And we’re kicking off the week with analyses from the most incredible experts in fintech on topics such as security, financial institutions, financial regulations, Open Banking, BNPL and more. Have a good read and enjoy the selected materials.
Security of Russia’s biometric data system questioned (Intellinews)
Experts at Intellinews have questioned the security of Russia’s united biometric system (UBS) that aims to become a major identification tool for banks and other financial institutions. The system may not be able to protect users’ personal data in light of the arrival of sophisticated tech for photo, video and voice faking, according to some participants of the International Bank Forum, which was recently held in Sochi. Read more.
Leveraging best practice to maximise the benefits of cloud technology (Fintech Futures)
David Chayer, Managing Director, Cloud, IT Product Management and Infrastructure Delivery, DTCC, elaborates on the fact that large financial institutions have leveraged private data centres to host and operate core platforms and systems for decades. But now, enterprises across the globe – from new fintech start-ups to established regulated market participants, and infrastructure entities to government agencies and regulatory authorities — are increasingly outsourcing corporate and business applications to a public cloud service provider (CSP) using a shared, multi-tenant hosting infrastructure. Read more.
Dear Luc: How do I get a slice of the BNPL pie? (Fintech Futures)
Alex Hamilton, aDeputy Editor at Fintech Futures, answers the questions the industry’s fintech founders are too afraid to ask, and solves the problems they don’t want their VCs to know about. BNPL has seen rapid growth in the last few years, with fintech experts quoted by Forbes predicting $100 billion in sales across 2021. Not only has it fundamentally changed the way people make payments across digital channels but it has also given a fast-growing part of the lending space a more contemporary interface and a new lease of life, with huge investments regularly being announced for emerging BNPL providers. Read more.
Why don’t customers trust digital claims? (Digital Insurance)
Nathan Golia, an editor-in-chief of Digital Insurance, analyzes the fact that insurance companies have invested heavily in digital transformation of the claims process, adding a number of self-service features for first notice of loss, the adjustment process, and payment. However, customers still prefer working directly with a person rather than using these offerings, according to recent research from Forrester. Read more.
Open banking’s unstoppable momentum (Fintech Futures)
Dima Kats, CEO at Clear Junction, analyzes regulations applied for Open Banking by UK’s Competition and Markets Authority. The regulations require banks to disclose performance and fee data to make it easier for customers to compare the offerings and results of different financial providers. Fast-forward to the present and Joe Biden’s Executive Order on Promoting Competition in the American Economy looks to loosen the rules on data portability in a similar way. Read more.
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