Payments Revolution: Banking & Non-Banking Fintech

Outline

Banks are adapting their value propositions to compete against fintech. Incumbents are part of an extreme regulated sector which is continuously being disrupted by technical players with lack of experience in the field but profiting from no legacy systems (cloud, blockchain) and hooked millions of users. In this environment, regulations and new standards are providing more competitiveness to the sector, and banks are leveraging their capacities to add more value to their customer thanks to daily use features like payments.

Traditionally, payments were considered as a commodity; it was the transactional part of a value chain of activities to complete a purchase or send money to somebody. Nowadays, fintech are fighting for this piece of land towards more data collection and the creation of a parallel monetary system thanks to cryptocurrencies. Meanwhile, banks are improving the user experience and collaborating with their peers. Bizum is one of the most successful cases around the world of banking industry collaboration to develop disruption in the payments ecosystem: create a new scheme to pay directly with the account based on the instant payments standard just using the phone number as identifier.

Assessment Method

Exercise

Prerequisites

Browse bizum.es and think of 2-3 similar solutions around the globe.

Timetable

• 22 April, 15:15-17:30

Lecture Theatre

• A-6202

Tuition Language

English.