Unfortunately, if you thought 2016 was a wild ride, it is likely to just have been the opening salvo before more upheaval. The foreign exchange market is set to be even more volatile in 2017 than before. And a volatile rand breeds risk and insecurity. However, just like the rest of the banking world, foreign exchange services are being shaken up thanks to the rise of financial technology (fintech) players. Fintech is disrupting and disintermediating traditional financial institutions such as banks, in the same way that Uber overhauled the taxi industry. Read more…
The banking world is one of few industries that hasn’t been “uberized”… yet – Insights from our CEO, Richard Beddow:
Banks have always been the sole providers of financial products and services—that is, until now. It’s 2017 and the banking industry faces a new challenge in the form of ‘disruptive bank alternatives.’ A survey found that 40% of customers no longer rely on their banks as their sole financial service providers, and customers are increasingly turning towards non-bank providers for financial services. 20% of customers who haven’t yet used non-bank providers plan to use them in the near future. Read more…