As technology continues to advance at a rapid pace, financial institutions all across the world are under intense pressure to improve efficiency, reduce costs and boost productivity. Indeed, there is now a considerable global need for the financial-services industry to evolve comprehensively from traditional, age-old business models.
Organisations across the world increasingly expect global access to finance in real-time. They also expect finance to be consistently available in a way that works for them in any country and currency, without the process being held up by the historical constraints of national boundaries.
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.
In spite of the recent rise of protectionism amongst major trade partners, international trade growth is strong, with emerging markets providing the main impetus. Trade growth could be even stronger if not for the shortfall in trade financing supply relative to demand, a gap that is partly due to regulation compliance. Technology is coming to the rescue, not only in addressing the trade finance gap but ameliorating operations throughout trade channels.
Open banking is an emerging global trend and is expected to drive increased choice for how individuals and businesses consume financial services, is driving significant change as the financial services industry adjusts to a digitally-enabled economy, and is working to appropriately manage the risk of a new digital ecosystem.
For banking and financial institution executives – and for their investors – 2016 has begun on a sour note. From the largest money center banks to small local institutions, double-digit earnings declines were commonplace in the first quarter, as
Why KYC Regulations, Client Onboarding and Digital Transformation Are Driving Banks to Invest in Technology
Thanks to the “Uber Effect”, traditional retail banks through to corporate and investment banks today are facing a number of challenges in their fight to remain competitive and keep pace with digital challengers.