US fintechs could look “seriously” at banking charters amidst OCC uncertainty

21st August 2020

Company: bobsguide
US fintechs may seek out full purpose banking licenses as litigation continues to cloud the Office of the Comptroller of the Currency’s (OCC’s) fintech charter. The issuance of a banking charter to digital bank Varo this month could inspire US fintechs to reconsider their strategies, according to Michael Breslin, partner and Fintech... read more

Data bias shrouds personalisation in insurance

19th August 2020

Company: bobsguide
The insurance industry continues to face a crisis of trust while attempting to make advances in customer personalisation, according to market participants. “We’ve got a lot of challenges ahead of us in insurance because of personalisation,” said Sam White, chief executive of Pukka Insure during an online MoneyNext Summit... read more

Incumbent banks favour inhouse AI development

18th August 2020

Company: bobsguide
Large incumbent banks are more likely to build artificial intelligence (AI) capabilities inhouse rather than outsource them, according to Kevin Levitt, global industry business development at NVIDIA during an online MoneyNext Summit panel today. Lewitt referenced an AI in banking survey currently being fielded by NVIDIA. “The early... read more

Retail banks can no longer afford tech mistakes

18th August 2020

Company: bobsguide
Incumbent retail banks who have not yet developed a progressive digital strategy face significant cost pressures in the coming years, according to industry panellists in an online event today.     “Look at Facebook, Google, Amazon and so on who have been constantly updating their technology over years and years, and they... read more

How financial services firms can secure their WFH networks

14th August 2020

As the coronavirus continues to haunt the human race, many companies worldwide have stretched out their work from home (WFH) arrangements—some of them permanently. Technology giants are leading the way back home, as companies including Twitter, Square, and Facebook roll out variations of  “work from home forever” models. Like... read more

SCA experimentation grows ahead of deadline

11th August 2020

Company: bobsguide
Market participants are still struggling with aspects of strong customer authentication (SCA) ahead of the December 31 deadline, according to payment service providers (PSPs). “At the beginning it was very misunderstood from the perspective that it [was thought to be] the same as two-factor authentication, or something just about securing... read more

Pandemic sees '10-year' jump in new payment methods

7th August 2020

Company: bobsguide
Mobile and other "alternative" payment methods have seen explosive growth since the start of the pandemic - with many in the industry expecting that trend to continue after the immediate crisis subsides. “We’ve seen two major things: one is the massive acceleration of adoption of both online payments and mobile payments in... read more

EU disclosure rules to shape ESG strategies

7th August 2020

Company: bobsguide
Many European firms are unprepared for reporting under the Sustainable Finance Disclosure Regulation (SFDR), set to commence in March 2021. “There’s a little bit of the industry taking for granted what it now entails to be an [Environmental, Social and Governance] (ESG) fund or firm. Whether or not that causes people to shift their... read more

Fund managers must accelerate digital transformation to overcome this crisis

7th August 2020

For fund managers battling against the fallout from the pandemic, the need for fundamental digital transformation has never been more urgent. Technology will play a critical rule in safeguarding the sector’s resiliency to future shocks, but tackling this challenge requires a collaborative, cross-industry approach that begins at the market... read more

CFTC’s flexible capital requirements to benefit non-bank swap dealers

6th August 2020

Company: bobsguide
The Commodity Futures Trading Commission (CFTC)’s latest ruling on capital requirements for swap dealers will favour watchful non-bank dealers, according to lawyers. “They’ve made this option that you can basically follow the bank rules and it will be interesting to see how many people choose to do that,” says Geoffrey... read more