Find out the latest analyses and insights from top experts in the financial industry! Topics of interest for this week include: insurance, payments, NFTs, money laundering, banking and compliance. Happy reading!
How is digitization altering insurance claim settlement? (Insurtech Insights)
Writers at Financial Express look at the entire claims settlement journey for insurers, starting right from prevention to notification of loss, to evaluation and assessment to finally settling the claims. Insurers are recognizing the importance of a customer-centric approach while settling claims to attract and retain customers. And more and more insurers are leveraging digital technologies to achieve this objective. With data and analytics, insurers will focus more on risk avoidance than risk mitigation. Read more
Digital Transformation of AML/CFT (Fatf-Gafi)
Writers at FATF highlight the new technologies and working areas, focusing on the opportunities and challenges of new technology to help the private sector and supervisors implement AML/CFT measures more efficiently. Innovative skills, methods, and processes are used to achieve goals relating to the effective implementation of AML/CFT requirements or innovative ways to use established technology-based processes to comply with AML/CFT obligations. Read more
Opinion: Neo Insurers Offer a Brand New Insurance Roadmap (insurance-edge)
Alastair Walker, journalist and editor at Insurance-Edge, looks at how new start-ups are competing, and challenging with the existing insurance culture, which is the route to success in an online era. When it comes to culture, startups hold an advantage over incumbent players because they are starting from a completely blank slate. This represents a key advantage over traditional players with single-track workforces. Read more
Robots transforming branch experience (ATM Marketplace)
Bradley Cooper, editor of Digital Signage, underlines that banks from across the world are beginning to use robots for tasks ranging from counting money to handling customer requests. These robots are not only simplifying tasks, they are also transforming the branch experience. Concerning possible effects robots have on jobs, it is said that the robots have had no impact on job loss. Instead, they’ve freed up employees to act as financial coaches. Read more
Watershed year for cashless vending expected to continue (Vending Times)
Elliot Maras, editor at Vending Times, reveals that 2020 marked a watershed year for cashless vending transactions, as the number of digital payments per machine exceeded cash payments for the first time. Hospitals and military locations showed the largest annual increases in digital and contactless payments. Meanwhile, usage of contactless credit cards increased 57% from 14% percent in November 2019 to 22% that same month in 2020, with a 9% dip in magstripe credit cards during that same period. Read more
Ultimate Beneficial Ownership: the next compliance challenge (PMC)
Writers at PMC emphasize that instant payments are especially popular with SMEs as they promise faster settlement, allowing small companies and their staff faster access to their money. Across the EU, AMLD5 has placed greater emphasis on transparency around ultimate beneficial ownership. Identifying the end users behind transactions is no simple task, especially with regard to transactions that are settling in near-real time – and irrevocably, in the case of some crypto payments. Read more
Will The Growth In NFTs Change The Trajectory Of The Banking And Payments Industry? (Forbes)
Bob Legters, contributor at Forbes, dives into the impact of NFTs and DLT on banks. Despite the inherent advantages that blockchain provides, DLT has largely been slow on the uptake, possibly due to existing technology stacks that banks already have in place along with the uncertainty that a future of DLT creates. DLT is not an evolution of what’s gone before, but a new way of doing business that requires new technology. Read more
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