Technology

Financial services will always be a target for hackers seeking to gain their hands on lucrative assets. But as the sector continues to digitise, organisations risk increasing the number of entry points for increasingly sophisticated cyber criminals to take advantage.A growing cause for concern is the rise in ‘Shadow IT’, as the adoption of cloud-based services increases.

India, second only to China in population, is home to one of the world’s most active tech sectors, with innovative firms popping up all over the vast nation, attracting significant interest from foreign investors. Time will tell if these enthusiastic start-ups live up to their expectations and reward their investors with soaring profits.

Compliance has always played a pivotal role across financial firms and banking institutions in an effort to pinpoint and mitigate various risks across communication channels, including market abuse, insider trading, spoofing, front-running, and even sexual harassment and racism. For decades, legacy vendors have been at the forefront of providing services to these institutions to flag and report any compliance and security breaches.

The infiltration of multiple digital technologies in banking operations continues unabated, with the goal of outpacing customers’ expectations and fintechs’ competition. From mixed reality to voicebots and robotisation, the race to digitalize financial services securely but optimally has no end in sight. How can banks compete strongly?

Effective innovations start with real customer problems and go from there. Such was the case of the Temenos Virtual COO, a technological solution born through collaboration that uses advanced analytics and XAI to empower SMEs to make smart business decisions, freeing up time to develop the business—and unlocks SME banking growth for lenders while managing the risk.

Revolut, a UK-based neobank valued at $33 billion with 16 million customers, has raced to the top of its nation’s most successful start-ups list since its beginnings in 2015 and is just one spot down from the top of Europe’s. What is behind its quick ascension? What are its plans to expand? Are there any concerns that may slow it down?

Physical distance is needed to combat COVID-19 but has also bolstered the move to omnichannel payments. Customers enjoy paying in-store, but many have discovered the convenience of other methods and appreciate an integrated experience offering varied channels. Sellers that adopt omnichannel capacity will find customer satisfaction follows.

Financial firms collect and store enormous amounts of data. But collecting data for its own sake is of little use in finance. Bringing intelligence and facilitating access to that data so that it can be used is key. Firms require increasing amounts of data from a broadening set of sources which often puts pressure on the existing data management infrastructure.

Compliance software isn’t just about checking a regulatory box. It’s an important tool in the effort to achieve data security for financial institutions. If your compliance software vendor doesn’t prioritize security, however, your firm’s sensitive data — confidential client information, merger and acquisition data, deal specifics, employee PII and holdings information

Financial-technology and financial-services firms are transitioning from competitors to partners, exploiting the advantages and resources that each offers—with fintechs bringing technological proficiency and agility and banks providing large and loyal customer bases. Four recent partnerships confirm just how rewarding these unions can be.