With the new year comes new priorities for business and technology leaders, new trends to look out for and new best practices and ideas. While it can be hard to sift through all of the information to understand what it is that will have the biggest, most positive impact on your financial organization
Make no mistake about it: Open banking will transform how the financial industry operates. The movement has yet to realize its potential, but the shift toward rich, data-led customer experiences is just around the corner.
The Fourth Industrial Revolution, through which emerging technologies converge to push the boundaries into uncharted territory, has already begun, and data is the fuel that is powering it. Forward-looking banks are not just riding but driving the wave, discovering and implementing the many advantages that vastly improved multi-channel analytics of today’s deluge of data offers.
Open Banking, which allows third parties to build applications around the activities of established banks, is curtailing the way banks have always functioned. The tried-and-true vertical-integration model, through which a bank maintains a firm grip on all of its operations, is being replaced by a more cooperative approach. How will innovative banks fulfill their roles as suppliers, producers and retailers of financial products and services in the Open Banking era?
2018 will go down as a landmark year for the UK banking and payments sector; marked as it was by regulatory changes that have opened the way for new modes of service provision. Here, I want to look at some of the main forces that have shaped the banking and payments landscape in 2018 and look ahead to what this might mean for the sector in the year ahead.
If it feels as if artificial intelligence is taking over, there’s a reason for it. It is. The democratization of AI has begun, and the technology is set to change the world as we once knew it. Banks won’t be left out of the transformation. While bank senior executives cheer the cost-saving and efficiency-boosting potential of AI, bank employees may fear for their jobs. But that’s where reskilling steps in
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.
When the first internet protocol was invented in the 1960s, it was primarily developed for science and industrial purposes, therefore only enabled machines to talk to each other. It had well thought mechanisms that could identify the machines, but it was not designed to enable the secure identification of the person using them.
Credit cards have become indispensable to both consumers and businesses in expediting the payment process; but when disputes arise, the system can break down into acrimony and injustice, especially when intentional fraud is committed. What programmes are card schemes Visa and Mastercard implementing to streamline the current chargeback system, settle disputes quickly and efficiently, and to protect the innocent? The new Open World model provides some answers.
Competition is intensifying in the banking sector, with fintech start-ups, technology giants and social-media leaders targeting various parts of the financial-services profit pool.