One specific area that’s come under the spotlight is lending. The digitalisation of a financial institution’s lending process is no longer an option, but a requirement in this current economic climate. Firms must consider the compelling benefits of artificial intelligence (AI) when digitalising their credit process in order to overcome the COVID-19 economic crisis and
Banks have traditionally failed to cater to customers in the small and medium-sized enterprises (SMEs) segment because banks incorrectly offer repacked retail products. Read More
Open banking is already improving internal corporate banking processes, workflows and product management – yet more change is set to come as banks look to adopt APIs at increasing scale, and this presents challenges to those held back by challenges with implementing APIs. While innovation and the digitalisation of corporate banking gathers pace, institutions must
Digital and mobile banking are under attack – and the threats are increasingly faster, more sophisticated, and automated. Fraud managers and analysts face a round-the-clock battle as they try to identify and stop fraud before customers are affected. To help financial institutions manage the risks without shifting the burden to the customer, our security experts
The coronavirus crisis has led the financial services industry to expedite its digital transformation journey, which is at the crux of having a competitive advantage in 2020/21. In fact, 56% of respondents in a recent Omdia financial services survey said their focus on digital transformation projects has increased as a result of COVID-19. But only
Recent market disruptions, including COVID-19 have highlighted that innovation to front-office engagement channels alone is not enough. To truly become customer-focused, financial institutions must solve the fragmentation of systems and processes that are found in middle and back-office operations. They need a single system of record that provides a complete lens into the customer experience
As mobile banking use surges worldwide in response to COVID-19 and its associated lock-downs, a corresponding rise in mobile banking fraud continue to increase in prevalence and sophistication. The December 2020 discovery of an “evil emulator farm” made clear that mobile fraudsters can now automate their processes. As a result, they are able to easily
How do you secure customer data while still innovating and improving your customer’s digital experience? Financial services organisations continue to accelerate their digital transformation and adopt technology such as cloud-based applications and application programming interfaces (APIs). Meanwhile, hackers remain alert, looking for new ways in but also not giving up on “old” tactics such as
The UK was among the first to mandate open banking and the sharing of transaction data between financial service providers and third parties. Open finance is the next step after open banking. By enabling other types of data to be shared, such as investments, insurance, mortgages, loans, savings, and pensions, open finance enables creation of
COVID-19 has caused an accelerated shift from branch account opening to digital account opening. But the challenge for many financial institutions is that there is friction in the online account origination process, especially when it comes to identity and authentication. Read More
