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Mulesoft Research Findings on Shifting Banking Trends
Nick Cheetham, Managing Director at Monitise FINkit, comments on Mulesoft’s research on the shifting trends in banking services:
“Mulesoft’s findings highlight a threat that our own study found that 80% of traditional banks are not paying much heed to: the potential for technology giants such as Facebook, Apple, and Google to leverage their massive, highly-engaged users bases, and the emerging Open Banking landscape, to steal market share by creating products, services, and experiences that are better suited to the demands of modern, digital-savvy customers.
“The incumbent banks cannot afford to rest on their laurels or bury their heads in the sand. With rumours swirling that Apple may launch its own peer-to-peer money transfer product by the end of this year, it’s clear that banks will have new competitors trampling on their lawn – and it won’t just be the ‘neobanks’ such as Monzo or Atom. It may only be one small part of financial services, but the banks can’t afford to stand by and suffer death by a thousand cuts as disruptors gradually take more and more of their business away. Banks may think that more ‘serious’ products such as mortgages or pensions will be safe from disruption because customers will always want the reassurance of a traditional provider’s track record. But in ten years’ time, enabled by the Open Banking regime, the likes of Facebook may have that track record themselves – and today’s younger customers will have grown up with them as a ‘serious’ financial services provider.
“Open Banking is undoubtedly the stimulus for innovation that the retail banking sector needs, but the incumbents need to shape up, as it will be their own openness to genuinely transformative change that will determine their success in the new landscape as it unfolds.”
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More than half (59%) of Brits admit that they’ll use AI to help with their tax return
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WorkFusion, a pioneer in AI agents for financial crime compliance (FCC), today announced it raised $45 million in funding.
AI-Powered E-commerce, Stablecoins and Local APMs: Emerging Trends Headline EBANX’s Payments Summit in Mexico
How could AI agents search, compare and pay for things? What makes stablecoins a game-changer for cross-border digital commerce? Why are local Alternative Payment Methods (APMs) crucial for any business wanting to enter and scale in emerging markets?
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United Gulf Financial Services Joins The Hashgraph Association and Exponential Science Foundation Adding $1M to Hedera Africa Hackathon Pool Prize
United Gulf Financial Services (UGFS North Africa), a leading venture capital firm offering innovative companies and startups with financial support and mentoring services, has announced a partnership with The Hashgraph Association, a Swiss non-profit organization driving global adoption of Hedera-powered solutions by funding innovation, training, certification, and venture building programs, and Exponential Science Foundation, a not-for-profit foundation accelerating responsible tech adoption, via research, education, and innovation activities, for Hedera Africa Hackathon 2025, the biggest hackathon in Africa aimed at enabling the next generation of Web developers and empower economic inclusion in Africa with a digital future for all.
Payhawk Transforms Spending Experience for Businesses With Four Enterprise-Ready AI Agents
Payhawk announced set of AI agents that complete everyday finance work as part of its product launch
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