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Weekly Research Highlights – 12 April 2022

For this week’s research article, we dive into new insights on fintech market, banking, insurance, payments, trends, diversity in fintech and more. Happy reading!

The State of Digital Banking 2022 (Unblu)
The past few years have been a battleground for business survival—but a playground for innovative disruptors. The complex external shocks felt by financial institutions throughout the pandemic and economic downturn have been matched by developments in digital and tech, setting business transformation as the standard for lasting success. In 2022, the frontrunners in banking have already made this a priority. However, when it comes to defining and executing a transformation strategy, many banks have a long way to go. While 71% of US adults with a bank account use online banking at least once a month, only a third of global purchase influencers at financial institutions are actively prioritizing digital business as a high or critical priority for the next year. Such a widespread digital delay is starting to leave banking audiences feeling isolated, redirecting their attention towards providers who are dominating the digital banking space. Read more.

IPCC report: urgent climate action needed to halve emissions by 2030 (Weforum)
The third and final instalment of the IPCC’s Sixth Assessment report Mitigation of Climate Change, published on 4 April, found that average annual global greenhouse gas emissions were at their highest levels in human history between 2010 to 2019, but the rate of growth of emissions has since slowed. Central to averting climate disaster is the need for immediate and deep emissions reductions across all sectors if we are to meet the goals of the Paris Agreement. According to Professor Jim Skea, co-chair of the report, “It’s now or never, if we want to limit global warming to 1.5C.” Read more.

Cybersecurity trends: Looking over the horizon (Mckinsey)
McKinsey examines three of the latest cybersecurity trends and their implications for organizations facing new and emerging cyberrisks and threats. Cybersecurity has always been a never-ending race, but the rate of change is accelerating. Companies are continuing to invest in technology to run their businesses. Now, they are layering more systems into their IT networks to support remote work, enhance the customer experience, and generate value, all of which creates potential new vulnerabilities. Read more.

Hong Kong’s First In-depth Fintech Development Study Released (Miragenews)
With fintech being a key part of Hong Kong’s drive to stay competitive as a financial center, the School of Business and Management of The Hong Kong University of Science and Technology (HKUST Business School) completed an in-depth research study pointing way forward for Hong Kong’s development into a leading global fintech hub. Taking references from the experience of major fintech hubs in the world, the study outlines ten opportunities that Hong Kong should leverage to enhance its fintech capabilities. Recommendations pertaining to high-level strategies include setting up a fintech ecosystem committee and positioning Hong Kong as a regional fintech sandbox. Read more.

SSRF Flaw in Fintech Platform Allowed for Compromise of Bank Accounts (Threatpost)
Researchers discovered the vulnerability in an API already integrated into many bank systems, which could have defrauded millions of users by giving attackers access to their funds. A server-side request forgery (SSRF) flaw in an API of a large financial technology (fintech) platform potentially could have compromised millions of bank customers, allowing attackers to defraud clients by controlling their bank accounts and funds, researchers have found. Read more.

 

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