Latest Fin-tech News, Events and Updates.

Latest Fin-tech News, Events and Updates.
November 15, 2017 Modebola Olowu

We’ve got the Latest news, events and updates in the Fin-tech industry. You are going to be let into the biggest scoops and thrills the tech and financial world both have to offer.

LATEST NEWS

Robo-advisors are taking over!
Robo-advisory, along with artificial intelligence and big data, is a top trending buzz-word. It is the Uber of the professional investment advisory world, eliminating the intermediate role and thus reducing fees for the end-user. The traditional advisor services involve close face-to-face interaction between the advisor and the investor. In contrast to traditional services, with the rise of the online era the new millennial generation prefers to stay online, interact online and get advice online.
Robo-advisory is a handy service complying with the new generation requirements. Combined with the move towards commoditizing the traditional brokerage services, robo-advisory enables the end-investors to step into this industry on their own, consuming the automatic services.

Is Nigeria really recovering?
Nigeria’s economy has turned a corner
The oil price shock which started in mid-2014 severely affected the Nigerian economy. In 2015, the economy slowed sharply as annual real GDP growth declined to 2.7%y/y from 6.2%y/y in 2014. By 2016, the economy recorded its first recession since 1991, recording a growth of -1.5%y/y as oil production shortages exacerbated the decline in the oil price. Notably, the underperformance in the oil sector spilt over to the non-oil sector through the exchange rate channel, with the non-oil sector contracting 0.2%y/y to record its worst performance since 1985
By Q2’17, the Nigerian economy exited recession recording a positive growth rate of 0.5%y/y. The recovery was in part due to a sharp recovery in the oil sector, driven by an improvement in oil prices and production volumes. In addition, the non-oil sector recorded a positive growth for the second consecutive quarter, spurred by the ongoing recovery in the manufacturing sector due to improved foreign exchange (FX) liquidity. Asides the improvement in real GDP, the performance across several other macro-indicators suggest that the economy is on track for a broad-based recovery.

Fintechs Are No Threat to Banks — Amazon and Alibaba Are.
The biggest threat to the banking sector is not Fin-techs. No, according to a recent report by McKinsey, that would be non-banking companies such as Amazon and Alibaba. The report refers to these companies as “platform companies” and calls them the “new heavyweight competitor(s) in town,” for the banking sector.
Based on information gathered from McKinsey’s Panorama Fin-tech database, which tracks more than 1,000 financial start-ups, the payments area is the fastest growing segment in which these “platform companies” are taking over.
One example is Alibaba. The e-commerce giant is essentially a payments company, the report suggests. Additionally, it provides services in B2B, ride-hailing, lending, and asset management.
And of course, the reach of U.S. e-commerce giant Amazon is well known.
“Such companies are blurring traditional industry boundaries,” the report says. “With their superior customer experience, they can sell an ever-wider range of products to their loyal customers.”
Additionally, the report said that profits in the banking sector “remain elusive,” suggesting that for years the sector’s return on equity (ROE) has been stuck between 8% – 10%, with little change. It remains to be seen what 2017 holds.

China’s ‘Alibaba’ is pumping $15 billion into a global network of research labs aimed at challenging Silicon Valley’s dominance in future technology.
The company said Wednesday that the investment would be used to establish research facilities over the next three years in China, the United States, Russia, Israel and Singapore.
Alibaba (BABA, Tech30) wants them to focus on frontier technology such as quantum computing, connected devices (the so-called Internet of Things), fintech, and interaction between humans and machines.
Analysts say companies such as Alibaba have to innovate at an ever faster pace to keep up.

 LATEST EVENTS

FINTECH WORLD FORUM 2017
NOV 21 -NOV 22
Fintech world forum 2017 (fintech conference) is based in London UK Europe as one of leading fintech events for global financial and banking technology…

Kesington Conference and Event Center,
Hornton,ST. Kesington.
London, United Kingdom.

FINTECH CONNECT LIVE
DEC 06 -DEC 07
FinTech Connect Live is where the next generation of early-stage startups stand shoulder to shoulder with established blue chips and the emerging ones. (www.fintechconnectlive.com)

Sources:

http://money.cnn.com, 

https://www.pwc.com, 

http://edition.cnn.com,

 https://fintechweekly.com,

 https://bankinnovation.net

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