A study by payments fintech Checkout.com showed that the economic recovery may still have a long way to go, due to e-commerce sales problems, mainly failing at the point of checkout. In 2019 only, false declines, which are legitimate transactions that get flagged as fraudulent, cost online retailers up to $20bn (€17bn). Moreover, failed online transactions through e-commerce outlets led merchants nearly losing $13bn (€11bn) to competitors, as customers got frustrated with the falsely rejected payments. Read more
A new report from Corinium and FICO shows an increased demand for AI during COVID-19. The Building AI-Driven Enterprises in a Disrupted Environment report surveyed more than 100 C-level data and analytic executives and conducted in-depth interviews to understand how organizations are developing and deploying AI capabilities. 93% of respondents said that ethical considerations represent a barrier to AI adoption within their organizations. Read more
“How payments providers can fill a banking gap for online merchants” White Paper provides insights into the contrasting picture across the European landscape, identifying how banks and payments businesses can fill the gap and help SME merchants compete, grow and prosper. The findings of the interviews and surveys show that 64.6% of online merchants needed extra finance in the past two years (excluding the current COVID-19 crisis). 23% needed the additional funding to cover payroll, and a further 26.5% to cover regular business costs. Read more
“Konsentus Third-Party Provider Open Banking Tracker” report into the second quarter of 2020 shows findings from a TPP tracker analysis. The number of TPPs across the EEA increased by over 29% between 31st March 2020 and 30th June 2020 with 82 new TPPs being approved for services. This is significantly higher than the growth recorded in the previous quarter. Read more
With regards to Covid-19 impacting fintech finance, a new report by CBINSIGHTS shows how the total deals to fintech companies fell down to about 30% in Q2’20 compared to Q1’20 as investor appetite for fintech financings slowed. For the fintech industry, this means that companies may see fewer rounds as investors opt to double down on larger, more mature winners. Q2’20 has already seen an early-stage deal crunch, with mid-stage rounds increasing deal share by 8% points in the quarter as the space matures. Read more
“Financial Services – regulating the new reality” paper by KPMG analyzes how the financial regulators and regulations are changing to assist with recovery and to reflect the new reality. The regulators are looking to encourage growth and innovation, but this might be harder to achieve since they are putting an emphasis on resilience and good conduct. For companies to overcome the repercussions of Covid-19, they need to embrace new changes, accelerate the adoption of technology and deal with long-term changes in the working practices.
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Read here our other sections of this week:
- Weekly funding highlights 17 July 2020
- Weekly news highlights 17 July 2020
- Weekly analysis & opinion highlights 17 July 2020
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