Fintech Analyst Report - Issue 310

Sarah Mason

08 February 2024

In this week’s newsletter, we kick off by examining how AI is delivering new revenue opportunities through enhancing payments products and workflows, and the importance of educating customers about instant payments. Next, we look at how smaller financial institutions can attract younger customers by delivering high-utility features, where corporate banks should direct investment in 2024, and the state of cryptocurrency in India. The key factors behind achieving resilience for banks is then considered, as are the factors driving the monetisation of APIs in financial services.  

Celent: Exploring the benefits of AI in the payments sector 
This report identifies the numerous benefits AI can have in payments including improving workflow and product enhancements. Looking specifically at advanced data analytics, 73% of banks believe they’ve delivered clear revenue opportunities from investments in this area.  

Datos Insights: How to seize the instant payments opportunity in Europe and the UK 
Demand for instant payments in Europe continues to grow given that businesses cite settlement speed as a major pain point. Financial institutions risk missing out on opportunities unless they educate and showcase the value of instant payments to their clients.  

Javelin: Navigating mobile banking for small financial institutions  
Smaller financial institutions, lacking resources to compete with bigger banks in mobile banking, should invest in high-utility features like P2P payments, revamped bill pay, and forward-looking financial fitness tools, to attract younger, mobile-savvy customers while balancing the needs of existing users. 

IDC: Navigating 2024 for corporate banking 
During times of uncertainty, corporate banks must prioritise initiatives to ensure budget constraints do not hinder their ability to modernise and future proof their organisations. Key areas of investment include IT infrastructure, regulatory compliance and risk management.  

Kapronasia: India intensifies regulatory pressure on cryptocurrency  
India has shown a lack of enthusiasm for cryptocurrency, considering it neither a viable asset class nor a preferred means of payment. Despite developing its own central bank digital currency (CBDC), the government is tightening regulations around cryptocurrency. 

IDC: The art of achieving resiliency for banks 
Resilience should cover leadership, organisational dynamics, and workforce sustainability, not just digital initiatives. This webinar reveals why identifying critical business functions, breaking down IT services into specific capabilities, optimising roadmaps, and developing test models are the building blocks of resiliency.  

Datos Insights: API monetisation in US banks 
Regulatory and competitive factors are driving the demand for APIs in financial services. This report assesses how non-financial institutions are adopting APIs related to account information, transactions, identity, and more.  

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