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The surge in electronic transaction volumes in 2020 was driven by the switch to contactless card payments and the increase in e-commerce, triggered by the behavioural changes of consumers faced with the COVID19 landscape. Sudden, unpredicted increases in transaction volumes frequently cause problems in the payments infrastructure. The perceived ...
07 January 2021 /payments /cloud The Payments Business
The most notable drivers behind Bitcoin’s ride above the level of $20,000 are the new COVID-19 pandemic and the motive force of the trend. Additionally adding to it was the US presidential elections that ended with Joe Biden’s victory. Let’s take a closer look at all of these, starting with COVID-19. The first coronavirus wave back in the spring of...
22 December 2020
Fintech, along with the rest of the world, has had an extraordinary 2020. Major scandals have rocked the industry, but at the same we’ve marked significant advances that will help to point the way to a better future of finance. As 2020 proved, predicting the future is always a difficult proposition. But, in the spirit of bravery, here are my things...
21 December 2020 /predictions Fintech
COVID-19 has rapidly accelerated digitisation of the customer experience, particularly with respect to how consumers shop, pay and bank. The shift to digital channels has been an important lifeline for many consumers, providing access to essential products and services during a time when physical contact must be significantly reduced or eliminated...
18 December 2020 /inclusion /covid-19 Financial Inclusion
The move from analogue to digital, already accelerated by Covid-19, will continue apace in 2021. The key factors driving this include: cultural change, growing regulation, cloud uptake and an increased appetite for innovation. Let’s consider the impact of each of these on payments and the priorities for banks in the year ahead as they seek to buil...
18 December 2020 /payments /predictions Payments strategies 2015-2020-2030
ISO20022, also known as the universal financial industry message scheme, is the platform proposed by the International Organization for Standardization (ISO) to develop all financial messages. It is not a suite of message standards, but a recipe to develop message standards for all domains in the financial industry. The main ingredients being synt...
17 December 2020 /payments /regulation Banking Regulations
Digital disruption around the world has brought down the walls that have traditionally shielded the financial services industry from new challenger brands. Whether it’s changing consumer demands, threats from more agile FinTechs and InsurTechs, or emerging financial or cybercrime risks, adapting to change is now business-as-usual. Added to this, ...
16 December 2020
Institutions from across the banking sector are turning to digital twinning to help them with a range of challenges. A digital twin is a virtual representation of a real-life entity or system, created in software. Digital twins can take many forms, but the essence is invariably about capturing and using data in a way that accurately mirrors the phy...
16 December 2020 /cloud
When faced with disruptive competition – the now classic example is taxi companies and Uber – a firm at risk of disruption has effectively got three options: - Adapt; use the facilities available to you today to try and stay competitive. For example, offer discounts or change pricing; - Add; create new capabilities, either by your...
14 December 2020 /payments Fintech
"In 2008 the hubris of the financial sector that we serve finally caught up with itself. Mountains of consumer debt that had been packaged, re-sold and deferred turned out to be unserviceable and the whole edifice came tumbling down." I wrote this in a blog sometime ago - it is still true! Now commentators are wondering whether the cyc...
14 December 2020 /payments /cloud Banking Architecture
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