Key technology issues facing banks
Countless articles have been written about the challenges and issues facing the banking sector globally over the last few years and it is a brave pundit that tries to pin these down to a handful of sound bites,
Industry Comment
Industry Views: M&A on the Rise
We asked M&A experts to tell us what to expect in the coming months, specifically around prepaid, mobile and emerging payments. They all agreed on one thing: Change will continue to be the norm.
Viewpoint: Inside the EC Payments Package and the Aggressive Timeline for Passage
The European Parliament’s ECON Committee vote on the “Payments Package” has resulted in inconsistent legislative text that differs significantly from the EC draft proposal. With an aggressive timeline for passage, including an April plenary vote, the payments industry needs to make its voice heard on the potentially harmful impacts of the proposed changes.
Editor’s Note: Keeping What Makes You Great
We may not be the shiny new thing like mobile, but prepaid has a role to play in the new era of payments because it’s accessible to every consumer. For prepaid businesses to stay relevant and take their place in this evolving market, they must hold onto the innovative spirit and keen focus on solving problems that sparked the industry more than 15 years ago.
Why Yahoo’s malware attack is hitting banks hard
At the end of last year, Yahoo was hit by a malware attack. It affected over two million clients, mainly in Romania, Great Britain, France, Italy and Spain, putting their personal data at risk. Upon visiting the website between 27 December and 3 January, users received advertisements, some of which were malicious and infected users’ devices without even a click.
Banning foreign banks from the UK? What about the technology?
The Prudential Regulatory Authority has set out a series of requirements for non-EU banks who want to do business in the UK.
In addition to the regulatory system changes, what would the technological and infrastructure challenges of such a ruling be?
Banking on you – how wearable tech could change finance
Something big is happening to the internet (and, no, I am not talking about Bitcoin though that would be a fascinating topic for another time). In a nutshell, it’s changing into something you wear rather than go to, writes Aman Narain, global head of digital banking at Standard Chartered.
Blog: Tackling Financial Literacy Is a Team Effort
Wherever you sit in the industry, you can help the end users of prepaid products (or future users) by supporting basic financial education. The key is to make it fun.
Blog: From Atoms to Bits: The Digital Age of Money
As we move to digitize everything, the transition to digital wallets hasn’t been an easy feat. O2 recently announced it would discontinue its mobile wallet and despite efforts by industry heavyweights, mass adoption of a digital/mobile wallet still is proving elusive.
Predicting the future in financial services
As data volumes continue to grow, being able to make greater use of the information enhances competitive advantage. The financial services industry is taking steps towards using predictive analytics technology to do just that.
Cashing out: Ontario mobile payment infrastructure is on the money
Canadians are in a hurry to get rid of their cash – at least as a method of payment, nor are they content with the contactless tap-and-go cards currently in use; they are anxious to replace cards with contactless smartphone technology, writes Aaron Rosland, senior economic counsellor for the Government of Ontario, Canada.
It’s 2014 … time to change the way you think about payments
Ten years ago business-to-business payment options were pretty limited: cheques dominated, and organisations only had the option of 3-day BACS payments or expensive CHAPS transactions for high value, same day payments.
Known Unknowns: preparing for SEF-traded FX options
The Dodd-Frank Act launched the acronym SEF into the alphabet soup of modern capital markets, After three years of repeated discussions, consultations, submissions and furious wrangling, Swap Execution Facilities finally come into operation this week.
Mobile vulnerabilities require banking apps rethink
Concerns are emerging over the failure of some mobile banking providers to address security risks. According to a recent review of 40 home banking apps from the world’s top 60 banks, nine out of ten apps had serious security vulnerabilities.
Blog: Beyond the Receipt: New Tools Combined with Old Offer Consumer Behavioral Insights
While receipts offer tantalizing indirect evidence of past activities, they tell us only a very modest amount about the habits, personalities or needs of the purchaser. For merchants, it’s where consumers are going next—and why they’re going there—that really matters.
Blog: Online Gamblers and Digital Wallet Providers Cash In
More than 125,000 online gambling accounts were created in less than a month, according to New Jersey’s Division of Gaming Enforcement. As one of three states where online gambling is now legal, the Garden State presents significant opportunity for digital wallet providers.
Blog: The Top Four Mobile Musts in 2014
From smartwatches to voice-recognition capabilities, 2014 promises to be mobile’s best year yet. And these and other mobile trends will influence payments and financial services innovation.
Carriers sink Asia-Middle East-Africa-Europe cable
Hong Kong-based carrier services firm PCCW Global has banded together with 16 other high profile international network operators, including China Unicom, Telecom Egypt, Etisalat and Ooredoo, to construct a high capacity submarine cable system between Asia, Africa and Europe.
How many sides can you put on a coin?
There are two sides to every coin, but with Bitcoin those sides simply could not be farther apart. Its promise is extraordinary: for those afraid of inflation, it is gold redux, while for those who hate exchange rates, it is a way to pay internationally. For merchants it is a way of avoiding high transaction fees and for former Presidential hopeful Ron Paul, it is the destruction of the US Dollar.
Blog: Intelligent Interactions Improve Customer Service, Boost Loyalty
While there are now a dozen ways to build and maintain relationships with customers, many organizations often still treat these channels as separate silos, creating a disjointed customer care experience. By sharing data across channels, you’re more likely to have less frustrated, more loyal customers.
Viewpoint: The Future of HSAs
How employees are using their accounts can have a dramatic impact on an employer’s overall HSA strategy and benefit plan. As we approach the 10th anniversary of the enabling legislation for HSAs, the industry, employers and brokers/agents all have the opportunity to move HSAs forward with the use of insightful reporting and analytical tools.
Blog: 2014—Diversification for E-Money
2014 is shaping up to be a big year for e-money and those players with the ability to spot opportunities (think loyalty and mobile), and the agility to react to them, will increase market share and thrive.
Better late than never: businesses should still sharpen up for SEPA
While many large organisations have already planned and delivered their SEPA compliance, smaller and mid-sized firms have woefully underprepared for the deadline. Banks and payment organisations need to be prepared for a certain amount of confusion and resistance from UK customers who may not understand the reasons for the change, and may be reluctant to put the necessary changes into effect.
Capital markets on a firmer footing for 2014
Following the tumultuous change that came in the wake of the subprime crisis, capital markets firms have yet to regain a strong foothold but 2014 is showing increasing evidence of a shift to a higher gear.
Industry Views: Trends and Resolutions for 2014 (Part 1 of 2)
To kick off 2014, we asked payments industry thought leaders in the U.S. and Europe to reflect on the year that turned out not to be the “Year of NFC” and to look ahead at what will dominate prepaid and emerging payments for the next 12 months. We also asked them what the industry’s New Year’s resolutions should be.
Industry Views: Trends and Resolutions for 2014 (Part 2 of 2)
Industry thought leaders weigh in on priorities for 2014.
Editor’s Letter: Starting Off the New Year Right
Now that you’re back in the office and once again glued to your computer screen, you’ll continue receiving the industry news, insights and analysis you’ve come to expect from Paybefore. But it won’t exactly be business as usual for Paybefore this year.
Blog: Prepaid Program Potential: 3 Steps Banks Must Take to Engage Millennials
To attract the key millennial demographic, banks must look to prepaid and mobile.
Blog: Turning Skepticism into Trust: 3 Ways to Improve Financial Services Loyalty Programs
Of any industry, the financial services sector might be the most contradictory when it comes to loyalty program effectiveness.
Life after SEPA
The impact of the Single Euro Payments Area will result in a new marketplace where bigger banks will be forced into stronger competition and smaller banks forced to cultivate their ‘local bank’ credentials.
Viewpoint: Year-End Blizzard for Canada’s FIs
As we approach year-end, the Canadian federal government has introduced three items of significance to federally regulated financial institutions (FRFIs).
The gift of plug and play technology
The technology that banks offer clients can be thought of as a true gift, enabling improvements that can reduce risk, increase efficiency and ultimately put firms on a surer footing. And it is the most advanced and newest platforms which grab everyone’s attention.
Relieving the pain and expense of compliance data management
The data management aspects of compliance can run into tens of thousands of man-hours per institution, each year. Firms have to adapt and find new techniques to manage this increasing burden.
The hidden cost of corporate compliance
Former SunGard chief executive Cris Conde writes about the importance of training in firms’ governance, risk management and compliance strategies and why they should treat it as an investment.
A brave new world for CIOs?
A new role for CIOs in the banking sector was highlighted at the recent Gartner Symposium: to maintain their future relevance and position, they need to be seen as consultants in the technology space, not just providers.
Blog: Grande 140-Character Payments
If ever there was a prize for solving a first world problem, creating the ability to buy a coffee for a friend or acquaintance by sending a tweet would be Nobel- worthy. But if the goal is to keep Starbucks in the conversation around the office (and sell more coffee), this should work.
Blog: Thinking Mobile First
Consumer expectations of mobile banking and prepaid are escalating rapidly, and the industry needs to respond aggressively, and think differently. As consumers demand more from their financial services providers, putting the mobile channel first in your strategy is key.
Banks! Stop fadding about – talk to customers
Is there an industry more obsessed with fads than banking?. Maybe it’s because it is such a follow-the-leader industry. Perhaps it’s because banking is a very me-too business with few (if any) real brand distinctions. Or is it simply that senior management is so obsessed with the needs of shareholders.
Insights on the Bitcoin Brouhaha
On Nov. 27, the bitcoin was trading at a record $1,000. While some applaud its decentralized nature, others, including regulators, have become wary of its potential effects. We asked two analysts to square off with Viewpoints on the pros and cons of the volatile virtual currency.
Viewpoint: Bitcoin Challenges Us All to Keep Innovating
Bitcoin (and the tsunami that has ensued) has been characterized as the next stage in the revolution of payments—more precisely, of money.
