And we’re kicking off the week with new analysis and opinions on fintech with updates on the future of banking, generative AI, blockchain, and more. Dive into the latest fintech insights and have a great start to the week!
The future of the bank branch (Payments Cards & Mobile)
Reports of the bank branch’s death are greatly exaggerated, though you soon might be unable to recognize the old boy. The bank branch indeed has a future, especially if one caters to specific groups or is based in certain parts of the world, SunTec Business Solutions President Amit Dua said.He explained that several factors conspired to change the bank branch. As the Internet spawned digital banking, it shaved the cost of completing a transaction online compared to in-person. It’s even cheaper on mobile. Read more
Choosing the Right AML Software for Your Business: Key Factors and Features (Fintech Global)
Banks, money services businesses, and other financial institutions are bound by U.S. laws to establish anti-money laundering (AML) procedures. Implementing identity verification, regulatory reporting, and risk management can be intricate, lengthy, and costly. To navigate this complexity, minimise risk, and manage compliance expenditures, businesses utilise AML software. RegTech giant Alessa has offered some insight on how companies can identify the best AML software. Read more
Beyond the single customer view (Fintech Futures)
As a runner, I’ve seen the evolution of running technology, starting with simply using your watch to time how long you’ve been running and judging distance by driving the route in your car if possible. Next came step counters and then GPS watches. My first GPS watch could just about last for a couple of hours and only tracked my distance and time. Over time, the battery life improved and screens got better, then increasingly they became smartwatches with apps. Read more
Unpacking the hype: Generative AI in banking and finance (Fintech Futures)
The year 2023 will go down as the year generative AI became fashionable. From the overwhelming response to OpenAI’s ChatGPT to an increasing adoption of the technology among businesses across the world, generative AI has truly stepped into the spotlight. If the surge of funding into AI and the long queue of AI patents waiting to be filed are anything to go by, then the hype is far from over. And while clouds of concern surround this topic, just as they do with anything that is new and unknown, the one thing certain about generative AI is the bullish sentiment around it. Read more
Why Nubank’s stellar 2023 performance heralds optimism for Monzo et al (AltFi)
Digital assets – or crypto as it used to be known – being the standout performing asset class in 2023 tells two distinct stories. For bulls, it shows that global concerns about persistent inflation and the fallout from the Russian invasion of Ukraine and its associated geopolitical risks may be softening. For bears, it shows a the return to a risk on attitude from investors is largely speculative, perhaps best demonstrated by the likes of Michael Burry’s $1.6bn bet against the stock market (a pretty big short indeed). Both the S&P 500 and the Nasdaq have performed strongly this year, up 16 per cent and 38 per cent, respectively. Read more
The issue with Worldcoin, blockchain, and identity validation (The Paypers)
In light of Generative AI’s rapid rise, identity validation solutions are more critical than ever. Fraudsters can now access sophisticated tools to create, steal, and abuse identities faster and more effectively than ever. New solutions are cropping up to protect identities, and assert authenticity, offering innovative technologies for identity authentication, safe payments, or fraud detection. Most recently, this topic has reached mainstream media primarily due to the launch of World ID – ’a digital passport that lets you prove you are a unique and real person while remaining anonymous.’ Read more
Nordics – overview of key ecommerce insights and trends (The Paypers)
The Nordic countries – Denmark, Finland, Iceland, Norway, Sweden – as well as the Faroe Islands, Greenland, and Åland all have their own particularities, but together they form one of the world’s most prosperous regions. In this article, which was first published in ‘eCommerce Insights and Trends Snapshot: Nordics’, an eBook produced in association with our partner ACI Worldwide, we will analyse the local payments and ecommerce space by having a closer look at the main trends and developments in how people shop and pay online in Denmark, Finland, Norway, and Sweden. Read more
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