Fintechs: 4 pointers to secure your own bright future.

The economy and COVID-19

With large swathes of society working from home, schools shuttered, and the entertainment sector shut down, the economy is taking a big hit. We’re quickly diving deep into a big economic shock and long-term recession. International trade and travel have diminished. Supply chains are distorted as factories and borders are closed. Given a decline in demand, plus government measures to protect public health, whole sectors face a sudden, sharp decline in revenue. Whilst there are large differences between sectors, this will impact the entire economy. Governments have announced large aid-packages, but this will only help curb some of the shock.

Given this scenario, it’s easy to understand the fintech community is also facing losses.

 

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SnapShots: Banks' role in security & trust, California's gender quotas law and RedSnap extended service

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Welcome back to the SnapShots!

Weekly insights from RedSnap's perspective about what happened in the past week. We share our three key takeaways and update you on the progress at RedSnap. Hope you enjoy our selection this week. Happy reading!

 

Shouldn’t bank go back to their core business & build trust?

We see it happening everywhere: banks starting with or in the middle of their digital transformation. The banks’ journey in becoming more and more like the big tech companies, started around ten years ago when the public lost their trust in banks. Today it’s the tech companies that are at risk of losing this same trust as rapidly as Eliud Kipchoge runs the marathon (especially Facebook).

That leaves us to wonder if banks shouldn’t go back to their origin, instead of trying to be something they’re not. Back in the day, the banks’ purpose was to safeguard people’s valuables like gold and jewels. This could only happen when and if they obtained trust. What was gold yesterday, is data today. Data that concerns financial insights into people's needs, in transactions. Banks play or should play an essential role in connecting relevant financial players around their clients. So they need to be trusted with their data and safeguard it.

Our message to the traditional banks, therefore, is: go back to your core business and build trust. And yes, this also means that words like the one Henk Breukink sent out this week, might not have been the smartest move.

 

More on 'Consent - the banks' action button for trust'

 

When you’re speaking about trust, you also need to touch on security. And it happens to be European Cyber Security month this month. Which means the focus will be on cybersecurity threat awareness and promotion of good security practice. And, in an ideal world, so is every other month because the once a year, tickbox compliance approach to security is not a good look for banks or anyone else. While boasting excellent security and fraud prevention might be asking for trouble, bank customers increasingly expect it of banks. Particularly as instant payments gain traction. 

 

California’s ‘giant step forward’ on closing the gender gap

This week saw a ‘giant step forward’ for gender equality in California. At the beginning of next year, California's corporate boardrooms will be required the have at least one woman on their board of directors by the end of 2019.

This is a good thing. Obtaining a balanced board of directors is important, and apparently, it is difficult to reach organically. Therefore quotas are necessary. Companies need to create the ‘pull from the top’ to support the ‘push from the bottom’. Business cultures have to change. Companies should develop environments in which all, women included, are comfortable and challenging enough to make them want to stay and move up. After all, research has shown that companies that have a more balanced top management outperform the ones that don’t.

 

RedSnap launches an extended service

We extended our service offering this week. From now on we have experienced professionals on board to provide PR and Media services. This week saw a start with helping one of our clients with their media activities.

 

Last but not least...

Our look back at this past week wouldn’t be complete without mentioning Charles Aznavour who died, 94 years old. We share one of his ‘chansons’. Which one is your favorite?

 

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