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Weekly Research Highlights – 6 February 2024

The fintech industry is rapidly evolving and disrupting traditional financial systems. In this article, we bring you the latest research insights to help you stay ahead of the curve and understand the future of financial technology. Enjoy researching!

ING’s Energy Outlook 2024: High ambitions, steadier speeds (ING THINK)

In the landscape of the energy sector for the year 2024, ongoing geopolitical volatility on commodity markets and other intricate hurdles obstruct the global deployment of renewable power. Within this complex background, it is crucial to note positive developments and discernible silver linings along the energy transition. Despite the challenges, these encouraging signs signal a potential for ongoing progress and present opportunities for positive transformations within the sector, hinting at a nuanced and dynamic path forward. Read more

75% of business leaders are “comfortable” incorporating AI into customer-facing strategies (Fintech Global)

A recent survey by Ushur, a pioneer in Customer Experience Automation™ (CXA), indicates a notable shift in the adoption of AI and automation in customer-facing strategies across regulated industries. The research, based on responses from 200 decision-makers in healthcare, insurance, and financial services, reveals that 75% of key executives are now comfortable incorporating AI and automation into their customer engagement approaches. The survey highlights the increasing recognition of the substantial impact of intelligent automation platforms, with 82% acknowledging their value. Security and privacy considerations are top priorities for decision-makers, emphasizing the need for enterprise-grade solutions. Ushur’s AI-driven CXA platform is positioned as a valuable tool for secure, efficient, and engaging customer interactions in regulated industries. Read more

ECB Consumer Expectations Survey results – December 2023 (European Central Bank)

In comparison to November 2023, the ECB Consumer Expectations Survey (CES) now covers five additional countries, including Ireland, Greece, Austria, Portugal, and Finland. The survey reveals a third consecutive decline in median consumer inflation expectations for the next 12 months, while expectations for inflation three years ahead have slightly increased. Nominal income and spending growth expectations remained stable, and expectations for economic growth over the next 12 months stayed unchanged. Housing-related expectations saw a decline in the growth of home prices, and expectations for mortgage interest rates 12 months ahead also decreased. Security and privacy considerations emerged as top priorities for executives when deciding on AI solutions. The release of CES results for January is scheduled for 23 February 2024. Read more

Growth is out there… so why are traditional players struggling? (Payments Cards & Mobile)

The Capgemini Research Institute’s 2023 World Payments Report suggests that non-cash transaction volumes will reach $1.3 trillion globally by the end of 2023 and are expected to accelerate to $2.3 trillion by 2027. However, traditional players in the payment sector, such as banks, processors, and retailers, are considered ill-equipped to capitalize on these growth opportunities. The report highlights that the bulk of the growth is likely to benefit fintechs and digital-first banks, with new payment methods accounting for around 30% of total volume. The challenge for traditional players is to shift their focus beyond digitalizing customer experiences to also include digitalizing back-end systems, addressing legacy technology issues to stay competitive in the evolving payments landscape. Read more

One-in-three consumers falling victim to APP fraud – Visa (Fintech Global)

Research conducted by Visa indicates that rising levels of authorized push payments (APP) fraud in the UK are causing consumers to lose confidence in digital banking. APP fraud occurs when individuals are deceived into transferring money to fraudsters posing as genuine payees. Total losses due to APP scams exceeded £239 million in the first half of 2023, with one-third of those surveyed by Visa reporting falling victim to such fraud. The research found that nearly a fifth of those who fell victim to APP scams reported decreased confidence in digital banking, and over a third said it had a negative impact on their willingness to pay new payees. The findings highlight the need for improved fraud prevention measures in the financial industry. Read more

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