And we’re kicking off the week with new analysis and opinions on fintech with updates on the future of banking, generative AI, ransomware threats, and more. Dive into the latest fintech insights and have a great start to the week!
Two-thirds of tech businesses still struggle to retain staff (Fintech Magazine)
Nearly two-thirds of businesses are struggling to retain diverse tech talent, according to research from Wiley Edge, despite a majority of businesses thinking their D&I strategy is working well. The findings demonstrate the potential disparity of opinion within recruitment for tech-based roles, such as those found within the fintech sector. As part of its Diversity in Tech report, Wiley Edge surveyed over 1,000 young workers in tech and IT-based roles as well as 300 employers. Read more
Hummingbird: Harnessing gen AI for financial operations (Fintech Magazine)
FinTech Magazine speaks to Hummingbird Co-founder and CEO Joe Robinson on how generative AI can be harnessed to improve financial operations. In 2023, technology and money are coming together in new ways. One of the most noteworthy changes we’re seeing is the increasing application of generative artificial intelligence (AI) in the financial sector. This particular branch of AI, which can generate outputs akin to human creativity, is poised to introduce unprecedented advancements. Read more
How fintechs can combat the growing ransomware threat (Fintech Magazine)
We ask James Derbyshire, browser isolation expert at Garrison, for the techniques that will help the finance sector to stave off ransomware attacks. Ransomware is one of the industry’s most pressing cybersecurity problems. Criminals exploit vulnerabilities within internal systems to gain access to an organisation and keep it hostage, holding out that the company will pay a ransom. For the criminals, it can be an easy payday – but what can fintechs and financial institutions do to stave off the threat? Read more
Web3 adoption could come via the enterprise, but the real boom will be through startups (Tech Crunch)
As the race for enterprise adoption in web3 accelerates, some people believe it’s not one-sided growth, but a journey where both mainstream enterprises and crypto startups can bring on new opportunities. “The signals that we see right now are that the innovation is coming more from enterprises,” Gagan Mac, head of product and senior director of web3 services at Circle, said on a panel at the Avalanche House event in Seoul, South Korea. Read more
Data consent and Infrastructure could stop FI Hyper-personalization (Fintech Nexus)
Personalization has become an essential component of how fintechs bring value to customers. In a survey conducted by Twilio, 62% of consumers said they expect personalization from brands, and a further 49% stated they would become repeat buyers if it was offered. As the facility becomes even more integral to online experiences, hyper-personalization becomes the next port of call. Building on the utilization of data and AI seen in the personalization of online services, hyper-personalization creates a real-time personalized experience for consumers. Read more
Card skimming is still a thing, but it doesn’t have to be (Fintech Nexus)
Card skimming is still a problem in the United States because the victims refuse to take medicines that have long proven safe and effective. Do that, and the pain goes away. But too many fail to heed common sense. According to FICO, in 2023, the number of cards impacted jumped 77% YoY from 70,000 cards in 2022 to close to 120,000 in the first half of 2023. The FBI estimated card skimming costs financial institutions and consumers more than $1 billion each year. Read more
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