A quiet revolution powered by the force of data science has begun to deliver significant improvements in many areas including national security, business intelligence, law enforcement, financial analysis, healthcare and disaster preparedness. But are we ready to use the force in banking? Standard Chartered’s global chief innovation officer, Anju Patwardhan, explores the topic. Digital data […]
Banks and fintechs should collaborate rather than compete, leveraging their respective strengths to revolutionise the B2B payments space and create sustainable business models in today’s digital era. As the next stages of digital structural change continue to transform financial services, the focus of technological developments will shift. Most recent developments in business models have been […]
As the European Commission finally confirms an implementation date for MiFID II, Volker Lainer of GoldenSource explains why now is the time for financial institutions adopting a quick fix approach to regulation to reconsider. After waiting and wondering, financial institutions finally have a firm date of January 3rd 2018 for MiFID II compliance. Whether this […]
In 2016, retail banks are facing up to their biggest challenge. A combination of new market disrupters, increased regulation and the continuing pace of technology change is set to transform the industry, shifting power firmly to the consumer. Natalie McLellan, director of financial services at consultancy firm Egremont, offers her insight. Many commentators argue that […]
Over the last few years, technology infrastructures have become increasingly complex and expensive to manage. At the same time, IT budgets have been cut, leading to companies finding it hard to provide and maintain IT infrastructures. Dana Brants, head of services at Swift, looks at what companies can do under the circumstances. Due to costs, […]
Digital financial services (DFS) have the power to transform the lives of millions living in poverty. However, the lack of merchant acceptance presents a significant obstacle to its success. Sacha Polverini, chairman of the International Telecommunication Union’s (ITU) focus group on digital financial services and Carol Benson, managing partner at Glenbrook Partners, look at how […]
Three commercials tied to the big game, including one from PayPal, reflect how transactions are changing and what consumers expect from their payment systems.
The CFPB wants the nation’s top banks to offer consumers more lower-risk account choices. That could be good news for the prepaid card industry even as some might grumble about the agency meddling in their affairs.
With the hospitality industry accounting for 38 percent of credit card fraud, and recent breaches showing ongoing vulnerability, the time has come for stronger security measures.
Matthew Blanchard, Head of Incentive Compensation, IBM UK&I, explains to Banking Technology why automation is necessary and how firms can improve their bottom line.
Consumers certainly know of Apple Pay. But recent survey results shed light on how shoppers are employing the mobile payment technology and suggest that challenges to further use remain.
There’s one challenge that regulators seem unable to address, and that is regulation itself. Today’s evolving regulatory environment seems to be beset by a range of internal contradictions. One such contradiction is the banks’ decision to act as clearing providers for derivatives businesses.
Financial software provider Misys has appointed Rob Binns as its chief financial officer. Binns joins Misys from HP where he was head of treasury and investor relations. He joined Hewlett-Packard in 2007 from Mercury Interactive and has held a number of senior finance positions in the company including VP Software Field Operations and VP Investor […]
Morgan Stanley has appointed Naureen Hassan as chief digital officer for Wealth Management, a new position in which she will lead the strategy and marketing of digital tools and platforms serving the firm’s 16,000 financial advisors and 3.5 million clients. Naureen Hassan served most recently as executive vice president, Investment Services Segments and Platforms at […]
The largest vendors in the trader voice market are now in a similar position to IBM in the late 1990s: their solutions are proprietary, expensive to maintain, and lacking true open integration …
I talk with a lot of banking leaders who describe their approach to innovation as being a “fast follower. My typical retort is that they are half-right—most of them are definitely followers, but there usually isn’t anything fast about their approach.
For those of us in prepaid, combating misrepresentation of our products in the media is nothing new. A recent news story claiming banks are leaving customers on the hook for fraud if they use a mobile wallet shows there’s plenty of work to do for new payment methods.
Hyperwallet CEO challenges businesses in the booming on-demand economy to make getting paid as easy as ordering a ride on Uber.
Money Market Statistical Reporting presents a fair number of challenges. And firms are pressed for time to prepare for these requirements, according to an overview prepared by Wolters Kluwer Financial Services. Where they may have adopted tactical solutions in the past to meet transaction level reporting obligations, now is a good opportunity to think more strategically about investing in the right platform and infrastructure. This is especially true given that daily reporting obligations will soon be extended in 2018 to include securities and financial transactions
Following the Nov. 13 attacks in Paris, some European member states are calling for swift action, while others are concerned that too much regulation would stifle prepaid card distribution and innovation.
Every bank wants to achieve a single view of a customer, but no-one has found an easy, cost-effective, scalable way to do it. The simple fact is that there is too much customer information, entering the bank from too many places, to align and maintain into a single view. An effective solution would reduce costs, allow the bank to generate revenue faster, facilitate KYC processes and meet regulatory requirements.
When a terrorist spends cash, there is no trace, no history of where it came from, where or how it was spent. But using a prepaid card leaves a trail to follow.
While some of us have experienced the speed at which sales are completed on the trade floor, most of us have heard tell of it. So it’s no surprise that mismatched trades is a common challenge for most banks, giving rise to the finance technology industry creating a brand new category – solutions for the management of the P&L trading desk
Stop asking customers what kind of car they owned 10 years ago. Make better fraud decisions—and reduce costly false positives—with behavioral biometrics analysis they never see.
Financial institutions are undergoing a seismic transformation. Digital technology is reshaping what consumers want from their banks and the way they conduct transactions. Let’s take a look at the top five banking trends for 2016.
Forget predictions. We’ve got work to do. There are several significant challenges for payments that need to be solved from fixing cross-border payments to making payments disappear.
With more contactless cards in the U.K. than people, the new age of payments is already here. But we’re not done yet, and thanks to biometrics, we could be the next form factors.
While mention of bank robberies will often conjure images of masked criminals and high-speed car chases, most modern instances of the crime are being conducted from behind computer screens. In addition to the lure of stealing cash, these criminals are going after banks for valuables such as the personal data of customers, details of mergers and acquisitions between companies and the private tax information of corporations, data is fast becoming an incredibly valuable commodity in its own right
New peer-to-peer platforms that match lenders with borrowers are proving to be more efficient than banks at connecting those with money and to those that need money. Known as marketplace lenders, this new industry is still very much in its infancy, currently representing a tiny proportion of total loans compared to bank lending
To kick off the New Year, we asked payments industry thought leaders to tell us what happened in 2015 that will most influence payments in 2016 and to discuss their hottest priorities for the next 12 months. Responses run the gamut from a combined Visa/Visa Europe to compliance, wearables and the impact of Chase Pay.
Aspiration doesn’t look like it used to. The face of Eighties ambition was a power dresser, clad in a suit with shoulder pads as they rushed to Wall Street to earn as much as they could, whereas today’s bright young things are more likely to be found sipping lattes at a co-working space in Silicon Valley
There’s no questioning the popularity and appeal of gift cards—especially during this time of the year. Giving recipients the ability to treat themselves to something they really want or need has become prized among gift buyers. What’s even more exciting is how the concept of gift cards continues to evolve as new brands and card types launch.
The CFPB needs to return to its original plans on prepaid regulations and put its proposed rules on a New Year’s diet. By issuing rules focusing solely on disclosure, the CFPB could issue guidance earlier in 2016 that would help consumers, prevent access disruptions, and potentially reduce the size of the landfill needed to for the mountains of noncompliant cards and marketing materials.
The distributed ledger – the central nervous system of the Bitcoin system – is the most sweeping departure from the long-standing financial bookkeeping practices followed since the codification of the Medici’s double entry accounting system.
Millennials – those highly sophisticated, tech-savvy men and women born between 1980 and 2000 – present enormous opportunities for banks and other financial institutions. Yet to be successful, these businesses must understand and meet the needs of a generation that grew up having it all, seeing it all, and being exposed to it all since early childhood – and that is no easy task.
Outdated legacy IT systems are a major stumbling block for traditional UK high street banks as they look to fight back against their often more agile rivals, widely known as ‘challenger banks’, who unhindered by complex, unwieldy IT infrastructures are typically better positioned to innovate.
Churn is by far the biggest challenge facing prepaid debit card companies. Issuers can combat it by tapping smartphones and real-time analytics to deliver personalized services through a preferred communication channel.
Poor user experience with EMV could be a boon for contactless cards and NFC mobile payments. But retailers could take immediate steps to improve the UX with contact EMV, starting with cashier education.
When it comes to the payments, there are more choices than sweet treats at Dylan’s Candy Bar in NYC (i.e., the world’s largest candy emporium!). The payments landscape is likely to become increasingly confusing and fragmented as retailers ramp up their efforts to influence buying decisions. If we don’t help our members evolve and understand how things are changing, credit unions risk losing the transaction and engagement.
2015 has been a year of extensive discussion about what role blockchain can play in making processes in the financial services industry more efficient. It has also been a year where both banks and start-ups have been testing whether distributed ledger technology can adequately replace costly legacy systems and improve securities processing, writes Brian Collings. […]
