3 Financial innovations to watch for banks in 2023
The banking industry is experiencing a seismic shift driven by technological innovation and the emergence of new players, putting pressure on traditional banks to adapt or risk losing market share. Fintech startups are focusing on specific product segments and niches, offering better customer experience and more efficient operating models than traditional banks. To stay competitive, incumbents must transform and innovate, leveraging the power of technology to deliver customer-centric solutions that meet the needs of today's consumers. Read more
How banks can weather the storm
The financial sector, particularly banks, is facing challenges due to a combination of events such as economic deterioration, digitalization, and increasing customer demand. Regulators have been raising interest rates to control inflation, which can increase profitability for banks but pose challenges in managing their balance sheets. Banks that fail to adapt may not survive. At Fincog, we understand the pressures that banks face and are here to help navigate these challenges. Read more
SME Banking & Remittances in Africa
40% of all formal MSMEs in developing countries suffer from unmet financing needs. Despite significant positive developments in recent years regarding digital banking initiatives, a lack of suitable business banking services still poses a great challenge for many entrepreneurs, MSMEs and SMEs across Africa. Learn about some of the existing opportunities for banks and financial institutions in the African market in our newest blog Read more
How can Banks play a positive role in climate change
Banks play a vital role in funding environmental change in society but there are a variety of ways banks can play a positive role in climate change. Based on our experience working with industry leaders in sustainable finance, we have outlined how banks can support economies in achieving climate goals while at the same time building a strong and sustainable business. Read more
What are the challenges banks are facing today
It is not secret that banks are up against steep challenges operating in today’s environment – an environment that is defined by geopolitical and economic uncertainty, hyper-competition, and rapid change. In this first article based on our recently published report Banking for Tomorrow, we are going to deep dive into some of those challenges faced by traditional banks and what it might mean for their further existence. Read more
Organizational Design (Incumbent vs Challenger Bank)
Based on our longstanding experience within banking and supporting clients in establishing new organizations, this blog post aims to help you to align your organization to deliver a superior end-to-end customer experience by discussing the key differences in the organizational design of a traditional incumbent bank compared to a modern challenger. Read more
IT architecture of a digital bank
Traditionally, banking IT architecture was designed from a product perspective resulting in a product-oriented service approach. However, to be able to deliver a superior customer experience, digital banks ought to take a client-centric approach in designing their IT architecture. In this article, we dive deeper into the technological building blocks of a digital bank and provide you with some of our best practices when designing the IT architecture of your bank. Read more
How to choose the right regulatory regime for your bank
Financial services are heavily regulated and before being able to provide such, one typically needs a regulatory license in some form. Licenses differ in their scope of permitted activities and requirements on the organization. Additionally, regulatory frameworks also vary across jurisdictions and types of financial services provided. This blog post aims to provide an overview of existing licensing regimes across the world and help new digital banks in making the right choices. Read more
Four Things Incumbents Can Learn From Neobanks
In the last 5 years, we’ve seen the number of digital banks grow at a terrific speed. Their modernized services, unrelenting approach to customer-centricity, and innovative tech stack have taken the banking industry by storm, encouraging the entire industry to rethink how financial services are done. We put together four of the main lessons incumbents can learn from the new digital banks. Read more
Four steps to a successful digital transformation
We have entered a digital era where the pace of technological innovation seems to have become the main driver of change. The current environment forces banks to transform into a flexible, agile organisation, capable of quickly adopting to market developments. How then can banks successfully engage in a digital transformation? In this blog we describe the four steps to follow for a successful digital banking transformation. Read more
Key success factors for an effective digital transformation
While digital-native challenger banks are increasingly maturing and bigtechs are expanding rapidly into financial services, traditional banks face the risk of slow but steady deterioration of their financial performance. However, with the right strategy, now it is the perfect moment for mid-sized banks to become leaders instead of laggers. Read more
Why the Netherlands is a well-functioning banking market that still offers some interesting opportunities
The Netherlands has a well-functioning banking market, with one of the lowest cost of banking services, good quality of service, and low defaults on lending. However, there are still some interesting opportunities in specific niches. This article provides an overview of the Dutch banking market and explores potential opportunities for financial service providers. Read more
Can banks stop the platforms eating financial services?
Online ecosystems like Amazon, Google, Facebook, eBay, Alibaba, and GO-JEK bring people together to contribute, interact, buy, sell and more. They’ve already irreversibly changed the retail landscape. Now, by introducing financial products like payments and consumer credit, they are jeopardising the position of banks. What can banks do to secure their future position? Read more
How Neobanks Are Setting the Benchmark in Banking
Over the past years we have witnessed a steady rise of challenger banks, or neobanks, in Europe. These newly established retail- and SME banks are competing with (or ‘challenging’) the established banks with modern banking propositions tailored to the digital world. Read more
Why it's quiet on the PSD2 front
Over the last months we have helped a large universal bank to explore potential new opportunities under PSD2. In this blog we argue that PSD2 has set a long-term change in the market, and share four type of use cases we have identified by using a customer journey map. Read more
What is the future of banks in the PSD2 era
What may be the future of banks under PSD2? How might banks adapt to PSD2? In this blog we share our ideas Read more
How can banks turn their competitive advantage into strategy?
In his previous article, Jeroen de Bel explained how competitive advantage is designated by the market environment and competitors. How can banks best identify their competitive advantage and turn it into a strategy? Read more
How can banks maintain a competitive advantage?
In his previous article, Jeroen de Bel explained how fintech start-ups are changing the rules of the game for banking. How, then, can banks determine their competitive advantage and best position themselves in the market? Read more
Why Fintech startups and banks can build a potential win-win relationship
New fintech companies are born every day, and can offer many services more efficiently than banks. How should banks respond? Read more
