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Money 20/20 Recap: Open Banking, AI, and Fintech Partnerships

This year at Money 20/20 USA, William Mills Agency – a public relations and marketing firm for the financial industry – interviewed the Xtensifi team about the biggest themes and takeaways of the conference.  In the video recap below, CEO George Kelley shares his thoughts on Open Banking, AI, and the relationship between banks and fintechs. You’ll also hear from EVP Brandon Kunz on the mobilization of data and the Money 20/20 Hackathon.  

How Bankers Can Bridge the Digital Payments Gap from B2C to B2B

Financial institutions have come a long way in digitizing payments and payment processes, and many offer robust solutions for P2P (person to person/peer to peer) and B2C (business to consumer) payments. B2B (business to business) payments, however, are still dominated by checks and cumbersome processes, partly due to a technology gap between consumer and retail solutions. What can bridge this gap? One way is to find opportunities to innovate in the lower-risk small business space first. Faster payments solutions Faster payments capability

Choosing the Right Fintech Partner: Considerations for Financial Institutions

Financial institutions once viewed fintechs as a threat to their business, but banks are increasingly recognizing the value of partnering with them. Because they are smaller and nimbler, fintechs can typically innovate much faster than banks can. In a fast-moving marketplace, this dexterity can lend banks a competitive advantage. The key to success lies in identifying the right fintech partner. What to look for To lay the groundwork for selecting a fintech, banks should first evaluate their own products and services to

The Keys to Avoiding Vendor Lock-In

In today’s marketplace, technology develops at lightning speed, and the payments technology market is evolving especially fast. Financial institutions’ payment solutions need to keep up with this pace, yet many FIs cannot move nimbly to new capabilities because they are locked in with vendors through long-term contracts. A five- to seven-year contract with a slow-to-innovate vendor is not usually worth the discount that comes with it. Why the lock-in? Banks get locked into these long contracts for several reasons. First, they usually

The P2P Marketplace: Can Zelle Live Up To Its Promise?

Since we last wrote about Zelle, the P2P payments solution has experienced some significant growth (and an anniversary). While we’ve heard our fair share of financial institution executives lamenting the rise of competing P2P platforms from fintechs, the key for Zelle is that it has some differences that make it less a competitor and more of a potential ally for FIs. I recently had the opportunity to discuss some of these differentiating factors in a recent interview with CUJournal,

Open Banking is Coming: How to Prepare

One of the hottest topics in banking these days is “open banking.” In open banking, banking data is shared through APIs (application programming interfaces) between two or more unaffiliated parties to bring enhanced financial services capabilities to the marketplace. Open banking is about to transform the financial services industry in Europe and the UK, but is still nascent in the U.S.

Amazon Web Services AWS

AWS for Financial Technology: Going to Market in Minutes

Fintechs are increasingly finding Amazon Web Services (AWS) to be the perfect vehicle for setting up and going to market quickly and cheaply. AWS provides a fintech everything it needs—networking, multiple layers and segments, and automation capabilities for environment creation, code promotion and other processes—to move from development and testing to staging and production. With automation, this four-layer stack can be created in a matter of minutes with AWS. The fintech has to develop scripts for automation, but once that

What Banks Need To Know About AI

What Banks Need to Know About AI

As AI (artificial intelligence—machine intelligence that mimics human cognitive abilities such as problem-solving and learning) increasingly becomes a part of our daily lives, banks are discovering how AI can improve the customer experience and boost operational efficiency. Some banks may shy away from a technology that seems too big to grasp, but banks can apply AI discretely, to specific use cases, and still see significant impact.