Gamification is not new, but new entrants are showing that injecting the right mix of fun and rewards into financial education can reap dividends for consumers and financial services providers seeking to engage their customers.
We’re bombarded daily with reports that fintech firms are poised to eat the banks’ lunch. The drumbeat is so loud and steady, it’s hard not to fall into the trap of thinking that banks’ best days are behind them. But, I believe the proliferation of fintech solutions presents a remarkable opportunity for small and midsize financial institutions.
Cyber attacks against the banking industry have soared in the last few years. And financial institutions now face 300% more attacks than any other industry. Comparatively with other industries, the financial services industry isn’t shy where it comes to cyber security investment and generally has a superior level of protection. But this attracts a more […]
As I waited today for the barista to fill my coffee order I picked up the local newspaper; jumping right off the page was the headline, “9 Businesses that are still cash only”! (This was a reference to an article by Laura Woods on the Go Banking Rates website on 2 April 2016.) Of course, […]
Doing more with less is an important goal for any business. In the world of banking, an increasingly complex market is driving firms to uncover new ways to deliver cost efficiencies, writes Peter Gould, associate partner at Orbium. Growing competition from specialist providers continues to disrupt the traditional banking model. These firms are using new […]
Almost half (48%) of SMEs in the UK are frustrated by payments taking too long to reach their bank account, a survey conducted by YouGov on behalf of ACI has found this week. The businesses surveyed also state that these delays are negatively affecting their ability to run their business. A third of the SMEs […]
With the threat of cybercrime growing considerably, we canvassed top payments providers and data security consultants to find out what they see as the biggest cyber-risks, and what steps companies should take to help keep consumer data—and the financial system—safe.
As contactless EMV transactions become mainstream in the U.K., the trends could foreshadow what’s ahead for U.S. payments.
The financial services ecosystem is experiencing dramatic change, driven on the one hand by disruptive fintech models that are causing disintermediation of the financial incumbents, and on the other hand by rapid advances in technology that are disrupting the ancient, creaking core banking platforms. Fintechs, prepare for a wave of M&A, says FirstCapital’s CEO, Jason Purcell, as […]
Faster payments is one of the more pervasive topics in almost any global payments conversation. And if you look at key countries like Singapore, the US, and Australia, it may seem to be more than just talking. Additionally, many countries are improving their infrastructure to clear payments in the same day or already have domestic […]
One of the most talked about issues in retail banking today is the emergence of the new entrant, or “challenger”, bank. “New” banks are being spun off from existing institutions and more than twenty organisations having applied for, or received, a banking licence over the past twelve months or so. Banking is becoming an ever […]
When you think of the new era in banking — let’s call it “Banking 2.0” — what do you see? Is there something revolutionary such as totally virtual branches or no paper money at all? It’s hard to tell how Banking 2.0 will exactly look like, especially with virtual reality (VR) sets going mainstream, but […]
The world has been talking about “mobile payments” for years, but the phrase means different things to different people. So what exactly are mobile payments? And how much more mobile than cash or cards can payments actually get, asks Philipp Nieland, co-founder and CTO of PPRO Group. Some people believe that mobile payments are those […]
Traditional banking has taken quite a beating in recent years as more and more customers prefer to handle their banking needs digitally rather than be bogged down by paperwork or wait in lines at a physical bank. In a bid to meet developing customer expectations, many banks have begun offering web-related services such as e-deposits, […]
Dear Banks, how’s it going? If you’re reading this, you must be on social media, or you’re at least checking the internet. That’s great. I’ve been meaning to write this letter for a long time. The first thing you should know is that I think you’re really important. Sure, I might like to joke about […]
Technology is the most important agent of change today; hardly any industry is immune to both its value-creating and disruptive potential. However, in an April 2011 survey of corporate directors by McKinsey Quarterly, more than half said their boards had only one technology-related discussion a year, or none at all. Since then, the situation has […]
The rise of m-wallets, smartphones and online shopping could be a boon to virtual incentives.
If you’re not analyzing your cardholders’ IVR interactions, you’re missing an opportunity to improve their experiences and engender loyalty. IVR design based on insights from previous interactions is crucial, particularly in prepaid where cardholders rely heavily on customer service.
Smaller banks bent on taking market share from larger rivals can appeal to mobile consumers without going all-in on NFC, at least for now.
Mike Lobanov, partner at Target Global, takes a look at the recent fluctuations in Lending Club’s share price to assess the impact on the peer-to-peer (P2P) industries. The P2P lending platform Lending Club is proudly the largest platform of its kind in the US. Founded in 2007, it successfully raised in excess of $390 million […]
Even as I am prepping for my next industry event, observations from the last conference I attended continue to permeate my thoughts. The ATMIA US Conference that was held in New Orleans only recently and yet, three items continue to have me thinking about the durability, indeed longevity, of some of the points raised. In […]
The introduction of the Fundamental Review of the Trading Book (FRTB) requires a rethink when it comes to risk architecture and data requirements. Xavier Dubois, Wolters Kluwer’s senior risk and finance specialist for EMEA, outlines the key points. There is an area of complete agreement when it comes to examining the potential impact of FRTB – […]
MasterCard’s planned acquisition of VocaLink has the potential to create a new payments powerhouse in Europe and beyond. Tom Hay, head of payments, Icon Solutions, explores the possibilities. The news of the planned acquisition broke a few days after the Payment Systems Regulator’s (PSR) recommendation that banks divest their ownership of the company. I’m sure […]
Not a day seems to go by without another innovation of fintech announcement from a bank. While most have now dabbled in an incubator, accelerator or a lab here, and a fintech investment there, they all have one thing in common, argues Leda Glyptis, director at Sapient Global Markets. And that is a lack of tangible […]
NFC mobile payments continue to grab headlines, but to really drive uptake and ensure full market coverage, combining contactless cards with next-gen mobile banking apps is surely the right way to go for 2016’s challenger banks, says Paul Underwood, MD of Thames Card Technology. Much has already been said about the opportunity for challenger banks to […]
Europe is the largest single market in the world and an attractive proposition for most payments businesses looking to expand, but you do need to look at the different options available and determine the best route to market for your own firm.
The CFPB’s new no-action letter policy is designed to alleviate regulatory uncertainty for innovative financial services businesses, but asking for one could be a double-edged sword.
FinCEN’s virtual currency guidance creates different AML standards for virtual currency and traditional funds, but with a slight modification the agency can “re-level” the playing field without compromising its AML policy goals.
Promoting financial products is a very challenging task. Konstantin Rabin, head of marketing at Kontomatik, suggests how a bank can improve its marketing efforts by leveraging API technologies. A financial services marketer needs to at least combine the benefits of the offer with a sense of security. Needless to say, the larger the offered benefits are, […]
Exactly who is affected as a result of the Fundamental Review of the Trading Book (FRTB)? Xavier Dubois, senior risk and finance specialist for EMEA at Wolters Kluwer, explores the subject. Earlier year, the Basel Committee on Banking Supervision (BCBS) set out the long awaited revised standards for minimum capital requirements for market risk. We […]
Less than one in three customers now trust their bank or insurer, according to a 2014 research by PwC Financial. Banks are not only suffering from deep consumer mistrust, but they are also seen as stuffy, slow-moving relics of the pre-digital era. Antony Bream, UK managing director at Crealogix, argues that all that can be changed […]
There are many uses of big data analytics by financial organisations to meet evolving regulatory and compliance requirements, Swift Institute reveals in its recent paper, “The Role of Big Data in Governance: a regulatory and legal perspective of analytics in global financial services”. The paper cites two case studies as examples of how these analytical […]
What does the future of loyalty hold and what is the role of big data in it? Christopher Evans, director at Collinson Group, shares some key insights. The fervour for big data analytics sweeping through retail bank boardrooms at a global scale is intensifying as corporate strategy prioritises a shift towards true real-time intelligence. This […]
Long considered an impenetrable space dominated by a few, the financial services industry is currently riding a giant wave of entrepreneurial disruption, disintermediation, and digital innovation. Recent industry developments such as the regulatory pressure as well as the criticality of business intelligence (BI) and customer experience are impacting banks more than ever before. Financial institutions […]
The gloves have come off as Apple digs in its heels against the FBI’s request to create a backdoor to the iPhone. We asked payments experts what might be at stake for mobile payments in this encryption battle.
Banks looking to serve SMBs and attract young entrepreneurs must create mobile apps that go beyond consumer-facing solutions. Those that do will be rewarded with greater loyalty and profitability.
Find out why direct debit is a preferred payment method for nearly 40 percent of consumers worldwide and what it means for technology providers, banks and online merchants.
The aims of the Securities Financing Transactions Regulation (SFTR) may be laudable – but how much difference will some of the changes really make, other than create another operational burden? As Tracy Dilks, senior consultant, and Akber Datoo, founder and managing partner, D2 Legal Technology, suggest, the regulator might as well put a sign in […]
With challenges across the board, banks will have their work cut out to keep up with the changing world of payments in 2016. It is shaping up to be a pivotal year for the payments industry as regulation, new technology, major infrastructure overhaul projects and security issues combine to reshape the landscape. According to a […]
Mark Bands, head of product & regulatory intelligence, iMeta Technologies: When speaking with prospective financial institution customers of our client lifecycle management (CLM) platform I am surprised at how often an “in-house” build solution has either already been chosen or is being seriously considered as an option. Surprised, that is, that firms’ in-house technology functions are confident […]
