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Numbers

Where Top US Banks Are Betting On Fintech

After yesterday’s article about how backward America is, in terms of payments, there’s a useful article talking about how they’re trying to rectify this. Bearing in mind that the big American banks are all spending $10 billion plus each on technology, they should be updating, and CB Insights latest installment looks at where the top American…

FinTech’s lies, damned lies and statistics

There are lies, darned lies and statistics. I often quote numbers in my presentations and get pretty annoyed if they’re wrong. I also prefer to take official sources rather than estimates. So I quote that last year China processed USD$40 trillion (277 trillion yuan) of mobile payments, as reported by the People’s Bank of China ……

Tencent’s WeBank runs accounts for just 50 cents a year

I recently attended a FinTech conference where Henry Ma, Vice President & Chief Information Officer of WeBank, presented an update of how the bank is faring in China. For those unaware, WeBank is the offshoot of WeChat Pay, WeChat and Tencent, and focuses upon financial inclusion in China. This may be surprising for some, as…

Three Commerzbanks are worth less than One Stripe

The big news yesterday is that Klarna is now Europe’s largest FinTech unicorn, valued at $5.5 billion, and the sixth largest FinTech unicorn worldwide (discounting Ant Financial, Ping An and co). According to CB Insights, Stripe is the largest FinTech unicorn (USA, $22.5 billion), followed by One97 Communications (PayTM India, $10 billion); Nubank (Brazil, $10…

The regulator’s view of Facebook’s Libra currency

A lot of discussion at the United Nations, where I’ve been all week (blogging about that next week), has raised the question of Libra, the Facebook digital currency. I’m avoiding calling it a cryptocurrency, as it’s more a stablecoin that is focused upon transactions, which is why it has Visa, MasterCard, PayPal and Stripe as…

Mobile first is a no brainer, but what is digital first?

An interesting report came out this week saying that UK consumers would access mobile banking apps more often than branches in the next two years. It got covered on the BBC, Sky News and lots of other media, but I was thinking in the next two years? It just shows how far behind the curve…

Are legacy companies holding back the future?

In my presentations I regularly talk about legacy Europe and America and leapfrog countries from China to India to Kenya to Colombia. The reason the latter countries are leapfrogging Europe and America is that they didn’t have a large, ingrained existing infrastructure for payments and financial transactions in place until this century. Meantime, most of…

Challenger banks don’t matter as they’re not a primary account

During Money 2020 Europe, I bumped into a chap from Monzo. No names mentioned, but he was buzzing and no wonder. The start-up has just boomed through two million users and is growing at over 60,000 account openings a week or 10,000 per day. Some think that number seems high, but they may have missed…

Are you focused on the right customer?

Another few articles I’ve picked up this week have focused upon the new generation of consumer: Gen Z. I would call them the iGen but that’s too branded, so marketers call them Gen Z. Who are the Z Gen? As of 2019, the breakdown by age looks like this: Baby Boomers: Baby boomers were born…

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