Simone Aurighi, a business-oriented Risk specialist with experience within the international payments sector, discusses the role of risk management and rethinking it as a cultural attitude, by investing in fraud prevention teams. Aurighi presents in a guide a selection of best practices and advice on how businesses and companies can deal with risk management in order to obtain the best possible outcomes. Read more

According to Fintech Futures, Islamic banks take the lead in adopting fintech solutions. The main advantage that Islamic banks possess compared to the rest of the world lies in the Sharia-compliance. Middle East reported in June 2020 that it had over 127 Islamic fintech businesses operating in accordance with the rules of Sharia law, and thus tackling an under-explored market. Read more

In order to deal with the obstacles imposed by the Covid-19 pandemic, banks have been through a restructuring phase, revising their operations. According to Andy Efstathiou, Director at NelsonHall, banks have lately been able to adopt new innovations and opportunities in order to adapt to the new market demands, by using technology which permits remote access and also robotics or cloud delivery. Read more

When it comes to cybersecurity and banks, working remotely has posed new challenges for the finance sector. Euromoney looks at how different banks and specialists, such as RBI, Standard Chartered and ING are monitoring such fraudulent activities and provide solutions. One common potential opportunity lies in digital signatures, although it is not necessarily a 100% safe option. Read more

For financial services, businesses under the purview of the Payment Card Industry Data Security Standard (PCI DSS), need to follow and implement certain regulations. Glen Kosaka, VP at NeuVector, lays down the 10 PCI DSS compliance requirements that must be observed and how best to do it, such as implementing an effective firewall to provide security for cardholder data, updating vendor passwords and accounts and using encryption for cardholder data, antivirus security, and also secure systems and apps.Read more

With the increased demand for fintech, new challenges are ahead, posed by cyberattacks,according to Payments Journal. The main obstacle is that currently, there is no technology or service which can fully protect businesses from cyberattacks. However, certain guidelines and recommendations can be followed to increase the security of systems, such as making security part of the growth conversation, monitoring the risks of both fraud and friction and embracing mobility’s future in new and impactful ways. Read more

According to Yaela Shamberg, Co-Founder and Chief Product Officer at InvestCloud, wealth managers face the pressure of the race to zero fees in today’s competitive marketplace. Digital advice tools for high net worth individuals (HNWIs) can be used by wealth managers to meet their clients’ demands. One strategy is to develop multiple ‘digital personas’ that provide clients with individual experiences and functionalities which speak to their characteristics and goals. Other strategies include adopting a hands-on investor persona, life planner persona or a traditionalist one. Read more

By definition, an algorithm is a set of rules used to achieve a specific objective. One important factor that is neglected on a large scale is the fact that algorithms can also be biased, which can greatly impact the final results. In order to mitigate algorithmic bias, several steps can be taken, such as: diversifying staff, using appropriate data and information to create your algorithms, questioning whether automation is necessary and raising your individual awareness of algorithms. Read more

For banks, a Blue Ocean market might be revealed, due to the increased importance of digital identity, managing consent and also sharing data. According to Innopay, regulatory reforms including PSD2, Open Banking, GDPR and EU Data Strategy are providing banks numerous benefits in order to compete in today’s data-driven economy.  Read more

Henry Feintuch, president of Feintuch Communications, provides advice on how start-up fintechs can assure a top position in the market. As part of the most important steps to follow, the first phase includes visibility on the market and achieving awareness. Secondly, by using a consumer quantitative survey can further provide insights on how to tackle the market. Thirdly, finding the right audience is essential, even if it’s a niche target group. Read more

One of the most evident conundrums that fintech faces at the moment regards the new availability of innovative technologies, such as AI, which are not yet available to consumers. Self-driving fintechs are the potential future for finance, providing customers with an easy to use UI. According to International Policy Digest, there are certain concerns that still need to be taken into account, such as privacy and data security. Read more

An analysis by TechCrunch shows the main challenge that venture capitalists and investors are facing when it comes to new fintechs, which is the high expenses. However, the Q2 2020 sees an increase in funding sums raised by fintechs. The neobanks are dominating the funding raising landscape, with new opportunities of investments arising amid Covid-19, since people are gravitating towards saving-related products. Read more

Nicolas Véron, Senior Fellow at Peterson Institute for International Economics (PIIE), will discuss in a webinar on 19 August new developments for Fintech, Regtech, Suptech. Due to new challenges and changes in the financial industry, regulations are also impacted. In the event, the central banking and supervisory community will present a set of guidelines and advice and provide solutions in the face of the current fast-evolving landscape. Read more

InsurTech sees further developments in terms of innovations, according to Fintech Futures. InsurTech is expected to bring new changes in two sectors by incorporating AI technology, blockchain and IoT: the big data sector and the competitive pricing of the products sector. Furthermore, InsurTech partnerships are expected to become more frequent, since this could benefit all parts involved more exposure and also to be part of a dynamic network. Read more

Do you have any news to share: please put feed@https://hollandfintech.com/ on your press list. 

Read here our other sections of this week:

• Weekly funding highlights 14 August 2020
• Weekly news highlights 14 August 2020
• Weekly research highlights 14 August 2020

Subscribe & read the full newsletter here: https://hollandfintech.com/featured/newsletters/