Digital technology is increasingly seen as the key to transforming banking into a customer-focused industry befitting the modern age, and a new role of chief digital officer (CDO) has evolved to help implement this change. However, although many banks have used IT to build more customer-friendly interfaces on apps and websites, there is scope to […]
Subas Roy, director in EY’s financial services practice, explains how regtech can help and how to avoid the pitfalls. Most of the business leaders that I interact with these days often use two terms, “digital innovation” and “regulatory compliance”. I wonder if they are intrinsically linked? Indeed, successfully addressing multitude of regulatory risks can be […]
Research released late last year suggested that almost two thirds (62%) of a survey of 90 German institutional investors predict greater usage of artificial intelligence (AI) for short-term decision-making, and 17% for medium-term investment decisions. Universal Investments, the asset manager behind the research, said that “the industry’s future thus certainly appears to be closely linked […]
Flexibility and transparency are key to the first pan-European instant payments scheme, states Javier Santamaria, chairman of the European Payments Council (EPC). Currently, instant payments in Europe operate only within the borders of individual countries or among customers of the same payment service providers (PSPs). To move away from this fragmentation, the EPC was invited […]
From the future of prepaid and which mobile wallets stand to win to regulatory uncertainty and the best route to market in Europe, view our most popular opinion pieces from 2016, so far.
The latest Fed consumer research reveals why many consumers are still on the sidelines when it comes to adopting mobile financial services. Surprise: They’re scared.
While industry observers think Apple Pay adoption hasn’t yet hit a critical mass, the mass it has hit (with 1 million more users added each week) makes it a substantial alternative to the use of contactless payment cards. But more importantly, it’s what’s still to come from Apple that retailers (and others vying for mobile wallet share) can’t afford to ignore.
Tapping into the IoT trend requires financial services providers to consider the use case for each device and make sure the information and capabilities are relevant. Irrelevant information will at best be ignored and at worst lead consumers to disengage.
What it comes down to is that there’s no reason for merchants or financial institutions to live in constant fear of data breaches when there are solutions that will identify and prevent fraud attempts while also protecting the customer experience.
Call it “innovation”, “transformation” or just “business”, banks are spending time and money in the pursuit of the gear shift that will protect margins and grow revenue in the digital era. The time for big, bold moves is upon us, yet it appears that the biggest move of all is tiny: the trend towards the […]
As technology continues to proliferate in the world around us, banks are no exception. Digitalisation is revolutionising the way consumers interact with everything – companies such as Amazon, Apple, Airbnb, Netflix and Uber have transformed customer expectations and created a ripple effect across all industries. We cannot ignore the forces at work today. Across demographics, banking […]
To stay afloat in a sea of consolidation, financial organisations, including community banks and credit unions, must recognise that their customers are individuals with unique needs. Michael Boukadakis, founder and CEO of Enacomm, explains how technology can help achieve this. Algorithms have advanced, and other industries – from retail to transportation – have raised the bar […]
As our society moves to a world propelled by automation, where technology has given way to artificial intelligence, machine learning, driverless cars and delivery drones, it’s not leap of faith for technologists to consider how technological advances can play a role in banking. In fact, given the proliferation of risks and controls that banks and […]
With two thirds of people now owning a smartphone in the UK, demand is high amongst consumers to have connectivity at their fingertips. Add to this the fact that 39% of adults have at least one banking-based app, and it presents a real opportunity for banks to serve engaging content to the many consumers who are […]
“Youth is wasted on the young,” so said George Bernard Shaw. Only recently I read that this wasn’t exactly the quote he gave. To the question of what is the most beautiful thing, the Irishman responded: “Youth is the most beautiful thing in this world—and what a pity that it has to be wasted on […]
Fifteen years ago, banks were still embracing telephone banking and online payment systems were still in their infancy. At the time, the impact these systems had on the IT manager were minimal. The IT manager’s role might have been to ensure that call centres managed to peak efficiency, or to ensure that the right IT […]
Wells Fargo is poised to beat Chase Pay to the punch with a summer release of its mobile wallet. But it’s more than timing that could give the financial institution an edge in the mobile wallet competition.
Recent media reports that prepaid cards have “hidden fees” simply because card packaging doesn’t follow the format contained in the CFPB’s proposed prepaid accounts rule are misleading and misinformed. Of course, the industry is waiting for the final rule before making standardized disclosure changes.
We’ve been hearing a lot about the demise of MCX since it announced yet another launch delay of its CurrentC app to focus on deals with financial institutions. While this move is clearly a pivot for MCX, it’s way too early to call the organization dead. In fact, we should be calling MCX a roaring success.
With the dollar down and prepaid use up in Canada, the U.S.’s top trading partner presents fertile ground for expansion.
As banks, financial services providers and brands predict and plan for the way consumers will manage their money in the future, artificial intelligence (AI) is high on the business development strategy for 2016 and beyond. Gideon Hyde, co-founder of Market Gravity, explains how and why artificial intelligence (AI) could hold the key to standing out […]
As Europe’s biggest e-commerce market, the UK’s e-money and payment services industries are thriving. But with the EU referendum right around the corner, are things likely to change? Craig James, founder and CEO of Neopay, explores the potential of a Brexit-shaped disruption. On 23rd June 2016, the UK public will take to the polls for […]
Financial industry has reached the point of no return: new start-ups and technologies are disrupting the traditional world of banking. All the things that were either unavailable, limited, expensive or poorly designed, now can be accessible from the third parties, which are not even close to banks. Small fintech companies are doing the job the […]
A new stage of interactive banking is here. Santander recently announced a new app that will let consumers speak to their phone about their spending habits. Lloyds announced a video interview mortgage service, allowing customers to apply without setting foot in a branch. And HSBC released an app which replaces a pin number for voice biometrics. This […]
This week marks exactly two years until the General Data Protection Regulation (GDPR) comes into force. It will fundamentally change the way that companies capture, manage and store information. To comply with the GDPR, financial institutions face the prospect of having to completely overhaul legacy systems and practices in just 24 months. Customer is truly […]
Art Gillis, a seasoned banking technology consultant (working in the computer industry since 1958 – and listed as a top 25 tech consultant by the American Banker) and author, pulls no punches in this opinion piece. Digital technology evangelists, read it at your peril. This is Part 2 of Art’s article. Click here to read […]
Changes to regulatory reporting requirements and their impact on investment management companies have made the implementation of regulatory enterprise risk management (RegERM) systems crucial. Mark Weir, head of data management at Maples Fund Services, explores the issue. A RegERM system should be established within a company to provide accurate and timely compliance and regulatory reporting, with the […]
How does the prepaid industry measure up? As fees decline and functionality increases, CFSI grades prepaid and anticipates its evolution. Are you ready to compete with next-generation providers?
Results of two national Blackhawk Engagement Solutions surveys show that female shoppers are connected, very well-informed and are prepared to make a thoughtful, considered purchase anytime and anywhere—all of which has some implications for the payments industry.
Consumers are ahead in digital payment adoption compared with businesses, and—despite significant prepaid program success in the B2C market—paper checks still dominate. Aside from the obvious benefits of cutting expenses and removing inefficiency, prepaid cards offer businesses an opportunity to leverage payments to drive customer loyalty and engagement.
Digital disruption has made its mark, changing how consumers interact with and consume banking services. For banks there is no way back from digital. A new landscape has been forged and they must find their place within this new operating environment. Ever evolving consumer needs, the curse of legacy systems, the relentless march of fintechs […]
Art Gillis, a seasoned banking technology consultant (working in the computer industry since 1958 – and listed as a top 25 tech consultant by the American Banker) and author, pulls no punches in this opinion piece. Digital technology evangelists, read it at your peril. The past 50 years I have known only three bank CEOs who […]
Following outages at some of the UK’s leading banks including Barclays and, most recently, HSBC which left customers unable to access funds for up to two days, means system failures are a hot topic. The amount and frequency of these damaging failures emphasises the growing issue of poor software quality management in the UK banking […]
Many will be surprised by where the biggest transformations in fintech actually come from in the next few years. A true disruption probably won’t stem from a tech start-up that gets hot and rides the wave to a new normal in banking. No, it’ll actually be those old card-issuing behemoths, Visa and MasterCard, which will […]
There’s a devilish amount of detail in the Payment Services Directive II (PSD II) and those responsible for implementing its requirements at financial institutions are only just now beginning to realise it. At last month’s Swift business forum in London, Emily Reid, partner at law firm Hogan Lovells, joked that payments regulation was a “growth […]
Over $100 billion fines were paid in US for non-compliance since 2007! More than $2.5 billion in 2015 alone was a result of incomplete and inaccurate data used for complying with anti-money laundering (AML) regulations. It’s not just financial institutions, but most firms are sitting on a ticking time bomb. How? Dr Seth Rao, CEO […]
It’s time for banks to wake up. Fintech is advancing at an alarming rate, and the banking world is falling behind. And while we can all agree that fintech is revolutionising the industry, there is still plenty of disagreement as to how financial institutions should respond to the changes. Traditional establishments are cautious to implement […]
As printers and other devices start replacing supplies on their own, and giants such as Amazon make big bets on the evolution of self-sufficient retail, an expert ponders whether the Internet of Things needs its own payments infrastructure.
As MasterCard and Visa work to enable quicker EMV transactions, could new technology leapfrog EMV by providing a better experience at the POS?
Is the sky really falling for Apple, which missed its Q2 earning mark, as some analysts predict? Another view points to Apple Pay and other services from the hardware giant as growth drivers for the future.
