For this analysis and opinion piece, we start the week by providing you with the latest voices from the fintech industry. We look at cryptocurrency, the alarming invoice fraud threat and how to tackle it, the solution to support customers of financial services in low and middle income countries, the impact of the collective voice of consumers in the financial sector, how chatbot plays a role in the financial industry, and what the future holds for data discovery. Enjoy the reading!
Bitcoin Still A Long Way From Being Money (Forbes)
Simon Constable, writer at Forbes, shares the insight that although cryptocurrencies hit the big time in January, it doesn’t mean they are money. The problem is that none of cryptos have all three of the necessary attributes of money including store of value (cryptocurrency is not stable for savings), medium of exchange (cryptocurrency is not how people buy anything), and unit of account (cryptocurrency is not incorporated into business or personal accounts). Read more
Receivables Finance to Prioritise Invoice Fraud Threat (Bobsguide)
Kevin Day, CEO at HpD LendScape, emphasized the threat of invoice fraud and proposed some effective measures to tackle this. The author highlighted the importance of understanding fraud, reducing staff burden by establishing processes like the telephone verification of invoice, offering protection through data transparency and increasing investing more in technology for digital verification and processing. Read more
The Role of Consumer Organizations to Support Consumers of Financial Services in Low and Middle Income Countries (FinDevGateway)
Based on a survey with 36 members of Consumers International from 32 low- and middle-income countries, this analysis highlights key approaches that consumer associations can use to advocate for better financial consumer protection. These approaches range from direct engagement with consumers through complaints handling, to generating insights about the consumer experience through market research, to public interest litigation and consultations with policy-makers. Read more
Elevating the Collective Consumer Voice in Financial Regulation (CGAP)
Eric Duflos, Senior Financial Sector Specialist at CGAP, Mary Griffin, consultant at CGAP, and Myra Valenzuela, Financial Sector Specialist at CGAP, explore the potential impact of incorporating the collective voice of consumers into the financial sector. The findings present three opportunities to elevate the consumer voice that deserve support: consumer groups and associations, regulatory consultative bodies, and technologies that elevate the consumer voice. Read more
Modernizing Legacy Processes, Business Models and Technology without breaking the Bank (Finextra)
Prasoon Mukherjee, VP Societe Generale Bank, explains why no transformation can be successful unless the legacy business, legacy process and legacy technology are considered in tandem.The need for traditional enterprises to reinvent and compete with peers is now greater than ever. Incumbents across industries are investing to transform their legacy platforms, redesign business processes and continuously innovate their business models to stay relevant. However, transformation strategies aimed at designing modern software applications fail miserably during execution if the road to modernization is not thought through well at the outset. Read more
How AI Chatbots Play A Role In The Fintech Industry (Datafloq)
Aakit Avaish, author at Datafloq, identifies the important role of chatbots in the fintech industry, which bring useful features such as 24/7 support, financial advice, digital payments, advertisement, investments, insurance and loans. Furthermore, AI chatbots are revolutionizing the customer experience by removing the friction of cluttered interface, offering proactive suggestions, keeping up with millennials, automating fraud detection, marketing services, enhancing customer loyalty, reducing cost and providing one-stop solutions. Read more
COVID-19 & the Future of Data Discovery, Access and Integration (Fintech Futures)
Gerald Francis, Global Head of Enterprise Data at Bloomberg, revealed that the future of data will require a shift towards digitalization. Cloud data will be the destination since it can remove some of the burdens when it comes to data centres, servers and all the associated management. With cloud data, a machine can abstract away the work associated with connecting, ingesting, cleaning, managing and loading data and, in one way or another, make these processes “invisible”, ultimately resulting in an explosion in value generation. Read more
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