Currently, the business commercial banking segment is worth $1.85 trillion worldwide. \u00a0Banks have estimated that around $500 billion of that sum is expected to be removed by third parties or FinTechs over the next five to seven years, however. \u00a0A significant portion of this figure is supposed to come from paper payments that have moved into electronic form. \u00a0According to CEO and founder of FI.Span, Lisa Shields, API in banking is what the future of banking needs to use. \u00a0API stands for application program interface, which is a set of routines, protocols, and tools for building software applications. \u00a0At the Desutsche Bundesbank G20 conference in Germany, it was reported that the \u00a0 \u00a0 \u00a0 desire for more choice, better-targeted services, and improved pricing for consumers were going to come through FinTech. Along with consumers, banks would also profit from FinTech with lower transactions costs, stronger operational resilience, and better capital efficiency. \u00a0With the amount of money banks are looking to lose over the next five to seven years, it may be smart to start working with FinTech firms rather than keeping themselves separate.<\/p>\n
<\/p>\n
https:\/\/www.cryptocoinsnews.com\/fintech-can-help-banks-tap-500-billion-hole\/f<\/p>\n","protected":false},"excerpt":{"rendered":"
Currently, the business commercial banking segment is worth $1.85 trillion worldwide. \u00a0Banks have estimated that around $500 billion of that sum is expected to be removed by third parties or FinTechs over the next five to seven years, however. \u00a0A significant portion of this figure is supposed to come from paper payments that have moved … Continue reading FinTech can help banks tap into $500 billion hole<\/span><\/a><\/p>\n","protected":false},"author":1809,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"qubely_global_settings":"","qubely_interactions":"","kk_blocks_editor_width":"","_kiokenblocks_attr":"","_kiokenblocks_dimensions":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-951","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"gutentor_comment":0,"qubely_featured_image_url":null,"qubely_author":{"display_name":"masonwoodsk","author_link":"https:\/\/blogs.scu.edu\/finis\/author\/masonwoodsk\/"},"qubely_comment":0,"qubely_category":"Uncategorized<\/a>","qubely_excerpt":"Currently, the business commercial banking segment is worth $1.85 trillion worldwide. \u00a0Banks have estimated that around $500 billion of that sum is expected to be removed by third parties or FinTechs over the next five to seven years, however. \u00a0A significant portion of this figure is supposed to come from paper payments that have moved…","post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/951","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/users\/1809"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/comments?post=951"}],"version-history":[{"count":1,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/951\/revisions"}],"predecessor-version":[{"id":955,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/951\/revisions\/955"}],"wp:attachment":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/media?parent=951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/categories?post=951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/tags?post=951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}