Weekly analysis & opinion highlights 9 October 2020

Weekly analysis & opinion highlights 9 October 2020

Weekly analysis & opinion highlights 9 October 2020

According to Fintech Futures, the UK mortgages and savings sectors are currently undergoing a digital transformation process. At the moment, mortgages and savings providers are in need to adjust their offerings and adapt to clients’ demands. As such, brokers need to proactively engage customers, savers must research new solutions and specialist lenders have to find sources to gain traction. Furthermore, the need to accelerate the digitization is also driven by the pandemic, which forces businesses now more than ever to go fully digital. Read more

Emma Olson, reporter at Bobsguide.com, emphasizes the potential challenges brought by technological innovations for the shared audit process. The lack of standards further imposes obstacles for the effectiveness and advancements of audits, especially for those regarding AI technology. In addition, from an insurance’s perspective, there is a need for audits to share the same methodologies. Read more

According to Brad Hyett, CEO at phos, the new contactless payment system imposed by Covid-19 can bring potential advantages and new business opportunities, such as integrating loyalty schemes with mobile point of sale (mPoS). Since loyalty schemes can be offered directly on the customers’ mobile devices, businesses can keep regular customers loyal and convince first-time buyers to return. Read more

According to finLedger, big banks are spending billions of dollars on digital transformation projects, but they rarely get a follow up. In 2018, the International Data Center reported that  $1.3 trillion was spent on large-scale initiatives across all industries, with 70% of it on efforts that failed to achieve their objectives, which counts towards $900 billion losses. The main cause is due to banks struggling to implement and adopt digitalization in their business systems. Read more

For the fast recovery of SMEs during times of Covid-19, Fintech Bulletin emphasized how governments have focused on reducing the financial impact, but there is still a need for further support. One area which can be optimized regards the inaccessibility of trade finance, which still remains a considerable long-term barrier to recovery. In order to support cross-border trading and economic growth, governments can provide a direct injection of capital. Read more

Sibos conference, hosted this year from 5th to 8th October, is a financial services event organised by SWIFT. The annual conference and exhibition connects more than 8,000 executives, decision makers and thought leaders from across the industry. For this year’s edition, collaboration, digitisation and innovation were at the heart of the agenda. Read more

According to International Banker, the process of disintermediation is on the rise over the last decade, primarily for areas within banking and finance. Disintermediation poses advantages for financial services, by offering direct and efficient ways for performing transactions. Due to the fact that intermediaries are still popular in some instances, the future holds a hybrid model, where disintermediation and intermediation co-exist and cooperate for better customer offerings. Read more

Chris Sloley, editor at Citywire Selector, looks at the aftermath of Covid-19’s impact towards a cashless future. For fintechs, the increase in contactless payments also translates to more future investments. In addition, new fintech sectors are on the rise, focused on cybersecurity, ecommerce and digital payments. Read more

Devex and the Conrad N. Hilton Foundation broadcasted a second event, part of a series surrounding the conversation regarding fintech’s disruptive effects on society at large. The series explores the shifting nature of humanitarian cash transfers and potential impact on humanitarian action and system. Furthermore, the conversation pointed out the ways humanitarian work also changed due to fintech advancement and implementation. Read more

According to Dragoș Tudorache, the Romanian MEP recently installed as the chair of the European Parliament’s new committee on AI, Europe is in need of catching up with AI technology. With a shortage in AI workforce talent, primarily due to lack of reforming immigration policies, Europe is staying behind, failing to retain tech talents who are mostly opting to work in the US. As part of the plan for action, Tudorache urges the EU to invest more in AI for the next seven-year budget plan. Read more

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