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Key Takeaways From McKinsey’s 2020 Global Banking Review

Written by on Dec, 23, 2020

The coronavirus pandemic brought an end to a decade-long window of opportunity for banks. Most industry incumbents did not use the bull market and rich returns to prepare their businesses for a looming downturn. In many cases, banks did not adapt their business models and adopt technology that

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What Is Digital Banking?

Written by on Dec, 21, 2020

Digital banking involves the digitalization of all traditional banking products, processes, and activities to service customers using online channels. With digital banking, any bank branch services are available and accessible 24/7 on mobiles, computers, and compatible smart devices.  From

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What Is a Faster Payment?

Written by on Dec, 14, 2020

Faster Payments is a UK banking initiative that enables mobile, internet, and telephone payments to move between customer accounts, usually within a few seconds. Almost all internet and telephone banking payments in the UK are processed through the Faster Payments Service (FPS).  In 2019

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Three Key Takeaways From the 2020 Mckinsey Global Payments Report

Written by on Dec, 11, 2020

McKinsey projects that the 2020 global payments revenue will be 7% lower than in 2019. But the crisis resulted in much more than a $140 billion decline. The pandemic-induced disruption compressed five years’ worth of change into less than a year, accelerating transformation in customer

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SaaS vs. BaaS vs. Banking Software License: Which Is Better?

Written by on Dec, 04, 2020

Financial technology has become a catalyst for intensifying competition in the banking industry. Neo-banks are winning market share by serving customers at around one-third of the cost of incumbents. In itself, added cost-efficiency is excellent but not ground-breaking, as IT expenses make up

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