Envestnet | Yodlee hosted a discussion with FinTech Futures and three financial sector experts to explore the open finance landscape and draw comparisons with its older sibling – open banking.
US software firm Envestnet | Yodlee offers account aggregation services. The difference being, it opens up access to a wider variety of accounts than many of its peers – such as investment and pension data. Its markets cover the UK, Australia, India, the US, and South Africa.
Building a payment card industry (PCI)-compliant cardholder data environment is a time-consuming and costly project that often delays critical time-to-market timelines more than many organisations can afford, especially start-ups.
Outsourcing compliance, including PCI compliance, and security to a knowledgeable partner like Very Good Security (VGS) can help businesses get to market faster and decrease the direct and hidden costs associated with PCI compliance.
However, critical business information is often exchanged through documents or content. These documents are a crucial part of a slew of business processes, from customer service, sales, and operations to payroll, legal, and marketing.
Forward-thinking organisations are engaging with artificial intelligence (AI) and machine learning (ML) to automatically identify key information within all types of business documents, enabling the industry to reach an unprecedented threshold for information management. Unlocking the essential business information hidden within these documents remains a challenge for many organisations.
Mobile app protection should not require a choice between getting it done fast and getting it done right.
Financial institutions now have a range of mobile apps to support both customers and remote employees across lines of business and products. Software-as-a-Service (SaaS) has gone from the cutting edge to the norm, but that doesn’t mean teething troubles don’t emerge.
The beginning of 2020 has proved exceptionally difficult. High costs, the risk of human error, fraud or overpayment, and the impact on customer satisfaction and loyalty of ineffective claims processes creates an urgent need for innovation, automation and a business transformation roadmap – including the shift to hyper-personalized Digital Claims Management.
The Chartered Institute of Insurance has some brutal news for the profession. There is a crisis of trust in insurance. Under-insurance is the prime symptom. In the UK one in four homes has no form of home insurance. Fewer than one in three UK citizens has life insurance. It leaves families unprotected and vulnerable. Worse, insurtech start-ups are hammering the incumbents. Globally, there are 1,552 insurtech start-ups.
The digital solution needs of banks, insurers and other organisations offering financial services have increased significantly. Solutions for online onboarding & enrollment, setting up virtual branches and online assistance via remote video and co-browsing are already pre-requisites.
The top business priority for life insurers? Customer experience. And with competitors pursuing the same aim, capitalizing on the insights that help insurers understand readiness to buy and up- and cross-sell opportunities and then tailor the sales experience is the way to stand over the rest.
