In the future, almost all businesses would be a fintech thanks to the Banking-as-a-Service revolutionary business model. While the model is sweeping up lots of businesses worldwide, African businesses are left lagging behind. Here's why.
Being one of the fastest-growing industries in the world, fintech has tentacles into everything from banking, insurance, and engineering to manufacturing, healthcare, and agriculture. It’s not hard to understand why the growth rate keeps skyrocketing.
This is what most people think when they imagine banks, even today. But unless you’ve been living in the 16th century all these years, you would have come to the realisation that modern banking goes way beyond safe-keeping money or big buildings for that matter.
The argument around the differences between general (generalist) banking and specialist banking can be analyzed from several viewpoints. A customer’s view of these terms would differ from that of an industrial analyst and so on.
The need for a white-label banking software or platform may arise when a business switches services to offering banking services or when a financial enterprise needs to adopt specific banking capabilities not easily developed in-house. It then becomes necessary to leverage ready-made digital banking software.
For over a decade many European banks have struggled to stay above the profitability line, according to Kearney’s 2021 European Retail Banking Radar Despite implementing significant cost reduction measures, such as reducing branch networks and laying off employees in numbers, European banks’ cost-to-income ratios (CIRs) have remained largely unchanged.
Banking as we know it has changed since the introduction of computers and the birth of the internet. The financial landscape remains one of the fastest evolving spaces in the world, only behind the big tech – and it doesn’t look to be slowing down anytime soon. By leveraging modern technologies and taking cues from disruptive fintechs, banks have gotten smarter with products, customer data, and overall operational efficiency.