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!
Core banking: Why move to a next-generation solution for payment players? (The Paypers)
The article urges payment players to adopt next-gen Core Banking Platforms, emphasizing real-time processing and personalization for success in the evolving financial landscape. Key features include ecosystem evolution, dynamic customer experiences, and real-time processing. Skaleet’s proposition combines pre-built features with customization for rapid market entry, reduced technical debt, and enhanced innovation potential. Read more.
How AI can enhance KYC offerings (Fintech Global)
The article delves into AI’s impact on KYC, as Marius-Cristian Frunza outlines its three levels: automation, emulation of human logic, and machine learning for tasks like name matching. Sila Money emphasizes AI’s role in improving KYC processes for financial institutions. Additionally, the article introduces the Professional RegTech Certificate course, offering a practical exploration of RegTech for financial professionals, covering key topics like RegTech fundamentals, adoption strategies, regulators’ perspectives, and advanced technologies such as AI and ML. Read more.
The critical role of risk assessment in preventing financial crime (Fintech Global)
Effective risk assessment is crucial in preventing financial crime, often overlooked in the financial industry. Arctic Intelligence highlights its critical role in compliance, but neglect can lead to regulatory fines and reputational damage. To ensure success, institutions must prioritize ongoing risk assessment, gain leadership support, allocate resources, and embrace innovative solutions, like those from collaborations such as Arctic Intelligence and MSB Compliance Inc. Read more.
Leveraging the opportunity of Open Finance (Altfi)
Ezechi Britton, CEO of CFIT, stresses Open Finance’s pivotal role in sustaining the UK’s fintech leadership. The coalition addresses insufficient data-sharing by developing a secure integration framework, emphasizing customer consent. Proofs of concept will validate Open Finance’s potential, with a strategy rollout planned for early next year to set global standards and drive financial services innovation. Read more.
Money20/20 USA: Jumio on the rise of generative AI in fraud (Fintech Magazine)
At Money20/20 USA, Jumio launched a fraud analytics tool to counter evolving tactics, including the growing threat of generative AI enabling rapid creation of fake IDs. Philipp Pointner, Jumio’s Chief of Digital Identity, highlighted the tool’s data-driven approach to identify traces of fraudulent behavior in a more advanced and sophisticated landscape. Read more.
The fintechs that went out of business in 2023 (Altfi)
2023 proved challenging for fintechs due to funding issues, leading to closures. Notable shutdowns include Tech Nation, later acquired by Founders Forum, and sustainable investing app Clim8, unable to secure funding. Open banking lender Koyo Loans closed despite a previous debt funding round. Rising interest rates made costs unsustainable for rental lender Fronted, leading to closure. Corporate bond trading platform LedgerEdge and credit card management app Cardeo also shut down due to funding challenges. Read more
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