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Jan 02 2021

Fintech Professional Says Challenger Banks are Disrupting Banking Sector in a “Big Way” by Improving Customer Experience

Mr. Potter Banker Banking (1)

Mr. Potter Banker Banking (1)Last year, we saw many banking challengers offering services to customers who might not have been satisfied with their traditional bank. Many more people also began to use online banking services due to the COVID-19 pandemic which forced many physical business locations to shut down.

Marwan Forzley, Co-Founder and CEO at Align Commerce, a payment service provider for global commerce, notes in a blog post published by Payments Source that challenger banks are still quite small when compared to traditional financial institutions. But they’re “disrupting” the banking sector in a “big way” by changing “the fundamental and antiquated experience we’ve come to expect.”

Forzley points out that Deloitte’s “DNA of Digital Challenger Banks” report states that “challengers have developed a product offering and channel experience that targets the points of the value chain where incumbents’ weaknesses are most exposed and often not easy to fix.” In 2020, we saw Fintech challengers (like Current) offer certain services that cater to the financially underserved — such as SMEs, Millennials and underbanked consumers, Forzley confirmed.

He added that digital-only banks (like Revolut) have launched services that specifically aim to serve corporate or business clients. They may offer advanced tools and features (for example, access to working capital, accounting integrations, online wallets, and payment scheduling). These tools may be accessed from a laptop or mobile device — “without the processes, complexities or red tape that incumbents are known for,” Forzley claims.

He also mentioned that there’s a “wide open market with plenty of opportunity not just for challenger banks but for financial technology as an industry to set themselves apart from incumbents to gain market share.”

In 2020, we saw an “unprecedented” level of investment into Fintech firms, Forzley noted. He pointed out that the opportunity for growth within the payment and banking sector is driven by the need to solve or address clear problems and develop “tech-forward solutions” that are “readily available” to serve individuals and companies. He claims that VCs and incumbents are interested in funding “innovative, agile products and services that improve on the speed, accessibility and transparency issues that are widespread throughout traditional financial institutions.”

He concluded:

“[The] winners will be determined by how novel their offering is. In order for the leaders in the space to survive against incumbents and against each other, challengers will need to focus on ensuring their services are more innovative and different compared to what exists today. If the service is going to yield minor incremental changes, it won’t be enough for the challenger to truly take off. The services that will do well are the ones providing a fundamentally different and forward-thinking customer experience.”

As reported recently, digital banks and Fintech challengers must show they can generate profits, because investors are expecting returns.

Investors have been pushing banking challengers to show them how they can generate sizable profits by effectively monetizing their products and services. Industry analysts expect that the neo-banking sector will have to consider consolidation opportunities and seriously begin to focus on achieving profitability in a post COVID environment.

As covered, Fintech adoption is on the rise globally with over 250 digital banks operating in major financial markets, according to a new report from Exton.

The report noted:

“On their quest for monetizing customer relationships neobanks have learned a first lesson: payment transaction fees, premium account subscription fees, or open banking commissions from brokering 3rd party services will in most cases not be sufficient to generate profits or breach beyond operational break-even. Our expectation much rather is that Neobanks will need to offer additional products to jump the gap to sizable profitability.”

The report added:

“Irrespective of which path neobanks will take, we remain convinced that they will need to shift into profitability mode quickly as investor patience will not be unlimited. But for those that select the paths right for them, stay focused on it and grow up as an organization, the future remains bright and full of opportunities.”

Exton suggests that some Fintechs or neobanks may want to consider offering digital or lending services which should help them diversify their business. Financial technology firms can also look into developing their own super app or offer investment services to the mass affluent market, Exton noted.

Source

Written by bizbuildermike · Categorized: Crowdfunding · Tagged: 2020, Adoption, AIM, align commerce, Analysts, Banking, banking challenger, Banks, blog, breach, business, ceo, challenger, Challenger Banks, Co-founder, consumer behavior, covid-19, digital, digital bank, digital banking, digital banks, digital technology, digital transformation, diversify, Environment, financial technology, fintech, fintech adoption, funding, Future, Global, going, investment, investor, lending, market, markets, marwan forzley, Millennials, Mobile, mobile device, more, neobanking, online banking, online wallets, opinion, other, pandemic, payment, payments, product, Products, red, report, returns, SMEs, Space, Technology, transaction, Wallets, working capital

Nov 25 2020

Gold Bullion Boss Predicts 500k Bitcoin Price Peg

The Bitcoin rally already has investors excited. As things stand now, there is little doubt that BTC will break its all-time high record this year. However, investors and analysts are still trying to figure out how high the asset could go. Dan Tapiero, the founder of Gold Bullion International, believes that we could see a six-figure price peg pretty soon.

Institutions to Push Bitcoin’s Market Cap

Speaking with Morgan Creek Digital co-founder Antony Pompliano, Tapiero explained that Bitcoin is on the fast track to $500,000. While the gold enthusiast believes that investors should split their assets between gold and Bitcoin, he acknowledged that the leading cryptocurrency remains the cream of the crop for alternative assets.

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“In the next five years, I can see gold at $4,000, so that’s double. But if gold is at $4,000, Bitcoin is probably somewhere between $300,000 and $500,000, so that’s a 20, 30x,” Tapiero highlighted, adding that no one in the gold trading industry could dispute Bitcoin’s dominance.

Tapiero highlighted that the Bitcoin market already saw a significant influx of institutional investment this year. As the asset’s market capitalization continues growing, more institutions will feel comfortable with it. This could start a cycle of higher investments and a higher valuation for the asset. Once this happens, Bitcoin will take a similar stance as gold.

The gold bug added that Bitcoin also beats gold in terms of functionality. While gold only works as a store of value, Bitcoin functions as an entire network. Due to this greater functionality, Tapiero sees Bitcoin ultimately outperforming gold.

Schiff Remains Unwavering

Tapiero’s acknowledgment was a significant moment, especially considering that many people have begun drawing comparisons between Bitcoin and gold.

Last week, Rick Reider, the Chief Investment Officer of fixed income at asset management giant BlackRock, told CNBC that Bitcoin is here to stay and eventually take gold’s place. While Reider didn’t acknowledge being a Bitcoin bull, he explained that the asset is currently more functional than gold. Ultimately, it would take gold’s place.

Wow. BlackRock CIO of Fixed Income Rick Rieder talking about Bitcoin replacing gold on CNBC this morning. pic.twitter.com/9KZR0muJVp

— Pomp 🌪 (@APompliano) November 20, 2020

Like Tapiero, Reider highlighted the growth in institutional demand for Bitcoin. He also pointed out the asset’s attraction to millennials, who would eventually become tomorrow’s prominent investors. With more millennials choosing Bitcoin over gold, it is only a matter of time before they switch places.  

While Tapiero is okay with acknowledging Bitcoin’s superiority over gold, Peter Schiff, another famous gold bull, remains unconvinced.

Schiff has ramped up his criticism of the leading cryptocurrency this year, even though the asset has proven him wrong several times over. Last month, data from CoinGecko showed Bitcoin hitting the 7-ounce mark against gold for the first time in over a year. Despite the performance, Schiff was unimpressed.

The gold bull lashed out on Twitter, calling Bitcoin the largest bubble he had ever seen.

Gold Bullion Boss Predicts 500k Bitcoin Price Peg

Source

Written by bizbuildermike · Categorized: cryptocurrency · Tagged: alternative assets, Analysts, bitcoin, Bitcoin Price, BlackRock, btc, bubble, Co-founder, cryptocurrency, data, digital, founder, Go, gold, investment, Investments, market, Millennials, Peter Schiff, podcast, trading, Twitter, Valuation, youtube

Oct 25 2020

Top 5 cryptocurrencies to watch this week: BTC, ETH, XRP, LTC, XLM

Hot on the heels of Paypal’s crypto adoption, JPMorgan’s Global Markets Strategy division released a report detailing how Bitcoin (BTC) could offer “considerable” upside “if it competes more intensely with gold as an ‘alternative’ currency.”

According to the analysts, the three reasons for their long-term bullish view on Bitcoin are the large valuation gap between Bitcoin and gold, the growing utility of cryptocurrencies, and millennials preferring Bitcoin over gold in the long-term.

This report shows that institutions are gradually realizing the huge potential of cryptocurrencies and are willing to take a U-turn on their previous apprehensions.

Crypto market data daily view. Source: Coin360

Galaxy Digital CEO Mike Novogratz said that PayPal’s decision on crypto could force other big banks to consider ways to engage with digital assets. “We are going to see, over the next 10 years, a rebuilding of the financial infrastructure of this country,” Novogratz added in an interview with CNBC.

On similar lines, in a recent interview with Peter McCormack, Gemini crypto exchange founders Tyler and Cameron Winklevoss reiterated their bullish Bitcoin stance, explaining that they expect BTC to eventually reach $500,000.

The twins believe that if big Fortune 100 or 500 companies and central banks start buying Bitcoin for their treasury reserves, Bitcoin’s price could soar.

At the moment investors are wondering if Bitcoin can build upon the current bullish momentum and continue its journey northward.

Let’s study the charts of the top-5 cryptocurrencies to find out if Bitcoin and altcoins will move higher.

BTC/USD

Bitcoin (BTC) is in an uptrend and the price has been sustaining above the breakout level of $12,460 for the past few days. The rising 20-day exponential moving average ($11,938) and the relative strength index in the overbought zone suggest that bulls are in command.

BTC/USD daily chart. Source: TradingView

The bulls had pushed the price above $13,214 today but they could not sustain the higher levels. This suggests that the bears have not yet thrown in the towel and are defending the $13,200 level.

However, as the trend is up, the bulls are likely to buy on dips to the breakout level of $12,460. Even if this support cracks, the bulls may again step in and buy at the 20-day EMA.

If the BTC/USD pair rebounds off either level, the bulls will once again try to push and sustain the price above $13,214. If they succeed, a rally to $14,000 could be on the cards.

This positive view will be negated if the bears sink the price below the 20-day EMA. Such a move will suggest that the current breakout was a bear trap.

BTC/USD 4-hour chart. Source: TradingView

The bears thwarted an attempt by the bulls to extend the uptrend today when they did not allow the bulls to sustain the price above $13,214. The sellers dragged the price down to the

immediate support at the 20-EMA on the 4-hour chart.

The bulls are currently attempting to keep the price above the 20-EMA but the bearish divergence on the RSI suggests that the momentum may be weakening.

A break below the 20-day EMA could result in a retest of $12,460, while a strong rebound off the current levels could resume the uptrend.

ETH/USD

Ether (ETH) broke above the $308–$396 range on Oct. 22, which suggests that the bulls have overpowered the bears. Although bears have stalled the up-move at $420, they have not been able to pull the price back below $396.

ETH/USD daily chart. Source: TradingView

This suggests that the bulls are buying on dips to $400. The upsloping 20-day EMA ($383) and the RSI above 59 also indicate that bulls have the upper hand.

If the bulls can push the price above $421, the ETH/USD pair could start a rally that may challenge the Sep. 1 highs at $488.134.

This bullish view will be invalidated if the bears sink the pair back below $396 and the 20-day EMA at $383. Such a move could keep the pair range-bound for a few more days.

ETH/USD 4-hour chart. Source: TradingView

The pair has formed a flag pattern following the breakout above $400. The long tail on the retest of the breakout level suggests that bulls are accumulating at lower levels. A breakout above the flag will signal the possible start of a new uptrend.

Contrary to this assumption, if the bears sink the price below the flag, a drop to the $396–$400 zone is likely. If the pair once again rebounds off this support, the bulls will try to resume the uptrend. Conversely, the trend will favor the bears if the $388 support cracks.

XRP/USD

Although XRP has not yet started an uptrend, it has formed a possible inverse head and shoulders pattern that will complete when the price breaks out and closes above the overhead resistance at $0.26.

XRP/USD daily chart. Source: TradingView

If that happens, the XRP/USD pair could pick up momentum and rally to $0.30. A sequence of higher highs and higher lows since the Sep. 23 lows indicate a minor advantage to the bulls.

If the pair rebounds off the 20-day EMA ($0.249) or the uptrend line, the bulls will try to drive the price above $0.26.

This positive view will be negated if the bears sink the price below the uptrend line. Such a move could result in a drop to $0.228409.

XRP/USD 4-hour chart. Source: TradingView

The failure of the pair to sustain above $0.26 could have resulted in the liquidation of long positions that pulled the price below the 20-EMA on the 4-hour chart.

Currently, the flattish 20-EMA and the RSI near the midpoint suggests a balance between supply and demand.

A breakout of $0.2635 could tilt the advantage in favor of the bulls while a break below the uptrend line may signal an upper hand to the bears.

LTC/USD

Litecoin (LTC) completed an inverse head and shoulders pattern when it broke out and closed above the overhead resistance at $51.50 on Oct. 21. This setup has a target objective of $61.50 and if this level is crossed, the up-move may extend to $64.

LTC/USD daily chart. Source: TradingView

The rising 20-day EMA ($51.30) and the RSI near the overbought zone suggest that bulls have the upper hand.

Usually, after the breakout of a reversal pattern, the price dips to retest the breakout level. In this case, such a move could drag the price down to $51.50. If the price rebounds off this level, it suggests that the breakout is valid.

However, if the bears sink the LTC/USD pair below the 20-day EMA, it will suggest a lack of demand at higher levels. Therefore, it is a good strategy to wait for a rebound from a strong support before buying rather than enter on the way down.

LTC/USD 4-hour chart. Source: TradingView

The 20-EMA on the 4-hour chart is sloping up and the bulls have been buying the dip to this support in the past few days. This suggests that the sentiment is positive and the bulls view dips as a buying opportunity.

The RSI has been trading near the overbought zone, which also suggests that bulls are in control. A break below the 20-EMA will be the first sign that the momentum may be weakening. Such a move could result in a drop to $53 and then to $51.50.

XLM/USD

Stellar Lumens (XLM) has repeatedly risen above the overhead resistance at $0.084584 in the past few days but the bulls have not been able to capitalize on the move and start a new uptrend. This suggests that the bears are defending this resistance.

XLM/USD daily chart. Source: TradingView

However, the upsloping 20-day EMA ($0.080) and the RSI in the positive territory suggests that bulls have the upper hand.

If the bulls can propel the price above the $0.084584–$0.087753 resistance, the XLM/USD pair will complete a rounding bottom pattern. This reversal setup has a target objective of $0.102327.

Contrary to this assumption, if the pair turns down from the current levels and breaks below the 20-day EMA, it will suggest that the bulls have squandered their advantage.

XLM/USD 4-hour chart. Source: TradingView

The pair broke below the support line of the triangle but the bears have not been able to capitalize on this move. The bulls are currently attempting to push the price back inside the triangle.

If they succeed, the pair could rally to the resistance line of the triangle. A breakout and close above the triangle might begin a new uptrend.

Contrary to this assumption, if the bears sustain the price below the support line of the triangle, the sentiment could weaken and the pair may drop to $0.079 and lower.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Top 5 cryptocurrencies to watch this week: BTC, ETH, XRP, LTC, XLM

Source

Written by bizbuildermike · Categorized: cryptocurrency · Tagged: Adoption, altcoins, Analysts, author, Banks, bitcoin, Bitcoin Price, btc, BTC/USD, Cameron Winklevoss, ceo, crypto, Crypto Adoption, cryptocurrencies, Currency, data, digital, digital assets, ETH, Ethereum Price, exchange, founders, gemini, Global, gold, index, Infrastructure, interview, investment, LINE, Litecoin price, market, markets, Millennials, opinions, other, Price Analysis, report, research, risk, stellar, Strategy, Study, target, trading, upside, Valuation, view, winklevoss, xlm, xrp

Sep 19 2020

World’s “Smartest” Cities: Singapore, Helsinki, Zurich, According to Smart City Index Report for 2020

Singapore, Helsinki (in Sweden) and Zurich (in Switzerland) have been named as the world’s “smartest” cities during this year. They’ve managed to outperform other major European and global financial hubs, according to the Smart City Index Report for 2020.

Geneva is another Swiss city that was ranked in the top 10 smartest cities (at the seventh spot).

The report has been published by the Institute for Management Development (IMD) and Singapore University of Technology and Design (SUTD).

The 2020 Smart City Index ranked 109 cities, which is 7 more than the 2019 inaugural edition. The rankings were determined by using economic and technological data. The Index also took into consideration the perceptions of local residents about how “smart” they think their cities were. It has been released under the guidance of the IMD Smart City Observatory (SCO).

The Index results for 2020 aim to provide insights into how digital technology is serving an important role in supporting critical services during the COVID-19 crisis. According to the report, there’s a positive correlation between “smarter” cities and those that have the most effective response to the Coronavirus.

In each city that has been ranked this year, 120 citizens were asked various questions during  April and also in May 2020 about the technological provisions of their cities across several  areas, including health and safety, mobility, activities, opportunities and governance. The score for each city has been determined using the “perceptions” of the past couple years that the survey has been conducted.

The top 3 “smartest” cities in 2020 represent a reshuffling of last year’s rankings. During 2019, Singapore was ranked first, Zurich came in second and Oslo (in Sweden) was third. Some of the most noticeable changes and arguably the most important findings of the 2020 Smart City Index were in underdeveloped cities across the globe.

The report noted that if we simply added free Internet services or WiFi to a city like Medellin (which is notably up by 19 places in the rankings in 2020), the locals would have perceived the positive change in their quality of life with technology to be quite significant.

Notably, a technologically advanced city like Zurich has residents that would naturally expect major changes or improvements to existing tech solutions before they would “perceive” anything to have really become better than before.

Singapore’s government has introduced several initiatives that will most likely continue to support digital technology adoption in the Asian country. Financial technology firms Active.ai, Cardup, Funding Societies, PolicyPal, and Transwap will be receiving new investments from Singapore’s AMTD Group.

Razer Fintech and Franklin Templeton will be offering digital wealth management services to Millennials in Singapore and other Asian countries.

Meanwhile, in Switzerland (a country that’s home to smart cities like Geneva and Zurich), the SIX Group will be leveraging Luxembourg Fintech LUXHUB’s Open Banking technology to streamline Switzerland’s financial sector. Switzerland’s Credit Suisse will also introduce app-only banking services to compete with Fintech Challengers.

Source

Written by bizbuildermike · Categorized: Biz Builder Mike · Tagged: AI, AIM, Asia, Banking, Cities, coronavirus, covid-19, data, Design, digital technology, Europe, fintech, funding societies, General News, geneva, Global, government, health, helsinki, index, Internet, Luxembourg, Millennials, oslo, other, report, Singapore, smart cities, Sweden, Switzerland, tech, Technology, Wealth, zurich

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