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Weekly research highlights 24 July 2020

Based on a Temenos report, “Overseeing AI: Governing artificial intelligence in banking”, there is a need for regulatory guidance in a post-Covid time for the AI field. The conclusion of the report is that AI will eventually be a separator between banking industry’s winners and losers. The current pandemic might also speed up the process of regulating AI technology. Moreover, concerns can arise from data bias due to lack of human oversight and the need for much firmer rules since the AI use will only continue to increase. Read more

Cornerstone Advisors firm presents in their report “What’s going on in banking 2020” that just 20% of bank executives think online (or digital) banks are a significant competitive threat. For fintech, the most important findings of the report state that three-quarters of credit unions and nearly two-thirds of bank executives believe fintech partnerships, collaboration or investments to be very or somewhat important to them in 2020. Among credit unions, the percentage saying that fintech partnerships are “very important” rose from 20% in 2019 to 30% in 2020. Read more

The Hamilton Project “How the Pandemic is changing the Economy” research shows the aftermath of Covid-19, which provoked the sharpest and fastest economic downturn in US history. The report explores alternatives for the American economy and potential changes if certain trends regarding firms’ closures, labor force participation, and what it means to be “at work” continue. As such, widespread bankruptcies could fundamentally change the business landscape, and also lead to changes in how and where people work and an acceleration in automation. Read more

The Bank for International Settlements shows in one of their latest reports new information on international banking. The global cross-border bank claims surged in Q1 2020, to $33 trillion (€28 trillion). Their annual growth rate rose to 10% at end-March 2020, up from 6% at end-2019. Non-US banks reported substantial increases in their foreign claims on the official sector of the US. Amid the pandemic-induced turbulence in global financial markets, cross border claims on emerging markets and developing economies (EMDEs) stagnated. Read more

Norton Rose Fulbright presents their latest global survey on the impact of Covid-19, lockdowns and recession risks. The financial institutions, banks, asset and fund managers, insurers and established FinTechs and start-ups suffered disruptions, with impending risk of global or regional recessions. The report shows how fintechs are responding to these obstacles and the role that new new business models, strategic collaborations, investment and M&A, outsourcing, regulatory considerations, and the risk of litigation play in addressing such challenges. Read more

KPMG’s “Venture Pulse Q2 2020” report states the key elements for the venture capital market on a global level during the climate of today. Most interestingly, in the second quarter of 2020, VC-backed companies raised $62.9bn (€54.2bn) across 4502 deals globally, although there has been a decrease in deals. Furthermore, other trends are noticed, such as a downward pressure towards valuations because of the pandemic, changes in consumer and business behavior and an increased focus for profitability and cash management. Read more

A report conducted by Mercado Pago, a digital payment platform available to consumers and businesses exclusively in Latin America, shows that countries such as Brazil and Mexico are continuing to develop open banking rules during the pandemic. Banks and regulators are strategizing on best practices to offer for the customers, especially due to the fact that many people in the region remain unbanked or lack access to traditional banking products. However, with the rise of smartphone penetration into the market, many individuals can start online transactions. Read more

“The World Wealth Report” by Capgemini is the industry’s leading benchmark for tracking high net worth individuals (HNWIs), their wealth, and the global and economic conditions that drive change in the Wealth Management industry. In this edition, the research finds out how hyper-personalized offerings and operating model optimization are crucial in today’s extraordinary uncertainty. Read more

In Southeast Asia, a report by  startup information platform DealStreetAsia shows that start-up investments have spiked in the April-June quarter, with e-commerce and fintechs gaining back their momentum in times of pandemic. As such, the fundraising deals increased to 91% on the year to $2.7 billion (€2.33bn), while the number of transactions climbed 59% to 184 for the three months through June. The biggest capital raiser for the quarter was Indonesian e-commerce unicorn Tokopedia, which secured $500 million (€431m) from Singapore state investment firm Temasek Holdings. Read more

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