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: H&M and Klarna as the European dragon, American stock market fraud and Bankers become techies

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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!

Sweden, the European dragon?

Seamless customer experience is what every company needs for better engagement with their customers these days. In the retail industry, more marketers are prioritising the omnichannel approach. Recent news on this that caught our attention was the partnership between H&M and Klarna to provide customers with an engaging shopping and payments experience anywhere, anytime, and anyhow. Once again, seamless customer experience is the key. What is interesting that the retailers are looking for fintech companies to provide them with a seamless payment experience solutions instead of asking the banks.

So, what could have inspired this approach?

How about China, whose retail banking landscape has reshaped radically in the past five years? They are the "dragon" who is placing an integrated ecosystem into the digital life of the Chinese. Everything is integrated, from payments to communications, for example WeChat and Alibaba, the technology giants that are putting their focus on financial services. Now, the Swedes, in this case, H&M & Klarna, are slowly navigating in their direction to provide the full seamless experience for customers as the Chinese do. Many retailers in Europe are starting to work more with Fintech companies, such as GAP and Adyen, ASOS, JD Sports, Tiffany and Co., and more.

Does this mean the Swedes will become the European dragon?

 

American stock market fraud scheme documentary

RedSnap attended the Fraud Film Festival in Amsterdam this week. The movie that amazed us was 'the China Hustle', one of the movies in the festival. 'The China Hustle' is a documentary about the biggest fraud on the American stock market. The film shows that Chinese companies can have a listing on the American stock market and the regulators, accountants and sellers cannot or do not want to check the (inflated) numbers given by the Chinese or American companies. For us, it was a shocking documentary which proves that either tight regulation or ethical change is needed within or for investment banks.

Take a look at the trailer, it is worth to watch!

 

 

 

 

Bankers become techies

This week JP Morgan introduced mandatory coding courses for their bank’s analysts and associates. They mentioned that by better understanding coding, their business teams could speak the same language as their technology teams to drive better tools and solutions for the clients. An interesting approach. Is this then we call it digital banking that the bankers go coding? Would it be better the techies to learn how to be bankers but only if they don't need to take the bankers' oath? 

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