It’s fair to say that 2020 has been among the most consequential years ever for the fintech (financial technology) industry. Thanks in no small part to a deadly pandemic that swept across much of the world, consumers, households and businesses alike have all had to depend on the digital world a whole lot more than at any time previously.
There are times when no one wants to see history repeat itself, and that’s the case among today’s investors in technology stocks. Some fear that the dot-com bubble burst of 2000 may repeat itself 20 years later. Although some tech stocks may be overvalued, the flourishing Fourth Industrial Revolution displays no signs of running out of steam any time soon. Caution is advised but not panic.
How Can Banks Solve the Challenge of Preventing Financial Crime and Yet Deliver A Seamless Customer Onboarding Experience?
The scourge of financial crime is increasing. It’s being driven by organised crime rings, fuelled with billions of compromised data records, who are systematically and methodically targeting financial services firms with sophisticated application fraud attacks that use stolen or falsified identities in an effort to obtain new accounts.
Mr. Romesh Sobti, CEO of IndusInd Bank joins International Banker to discuss Indian banking reform, the wider challenges facing banks in India and IndusInd’s goal of doubling profit in the next three years.
Banks make a big mistake when they leave the customer out of the fraud equation; prompt communication with a client when a suspicious transaction is detected can result in much swifter resolution of the issue as well as better relations with the customer. After all, banks and their customers are on the same page when it comes to thwarting financial fraudsters.
Fingerprint recognition has long been used as a means of identification but it has been given a 21st century boost in recent years with the launch of a new generation of smartphones. When Apple and Samsung released new devices with fingerprint sensor technology, biometrics suddenly went mainstream and, as consumers, we’ve quickly become familiar with the technology.