Ken Research’s Fintrack: June 2018-Tracking Innovation In Financial Services will give insights into the latest innovations from the competitors. The report will help in developing cutting-edge product and channel strategies. The report will also help in identifying the latest trends in the delivery of financial services. In the month of June, the important players who have made remarkable innovations in their financial services are Alipay, BBV, WhatsApp, ProtectMyPeople, Zeguro, Laka, Revolut, ABN Amro, Northern Trust, HSBC and B21
FinTrack on a monthly basis releases reports on various financial providers and their innovations. These reports help in tracking financial innovativeness and new technological innovations used by various financial players to give a unique customer experience. These reports help new market entrants to develop existing propositions and challenge the established players thus encouraging competition. The new technology in Financial Services has a large impact on both the existing and new players. Innovation in technology for financial services like AI, digital delivery, biometrics are constantly changing the way people manage their finances and how people make transactions and conduct businesses. Few important innovations for the month of June 2018 are discussed in the paragraph that follows.
Jack Ma’s Alipay has launched a block-chain based payment service. Ant Financial, which is an affiliate of Alibaba, launched this block-chain based payment service which will allow Hong Kong’s working population to transfer funds securely. Since it is in the trial period, the transaction fees have been waived for a period of three months. This service is expected to fasten, cheapen and make payments more secure in conducting financial transactions. ProtectMyPeople is the UK based is the first company is the first such company in the country to provide life insurance comparisons. ProtectMyPeople helps in getting quotes and to compare prices from their panel of trusted providers, which will help businesses and customers make informed decisions and avail the best available policy in the market. It provides an easy way and an easy solution for group life insurance relevant for businesses of all sizes, without the pain of completing multiple individual insurer questionnaires and processes. Revolut is mobile banking app for business banking. Over the past few months, many new additional features have been added to their app like the recent third-party integration of business accounts with Revolut Connect. Revolut Connect provides a one-stop mobile experience for all businesses for their business needs like accounting tools, management tools, taxation tools, and other such business tools. Northern Trust had recently acquired patents for two of its innovations in fund administration activities- Digital Identity Management and Digital Meeting Management.
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Ankur Gupta, head marketing & communications