Account takeover is one of the biggest threats that banks are facing today. With 3.8 billion data records compromised worldwide in 2018, it is evident that despite implementation of cybersecurity measures, digital channels remain vulnerable.
Adversaries have a variety of weapons at their disposal, which makes effective protection a challenge. To make matters worse, legacy anti-fraud solutions are falling short of accurately evaluating the risk.
Financial wellness seems like an impossible dream for many in the UK.
With 11.5 million people having less than £100 or no savings at all, nine million using credit to pay bills, five million children not receiving a meaningful financial education, and 22 million unsure how to plan for retirement, becoming financially well is no small task.
In an effort to increase financial wellness, the Money and Pensions Service (MaPS) recently launched the UK Strategy for Financial Wellbeing.
A blueprint for consolidating, automating and driving efficiency across reconciliation – and beyond.
Reconciliation is an essential control function in financial services, aimed at eliminating operational risk that can lead to fraud, fines or in the worst case, the failure of a whole firm. And yet, innovation in this area has been slow with operations often reliant on people power and spreadsheets.
Cross-border payments could arguably be the final frontier for globalised business operating at scale.
While banks, businesses and corporates have found more efficient ways of moving capital within their own jurisdictions, that can sometimes come unstuck when moving money between countries and continents.
Swift introduced its global payments initiative (gpi) in January 2017, and has since claimed to have improved the cross-border payments experience across more than 1,400 corridors.
UK financial services firms are storing critical customer information and content – on average – across nine different systems, according to new research by Nuxeo. Additionally, a staggering 80% of respondents indicated that their information systems also aren’t integrated.
Not only does this have a significant impact on operational efficiency, it is also negatively impacting customers’ experiences as well. And with the specter of GDPR and other consumer privacy legislation looming, many organisations are finding it impossible to respond to these regulations and resulting customer inquiries.
Governments around the world are issuing economic stimulus and relief packages for businesses affected by the outbreak.
From the EU, where the European Investment Fund will guarantee loans to help “provide liquidity to at least 100,000 European small and medium-sized enterprises (SMEs)” – to Japan, where SMEs are being offered interest-free loans and large corporations have access to crisis lending programs. Many businesses need these funds as quickly as possible. Financial institutions (FIs) can support their business clients now, when they need it the most, with an expedited digital process.
A wealth of innovation has happened since the 2008 financial crisis. Driven by fresh competition and higher customer expectations, it’s more important than ever that financial services firms invest in new technologies to stay relevant.
The industry is now entering a new decade in which the public cloud is starting to become the new dominant infrastructure, banks are integrating artificial intelligence as part of some of their biggest technology overhauls to date, and end-to-end digital services are becoming the default customer expectation.
The COVID-19 pandemic has forced a sudden shift from physical to digital. For months, financial services firms have had to swiftly put in place solutions to try to minimise the impact to employee productivity and client service when operating remotely.
Now, more than ever, firms are turning to IT innovations to digitally transform their organisation.
One thing we know for a fact is that business leaders need to review and revise their business continuity and succession planning efforts. Firms must prepare for the worst-case scenarios in which key staff are unavailable. Executives who take proactive steps, now, can put their firm in better position to operate and succeed in the “new normal.”
