Data Solutions Insights

Trying to collate everything manually, when detail exists in different formats across numerous data silos, is no longer sustainable. In any case, many firms lack the budgets to keep investing in new IT projects each time demands change or a new standard is issued. There must be a more sustainable way forward. Indeed, the research suggested that... read more

Fintech vendors believe there are still obstacles in place as banks “drag their feet” – and potentially put hurdles in place - to comply with Strong Customer Authentication (SCA), due to come into force on September 14. “Some [financial] institutions dislike people like ourselves who can access the other account types so... read more

European Commission guidelines on the implementation of artificial intelligence (AI) and machine learning (ML) has given developers a green light and quashed industry hesitancy to experiment with new AI solutions, though care must be taken to limit the data needed to train them, say vendors. “For regulatory compliance in financial crime,... read more

Banks are increasingly turning to machine learning to innovate heavily manual and costly middle and back office mission critical compliance management processes, say market participants. “Banks are already in a period of change, mostly in the more business- driven activities in the front office but it’s time to appreciate the value... read more

The new directions issued by the Competition & Markets Authority (CMA) offering extensions to Open Banking deadlines for five CMA9 banks is a public “naming and shaming” according to a Payment Systems Regulator panel member Mark O’Keefe. “What are the ramifications of what they’ve done here?,” says... read more

Singapore’s attempt to strengthen its cybersecurity regulation is being supported by market participants through responses to a recent consultation paper, according to an internet security association, but lawyers point out that such a discussion is only necessary as many firms continue to rely on lagging in-house cybersecurity... read more

Yesterday, NatWest began trials on the bank’s Mimo app, its new personal finance manager (PFM) designed to give customers greater insight into their finances. While this is certainly not the first of its kind to market, Mimo lead Calvin O’Brien believes it is bolder, more ambitious and bigger than other propositions. “Firms... read more

Banks must act quickly to cannibalise their core banking systems or risk losing market share to newbuild challengers. “Incumbents cannot be innovating in the future,” said CEO of digital bank Pepper, Michal Kissos Herzog. “You actually need to take the decision to cut off the legs to preserve the body. The ones who are willing... read more

Fraud continues to be a problem for consumers and the banking industry. According to Javelin Strategy & Research in 2017, 16.7m people were victims of identity fraud and they lost an estimated $16.8bn. The Consumer Sentinel Network, maintained by the Federal Trade Commission (FTC), found that of the 2.7m identity theft and fraud... read more