“We’ve got a great idea we think you’re going to love.” Despite its manifest flaws, this is the approach that has long dominated the development of new products and services. While introducing products that people love is an exemplary goal, real omniscience has proven to be distressingly rare.
Prepaid issuers should look to certain banked consumers, P2P and mobile wallet users to gain top-of-wallet status with a whole new set of customers.
It’s no secret that increased regulations are a significant pain point for commercial and community banks. According to Thomson Reuters Global Cost of Compliance 2016 Survey, more than one-third of participating financial institutions reported spending at least an entire day each week keeping track of regulatory changes. The good news? Regtech, or regulatory technology, is […]
Recent research from Blackhawk Network reveals that mobile and contactless payment options can help brands to engage with consumers by driving traffic and incremental sales, reducing shopping cart abandonment and supporting customer acquisition.
From Bitcoins to even newer (and lesser known, but rising) forms of currency, will this level the playing field for people in the future, or is this all just a sham that will die down? As things get digitised, what do we need to know about digital currencies, and does this mark the demise of traditional forms of currencies?
For any organization regularly processing card-not-present (CNP) payments, boarding the fintech bandwagon is a must. There are three key fintech developments—APIs, regtech and cybersecurity strategies—you need to embrace (or face disruption).
Welcome back to these pages – and the almost final installation of a series that was started some months ago, talking about some of the grand sweeping statements that we hear, and make.
Ant Financial created the world’s largest money market fund in four years by enabling mobile wallet users to move money to the fund simply within the mobile app. The program’s meteoric rise shows that consumers are willing to adopt financial services from new players and the mobile device can supercharge that consumer shift of assets if incumbents don’t react quickly enough.
In preparation for GDPR compliance, a global financial services organisation embarked on a journey to assess its core information processing environments with the objective of identifying opportunities to strengthen its privacy data protection programs. This article focuses on the technology challenges, approach, and lessons learned for the centralised testing environment.
For financial institutions lacking the deep pockets of the biggest competitors, investing their limited resources to develop disruptive payments solutions isn’t a viable option. Stated simply, you can never outspend the big guys. What you really need is a more effective weapon to level the playing field.
In 1957 the US market researcher James Vicary claimed he could get moviegoers to “drink Coca-Cola” and “eat popcorn” by flashing messages onscreen for such a short time that viewers were unaware they had seen them. The term “subliminal advertising” was coined to describe this unnerving practice and it was subsequently banned in many countries.
Designing products with staying power starts with understanding consumers and then adapting uses cases to solve their problems.
Hello all and apologies it’s taken a little while to get to the third instalment of the series about “pet peeve statements”. For those who are new, I am talking about those bold, declaratory statements that puff up the chest and make people feel awfully progressive and far sighted – and as I have said before, all sound and fury, signifying stormy waters ahead!
If President Trump wants to make America great again, there are a few important ways he could bolster the fintech industry and help consumers—from supporting more uniform MSB licensing to reining in UDAAP.
A wide range of technology-driven sectors will be affected by the advent of universal quantum computing many experts say will happen by 2026, but the financial industry has particular reason to be concerned.
There is far more to regtech than regulatory technology, or at least there can and should be. Regtech, as it is coming to be understood, must be something qualitatively different from what it’s replacing and not just a faster and better version of the same thing.
Tax evasion and tax fraud have been affecting governments finances all over the world over the decades. It occurs within a country and across countries. Thus, a single country cannot solve the problem on its own. Countries need to work more together and internationally to combat the problem home and abroad.
After a frantic few days in Copenhagen for Money20/20 Europe, Paul Butterworth, strategic marketing director at Trustonic, used the time during his flight home to digest the discussions and presentations and come up with the key takeaways from the fintech event.
In its recent survey of the Islamic finance industry, S&P estimated that the sector’s total assets have now reached just over $2 trillion. Given that the modern version of Islamic finance is only decades old, this represents exceptional growth over a comparatively short period of time.
Long-term growth will require the commercial banking industry to embrace digital transformation in a way that benefits the institutions’ stakeholder base and satisfies the needs of its end-user clients. And here are three reasons why a commercial bank should consider transformation.
Less than half a year from now, PSD2 will revolutionise consumers’ access to their own financial information. In fintech hubs across Europe, bright young people are planning a consumer revolution. Their financial apps and tools are helping customers manage their money far more easily than they have before. Here are five important ways in which they are changing the face of banking.
How will service providers and banks implement ISO 20022 in the APIs being created for PSD2?
No, cash is hardly sexy, not in this era of mobile payments, bitcoin and biometrics. But here’s some proof about its endurance.
ACH payments are on course for exponential growth in the government sector, reducing costs for agencies and appealing to younger consumers.
Probably not. Even so, the case for virtual prepaid accounts is growing stronger. A journey through the landscape—including a stop at a recent Apple conference—shows why.
When it comes to payments, the Netherlands, like its Scandinavian neighbours, is certainly one of the most advanced countries in the world. Banks and retailers have been working together for many years in an effort to decrease the amount of cash in circulation, working instead towards a “cleaner” and “safer” cashless environment.
In today’s seemingly financially connected world, where we can send money to one another via our smartphones, and manage our spending habits via apps, it’s pretty hard to believe that financial exclusion is still a reality in the UK. Yet, a shocking 1.7 million adults in the UK still don’t have access to financial services.
Large-scale operational projects within asset management firms are notoriously ambitious, incredibly complex and extremely hard to deliver. Global system implementations are a common culprit, where often multiple applications (some legacy) are being replaced.
An explosive growth in data and information, coupled with advances in technology and a boost in methods of communication, have given rise to an empowered and aware global customer. And to provide legendary experience to their customers, maintain a competitive edge and to make better and sound decisions, organisations need to harness insights from this ever growing “big data”.
Earning top-of-wallet privileges from consumers requires deeper thinking about the what, when, where, why and how of loyalty rewards. But the most important ingredient is simplicity.
Breathless reports point to a terrifying increase in U.K. contactless fraud. Dig a little deeper, however, and the story changes.
All payment providers and merchants grasp the dynamic nature of fraud. But fraud prevention requires more than the latest software and security protections—it requires active collaboration. Here’s why.
I can scarcely believe we’re approaching the halfway point of 2017. But I can’t think of a better time for the year’s biggest prepaid industry event. On June 21-23, the NBPCA will host its sixth annual Power of Prepaid conference in Washington, D.C. The business of compliance—not to mention keeping up with technology trends—is keeping everyone on their toes, but it’s vital to stop and reflect with colleagues about the state of the industry and its future. It’s also critical to actually talk to those shaping the legislation and regulations that determine the rules of the road.
DLA Piper’s John D. McGonagle speculates on what the rise of blockchain technology might mean for the future of banking, the feedback which the UK regulator FCA may receive from interested stakeholders, and some of the regulatory and legal hurdles which blockchain technology may need to negotiate in the near future.
A recent Reuters article explored how companies like Cobol Cowboys make a fortune helping banks who struggle to keep their legacy systems running. But in fact, the real problem is not legacy IT, that’s just a symptom of the root problem in banks… the decision makers.
Keeping high data quality in customer relationship management (CRM) should be among banks’ top priorities! We explore how outdated customer profiles and poor data quality may hurt banks’ efficiency.
IBM are not doing “cognitive computing” no matter how many times they say they are.
Exploring how the robotic process automation (RPA) powered digital workforce looks to disrupt the manual effort intensive regulatory compliance landscape in BFS, what edge it has over its human counterpart, the roadmap towards RPA driven compliance, challenges in this digitisation journey and success mantras, and innovations that are underway towards building intelligent RPA to replicate human decision-making.
New growth estimates for prepaid are encouraging to say the least, but providers gathering in London for the Prepaid International Forum’s annual Innovation Day said the industry must remain focused on compliance and the customer proposition to safeguard its success.
This is a series of posts on a subject that plays on my mind a little – the application of disruption, and innovation, when it is related through the filter of our use of language, and our desire to seem advanced. This instalment is about social media efforts.
