And we’re kicking off the week with new analysis and opinions on fintech with new finance space for 2023, payments, crypto, fintech stocks and more. Dive into the latest fintech insights and have a great start of the week!
Digital pound likely this decade, Treasury says (BBC news)
Right now, there is probably little need for a digital pound. People use their debit cards or phones, or even watches to fulfil the same function. It is a solution to a problem that does not yet exist. But this is looking towards a near future that sounds like monetary science fiction. At its heart it is about data on what you spend, and what the entire population spends. It is a world where people might just choose to trust international private sector brands, in finance or in tech, more than the state. Unregulated digital currencies could offer those companies incentives to create walled gardens, fragmenting the pound system. It would make controlling the economy more difficult, because £1 might not be worth £1 everywhere. This is where today’s ideas come in. Neither the Bank of England nor Government would have access to the data on transactions with a digital pound. But consumers could pick providers, not just banks, to hold their cash in digital wallets, with varying degrees of privacy. Read more
What wealth managers should know before using gamification (Global Fintech)
Gamification can bring a level of excitement and greater engagement to financial services, but it can delude users about the risks of investing. Kidbrooke has released a new report that explores how gamification and simulation tools can transform the wealth management customer experience. Gamification has slowly increased its footprint within financial services over the past few years. These types of services include gamified systems such as points, badges and leaderboards. A report from MarketsandMarkets claims that the global gamification market will grow from $9.1bn in 2020 to $30.7bn by 2025. Even the US Federal Reserve Bank of Boston has looked to gamification, implementing digital games to improve financial literacy. An example of gamified financial services is SavingsQuest, which has an animated pig that dances every time a user engages in savings. Read more
Swiss prosecutors investigate 2022 Credit Suisse data leak (Finextra)
Swiss prosecutors have launched criminal proceedings aimed at those responsible for the 2022 leak at Credit Suisse which exposed the details of accounts held by wealthy clients allegedly involved in a host of illegal activity. The leak, which happened last February, involved more than 18,000 Credit Suisse accounts, held over decades, and belonging to people allegedly involved in torture, drug trafficking, money laundering, and corruption. The details were handed to German outlet Sueddeutsche Zeitung, which shared them with other media groups round the world, plunging the bank into a dirty money scandal. While the identity of the person or people responsible for the leak is not known, federal prosecutors have now launched a case after receiving a formal complaint. According to local newspaper Tagesanzeiger, Credit Suisse was the complainant. Read more
How to protect your organisation through cyber due diligence (Global Fintech)
Ensuring due diligence has always been a key part of helping an organisation remain compliant and secure in the face of outside challenges. Ensuring cyber due diligence is no different. In a recent post by Diligent, the company outlined how a company can best protect their organisation through cyber diligence and what it takes to ensure it. The company said, ”Cyber due diligence helps organizations ensure that they only go into business with trusted partners, thereby reducing risks down the line.” While risks are often a part of doing business, organisations often exposed to risk can mitigate them. An effective due diligence program, Diligent states, protects organisations from the start and reduces the liability that can come with third-party and fourth-party relationships. Read more
Remote workers waste two hours less per week, research says (Fintech Magazine)
Banking and finance professionals who work from home waste two hours less on average than their office-based colleagues, according to new research. Remote workers in the banking and finance sectors waste two hours LESS per week than their office-based counterparts, according to the results of a new survey. Link building agency Reboot asked more than 5,000 UK-based employees about their working habits, including nearly 400 who are involved in either accountancy, banking or finance. The results show that, across all industries, homeworkers are generally more productive than office-based or hybrid staff. The most common distractions for those working in an office environment were social media (23%), internet browsing or shopping (20%), and daydreaming (10%). Read more
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