What every business needs to know about Banking-as-a-Service
The market for embedded finance is growing incredibly quickly, with some predicting the sector is set to reach an estimated value of $7 trillion globally in the next ten years. This seems like excellent news for financial businesses and enterprises within the space, who stand to benefit from this momentous growth -- but why should non-financial companies care?
The truth is, embedded finance and banking solutions are no longer the exclusive territory of financial businesses. Any business that handles transactions, payments, or any sort of credit/debit exchange stands to benefit from integrating modern core banking solutions into their platforms – without having to become a regulated entity in the process.
New AI platform helps financial enterprises handle unstructured data
Unstructured data might include everything from documents to social media posts, all enterprises have it but being able to make use of it is a challenge.
AI startup nRoad is launching its new Convus platform, aimed at financial services businesses enabling them to extract critical business information buried in unstructured documents.
Most people are willing to share their data if it leads to better experiences
Almost 60 percent of people believe it's worth allowing companies to access their personal data if it means a better user experience, according to a new survey from API management company Axway.
There's an interesting geographic split, 75 percent of Brazilians and 59 percent of US citizens say it is worth giving companies access to their personal data if it means a better user experience.
Banking industry accelerates digital adoption
During the pandemic banks have undergone a rapid digital adoption process, with 89 percent boosting their implementation of technology by as much as five years.
Research by analytics company SAS shows traditional banks have overseen a marked rise in the adoption of new technologies with 93 percent accelerating their digital adoption compared to 87 percent of challenger banks.
Amazon backs down on not accepting UK Visa credit cards
Back in November last year we reported on Amazon's decision to stop accepting UK issued Visa credit cards due to high processing charges.
The change was due to take place this Wednesday (January 19) but it seems that an 11th hour deal may have been reached to allow customers to continue using their Visa cards.
The big three threat actors behind financial services attacks
The financial services industry is a prime target for cybercriminals due to the vast sums of money managed but also the quantity and quality of sensitive information that is collected by these institutions.
A new industry report by Blueliv uses threat intelligence gathered by the company’s Threat Compass to assess the evolving threat landscape surrounding the financial services sector.
Open banking, real-time payments and more AI -- fintech predictions for 2022
It's that time of year again, when tech experts like to swirl their tea leaves, polish up their crystal balls and try to predict what lies ahead for the coming year.
To get our annual series of predictions round-ups underway we're taking a look at the world of banking and fintech.
Regulatory compliance holds back digital transformation say financial businesses
Regulatory compliance requirements have slowed digital transformation for 48 percent of financial organizations, according to a new study.
The research from banking security specialist OneSpan surveyed over 150 bank executives in the US, Mexico, UK, and France to assess how banks in different parts of the world are addressing compliance with changing regulations.
UK consumers skeptical about 'common digital identity'
The idea of a 'common digital identity' (CDI), that would allow access to a range of services, offers huge benefits to financial institutions in delivering better, faster, and more reliable checks for consumers.
Consumers themselves, however, are less convinced. A survey conducted by RegTech Associates on behalf of PassFort finds only 17 percent of UK respondents say they are very much in favour of CDI.
New solution protects open banking against fraud
Open banking, connecting banks, third parties and service providers, allowing them to exchange information quickly and securely, has been rolling out since 2018 and delivers a great deal of convenience for consumers.
However, while it doesn't introduce new fraud risks in itself, open banking does create opportunities for fraudsters to attempt account takeovers, for example, or to target banks' own PSD2 (Payment Services Directive 2) implementations for Payment Initiation Service Providers (PISP).
The changing face of fraud and how artificial intelligence is helping to counter it [Q&A]
Financial crime is on the increase and attackers must be stopped in their tracks. Financial service organizations new and old need to ensure they have the right technology in place to predict, detect and deter fraud, whilst ensuring minimal disruption to the customer journey.
We spoke to Martin Rehak, CEO of Resistant AI to find out how sophisticated artificial intelligence can detect known criminal practices and more importantly, predict the unknown emerging patterns of financial crime.
How banks are strengthening their cybersecurity posture [Q&A]
Cyberattacks and data breaches affect all kinds of organizations, but banks and financial services firms are at particular risk.
The shift to using mobile devices to carry out financial transactions has changed the threat landscape in recent years too. We spoke to Will LaSala, director of security solutions and security evangelist at OneSpan to find out more about what banks can do to bolster their security.
Banks speed up their AI adoption to combat money laundering
A third of financial institutions are accelerating their AI and machine learning adoption for anti-money laundering (AML) technology in response to COVID-19.
Meanwhile, another 39 percent of compliance professionals say their AI/ML adoption plans will continue, despite the pandemic's disruption, this is according to a new study by analytics company SAS, consultancy KPMG and the Association of Certified Anti-Money Laundering Specialists (ACAMS).
The best open banking apps in 2021
Open banking is more than just a buzzword -- the emerging trend is reshaping traditional services and may become the industry’s future.
Through the use of application programming interfaces (APIs), third-party financial service providers (TPPs) can access customer data that would otherwise be kept secure. Some of these services include budgeting, comparing mortgage rates, creating savings portfolios and more. TPPs are growing in number due to the open banking revolution.
Why open banking apps must stay secure to earn consumer trust [Q&A]
Traditional banks are realizing that they must develop more user-friendly open banking apps if they're not to lose customers to fintech startups.
But it's critical that these apps gain the trust of consumers if open banking is to succeed. We spoke to Jasen Meece, CEO of Cloudentity to discuss how financial services companies can ensure their open banking apps and partners adhere to compliance standards and protect consumer’s personal data.
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