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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 thought leaders weigh in on priorities for 2014.
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.
To attract the key millennial demographic, banks must look to prepaid and mobile.
Of any industry, the financial services sector might be the most contradictory when it comes to loyalty program effectiveness.
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.
As we approach year-end, the Canadian federal government has introduced three items of significance to federally regulated financial institutions (FRFIs).
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.
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.
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 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.
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.
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.
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.
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.
Bitcoin (and the tsunami that has ensued) has been characterized as the next stage in the revolution of payments—more precisely, of money.
If Bitcoin manages to become wildly successful, it’s likely that several similar currencies will appear alongside it. The focus of hackers all across the globe will then surely turn to these anonymous stores of virtual value rather than to traditional account-based payments.
Enlightened buy-side firms are facing the challenges of high-touch regulation, fragmented liquidity and ongoing cost pressures head on and developing new business models and approaches at every stage of their workflow.
If Facebook can garner trust from enough of its active users to adopt Autofill by Facebook, there are billions of dollars at stake. But, no one goes to PayPal to post baby pictures. No one congratulates 12-year-olds for winning a soccer game on Amazon. Facebook wandering into payments easily could be as awkward, especially as users become more leery of how their information is shared between Facebook and its partner sites.
The burgeoning wealth of Asia represents a huge opportunity for asset managers that can scale their businesses across the region, but it will place huge strains on firms’ operations, driving them to explore a new approach to outsourcing.
As Ts are crossed and Is are dotted by financial institutions and corporates preparing for the Single Euro Payments Area some recent announcements point to the glittering world of opportunity beyond mundane SEPA compliance.
New OCC guidance reminds financial institutions that third-party oversight is where it’s at.
Compliance concerns are causing nearly one-third of banks to turn away business, according to a new report from Aite Group.
The chaos of the crisis did not spark renewed interest in innovation: no ideas of note were created within banks and surprisingly few people left their jobs to launch start-ups – the innovation gap in the financial sector has been largely filled by the growth of the fintech start-up sector.
PayPal’s pending acquisition of Braintree will broaden its scope of innovative digital commerce solutions, support its developer platform overhaul and bring P2P competitor Venmo into the fold.
