Challenges to Fintech Adoption

[Tobias Tagion Protocol]

Despite the next wave of fintech washing through the banking industry, not all is easy sailing. McKinsey, in its Next-gen Technology transformation in Financial Services, looked at the issues that banks face as they engage in a technological makeover.  The report showed that while introducing APIs and other technologies smoothed business processes, poor data collection and security hygiene hampered the realization of fintech’s possibilities. A lack of connection and outright misunderstanding on the part of non-technical staff at every level plays a role as well.

Fintech is driving the evolution of the banking industry, and anyone old enough to remember a world without ATMs and bankomats — as well as when the ubiquitous machines were a vital element of a cash-oriented banking system — knows that like it or not, fintech’s here. The banks that embrace the technology will thrive and those that don’t… well, don’t fret — here at Tagion we’re growing, and we’ll be hiring.

Source: https://medium.com/@tagionTeam/challenges-to-fintech-adoption-64f023b6cd8

[tippytoes]

So this post is actually promoting the Tagion platform.    But in any case, fintech is really evolving, and adopting new technologies. If that particular technology will bring more benefits to the current system, then there's no reason for the business to explore new opportunities and make their services better than ever. We are not limited to what we have now. It is understandable that we will always find ways to improve the products and services catered to our customers.

[Salauddin1994]

The distribution of financial technology and distribution initiatives is rapidly moving into the money world banks should be concerned with the progress of financial cooperation in the beginning such as no 26 fintech sandbox and trade block. Considered for the first time an ideological practice conducted by a handful of some fintech last year it was shown that banks have moved very strongly to see open banking as a compliance exercise for competition and innovation opportunities.

[bitkanu]

Is not it better for you to create your own announcement to post your article? you can even regularly updating your announcement thread too. So you wanna create a banking based on the blockchain system.
The real challenges should on the regulation.
in fact, fintech still needs banking whenever they said if they will replace the banking system.

fintech is not actually the one for all solutions. There must always be cooperation between one and another party.

[bits4books]

I really like the current trend of reformatting banks in FINTECH companies - with their own developments, cool specialists and really almost daily improving the quality of services / etc.

But until these same banks start investing in the same "non-technical" staff and begin to take a more responsible approach to internal development processes (from quality control of releases and increased attention to testing new features to more customer-oriented prioritization of development), they will remain offices with ATMs and young girls at the checkout who know about FINTECH only from a glossy magazine with an article "how to marry a programmer". Fintech in naming is not enough to be a good company.

FINTECH is very cool, but it suffers very much from a low level of problem management and customer-oriented development.

[AjithBtc]

The banking sector is getting transformation partnering with different blockchain firms. Right now people find it hard, but the reality is different. When people slowly get used to it, the transformation gets effective results. There is no big challenge to fintech adoption rather than the legalization of cryptocurrency usage. In my country the government has allowed blockchain technology usage and restricted the usage of cryptocurrencies. This form of support won't let the community grow.

[BTCappu]

It’s normal for technology, when it’s new people usually find it difficult to adopt it, it’s all with time, and a situation like this is worse for the old people who don’t have a single knowledge of what technology is all about, the young people easily adopts it and that’s because that’s how this generation was brought up, with technology and everything is easy for them to adopt, though not everyone.

Moreover I don’t know what Tagion is all about, are you guys also into the banking sector or something like that?

[beerlover]

What people do not realize and how important it is in this one article alone is the fact that fintech sector and finance sector are not always eye to eye when it comes to working together.

Fintech is a business based on coding and software which means they are mainly a tech company and not a finance company, sure they are building stuff for finance world but they could have easily used their talents to make a computer game as well, they have more in common with computer game developers than a regular trade analysis at a wall street firm, computer game makers and fintech software makers are both coders and software developers whereas finance people are just finance. It means you can build the greatest tech they could find but that dude has been buying and selling stocks all his life, he wouldn't know the difference between java and javascript.

[verita1]

Of course. Fintech originated from the deficiencies of the Banks. Governments and banking institutions have realized that they must evolve. We are witnessing the development of the digital age that thanks to Bitcoin has originated this boom. The crypto community is building what was previously impossible and was managed by centralized entities. Banking users who live in crypto are preferring the services offered by Fintech.

[TimeTeller]

Of course. Fintech originated from the deficiencies of the Banks. Governments and banking institutions have realized that they must evolve. We are witnessing the development of the digital age that thanks to Bitcoin has originated this boom. The crypto community is building what was previously impossible and was managed by centralized entities. Banking users who live in crypto are preferring the services offered by Fintech.

But only few of these crypto users will patronize Fintech.
Still many of that will still prefer the traditional banking method.
As it depends on their current situation, most of them are tied up with the banking industry.
And they can only do their transactions via this traditional banks.
Not many also are comfortable with the new FinTech companies, as their credibility needs to be established first.

[sayaya17]

Using Fintech technology helps to maximize aspects of services such as changing, sharpening, and speeding up various technology services.
Usually, Fintech is used for innovation in the financial sector, with a touch of modern technology.
Starting from payment methods, fund transfers, fund loans to asset management so it can facilitate its use and this can satisfy consumers.

Therefore, it is natural that Fintech technology then quickly becomes a necessity that eventually changes the lifestyle of the people, especially those who are struggling in technology and finance.
People who have skills in coding and data science will master Fintech technology.

[SquallLeonhart]

Obviously things are not as great as you might imagine when you want to change something that has been there for the past 10 years let alone some things that has been there for past 2-3 decades which is why fintech improvements are very difficult to manage. I haven't been involved with a finance world software change before in my life but my company that I worked for (I was in marketing so I wasn't deeply involved) did it for a construction company and changed its software and I can tell you it is incredibly difficult to do the change for the first time.

They used the same software for production material control, it is basically how many bricks and windows or whatever they would need and where they are and how much was spend etc etc data control for materials of a construction, and it took almost 6 months to make sure everything runs smoothly. It is just way too difficult to adopt to new technology as a whole company.

[Tobias Tagion Protocol]

So this post is actually promoting the Tagion platform.    But in any case, fintech is really evolving, and adopting new technologies. If that particular technology will bring more benefits to the current system, then there's no reason for the business to explore new opportunities and make their services better than ever. We are not limited to what we have now. It is understandable that we will always find ways to improve the products and services catered to our customers.

Totally agree - the future is exciting and hopefully will improve the way we live in a positive way all the time

[Tobias Tagion Protocol]

The distribution of financial technology and distribution initiatives is rapidly moving into the money world banks should be concerned with the progress of financial cooperation in the beginning such as no 26 fintech sandbox and trade block. Considered for the first time an ideological practice conducted by a handful of some fintech last year it was shown that banks have moved very strongly to see open banking as a compliance exercise for competition and innovation opportunities.

True that. We still have some way to go in order to make it practical for everyday use. But we will get there as both Tagion and the industry.
What do you think will be the biggest game changer in this field?

/tobas

[Tobias Tagion Protocol]

Of course. Fintech originated from the deficiencies of the Banks. Governments and banking institutions have realized that they must evolve. We are witnessing the development of the digital age that thanks to Bitcoin has originated this boom. The crypto community is building what was previously impossible and was managed by centralized entities. Banking users who live in crypto are preferring the services offered by Fintech.

But only few of these crypto users will patronize Fintech.
Still many of that will still prefer the traditional banking method.
As it depends on their current situation, most of them are tied up with the banking industry.
And they can only do their transactions via this traditional banks.
Not many also are comfortable with the new FinTech companies, as their credibility needs to be established first.

I guess the challenge for us is to make the services we offer on a decentralized network so obvious and compelling that we become an actual alternative. If not we have no merit in the market. What do you think should be the focus of services offered to people. Where would the low-hanging fruit be in order to become such an alternative?

/tobias

[Tobias Tagion Protocol]

Using Fintech technology helps to maximize aspects of services such as changing, sharpening, and speeding up various technology services.
Usually, Fintech is used for innovation in the financial sector, with a touch of modern technology.
Starting from payment methods, fund transfers, fund loans to asset management so it can facilitate its use and this can satisfy consumers.

Therefore, it is natural that Fintech technology then quickly becomes a necessity that eventually changes the lifestyle of the people, especially those who are struggling in technology and finance.
People who have skills in coding and data science will master Fintech technology.

.. sadly, people with skills in both data science and fintech are hard to come by
If you know any with skills or interest in any of those interest - please send them our way
www.tagion.org

/tobias

[Tobias Tagion Protocol]

Obviously things are not as great as you might imagine when you want to change something that has been there for the past 10 years let alone some things that has been there for past 2-3 decades which is why fintech improvements are very difficult to manage. I haven't been involved with a finance world software change before in my life but my company that I worked for (I was in marketing so I wasn't deeply involved) did it for a construction company and changed its software and I can tell you it is incredibly difficult to do the change for the first time.

They used the same software for production material control, it is basically how many bricks and windows or whatever they would need and where they are and how much was spend etc etc data control for materials of a construction, and it took almost 6 months to make sure everything runs smoothly. It is just way too difficult to adopt to new technology as a whole company.

Yes, and change management will also be a great part of the journey to get people on board on a big scale. In the best of worlds, we make the change as easy as possible. Just as the LED bulbs fitted into old lamps. That change was easy and well thought through. If people needed new lamps to make the change, LED light bulbs would never have made it big.

/tobias

[tyz]

First of all, you should quote the entire text because it has been taken one by one from https://tagionteam.medium.com/challenges-to-fintech-adoption-64f023b6cd8
Mods could interpret it as plagiarism.

Secondly, as written already, it is a text to promote your protocol. There is actually nothing new. The goals you list, are the same of many other platforms/protocols. You should better move the thread to "Altcoin Discussion" or make the topic more general.

Despite the next wave of fintech washing through the banking industry, not all is easy sailing. McKinsey, in its Next-gen Technology transformation in Financial Services, looked at the issues that banks face as they engage in a technological makeover.  The report showed that while introducing APIs and other technologies smoothed business processes, poor data collection and security hygiene hampered the realization of fintech’s possibilities. A lack of connection and outright misunderstanding on the part of non-technical staff at every level plays a role as well.

Fintech is driving the evolution of the banking industry, and anyone old enough to remember a world without ATMs and bankomats — as well as when the ubiquitous machines were a vital element of a cash-oriented banking system — knows that like it or not, fintech’s here. The banks that embrace the technology will thrive and those that don’t… well, don’t fret — here at Tagion we’re growing, and we’ll be hiring.

Source: https://medium.com/@tagionTeam/challenges-to-fintech-adoption-64f023b6cd8