Fintech Analyst Report - Issue 294

Sarah Mason

04 May 2023

This week, we explore how new technologies are shaping the face of financial services – from how quantum computing is set to change the way community banks and credit unions do business, to the potential applications for ChatGPT in RegTech. Meanwhile, pay-by-bank is gaining traction while nonbanks make up a greater share of global payments. Regulatory pressure continues to build for fintechs across Asia-Pacific, and digital experiences and loan offerings will be key for banks to meet customers changing needs and to continue offering interest-rate products in the current market environment. 

Aite-Novarica: Quantum computing for community banks and credit unions  
Quantum computing is set to transform the way small and midsized financial institutions do business. They should consider how they can reap these benefits before the burgeoning technology reaches maturity.  

JWG: The role of ChatGPT in RegTech    
RegTech’s mission is to translate policy documents into operational rules for business. There’s growing interest in whether ChatGPT and AI can assist in implementing these controls, but human oversight is crucial.  

Javelin: How pay-by-bank is emerging as a contender at the point of sale  
Pay-by-bank is gaining popularity as traditional payment methods fade. It lets consumers use their checking accounts and adds security with instant authentication and payment confirmation.  

Coalition Greenwich: Client experiences with global payments technology 
Over 25% of global commercial payments and almost 30% of receivables are processed by nonbank or fintech payment platforms, according to a study of 704 businesses worldwide.  

Kapronasia: Regulatory pressure is mounting on Asia-Pacific fintechs  
APAC banks face mounting regulatory pressure to combat financial crime, following the 1MDB scandal and FinCEN papers. They are also cautious about exposure to unregulated cryptocurrencies.  

IDC: Consumers want more digital efficiency and not more innovation in banking 
A modern digital experience will provide the tools necessary to attract and retain deposit relationships while a poor experience will drive customers to the competition.  

Celent: Survey guides lenders in digital loan adoption 
Rising interest rates have made profitable lending more difficult, prompting lenders to make strategic technology investments. Celent surveyed 66 banks, consumer finance companies, and credit unions to guide lenders in their digital adoption. 

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