Weekly Analysis and Opinion Highlights – 19 July

For this analysis & opinion piece, we give you an overview on identity verification and authentication, crypto regulation regime, digital banks, ransomware, green finance, ecommerce, customer experience, and buy now pay later service. Dive into the insights from top fintech experts and have a good start of the week!

Strengthening Identity Verification and Authentication With FIDO (Medici)

Writers at Medici explore solutions to strengthen identity verification and authentication. Passwords and SMS-based one-time-passcodes (OTPs) are the two most popular methods of digital authentication. Compromised passwords, however, are responsible for 80% of data breaches. A frictionless and phishing-resistant multi-factor authentication (MFA) is a must to overcome the challenges posed by passwords and OTPs. Read more

Tech & Crime Series: Is it time for a bespoke UK crypto-regulation regime? (Finextra)

Thomas Cattee, solicitor at Gherson, dives into the topic of crypto assets within the finance promotions regime, and the introduction of a broader regulatory regime. For example, no matter how regulated a firm is for AML and financial crime reporting, this will probably not assist consumers who lose their assets. The FCA itself is quite clear that even if a firm is registered with the FCA for AML purposes, it is not responsible for making sure crypto asset businesses protect client assets. Read more 

You need to add physical to digital, not vice versa (

Chris Skinner, blogger at The finanser, advises financial services providers to start with the data, the customer journey and user experience, then work out why, where, when and how to add physical structures to digital foundations. Some digital banks will claim they only want to be digital: that defines and limits their customer engagement and audience. Thing is, are digital banks doing this by design or osmosis? Read more

State of Crypto: Ransomware Is a Crypto Problem (Coindesk)

Nikhilesh De, writer at Coindesk, highlights that cryptocurrency isn’t the sole factor in ransomware’s increasing popularity, but it is becoming a major player in this type of malware’s spread. This is an issue the industry is going to have to reckon with sooner rather than later. Banning crypto won’t work. But there are steps that the industry can take to try and limit the spread of ransomware attacks. Read more

BlackRock MD: Fintech can plug data gaps in green finance (Bobsguide)

Tom Lemmon, writer at Bobsguide, identifies the common hurdles for green investing, which is the inability by asset management firms to decide on what constitutes green or sustainable. The ultimate challenge for fintechs and finance more widely was to be able to condense down the complex data on ESG into a simple, clear message for the end-investor. Read more

Ecommerce: What’s Key to Building Customer Relationships? (Global banking and finance)

Tim Harrison, co-founder and director of WatchPilot, emphasizes that the more positive the customer experience, the more likely the customer will return, and, in a busy retail market, customer loyalty is paramount. Over the last year, the lockdown has sped up the reliance of digital within retail, with physical shopping experiences quickly becoming virtual ones. However, that’s not to say that there’s no future in real-life customer experiences, it’s just crucial to make sure that the move between the two spaces is seamless. Read more

Apple And Goldman Sachs To Launch Apple Pay Later, A Buy Now Pay Later Service (Forbes)

Ron Shevlin, Senior Contributor at Forbes, sheds light on the payment sector with the launch of BNPL service from Apple. Apple Pay Later may compete with BNPL companies like Affirm and Klarna, but Apple’s competitive focus isn’t on those companies—it’s on Google, PayPal, and Square. Ultimately, standalone BNPL providers will specialize in niche products or specialty areas, and become features of the dominant digital wallets. Read more

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