Find out the latest analyses and opinions from fintech! Topics of interest for this week include: embedded finance for insurance, community banks in the digital age, digital trade finance, cybercrimes in the financial services industry, multi-factor authentication in insurance, and joint projects between the government and corporations to enhance cybersecurity. Dive into the insights and discover the most credible voices from the industry. Happy reading!
How embedded finance can be transformational for insurance (Finextra)
Hasan Nawaz, CEO at HUBUC, explores a post-digital world for the insurance industry where digitalization isn’t a new topic for people and is no longer a differentiator or a competitive advantage for organisations. Embedded finance can be a real game changer for the insurance industry, because it is all about turning banking functionality into technology, and enabling any brand or merchant to integrate financial services into their suite of products and services via APIs. Furthermore, it allows any model or service provider to integrate revolutionary monetary companies into their customer experiences, quickly and at low price. Read more
How Community Banks Compete on Digital Account Openings (BankDirector.com)
Nathaniel Harley, CEO and co-founder at MANTL, highlights that digital account openings are only one piece of a steady shift in the financial services industry, one where consumers do more over online and mobile channels. Digital offerings have opened the door for new players, like online-only challenger banks, big tech companies and fintechs that are successfully luring in younger customers with payments, investing and even cryptocurrency services. Facing fierce competitions with these new players, community banks should invest in speed and reliability, play to key strengths, and seek out the right technology partners. Read more
Digitising trade finance: the next frontier for financial services innovation (Fintech Futures)
John Mitchell, CEO and Co-founder of Episode Six, dives into the adoption of new technologies in trade finance. According to him, one of the reasons why businesses hesitate to integrate automated processes is because they are perceived to put a strain on the business through the implementation process, in terms of the investment and resources required. For trade finance, digitalization is no longer an option or consideration for businesses - it has become vital, catalysed by a pandemic and can’t be ignored. Read more
Keeping the pandas, kittens and spiders out of the financial services industry: A hot target for cyber criminals and nation-states in 2021 (Fintech Business)
Scott Jarkoff, Director and Strategic Threat Advisory at CrowdStrike, emphasized that financial services leaders should be aware of a number of recurring cyber attacks. The terms “Spider”, “Panda”, “Chollima” and “Kitten” are names used by cyber researchers to quickly categorise threats, how they act and where they originate. To be more specific, “Spider”, “Panda”, “Chollima” or “Bear” are the names given to attacks originating from cyber-criminal groups, China, North Korea and Russia respectively. Read more
Insurers Are Waking Up to Multi-Factor Authentication (Carrier Management)
Steven Kaye,Vice President of Research at Novarica, reveals that legislators and regulators are increasingly mandating multi-factor authentication (MFA) to ensure greater security as well as to reduce identity theft and other forms of fraud. The authentication methods that MFA relies on are physical objects in possession of users e.g., laptop or phone, knowledge-based authentication (e.g., PIN codes, passwords), location (e.g., GPS, IP address), and user characteristics (e.g., biometric-based). Read more
Cybersecurity is too big a job for governments or business to handle alone (World Economic Forum)
Paul Mee, Leader Partner of Cyber Risk at Oliver Wyman and Chaitra Chandrasekhar & Partner of Financial Services & Public Sector at Oliver Wyman, concluded that business and government are exposing each other to an increased range of cyber-risks, and the current effort to pool cybersecurity resources are limited in scope. The analysis proposes four ways in which governments and businesses can join forces in the battle for cybersecurity and predicts a more positive outcome after these tactics are implemented. Read more
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