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thefintech.info

3 FINTECH TWEETS YOU SHOULD SEE!

FinTechs, like any other company, are now embracing social media to tell their stories, engage with their consumers, and leverage influence. Additionally, the data and insights collected from social media platforms, in this case, tweets, can help FinTech companies analyze consumer behavior and preferences, the most critical factor in present times.

Financial institutions have also begun to recognize the opportunities provided by social media in catering to the present generation. With the ever-evolving digital landscape, it has become imperative for banks to offer services that cater to the changing channels of interaction, especially social media.

On that note, here are 3 tweets that Financial Technology enthusiasts should see:

MFS_Africa

We are delighted to share the news of our #SeriesC extension to $200 million!

This will accelerate our expansion plans across Africa, solidify our integration in the digital payment ecosystem, and support the growth of our merchant network.

MFS Africa, Africa’s largest digital payments network, today announces that it has secured an additional $100 million in equity and debt funding led by Admaius Capital Partners, taking the total amount raised in the series to $200 million.

TRUST_Payments

We’re excited to announce our collaboration with @Certegy at #SEAA2022 today. This enables us to offer merchants BNPL and BankPay solutions, in addition to our all-in-one eCommerce platform. #ecommerce #convergedcommerce #payments #itsinourDNA

An ACH payments and risk management company, announced a new collaboration with Trust Payments, the disruptive leader in FinTech specializing in frictionless commerce and value-added services, that will bring Certegy’s white label Buy Now, Pay Later (BNPL) and BankPay offerings together with Trust Payments’ eCommerce and payment solutions to their combined merchants across the US.

SAPInsurance

The use of #fintech has become a norm across different industries. Discover how #insurance companies can leverage this innovation to create personalized offerings that meet evolving customer expectations.

The acceleration in digital transformation and digital adoption across all industries has raised customer expectations over the last few years. The way customers want to pay for or access services has changed for good, so insurers, just like all those in financial services, have to meet those expectations to stay competitive, by James Turnbull, Chief Digital Officer at Reassured.

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thefintech.info

4 MONEY TRANSFER APPS IN EUROPE

FinTech refers to software and other modern technologies used by businesses that provide automated and improved financial services. FinTech in our daily life is Mobile Payment apps, Cryptocurrency, and Blockchain like Bitcoin and Gemini. In the future, the range of FinTech services is predicted to transform the market even more with AI and machine learning and will make FinTech products an integral part of our digitalized life.

Money transfer apps have excelled in the past decade, with an increasing number of them offering the ability to send money across the world using different currencies in a simple, easy, and pain-free way. New FinTechs offer online-only services that deliver straight to local bank accounts worldwide.

Security remains a key provision with money transfer apps, ensuring that customers’ transactions are protected through a combination of features to keep them safe, including strong encryption between devices.

The following are 4 Money Transfer apps in Europe:

  • Wise

Wise is a London-based online money transfer service founded in January 2011. The company supports more than 750 currency routes across the world, including GBP, USD, EUR, AUD, and CAD, and provides multi-currency accounts.

IBS Intelligence reported that Wise, the global technology company building the best way to move and manage money worldwide, launched seven partnerships in Q4 2021; as the business continues to grow, Wise Platform, its API offer for banks, and non-banks alike. The range of new partners is a testament to Wise Platform’s flexibility and ease of integration and its relevance to businesses from across industries.

  • Azimo

Azimo is an online remittance service headquartered in Amsterdam, The Netherlands, with offices in Kraków, Poland. Azimo was founded in 2012 with a strong social purpose to make it cheaper and easier for people to transfer money online.

Recently, IBS Intelligence reported that Papaya Global, the global people management platform for the remote working era, announced that it has agreed to acquire Azimo, the international digital cross-border payments service, making it possible to pay employees almost instantly regardless of geography and typical payroll limitations.

  • WorldRemit

WorldRemit is an online money transfer business that provides international money transfer services in more than 50 countries, it was founded in 2010. 

IBS Intelligence also reported that Yugabyte, the leader in open-source distributed SQL databases, announced a new EMEA customer, with global digital money transfer service leader WorldRemit.

The London-based payments firm has agreed to take a software subscription for Yugabyte’s high-performance distributed SQL database and full global 24×7 support. Yugabyte will help this fast-growing FinTech improve service resilience via transparent two-way failover, boost internal regulatory compliance procedures, and reduce operational costs.

  • Skrill

Skrill is an eCommerce business that allows payments and money transfers to be made through the Internet, focusing on low-cost international money transfers; headquartered in London and with offices throughout Europe and the US.

In August 2015, Optimal Payments acquired Skrill Group, creating the Paysafe Group. Paysafe Group is a global provider of payment solutions, trusted by businesses and consumers in over 200 countries and territories to move and manage billions of dollars each year.

IBS Intelligence reported that Paysafe, a leading specialized payments platform, today launched a new program for its Skrill USA digital wallet that caters to the wagering preferences of high-stakes American online gamblers. Building on the recent Skrill USA product upgrade, the new program, first rolled out with the PlayUp USA sportsbook, provides enrolled players with the U.S. iGaming industry’s highest limits for instantly funding a deposit.

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thefintech.info

THE IMPACT OF TECHNOLOGY ON ACCOUNTING

Accountants can now use technology to perform several tasks once done manually. This has resulted in increased efficiency and accuracy in the accounting process. In addition, the use of technology has allowed accountants to provide a wider range of services to their clients. Here are six ways in which technology has made an impact on accounting:

More Efficient Accounting Process

Accounting is the process of recording, classifying, and summarizing financial transactions to provide helpful information in making business decisions. The development of accounting software has significantly impacted the accounting industry, making the accounting process more efficient and accurate. Before developing accounting software, accountants had to rely on paper records and manual calculations. This was a time-consuming and error-prone process.

Accounting software has automated many of the tasks associated with accounting, including record keeping, transaction processing, and reporting. This has resulted in a more efficient accounting process and has allowed businesses to make better-informed decisions. For instance, if a firm wants to calculate capital allowances, it can do that quickly with accounting software. So, if someone with multiple residential properties wants to leverage services, the firms can calculate and help get optimal capital allowances on residential property letting. They can also help the lawyers make better decisions with this information. Moreover, the accounting software makes the process of getting the allowances hassle-free.

Improve the Accuracy of Financial Reports

Technology has had a profound impact on the field of accounting. In the past, accounting was a largely manual process, with ledgers and records being kept by hand. This was often a time-consuming and error-prone task, leading to inaccuracies in financial reports. However, modern accounting software has made it possible to automate many of the tasks involved in keeping financial records.

This has helped improve the accuracy of financial reports and make the accounting process much more efficient. In addition, technology has also made it possible to share financial information more easily and quickly. This has made it easier for businesses to make decisions based on up-to-date information and has helped to improve transparency in the business world. Overall, it is clear that technology has had a major impact on accounting, and this looks set to continue in the future.

Provide a Wider Range of services

In the past, most accounting firms primarily provided compliance-based services, such as tax preparation and auditing. However, due to the advent of new technology, firms can now offer a wider range of services, including financial planning, risk management, and fraud detection. The use of data analytics and artificial intelligence has also allowed firms to provide more customized services tailored to their client’s specific needs. As a result, the accounting profession has become increasingly diversified and technologically oriented. This trend is likely to continue in the years ahead as firms continue to adopt new technologies and find new ways to add value for their clients.

Easier for Businesses to Comply With Accounting Standards

Technology has had a profound impact on the accounting profession. In the past, compliance with accounting standards was a time-consuming and manual process. Today, however, some software programs can automate the compliance process, making it easier and faster for businesses to meet their obligations. The adoption of technology has also made it possible for businesses to generate real-time financial reports, which has enhanced transparency and helped to improve decision-making.

In addition, technology has played a role in reducing the cost of compliance by enabling businesses to leverage economies of scale. As a result, the impact of technology on accounting has been overwhelmingly positive and has helped make the profession more efficient and effective.

Easier for Businesses to Share Financial Information

In the past, accounting was a complex and time-consuming process that often required paper records and manual calculations. Today, however, technology has revolutionized the field of accounting. Thanks to various software programs and online tools, businesses can now easily track their finances.

In addition, it is easier than ever for businesses to share financial information with their employees, shareholders, and other interested parties. As a result of these advances, accounting has become much more efficient and effective. In short, technology has had a profound impact on accounting, making it easier and faster for businesses to keep track of their finances.

Detect and Prevent Fraud

By constantly monitoring transactions and looking for patterns, accountants can quickly flag potentially fraudulent activity. In addition, new technologies like blockchain are making it harder for criminals to commit fraud in the first place. By making it easier to track transactions and verify identities, blockchain makes it much more difficult for fraudsters to operate undetected. As a result, technology has a positive impact on the fight against fraud.

The use of technology has made it easier for businesses to detect and prevent fraud. This is because many accounting software packages now include features that can help to identify suspicious activity. In addition, new technologies like blockchain are making it harder for criminals to commit fraud in the first place. By making it easier to track transactions and verify identities, blockchain makes it much more difficult for fraudsters to operate undetected. As a result, technology has a positive impact on the fight against fraud.

Technology has had a profound impact on the accounting profession. Thanks to various technological advances, businesses can now comply with accounting standards more easily, share financial information more readily, and detect and prevent fraud more effectively. As technology evolves, the accounting profession will likely continue to benefit in several ways.

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thefintech.info

WHY COMPLEX CROSS-BORDER PAYMENTS NEED SIMPLE UX DESIGN

The global ecommerce market for merchants promises so many opportunities, but with such fierce competition and consumers getting more demanding than ever, the challenges of trying to increase cross-border sales are only getting harder. It’s hard enough to drag down the cart abandonment rate for domestic customers, never mind those in other markets.

So much work goes on in the background to ensure fast checkout processes are in place. Sure, merchants should add as many payment methods as they can, more foreign currencies, and fine-tune their payment funnel to reach more international customers. These are obvious problems with readily-available solutions.

But what persuades online customers to hit the ‘pay’ button? Is it having the biggest product range at rock-bottom prices? Or the most attention-grabbing advertising campaign? No, what’s most important to customers – and merchants – is making complicated payment processes as simple and as easy to use as possible. And UX design is the number-one success factor for merchants looking to attract customers beyond their borders.

Improving the customer payment experience with intuitive UX design will be the key to unlocking international ecommerce sales for merchants, with sales set to reach $1.2 trillion just in 2022 alone.

The best UX design puts customers first

No merchant sets out to make it difficult for customers to buy online, but surprisingly many merchants mistakenly think that their ecommerce site needs to be crammed with as many interactive icons, banners, and images that can fit onto the screen to tempt consumers to buy.

The opposite is true. As cross-border payments get more complicated, merchants need payment gateways and platforms that are easy to use and simple for them and their customers to navigate. Once merchants can understand how their checkouts handle payments, they’ll be able to give their customers the best experience possible. 

Too often, merchants forget to see things through the eyes of their customers. What do customers see when they first enter the merchant’s site, and how easy is it for them to find what they’re looking for? Can they pay using their preferred payment method, in a checkout process with clear steps to follow? 

Understandably, merchants get so laser-focused on selling that they forget a simple truth – customers want the checkout process to be as clear, as quick, and as simple as possible. Don’t over-complicate the payment journey. Investing in intuitive UX design, whether on the front-end or back-end, as soon as possible, pays off massively for merchants in the long run.

The steps to smoother customer journeys

The best UX design looks at the number of interactions between a customer and a merchant interface, how many steps they take to log in, browse and buy products, and shortens the gaps to make the payment journey as smooth and as frictionless as it can be. 

Smoother customer journeys are created when merchants know how their customers find them, how they move through their website, and what entices them to complete transactions. With the right payment gateway harnessing data in a simple-to-use portal, these UX insights provide merchants with the priceless insights they need to strengthen their marketing strategies, speed up customer onboarding, and delight customers with uniquely-tailored incentives that will keep them coming back for more.

Simple UX design takes the complexities out of cross-border payment processing. But it can be a daunting task for merchants which don’t have the time, money, or in-house skills to optimize their checkouts themselves. That’s why making use of all-in-one platforms that are simple to navigate, with clear language and 24/7 help on hand if needed, is the quickest and most cost-effective way of tapping into cross-border ecommerce.

The UX-first approach will cut through the competition

As digital payments get more complex, UX design is the key to making them as simple as possible for merchants and their customers. When payments are as simple and as quick as moving a fingertip, the future of cross-border transaction flows looks exciting, to say the least.

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thefintech.info

TOP AI TRENDS FOR FINANCIAL SERVICES IN 2022

Globally in 2020, more than 70 billion real-time payment transactions were processed – an increase of 41% compared to the previous year.

This massive rise in transactions has presented an opportunity for criminals to conduct more fraudulent activities like account takeovers, chargeback fraud, or identity theft, resulting in more than $1 trillion stolen in cybercrime activities in 2020 alone.

NVIDIA’s 2022 State of AI in Financial Services survey found that implementing artificial intelligence (AI) is one way financial institutions protect their customers, data, and bottom line.

Top trends for AI in financial services

Given the vast increase in fraudulent activity, it’s unsurprising that the top AI use case identified by financial services professionals is for fraud detection. 31 percent of respondents use it to protect customer payments and transactions, up from just 10 percent in 2021.

Conversational AI, a type of AI where humans can interact naturally with machines by simply conversing with them, entered the top three use cases this year with 28 percent of respondents using it, followed by 27 percent using AI for algorithmic trading.

Compared to 2021’s survey results, 2022 shows a significant increase in the percentage of financial institutions investing in AI. Conversational AI increased by 8 to 28 percent, know your customer (KYC) and anti-money laundering (AML) fraud detection rose from 7 to 23 percent, and recommender systems increased from 10 to 23 percent.

What AI use case is your company investing in?

There are many uses for AI across the financial services landscape.

The report shows that fraud detection of transactions and payments is key for fintech, investment banking, and retail banking institutions. Conversational AI is a priority for capital markets and retail banking, and recommender systems are important for capital markets and investment banking.

Conversational AI for fraud detection and more

Increased fraud attempts have a significant impact on operations, so naturally, it falls high on the priority list for most financial institutions.

Natural Language Processing (NLP) is a form of conversational AI that can be leveraged across KYC and AML. An NLP algorithm can be trained to know everything about a customer – their spending habits, financial histories, unique risk factors, and even voice and behavioral biometrics – to reduce the risk of money laundering and other types of fraudulent activities.

It’s not all about fraud, though. NLP can also be used to optimize and transform the customer experience. Customer experience is incredibly important. Just a one-point decline in a business’ customer experience score can equal $124 million in lost revenue for multi-channel banks, according to Forbes.

In an increasingly 24/7 world, and with a growing volume of customer calls, virtual assistants can be on call day and night to assist with simple inquiries such as account-related questions or product applications. UK-based NatWest’s digital assistant, Cora, is handling 58% more inquiries year on year, completing 40% of those interactions without human intervention. According to Jupiter Research, virtual assistants and chatbots are expected to result in savings of $2.3 billion by 2023.

NLP can also be used for recommender systems. It can generate personalized, recommended offers and next-best actions for each customer based on their individual data.

What does the C-Suite think?

The State of AI in Financial Services survey includes financial professionals across various roles, from c-suite to developers, IT leaders, and managers. This perspective allows for a broader understanding of how groups within an organization perceive their AI capabilities. The survey found that 37 percent of the c-suite view their AI capabilities as industry-leading, whereas only 20 percent of developers have the same perception.

When looking at the challenges organizations face when trying to achieve their AI goals, the c-suite, developers, and IT are unanimous on their concern for lack of data, lack of budget, too few data scientists, poor technology infrastructure, and explainability.

Creating Exponential Value with AI

Knowing a challenge means it’s possible to find a solution. There are several steps companies can take to improve the impact AI can have on customer satisfaction, operational efficiency, and revenue growth.

Successfully moving AI into production is an area of opportunity for organizations, which the survey found that only 23 percent of organizations currently think they can carry out. Knowing the target business outcome, identifying key performance indicators for measuring success, and building the research project as a pilot so that workflows are in place are best practices organizations can implement to improve their ability to scale AI applications into production.

Just 46 percent of organizations use explainability in their AI and machine learning operations. Supporting explainability is critical to integrate into a firm’s overall AI governance practice and doesn’t always need to be done in-house for teams that don’t necessarily have the right expertise.

Pursuing ethical AI is the third opportunity highlighted in the report. Only 26 percent agreed that their organization understands the ethical issues associated with AI and proper governance. Bias, data management, model maintenance, and explainability are crucial aspects of an AI governance framework. Environmental, Social and Corporate Governance (ESG), a way of measuring an organization’s ethical properties, is also growing in popularity within financial services and is a crucial element of ethical AI.

What’s next for AI in financial services?

The future is looking bright for AI. Hiring more AI experts, providing AI training to staff, engaging with third-party partners to accelerate AI adoption, investing more in AI infrastructure, and identifying additional AI use cases are in the works for at least 30 percent of respondents. And the expected outcome is clear, with 37 percent believing that AI will become a source of competitive advantage for their organization.

According to the survey findings, there are many use cases, all of which are growing tremendously year on year. Organizations are aligned on their challenges and committed to investing in their AI strategy to achieve greater customer satisfaction, lower operating costs, higher revenues, and an overall competitive advantage.

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thefintech.info

INSURANCE NOW DEMANDS CUSTOMER CENTRICITY: HOW CAN FINTECH HELP?

The acceleration in digital transformation and digital adoption across all industries has raised customer expectations over the last few years. The way customers want to pay for or access services has changed for good, so insurers, just like all those in financial services, have to meet those expectations to stay competitive.

Consumers were already getting used to a smarter, more personalized service thanks to the rise in technology, but the pandemic, with its need for arm’s length interactions, fast-tracked the need for service providers to offer that service.

It’s apparent that greater adoption of fintech and innovation in the insurance industry is needed, both to keep up with changing customer expectations and ensure that the customer always remains the priority.

How does the insurance sector measure up?

There are plenty of industries where embracing and benefitting from fintech is the norm, but arguably insurance is not yet one of them, having lagged behind its counterparts when it comes to embracing new technologies and adapting to changing customer needs. This includes how we can now buy most products and interact with service providers so quickly and seamlessly online.

The stereotypical view of insurance may well be that of a traditional, paper-heavy industry that’s not known to keep pace with technology, but that doesn’t have to be the case. Figures from PWC demonstrate that almost half of the industry globally claims to have fintech as an integral part of corporate strategy. However, only 28% of industry players look at partnering with fintech organizations, and only around 14% participate in fintech ventures or incubator programs.

But with many insurers beginning to introduce online platforms offering a “buy now” option for their products, it is clear that a shift is beginning to take place. Insurance brokers need technology to maintain their competitive edge, and if they don’t embrace fintech to better meet customer needs, they will lose out to those that do. Moreover, the rise of challenger banks has also put increasing pressure on traditional institutions in the financial services sector, who now need to strategize how they can compete and retain their market share.

Using FinTech to meet customer needs

The goal of insurers is to broaden the pool of people that have access to protection, and fintech is the only way to achieve that in today’s digital world. The way the industry sells insurance should be the result of how the customer wants to access these products, not the other way around.

Some customers are looking for advice to make sure they get the best product, and there is tech out there that can ensure they get directed to this channel, should it be best for them. Other customers just want a simple out-of-the-box policy that they can buy quickly and easily, with at least some elements of self-service.

Technology can help, giving customers, access to a tailored comparison of life insurance products based on their answers to a single set of underwriting questions, and then offering an efficient and straightforward “buy now” capability.

Giving customers the choice that best suits them offers the flexibility that consumers need and gives insurers a real opportunity to increase revenue and even diversify further still.

And that’s just the start. Creating an omnichannel approach using fintech is key to responding to changing customer needs and ensuring these needs are put first. Digital technology makes life easier for consumers, and they often have their preferred method of dealing with service providers. Access to a basic website is no longer enough, people expect live online help, mobile apps, and more. Moreover, the adoption of fintech at the policy level can enable insurers to use app technology to collect data (for example, vehicle or health insurance).

What’s next for fintech and the insurance industry?

The most successful insurers will be those that offer the fastest, most efficient customer journey from the initial quote to full cover. If customers can choose and buy their insurance online, they don’t want it to take upwards of 60 clicks to get to the final, fully underwritten decision.

Insurers will need to offer a full omnichannel approach to meet customer demand for a connected experience across multiple channels. Consumers are used to being able to choose their preferred method, or methods, of interaction with retailers and service providers. They’re also used to being able to switch channels and continue the conversation or process seamlessly, without having to start again from the beginning.

There is still a long way to go, but there’s no doubt that the role of fintech in the insurance sector will continue to grow. Fostering a truly omnichannel approach to the way consumers buy insurance provides a vital way forward for the industry, and, ultimately, it will ensure more people are better protected.

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