Dive into the dynamic world of finance with our latest analysis highlights, exploring hot topics from the fintech industry.
EY: How CIOs Can Build Gen AI at Scale While Managing Risk (Fintech Magazine)
David Kadio-Morokro, Americas Financial Services Innovation Leader for EY, shares insights on building Gen AI capabilities at scale while managing risk in the financial services sector. He emphasizes the value of Gen AI across the tech stack, including unstructured data processing, new data storage mechanisms, and large language model (LLM) fine-tuning. However, there are challenges to overcome, such as the infancy of the agenda, managing data proliferation and exposure risks, and navigating vendor confusion. To successfully implement Gen AI, Kadio-Morokro suggests balancing people, processes, and technology, emphasizing cross-collaboration, upskilling employees, updating processes, and evolving risk management and compliance processes. Read more
The evolution of corporate transparency: Key changes at Companies House (Fintech Global)
Companies House, the UK government agency overseeing company registration, is undergoing a significant transformation to enhance transparency and combat fraud. The Economic Crime and Corporate Transparency Act (ECCTA) introduces key changes, including stricter registration requirements, electronic identity verification checks for key personnel, and increased regulatory scrutiny for company formation agents. Companies House will have greater authority to challenge inaccurate or fraudulent information and impose penalties. These changes respond to concerns about fraud and the abuse of corporate entities, particularly in light of geopolitical events like Russia’s invasion of Ukraine. The evolution of Companies House reflects the importance of accurate corporate registry data and collective efforts to promote transparency and integrity in corporate governance. Read more
Navigating the future of commerce: insights from Worldpay’s 2024 Global Payments Report (The Paypers)
Worldpay’s 2024 Global Payments Report delves into key trends shaping the payments landscape, providing insights crucial for navigating modern commerce. Digital wallets dominate, capturing 50% of global ecommerce transactions, driven by demand for speed and security. Buy Now, Pay Later (BNPL) programmes are on the rise, particularly among younger consumers. Regional variations underscore the need for localised strategies, while emerging technologies like blockchain and AI promise to reshape payments. Regulatory changes accompany digital advancements, necessitating businesses to stay informed. The report offers strategic recommendations for businesses to leverage payment trends, emphasizing consumer-centric approaches and technology investment. It serves as a comprehensive guide for industry leaders, offering actionable insights to plan strategic initiatives. Download the report to stay ahead in the evolving world of global payments. Read more
Cultures have no borders (Fintech Futures)
During Asian American, Native Hawaiian, and Pacific Islander (AANHPI) Heritage Month, the financial services industry recognizes the diverse AANHPI community and its significant contributions to the US economy. With around 20 million people representing various ethnic groups and languages, there are both challenges and opportunities in serving this demographic. Supporting Asian American business owners involves providing tools for business management and facilitating credit establishment. Tailored financial products and services are needed for multigenerational households and family caregivers. Fintech startups like Pomelo exemplify innovative solutions catering to the AANHPI community’s needs. Despite diversity, financial institutions have opportunities to explore tailored services and stimulate economic growth domestically and internationally, shaping a borderless financial world. Read more
Migrating your bank’s card systems: what it means, why it matters and how to do it (Payments Cards & Mobile)
Tietoevry Banking discusses the importance of upgrading or replacing card payment systems for banks amidst growing competition from fintechs and digital wallets. With legacy systems consuming a significant portion of IT budgets, modernization can unlock funds for innovation. Tietoevry’s migration methodology involves preparatory phases, data analysis, and migration planning. Data migration is crucial, requiring collaboration with banks to identify sources, scope, and data preparation. Migration approaches include “Big Bang” and phased methods, each with its benefits and considerations. Factors like card scheme certification, customer agreements, and API integrations must be addressed, with a focus on data quality and management. Read more
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