Prema Varadhan’s Post

a.s.r. agreed to sell his online banking unit Knab to BAWAG Group Insurance conglomerate a.s.r. has agreed to sell its online banking subsidiary #Knab to #BAWAG Group AG. This move, part of the broader Aegon Nederland transaction finalized on July 4, 2023, signifies a pivotal shift for Knab, ensuring its continued growth and service enhancement under BAWAG's stewardship. Following an in-depth analysis of Knab's operations and a robust proposal from BAWAG, a.s.r. concluded that Knab's future and its customer service proposition would be better served as part of BAWAG. This decision underscores a.s.r.'s commitment to maximizing stakeholder value while ensuring Knab's robust growth trajectory. In addition to the sale, a.s.r. will transfer the servicing of mortgages on Knab’s balance sheet to BAWAG for an extra €80 million after the transaction closes. This deal will boost a.s.r.'s Solvency II ratio by approximately 13 percentage points, marking a significant financial enhancement. a.s.r. CEO Jos Baeten emphasized the transaction as a step forward for both Knab and a.s.r., allowing the latter to concentrate on integrating Aegon Nederland's operations and solidifying its position as a leading insurer and financial services provider in the Netherlands. Knab, known for catering to the self-employed with nearly 400,000 customers, stands out in the Dutch #fintech market for enabling users to make informed financial decisions. The bank has seen consistent growth, particularly among new self-employed professionals, reflecting its strong market position and customer-centric approach. The announce on a.s.r. website in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://t.ly/s541W   - Substack: https://lnkd.in/dzfGJzmW

Hong Kong’s virtual banks are increasingly teaming up with the city’s digital insurers to promote and sell insurance products as the city’s regulators nurture cross-sector fintech development. WeLab Bank, Mox Bank, and ZA Bank are among the virtual banks forming or exploring alliances with digital insurers that include Bowtie Life Insurance Company and OneDegree, as the trend promises to encourage more people the convenience of buying insurance online, according to analysts. The Hong Kong Monetary Authority (HKMA), Hong Kong’s de facto central bank, said in August that it would team up with the Insurance Authority and the Securities and Futures Commission (SFC), to encourage financial firms to invest in technology to enhance their wealth management, insurance and green finance services. Product line expansion is a logical move for the city’s virtual banks at this point, said Benjamin Quinlan, CEO and managing partner of Quinlan & Associates, a Hong Kong-based consultancy. “The virtual banks have signed up a lot of tech-savvy customers since 2020 who are comfortable managing their financial needs online,” he said. “It’s only natural for virtual banks to be looking at expanding their product lines by teaming up with insurers to sell policies online to their existing customers.” Hats off to our virtual banks and insurers for their continued collaboration efforts. To read up on the HKMA’s FinTech roadmap, supported by Quinlan & Associates and KPMG China, download the full report: https://lnkd.in/gzrEBnZW To read up on digital insurance distribution in Hong Kong, download our report: https://lnkd.in/gT34g5Ee To read up on the digital bank landscape in APAC, download our report: https://lnkd.in/gK4EZaRZ Email our team at enquiries@quinlanandassociates.com to discuss how we can help. #hkma #insurance #digitalinsurance #virtualinsurer #virtualbank #digitalbank #hongkong #hkma #hk #digital https://lnkd.in/g43v9PjB

Explore the future of banking and insurance in the digital era with the Chubb Report: 'Banks and the Digital Wallet Race: The Embedded Insurance Strategy.' We conducted extensive research to delve into the groundbreaking concept of embedding insurance within digital banking. 📊 Our exploration included a global survey of 2,000 consumers and 200 financial executives. Learn more from the thought-provoking report for insightful industry perspectives at https://ow.ly/hacT50PFP2J #ThoughtLeadership #Insurance #FinancialServices #FinancialTechnology #FinTech #InsurTech

Unlock a Lucrative Revenue Stream: Insurance Products for Community Banks and Credit Unions! The financial landscape is evolving, revealing a powerful new revenue opportunity that Community Banks and Credit Unions can no longer afford to overlook: Insurance Products! A recent study, “Why Consumers Are Looking to Financial Institutions for Insurance,” shows that nearly one-third of U.S. consumers are now more inclined to purchase insurance through their Financial Institutions (FIs) than they were three years ago. Generation Z, in particular, presents a significant opportunity. Nearly 70% of Gen Z wants insurance – from you! Don't let fintech steal your customers or members. How can your FI seamlessly integrate these lucrative insurance products into your existing systems? Do you think you can embed them seamlessly through your legacy provider and deliver a fintech-like user experience in real time? Enter the latest in banking technology – modular banking platforms designed with a microservices architecture that enable you to quickly launch new products and features, matching the agility of top fintech firms. At Agora (Financial Technologies formerly Agora Services), we have you covered. Recognized as a top player by The Paypers in their Global Mapping and Infographic of Players in Embedded Finance & BaaS 2023-2024, our platform allows you to elevate your institution’s offerings. Don't miss out on this growing trend. Explore the full study, “Why Consumers Are Looking to Financial Institutions for Insurance,” and see how you can transform your revenue stream today. Link to the report “Why Consumers Are Looking to Financial Institutions for Insurance” https://lnkd.in/e7K2j5a7 Link to the Global Mapping and Infographic of Players in Embedded Finance & BaaS 2023-2024 https://lnkd.in/edDGEVjb #digitalbanking #corebanking #bankingsolutions #fintechsolutions #digitaltransformation #fintech #baas #neobanks #challengerbanks #embeddedfintech #creditunions #communitybanks #embeddedfinance #insurance #embeddedinsurance

Hong Kong’s virtual banks are increasingly teaming up with the city’s digital insurers to promote and sell insurance products as the city’s regulators nurture cross-sector fintech development. WeLab Bank, Mox Bank, and ZA Bank are among the virtual banks forming or exploring alliances with digital insurers that include Bowtie Life Insurance Company and OneDegree, as the trend promises to encourage more people the convenience of buying insurance online, according to analysts. The Hong Kong Monetary Authority (HKMA), Hong Kong’s de facto central bank, said in August that it would team up with the Insurance Authority and the Securities and Futures Commission (SFC), to encourage financial firms to invest in technology to enhance their wealth management, insurance and green finance services. Product line expansion is a logical move for the city’s virtual banks at this point, said Benjamin Quinlan, CEO and managing partner of Quinlan & Associates, a Hong Kong-based consultancy. “The virtual banks have signed up a lot of tech-savvy customers since 2020 who are comfortable managing their financial needs online,” he said. “It’s only natural for virtual banks to be looking at expanding their product lines by teaming up with insurers to sell policies online to their existing customers.” Hats off to our virtual banks and insurers for their continued collaboration efforts. To read up on the HKMA’s FinTech roadmap, supported by Quinlan & Associates and KPMG China, download the full report: https://lnkd.in/gzrEBnZW To read up on digital insurance distribution in Hong Kong, download our report: https://lnkd.in/gT34g5Ee To read up on the digital bank landscape in APAC, download our report: https://lnkd.in/gK4EZaRZ Email our team at enquiries@quinlanandassociates.com to discuss how we can help. #hkma #insurance #digitalinsurance #virtualinsurer #virtualbank #digitalbank #hongkong #hkma #hk #digital https://lnkd.in/gB5cCxB5

When you create new, exciting digital features make sure you approach their associated processes with an open mind rather than putting old processes on new systems. #financialinstitution #smartermarketing #insurance #transformation https://lnkd.in/g6qS_g2y

Revolut is a digital bank. It started in 2015 as a travel card that provides cheap exchange rates, and it is now becoming a bank. It is the fastest growing digital bank with the widest range of features. A top choice for those who travel frequently. However, in the UK it might not be able to fully replace your bank. While at the time of writing it is not operating as a bank, it is slowly becoming one, having received a challenger bank license from the European Central Bank in December 2018. As a result, Revolut itself doesn’t store your money, it uses Barclays and Lloyds for that. In early 2021 it also applied for a UK banking license and a bank charter in the US. Since it is not yet a bank, it does not offer any deposit protection Features: Can top-up in and hold several currencies An expanding range of extra features (e.g. cryptotrading, disposable virtual cards) Premium subscription options with handy perks (e.g. travel insurance) Do you want to discover more about it? Click on it: https://lnkd.in/dBRYeweG

BBVA’s Jose Luis Navarro Llorens dives deep into #EmbeddedFinance & #BaaS from a bank’s perspective, discussing trends, partnerships, monetization, & regulation. Some key points he makes include: The biggest next developments won’t be technological but strategic ones: non-financial companies seeking ways to integrate financial services into their business offering A comprehensive Embedded Finance product offering includes products that range from payments and account information to #BNPL, mortgage, insurance, and treasury APIs for businesses Before placing services in third-party channels, assessing them, and making sure that providing services through such channels meets the requirements imposed by local regulation #PSD2 Read more: https://bit.ly/3tFwDKV 💼🚀 via The Paypers

Great to have our partnership with Kinecta Federal Credit Union highlighted in this American Banker article by Frank Gargano.   Addressing the points that Datos Insights’ Lisa A. Brignoni Asher, CFA raised in the article, our FIQ Journey product integrates Hybrid Digital Advice and Self-Directed Investing into a seamless, single investor experience, enabling banks and credit unions to create digital investing accounts with low minimums. This democratization of wealth management is an effective solution that lets customers take control of their investing and start planning for the future. Big dreams have small beginnings, and our platform gives customers a starting point on their investing journey.   Looking at the commentary from Greg O'Gara at Javelin Strategy & Research, we see the division many make between digital and in-person to be a false dichotomy and a trap. The FIQ Journey platform offers Hybrid Digital Advice so the investing process can be customer driven, rep assisted, or advisor led.   Moreover, Onfido’s recent End-User Expectations of Digital Identity Report showed that 80% of banking customers prefer a full digital banking experience. By creating a client-centered hybrid digital advice experience, FIQ Journey meets customers where they are, giving them the experience they want. And as a SOC 2 Compliance organization, FusionIQ creates digital trust that helps banking brands reinforce their trusted advisor status. Hybrid Digital Advice and Self-Directed Investing help banks and credit unions deliver investing services that align with a digitally driven demographic to better serve and engage their customers.   We’re excited to work with leading financial institutions to help them deliver the digital investing experience their customers want and the scalable investing services they need for profitable organic growth.   Learn more about FIQ Journey here: https://lnkd.in/g62NVJnh Read the full article in American Banker here: https://lnkd.in/gwAE3isG #banks #wealthmanagement #clientcentric #creditunions #digitalleadership

PB Fintech Turns Profitable In Q3; Posts PAT Of INR 37 Cr - Inc42: PB Fintech had reported a loss of INR 21.1 Cr in the preceding September quarter, while its loss stood at INR 87.6 Cr in Q3 FY23.