26 June 2020
Issue #207 of the Fintech Analyst Report looks at the macro-economic picture on responding to new consumer behaviors in the UK, banks' reluctance towards the growing cannabis sector, unified portfolio management trends and payments and risk post-pandemic.
Retail banks have a big role in economic recovery. But they must reimagine themselves to fit new consumer behaviours caused by the pandemic and be able to respond to macro and micro issues.
GlobalData: COVID-19 impact on UK retail banks
Economic growth in the UK is expected to decelerate further if coronavirus is not controlled. What will the adverse impact be of such a decline on the banking and payments sectors?
Cannabis is big business as many states undergo the march towards legalisation. But banks are still unwilling to work with cannabis firms due to regulation concerns – leaving many underbanked.
The pandemic is putting a renewed focus on portfolio management. Increasingly, operations teams are looking at unified platforms for better governance with modern, cloud-native approaches.
IDC: The go-to architecture for digital transformation
There is a myriad of cloud solutions that banking digital transformation leaders are using to operate IT infrastructures. But for banks with digital in their DNA, hybrid is the go-to option.
One major lesson from the COVID-19 crisis is that people matter. Technologists need to take this to heart and stop overlooking the human factor in risk and compliance project planning.
The payment industry – especially retail – has suffered greatly during this pandemic. What will recovery look like and is this really the end for cash?
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