If 2015 was all about how the financial sector continued its post 2008 crisis transformation, 2016 looks set to promise even more developments in the same vein across the EMEA region. The ongoing change continues to be remarkable in its depth and scope impacting financial institutions and technology firms like Wolters Kluwer Financial Services who exist to enable banks and others to navigate risk and regulatory complexity
While some of us have experienced the speed at which sales are completed on the trade floor, most of us have heard tell of it. So it’s no surprise that mismatched trades is a common challenge for most banks, giving rise to the finance technology industry creating a brand new category – solutions for the management of the P&L trading desk
Stop asking customers what kind of car they owned 10 years ago. Make better fraud decisions—and reduce costly false positives—with behavioral biometrics analysis they never see.
Financial institutions are undergoing a seismic transformation. Digital technology is reshaping what consumers want from their banks and the way they conduct transactions. Let’s take a look at the top five banking trends for 2016.
Forget predictions. We’ve got work to do. There are several significant challenges for payments that need to be solved from fixing cross-border payments to making payments disappear.
With more contactless cards in the U.K. than people, the new age of payments is already here. But we’re not done yet, and thanks to biometrics, we could be the next form factors.
The CFPB recently released its November complaint report or “snapshot” of consumer complaints it received through its Website for the three month average between September 2014 and November 2015. Although prepaid saw a jump of 215 in complaint volume, prepaid complaints still represented only 2 percent of all complaints the CFPB received during the period.
A proposed rule that would place new Customer Due Diligence requirements on financial institutions—including prepaid issuers—has taken a step forward with the release of two new documents estimating the impact and cost the proposed rule would have on regulated institutions and seeking comment from stakeholders by Jan. 25.
While mention of bank robberies will often conjure images of masked criminals and high-speed car chases, most modern instances of the crime are being conducted from behind computer screens. In addition to the lure of stealing cash, these criminals are going after banks for valuables such as the personal data of customers, details of mergers and acquisitions between companies and the private tax information of corporations, data is fast becoming an incredibly valuable commodity in its own right
New peer-to-peer platforms that match lenders with borrowers are proving to be more efficient than banks at connecting those with money and to those that need money. Known as marketplace lenders, this new industry is still very much in its infancy, currently representing a tiny proportion of total loans compared to bank lending
The People’s Bank of China (PBC), the country’s central bank, this week has revoked the license of Shanghai Chang Gou Enterprise Services, a prepaid card-issuing company, preventing it from selling prepaid cards, according to Reuters.
Two payday lenders have settled Federal Trade Commission charges over allegedly hitting customers undisclosed and inflated fees.
To kick off the New Year, we asked payments industry thought leaders to tell us what happened in 2015 that will most influence payments in 2016 and to discuss their hottest priorities for the next 12 months. Responses run the gamut from a combined Visa/Visa Europe to compliance, wearables and the impact of Chase Pay.
Aspiration doesn’t look like it used to. The face of Eighties ambition was a power dresser, clad in a suit with shoulder pads as they rushed to Wall Street to earn as much as they could, whereas today’s bright young things are more likely to be found sipping lattes at a co-working space in Silicon Valley
Closed-loop gift cards appear poised for growth for the second consecutive holiday season after 2012 and 2013 declines, thanks in part to last-minute shopping and young consumers, according to a new report from Mercator Advisory Group Inc.
Idaho’s Department of Agriculture is the first government department to launch the eGovExpress digital wallet developed by Olathe, Kan.-based NIC Inc., provider of official government Web portals and digital government services for more than 3,500 federal, state and local government agencies.
While the mainstay of the financial services industry was busy dealing with the global financial crisis in 2008, start-up organisations in Silicon Valley, New York, London and other major financial and technology hubs were turning their attention away from social media plays and looking to reinvent financial services.
There’s no questioning the popularity and appeal of gift cards—especially during this time of the year. Giving recipients the ability to treat themselves to something they really want or need has become prized among gift buyers. What’s even more exciting is how the concept of gift cards continues to evolve as new brands and card types launch.
The CFPB needs to return to its original plans on prepaid regulations and put its proposed rules on a New Year’s diet. By issuing rules focusing solely on disclosure, the CFPB could issue guidance earlier in 2016 that would help consumers, prevent access disruptions, and potentially reduce the size of the landfill needed to for the mountains of noncompliant cards and marketing materials.
The distributed ledger – the central nervous system of the Bitcoin system – is the most sweeping departure from the long-standing financial bookkeeping practices followed since the codification of the Medici’s double entry accounting system.
The CFPB yesterday released its “Safe Student Account Toolkit,” which includes a scorecard to help colleges pick the best school-sponsored deposit or prepaid accounts for their students.
Technology is transforming trust to the point that people find themselves trusting others with whom they’ve had no experience, on eBay or Facebook, more than banks they’ve dealt with their whole lives.
If 2015 is to be remembered as the year regulators challenged boards to demonstrate their strong governance over their risk management, 2016 promises something just as important. In fact, 2016 will arguably be a truly momentous year in the world of non-financial risk as it could well become the year that risk governance silos are finally dismantled
London-based B2B fintech company Currency Cloud recently released a trend report revealing the need for faster, less expensive and less complicated ways to make cross-border business payments. With $18 million in funding fueling its U.S. expansion, Currency Cloud says it’s taking on those cross-border pain points.
Joby Orlowsky is a die-hard Cubs fan—is there any other kind?—but the Chicago native’s optimism extends well beyond baseball. After nearly 20 years at Discover, Orlowsky is animated when he talks about the future of payments and Discover’s place in it. And unlike some, he’s not spooked about a potential fintech bubble.
Millennials – those highly sophisticated, tech-savvy men and women born between 1980 and 2000 – present enormous opportunities for banks and other financial institutions. Yet to be successful, these businesses must understand and meet the needs of a generation that grew up having it all, seeing it all, and being exposed to it all since early childhood – and that is no easy task.
Outdated legacy IT systems are a major stumbling block for traditional UK high street banks as they look to fight back against their often more agile rivals, widely known as ‘challenger banks’, who unhindered by complex, unwieldy IT infrastructures are typically better positioned to innovate.
It’s almost become a holiday tradition for Senator Robert Menendez (D-N.J.) to propose prepaid legislation in December. His previous three attempts went nowhere, but this time he proposed his bill in November. Still, more pressing issues, such as spending and cybersecurity, may keep his measure on the back burner for now.
Churn is by far the biggest challenge facing prepaid debit card companies. Issuers can combat it by tapping smartphones and real-time analytics to deliver personalized services through a preferred communication channel.
Poor user experience with EMV could be a boon for contactless cards and NFC mobile payments. But retailers could take immediate steps to improve the UX with contact EMV, starting with cashier education.
When it comes to the payments, there are more choices than sweet treats at Dylan’s Candy Bar in NYC (i.e., the world’s largest candy emporium!). The payments landscape is likely to become increasingly confusing and fragmented as retailers ramp up their efforts to influence buying decisions. If we don’t help our members evolve and understand how things are changing, credit unions risk losing the transaction and engagement.
The European Union’s cap on fees banks can charge retailers for processing credit and debit card payments went into effect today, but there are some questions whether the measure will have the desired effect.
Digital technology is on the verge of transforming banking, in a similar way that Spotify has completely changed the music industry and Netflix has revolutionised broadcast entertainment
Employment prospects in the UK finance and banking sector in the New Year are the brightest in the past three years as high profile data breaches, such as those at TalkTalk and Sony, create a surge in demand for cyber-security experts.
2015 has been a year of extensive discussion about what role blockchain can play in making processes in the financial services industry more efficient. It has also been a year where both banks and start-ups have been testing whether distributed ledger technology can adequately replace costly legacy systems and improve securities processing, writes Brian Collings. […]
As part of the ongoing Basel reforms, the Bank for International Settlements is busy rewriting the rules that govern how much capital banks must maintain in order to mitigate different types of risk. So far the Standardized Approach for Measuring Counterparty Credit Risk Exposures and the Fundamental Review of the Trading Book have garnered the most attention. However, these are just two components of a much larger package of changes to the Basel capital requirements, which banks need to think about holistically and start factoring into their technology programs now
The sensors built into mobile devices offer a whole new way of identifying their users though biometric techniques, according to security expert Uri Rivner.
Target is moving another step forward in its attempts to put its 2013 data breach behind it.
In a Congressional hearing yesterday, lawmakers examined the role mobile payments technologies are playing in disrupting traditional payments, paying particular attention to how mobile has increased payments security and enabled small businesses and underbanked consumers to access electronic payments.
U.S. shoppers flocked to physical and online stores during the Thanksgiving weekend, with more than 151 million Americans shopping in-store and/or online, based on data from the National Retail Federation. The shopping frenzy is expected to continue, with Cyber Monday deals projected to drive 121 million U.S. consumers to shop online. Average spending per shopper was $299.60, and gift cards were especially popular, comprising a whopping 76.6 percent ($229.56) of that average total.
