services and changed the way customers interact to satisfy their financial needs. The FinTech landscape is constantly evolving in the market. Different business value propositions are entering the financial services industry, moving from increasing the user's experience to developing a time to market framework for banks to innovate products, processes, and channels, increasing the cost efficiency and looking for a “partnering on order” to lighten the regulatory burdens for banks. The many businesses of banks are changing their value chains, and banks' business models should do the same accordingly. Strategists could no longer take their value chains as a given; choices have to be made on what needs to be protected and maintained, what abandoned and the new on coming to make banks evolve and become more resilient in doing their job. Banking is shifting significantly from a pipeline, vertical paradigm, to open banking business models where open innovation, modularity, and ecosystem-based bank's business model may become the ongoing mainstream and paradigm to follow and develop. Opportunities and threats for banks are many and new ones to re-gaining their role in the market throughout a re-intermediation process.
    • ghtazi
      ghtazi on 13 Feb 21
       
      FinTechs and TechFins have enabled new services to be launched and changed the way clients communicate to meet their financial needs. In the industry, the FinTech landscape is continuously changing.
  • They have brought to the traditional banking industry a wave of competition and broken pipeline value chains, unbundling them into different modules of products or services, which may be combined among themselves. These companies on the one hand and the BigTechs (Google, Facebook, Apple, Samsung, Alibaba, etc.) on the other have been forcing the industry to change, transform, and evolve in a set of new financial intermediation directions. Use of data and customer experience are both FinTechs' major assets and threats as well. On the one hand, they please the customers as individuals and introduce the paradigm of contextual banking. On the other, the two selling points are threatening both the incumbent players and regulators in different ways. For banks, it is even more urgent to react actively because their “no fee zone” is expanding, due to new regulations from the Consumer Financial Protection Bureaus (CFPB) and similar entities in different countries.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      Since the digitalization wave entered the banking industry, financial institutions has begun to move from a product/service standpoint to more semantic alternatives where suppliers are pushed by customer needs. This is because the customer-driven firms outclass the investor ones, and this necessitates an outside strategy.
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