Retail Banking Systems Insights
17th April 2019
In an era of digital transformation - not to mention a lot of economic and regulatory change - things are moving quickly.
For many financial services organizations this means unprecedented pressure to innovate to remain relevant and competitive. And the results are starting to show: in early 2019, Spanish multinational BBVA confirmed it... read more
15th April 2019
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
15th April 2019
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
11th April 2019
New research released this week has revealed that banking applications developed in-house are more vulnerable than those produced by third-party vendors.
Some 81% of banks across the world are embarking on technology transformation programmes in order to keep costs low and bring out application functionality at the pace dictated by consumer... read more
11th April 2019
Artificial intelligence is set to transform businesses in ways we’ve not seen since the industrial revolution. The digital era is evolving in the wealth management sector, leading to a dynamic increase of AI and robo-advisory tools. 25% of 600 banking professionals, surveyed by MoneyLIVE and presented at FStech, said they... read more
10th April 2019
Recent comments made by Single Resolution Board (SRB) chair Elke Konig suggest opposition from banks on resolution frameworks, says Giles Edwards, senior director of financial service ratings at S&P Global Ratings.
“There has been push back from the banks initially to say, ‘look you need to be clear about what you... read more
9th April 2019
Internal audits and endpoint security systems won’t protect banks against increasingly dangerous and numerous cyber terrorists, say security experts.
“These international crime syndicates operate in the same way any business does,” said Caroline Paddle, director at Skybox Security, in an email. “Ultimately, they want to... read more
8th April 2019
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
5th April 2019
Open Banking is being forced onto consumers when they haven’t been taught what the benefits might be, and banks must take responsibility for educating their customers before widespread adoption can be expected.
“We need to remember a few things about customer demand,” said Simen Munter, chief operating officer at Nordea, on a... read more