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This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

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Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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+1,000 expert presented, on-demand video modules

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Engage with our video hotspots and knowledge check-ins

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Build, scale and manage your organisation’s learning

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Connect Finance Unlocked to your current platform

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More featured content

Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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Fintech Disruption in the Payments Landscape

Fintech Disruption in the Payments Landscape

Michael Bond

15 years: Financial technology & banking

Fintech is becoming increasingly important in the sphere of payments. Michael explains how technology can increase competition and make the market more efficient for consumers.

Fintech is becoming increasingly important in the sphere of payments. Michael explains how technology can increase competition and make the market more efficient for consumers.

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Fintech Disruption in the Payments Landscape

14 mins 56 secs

Overview

Fintechs serve as a major market disruptor to banks and payment services. Their technology driven platforms spur innovation within the industry and serve as convenient services for consumers worldwide.

Key learning objectives:

  • Understand the difference between Fintechs and banks

  • Outline Fintech's unique value proposition to consumers

  • Identify the evolution of Fintech moving forward

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Summary

Is Fintech Bad for Banks?

The advent of technology and the urge for everything to be frictionless, quick, easy, simple and of course in the palm of your hand is proving challenging for Banks to step up to the opportunity to adapt to the ever-changing demands of consumers.

Banks are able to improve their offering and can do this through improving tech, widening product range or by partnering with Fintechs. They can also provide banking services to Fintechs who are seeking a banking partner to provide the payment infrastructure to them.

This would not only serve a domestic base of clients but would also serve Fintechs from the world that require inward support for their payment flows or indeed access to domestic payment schemes that they don’t have from their home bank (whichever state they are from).

As you may know, regulation for a payment company or an e-money institution is much lighter and different to a bank. The biggest hurdle of course is risk and compliance, especially when there is a difference in product offering between the Fintech and the Bank.

Is Fintech Good for Consumers?

Yes. However, this comes with a caveat.

Banks will have to adapt to retain margins, balance sheets and customers – especially with regard to payments and pricing will ultimately come down, this will result in a fairer deal for the majority of consumers.

What Does the Future Look Like?

Michael thinks we will continue to see a number of new entrants that continue to use the existing infrastructure and the rails provided by Banks and will make losses as they try to scale to gain consumers. This will happen until the sector matures when we will see an exit of Angel / VC funding, which will lead to consolidation with fintechs. At this point any established and dominant FinTech’s will seek to increase earnings by increasing margins or fees and monetise the consumer base that they have won over the past few years.

The OCC is looking at offering a Fintech Trust Charter, which would allow one licence for all states in the US, indeed a federal licence, and would revolutionise access to the payment infrastructure across the United States. It replaces the current state by state system which is expensive to maintain and to enter and is a true barrier to revolutionising the US market.

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Michael Bond

Michael Bond

Michael currently works as the Director, Expansion & Banking at Trustly. Having previously worked as Head of Global Banking for ePayments. Similarly at Lloyds Banking Group as the head of fintech for the commercial bank. Also covered the public, tech, media and telecommunications sectors.

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