In late January, I participated in an Oxford-style debate regarding whether healthcare is a commodity. The debate was the featured event at Tata Memorial Centre’s Platinum Jubilee Conference in Mumbai, India.
A packed auditorium of over a thousand attendees buzzed with excitement as Professor Antonio “Tito” Fojo (my opponent) and I walked on-stage. The conference theme, “HEALTHCARE: A Commodity or Basic Human Need?” put the spotlight on our contest. We were midway through the 3-day conference, and it was show-time.
Banks and FinTechs should "put down their swords," as Mary Wisniewski put it in a widely shared American Banker opinion piece, "There are no heroes or villains in the data-access debate."
Many banks and FinTechs are doing just that. Yet culture stands in the way as much as anything else—on both sides, as this week's links show.
FinTech is not just FinTech anymore
The article that most caught my attention this week came from Ron Shevlin, director of research at bank advisory Cornerstone Advisors. "FinTech—as a set of startups or a class of technology—is hardly failing," the bank snarketer (look it up) writes in debunking a startup founder's reasons that FinTech is failing.
Chatbots in banking, the banks that do APIs well, and the rise of open banking. This week's FinTech links provide a look at the shifts in technology that can move banks away from consumers and provide consumers a way to gain greater control over their banking experience.
And then there's the genuine coin of the realm, in the form of paper money. National Public Radio reports that 80 percent of U.S. currency circulates in hundred dollar bills—"Franklins"—but nobody really knows where they are.
Co-authored with Jake Crampton
Market forces demand constant performance improvement and optimization of resources and assets. In today’s complex healthcare marketplace, agility, efficiency and quality are the new drivers of success. To successfully compete, healthcare systems will need to overcome their preferences for "owning" sub-optimal business functions and align with strategic partners that can deliver superior products and services.
It's a bit of a cheap headline, I'll admit, but I've been reading about the so-called populism that the current U.S. president has tapped into and wondered what it has to do with financial technology. FinTech has been styled as a way to empower people, and that's basically where populism started.
"Populism" in the most generic sense refers to a concern for the common people. It also carries the charge of dissing establishment types, whether they are politicians, intellectuals, media types—maybe even banks.
Thought leaders continue to point to trends that banks and FinTech insiders need to pay attention to, ranging from the use of big data to FinTech firms like Stash and Betterment, which are reshaping wealth management. Faster payments, mobile payments, and blockchain systems will accelerate their development this year.
Fed issues report on faster payments initiative