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Weekly Analysis & Opinion Highlights – 9 November 2020

For this analysis & opinion piece, we give you an overview on potential detection solutions for money laundering activities, M&A opportunities for fintech, SMEs, P2P, e-trading, compliance, AI, and 2021 customer insurance trends. Happy reading!

FATF: Solutions for money laundering

FATF President, Dr Marcus Pleyer, argues that stopping money laundering activities will benefit society. Data sharing can be a significant solution, leading to cooperation and collaboration not only between regulated entities, but also between the public and private sector. The development and implementation of new technologies are key elements, providing the necessary tools for KYC / CDD checks, transaction monitoring, risk identification, and communication. Read more

Fintech M&A opportunities

According to Dr. John Bates, CEO at Eggplant, Covid-19 further impacted the development of innovative firms and M&A practices. The needed solutions are for companies to start providing a strong and inspired vision and successfully positioning their brand on the market. As main steps, the analysis highlights how companies can attract potential investors, by showcasing their competitive advantages, pitching the right solutions to the current problems the industry is facing, going digital, and creating long-lasting partnerships. Read more

SMEs, the underserved market

In a late interview by the Fintech Futures, Conrad Ford, CPO at Allica, an UK challenger bank focused on SMEs solutions, argues that financial services for SMEs have not achieved their full potential yet due to lack of support from both banks and fintechs. Due to insufficient institutional money, the lending market has started to focus on government lending schemes. However, the underserved market of SMEs has been long affected even pre-Covid-19, mainly due to changes in the financial sector and also local banking relationships vanishing. Read more

The rise of P2P and fraudulent activities

Scarlett Sieber, a fintech contributor for Forbes, emphasizes the rise of fintech adoptions during Covid-19, with a focus on the P2P (Peer-to-Peer) services, which has seen a particular strong growth rate. However, the analysis reports that with the increased number of P2P transactions comes higher rates of fraudulent activities, partly due to the social aspect of P2P payment apps. Read more

E-trading & compliance

In a recent interview, Gill Bacon, business development director at Eurobase, explains how integrating trading, treasury and sales operations are necessary to understand e-trading and the related regulatory framework. Bacon shows that although single dealer platforms (SDPs) can be an outdated solution, they can still be a valuable source of information, allowing customers to view current market rates and execute trading. When it comes to banks selecting the right SDP, recent trends highlight the importance of proprietary technology, shared technology, or a hybrid method containing both technologies. Read more

AI and financial institutions

Alix Melchy, VP of AI at Jumio, gives an overview of the advantages and disadvantages of AI technology implementation for financial services. With AI being a powerful tool in tackling business problems, the analysis highlights that companies will need to know first what the exact problem they are trying to solve is, have a strong data set as foundation for the AI system, and constantly test the algorithm to ensure proper functionality. As the last key element, firms need to be aware of the ethical aspects of using such new technology. Read more

2021 Insurance trends for customers

Keith Stonell, Managing Director EMEA Guidewire, emphasized the obstacles and challenges faced by the insurance sector amid Covid-19 and resulting client expectations. Research in the UK by Censuswide is showing that the general public is displeased with the performance of insurers (22%), and only 12% feel positive about the insurers’ help, the recent numbers show a relative improvement. 29% of respondents indicated that they believed that an insurer would still give the best customer service compared to any of the alternative insurance providers, like retail brands or Big Techs such as Apple or Amazon. Read more

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