Fintech Bulletin emphasizes the importance of the onboarding process for the banking industry. With the increased amount of online transactions, banks must guide their existing and future customers to conduct the same types of activities, while protecting them from digital fraud and cybersecurity attacks. Solutions such as face-based biometrics can be undertaken in order to safeguard the accounts of existing customers. Read more
Leda Glyptis, FinTech Futures’ resident thought provocateur, argues that banks posit risks that need to be taken into consideration in order to minimize potential consequences. One solution to take into account is to reinstaurate the old CARL model, brought by the business prevention department, relying on 4 dimensions: compliance, audit, risk and legal.
According to Douwe Lycklama, co-founder of Innopay and co-author of ‘Everything Transaction’, central banks are on their way to reclaiming some of their position held when the economy was cash-dominant. When it comes to latest developments, the “Banking Act for All” bill could have further implications for the digital wallet trend. This is a key aspect, due to the fact that citizens will get a digital version of central bank money or in other words, Central Bank Digital Currency (CBDC). Read more
For wealth managers, the Covid-19 imposes further challenges that need to be overcome in order to adapt to clients’ demands. Swiss Bank UBS highlights the value of personal touch offered by wealth management, which helped top firms navigate the pandemic torrent, while Capgemini warns the industry of potential obstacles, such as clients questioning the value for money of advisers’ services. Read more
Bartłomiej Wójtowicz from Comarch, explores the benefits of integrating e-invoicing into the business strategy of firms. Although the online platforms have become a norm in the way businesses operate, only 10% to 15% of firms use an e-invoicing system, despite the benefits. One advanced technology that contributes to the automation of e-invoicing is the AI/ML, which can detect errors in invoice traffic and offer automatic data completion. Read more
Anders la Cour, Chief executive officer at Banking Circle, presents the obstacles faced by cross border payments, such as low speed and high costs, and possible solutions to overcome them. One solution could be the construction of a correspondent banking network, which would surpass the traditional payment trails and enable financial institutions to be more efficient in their transactions and costs. Read more
Real-time payments (RTP) are set out to change the existing payment methods and address all the shortcomings. With advantages such as instant transactions, traceable purchases, low risk to get lost or stolen, and no delays in processing for the merchants, RTP presents further benefits for the liquidity of banks and financial institutions. One issue to consider is the current lack of integration of RTP schemes with tax authorities. Read more
Ron Shevlin, Managing Director of Fintech Research at Cornerstone Advisors, highlights learnings from VCs and fintech entrepreneurs during the last five years. As such, different doesn’t mean that it will always be better, meaning that fintech founders looking to fill in the gap of customer dissatisfaction with big banks might fail since research shows that the dissatisfaction levels are very low. Being specialized in one fintech field, putting emphasis on revenue and on B2B rather than B2C are other recommendations. Read more
With the rise of new successful fintech companies such as Monzo, Revolut, and TransferWise, a new generation of founders is born, with many employees starting their own businesses. In terms of concerns, the new entrepreneurs either re-invest their new earnings in their own companies, but that isn’t always the case since sometimes these companies exist only on paper.
According to Nordic APIs, a seldom overlooked factor when it comes to the open banking sector is the importance of APIs. With open banking putting more emphasis on models for the banking ecosystem, backed by regulators’ initiatives such as PSD2 in Europe, APIs only represent a forced requirement rather than a driver for introducing products into the market. Read more
Do you have any news to share: please put firstname.lastname@example.org on your press list.
Read here our other sections of this week:
- Weekly funding highlights 4 September 2020
- Weekly research highlights 4 September 2020
- Weekly news highlights 4 September 2020
Subscribe & read the full newsletter here: https://hollandfintech.com/featured/newsletters/