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News and resources on tools, platforms and APIs for developers in banks and fintechs worldwide.

Discussion
The great insurance disappearing act: what is the industry’s role in an ecosystem economy?
Ketharaman Swaminathan

Ketharaman Swaminathan

  LOL after Banks, it's the turn of Insurance companies to be threatened with existential crisis unless they do x y z. Historically, aggregation model has worked only when the provider is small and the market is fragment e.g. Amazon Marketplace to a large extent and Uber, AirBnB, WeWork to a small extent. Aggregation model has been attempted in other industries where provider is medium to large and it has flopped. Where are the MoneyAisles and TransFS of the world, who tried to aggregate loans, credit card processors?   Fintechs have been threatening to disintermediate Banks since 10 years ago. That movie didn't have a happy ending. All of them are pivoting to become suppliers of technology to Banks, something which the IBMs, Fiservs, FISs and TCSs of the world have been doing for 50 years. And profitably and without surviving on VC funds, if I may add.  If Insurtechs follow the same foolhardy strategy as Neobanks / Fintechs, I predict that they will be ones who will become fineprint in insurance companies' supplier lists.
2020’s COBOL Crisis is the Canary in the Coal Mine for Established Banks and Insurers
Derek Britton

Derek Britton

  Well put. A lack of focus, planning and funding has created a perception problem for many incumbent systems. But the issues around skills and tech are not insurmountable. See https://blog.microfocus.com/solution-cobol-skills-issue-micro-focus/ 
How to design a finance website that converts customers
Ketharaman Swaminathan

Ketharaman Swaminathan

  Nice post. Many points resonate with my experience with boosting conversion rate of finserv websites. To add a couple of points that go a long way towards increasing conversion of browers to buyers: (1) Clear communications - overcommunication is better than undercommunication on a website when there's no human operator waiting to provide guidance and clarifications (2) Consistency between label and description. One bank used branch name as label but address used to describe the branch location did not mention a single word of the area by which the branch was named. 
It’s not all about functionality: the importance of UX in B2B finance applications
Ketharaman Swaminathan

Ketharaman Swaminathan

  I'm reminded of these two tweets I read yesterday: Two sides to this. Typical enterprise tools on sign up today all look the same. Key workflows, dashboards etc. - You can't tell one tool from the other these days. Enterprise UX has gotten very boring. This is both good and bad. UX / CX norms are set, paradigms are common. People have said for over a decade that “consumerization of the enterprise is happening.” We’ve barely scratched the surface. I thought SAAS will put an end to bloatware since, if a customer is unhappy with bad UX, they can cancel the subscription at the end of the month. But, no, that has not happened. The average customer of a Bloomberg terminal uses only 29 out of its 15000 features. Still, I don't know of a single product that has succeeded in displacing Bloomberg terminal by offering an alternative with 20% of features of a Bloomberg terminal at whatever price. Somehow, in B2B software, customers still want more features and are willing to pay more money for a product with more features even though they eventually won't use most of those features. Aspirational selling still works. Very few companies bother about UX even today compared to functionality.
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On-Demand Webinar - The Future of Cloud Computing in Capital Markets
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On-Demand Webinar - The Future of Cloud Computing in Capital Markets

An Asset Servicing Use Case: Best Practices for Success on the Cloud

On-Demand Webinar - How Banks in EMEA Can Thrive Amid Economic Uncertainty
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On-Demand Webinar - How Banks in EMEA Can Thrive Amid Economic Uncertainty

Capitalising on agility to win the digital banking competition.

London: Fintech capital
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London: Fintech capital

South Mountain Economics benchmarks London's performance against other digital cities such as New York and San Francisco.