For this year’s first analysis & opinion piece, we dive into the newest trends and developments from fintech. We look closely at the crypto market, with a special focus on banking CX trends, trendlines for payments, financial inclusion, fintech ups and downs in 2020, cybersecurity, and what measurements will be taken by regulators against big banks’ data monopoly.
Enjoy the material!
Fraud risks imposed by Covid-19 for the crypto market…
COVID-19, cryptocurrencies and fraud (ICA)
James Thomas, freelance journalist and editor, inCOMPLIANCE, analyzes fraud risks associated with cryptocurrencies in the context of COVID-19. The highlights emphasize that many crypto fraudulent activities are not necessarily novel variations on more traditional frauds with the substitution of virtual for fiat currencies. In terms of notable crypto frauds in 2020, payment for non-existent products – often related to Covid019 – which are never delivered to the purchaser are frequent, and also blackmail and ransomware, investment fraud, fraudulent ICOs or Ponzi schemes. Read more
New year, new trends for banking…
Post-Covid Digital Strategy: Banking Customer Experience Trends of 2021 (Finextra)
According to Alex Kreger, CEO at UX Design Agency, the set-up established by Covid-19 has further implications for the banks in the new year as well. In a report conducted by Salesforce,71% of customers state that now is the time for businesses to update and upgrade how they operate, engage and contribute to society across a variety of fronts. In terms of the banking CX, expected trends for 2021 involve: expanding the digital perspective, empowering an experience-based inner culture, overcoming the experience gap, enriching the customer experience in finance with an emotional connection, setting up experience-driven KPIs. Read more
How will 2021 define the payments sector?
Framing 2021: Six Trendlines That Will Define Payments And The Connected Economy (PYMNTS)
Karen Webster, CEO of Market Platform Dynamics, shows in this analysis a framework for how innovation in payments, commerce and the broader connected economy will play out in 2021, and will influence changes in the years to come. As such, the main expected trends emphasize that physical will become digital as channels collapse and converge, convenience will be all about saving time, new intermediaries will simplify consumer and business interactions across multiple verticals, innovation will only increase. Read more
On financial inclusion…
Fintech industry accelerates financial inclusion, to push faster digital adoption (Daily Excelsior)
In this opinion piece, Indian industry leaders from the fintech ecosystem provide input into the new trend of financial inclusion and high speed adoption rates of technologies such as AI and ML. India has an opportunity to become a USD 1 trillion-digital payments market. The country witnessed 3,435 crore digital payments in 2019-20. While the government is making efforts to give a big push for digital India, the Reserve Bank is enabling the sector’s growth with regulatory interventions and there will also be a separate division for the fintech companies at the central bank. Read more
Fintech ups & downs…
2020: The year that shook fintech (Sifted.eu)
According to a late analysis by Isabel Woodford, fintech journalist at Sifted.eu, fintech has dealt with two major bottlenecks in 2020, namely, Covid-19 and the Wirecard fraud case. The article offers an in-depth overview on the main fintech stories, analyses and scoop from 2020, and presents a comprehensive guide on what the industry can expect for 2021. Main highlights include: the end of Bó, the failed digital bank, the ‘fin-fluencer’ boom, the decline of Tandem, Spain becoming the “it” market for women in fintech. Read more
Fintech ups & downs…
Why Financial Organisations Are a Prime Target for Cyber-Attacks (The Fintech Times)
Gina Clarke, fintech writer, presents in this analysis the importance of cybersecurity solutions for the financial services industry. With cyberattacks during Covid-19 raising almost to 238%, the banking and financial sectors are the main targets. Many of these attacks are Covid-19 related in nature, linking to accessing loans to help businesses or fake government emails as highlighted by UK Finance. In terms of solution, data loss prevention (DLP) can act as an enable for firms to secure their systems and detect potential attacks, while also controlling and preventing human errors to minimize such hacks. Read more
New measurements to be taken by regulators against big banks’ data monopoly…
FinTechs urge the FCA to pull the plug on big banks’ data dominance (FinTech Global)
The Coalition for a Digital Economy (Coadec) has urged the UK’s top financial regulator to make open banking truly open in 2021 and to “break” banks’ dominance. The advocacy group urged the Financial Conduct Authority to boost competition by making consumer data more available. Furthermore, the coalition asked the FCA to put a stop to bank charges on third party providers for accessing data and the current 90-day re-authentication rule that requires consumers to re-authorise their banks to release data to external parties. Read more
Indian market is expected to prosper due to technology…
AI and Digital Tech Adoption Trends in India (Crowdfund Insider)
The Institute for Development and Research in Banking Technology has revealed that the digital economy sector in India is expected to double its output as early as 2025, mainly due to the rapid pace of technological disruptions which enabled the Indian market and economy to prosper. With sectors such as IT being on the rise, India has the potential to become one of the fastest digital technology adopters among major digital economies like China, the UK, and the US. Read more
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