Weekly Research Highlights – 13 July 2021

For this week’s research article, we explore the topics of anti-money laundering, risk management, banking as a service, mobile banking, cybersecurity, and open banking. Discover the most relevant statistics and enjoy the selected materials!

Featurespace Model Governance for Anti-Money Laundering (FS Tech)

This paper explores the four main pillars of Model Governance that are used, and how financial institutions benefit from each. The paper highlights a real case study from a Tier 1 Global Bank, examining how their compliance needs were met, and the challenges that were overcome. With insight into how Model Governance reaches beyond deployment, financial crime teams can learn how machine learning can be implemented ethically and transparently. Read more

Five Business Benefits for Analysing and Combating Fraud (Finextra)

This paper lists five business benefits to understanding customer risk profiles. Actionable insights derived from fraud profile analysis can help banks visualise each customer, not as a collection of disassociated data points, but as a mosaic, made up of different characteristics that merge to provide a comprehensive view. This can lead to complex, holistic, and predictive analysis of customers’ behaviour, generating consistent and tailored services. Read more

Survey finds majority of financial sector favour hybrid work policy post-pandemic (Fintech Global)

A survey by Accenture has found almost three-quarters of financial sector workers in the UK would prefer a flexible working policy once the pandemic has come to an end. According to the research, 69% of workers would prefer to work two days a week or less in the office, while only 8% – or one in ten – would prefer to return to the office for five days a week. Read more

Finastra Study: Banking-as-a-Service to Gain Massive Traction in the Next Year (Fintechnews)

Results show that Banking-as-a-Service (BaaS) and inclusive banking services will have a significant impact on the industry over the next twelve months. While this trend is expected worldwide by 85 percent of the surveyed global financial institutions – Hong Kong (with 92 percent), the UAE (with almost 90 percent) and Singapore (87 percent) assume the greatest effects. Germany is taking a somewhat more cautious, but still significant, approach (with 80 percent). Read more

Consumer spending on apps hit record $64.9B in first half of 2021, but install growth slowed to 1.7% (Techcrunch)

Findings indicate that consumer spending in mobile apps hit a record $64.9 billion during the first half of 2021. This figure represents a 24.8% increase in spending seen across both the App Store and Google Play, compared with the yearago period. While industry experts believe the accelerated shift to mobile fueled by the pandemic is a trend that will continue, it’s worth noting that despite the new record, the growth rate for consumer spending has slightly slowed, and the download growth slowed more dramatically. Read more

Report: UK and Nordics lead Open Banking in Europe (Payments Cards and Mobile)

This research investigates how prepared European countries are to embrace the open banking ecosystem. The Nordic countries have been crowned best placed to take advantage of it, together with the UK.  Norway also has digital customer identification services such BankIDs and Invidem, which add security by proving an individual is who they claim to be and are strong examples of how the Nordic countries are leading the way. Read more

Report: Fintech’s Growing Popularity a Threat to Profitability of Nigerian Banks (

A local report explains the threat for fintech services which stems from their growing popularity with “tech-literate” customers. According to CMB analysts, such customers prefer using the more efficient services offered by fintechs to visiting physical branches of conventional banks. These banking platforms are attractive to millennials and other tech-literate customers and require little or no physical banking presence. The obvious advantage they have over conventional commercial banks is low cost. Read more

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