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Today’s AI-driven KYC platforms help banks, fintechs, insurers and more onboard customers and catch fraud at a higher rate—with less dropoff—than ever before. Through the sequential use of proprietary AI algorithms, these platforms maximize accuracy while trimming minutes off ID processing times—without sacrificing security. Advanced image process...
11 December 2020 /regulation /identity Artificial Intelligence and Financial Services
A business which asks for too much information or is confusing about their data needs will simply alienate the customer. Customer onboarding has always been important, but in the new digital world, where most things can be found, bought and sold with the touch of a button, customer expectations and demands have increased. So what happens if there i...
11 December 2020 /regulation /identity Innovation in Financial Services
In my last blog, I shared some thoughts on how different forms of AI could help transform financial services, along with some challenges that needed to be overcome to ensure successful enterprise wide adoption. As promised, this blog will focus on how AI can help improve the customer experience in banking; both directly, and more so indirectly be...
10 December 2020 /retail /crime Artificial Intelligence and Financial Services
“The human face is, after all, nothing more nor less than a mask.” Dame Agatha Christie, the famous murder-mystery writer, once said. Our face is just a mask in an ocean of masks, and it only shows what we want to show, not who we really are or how we feel. While this quote refers to the process of how we tend to hide our true emotions, it could al...
10 December 2020 /regulation /identity Innovation in Financial Services
The United States has stepped up its anti-money-laundering practices after taking some heat. In the Financial Action Task Force's 2016 mutual evaluation, the group found: Lack of timely access to adequate, accurate and current beneficial ownership (BO) information remained one of the fundamental gaps in the US. [1] As a result, the United States re...
09 December 2020 /regulation /crime Financial Services Regulation
Software testing is regularly subject to trade-offs - that is, attempting to cover as much of a codebase as is possible given time and resource constraints. Sometimes known bugs slip through to release and go unfixed because they are deemed low-risk. Within fintech, even small bugs can have serious repercussions for a development team… and for the...
07 December 2020 /devops Fintech
Collective intelligence and dialogic communication are possibly alien concepts amongst the banking and financial services community. Many senior leaders would likely dismiss it as irrelevant to their particular responsibilities and business objectives. I’m sorry to say that if this is the case, they are missing a trick. Strategising in the world ...
07 December 2020 /covid-19 Innovation in Financial Services
The payments industry is experiencing significant disruption because of rapid technological change, increasingly diverse consumer demands, and new entrants all competing for the consumer’s loyalties. Payments organisations are generally responding to this competitive landscape through one of two investment strategies: To remain locked in an expen...
07 December 2020 /payments /cloud Payments strategies 2015-2020-2030
Even if a consumer fails to pay their debt, you shouldn’t stop serving them. Now, more Americans than ever have debts, as the statistics shows, which should not be a surprise whatsoever; in these challenging times, people seek to save more for a rainy day. At this point, lenders should preserve a top-level quality of the service and continuously de...
07 December 2020 /payments /wealth Personal Finance
Back in 2019, the Financial Conduct Authority (FCA) put forward a proposal to impose a ban on crypto derivatives for retail investors, including options, futures, contracts for difference, etc. And in October 2020, it published PS20/10 – a policy statement prohibiting the sale to retail clients of derivatives and exchange-traded notes referencing ...
03 December 2020
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