Bank wallets are an ‘imperative’ to counter third party apps

Banks worldwide have been clamouring to support mobile wallets launched by technology companies. While this may make for good PR in the short term, the same banks are at risk of losing their biggest advantage: The customer relationship. The established view has been to offer consumers the ability to store multiple bank cards in a 

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Smart Automation for Banking & Financial Services Customer Due Diligence and KYC

The enormity of the effort and spend for compliance is best illustrated by Jamie Dimon’s speech to shareholders last year – JPMC spent over $1.6bn on their Compliance Department, employing 13,000 people to ensure they address regulatory issues and compliance. This after they paid more than $16bn in legal penalties in 2015! Compliance is an 

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Real News Alert! Artificial Intelligence Is Redefining Marketing

Digital technologies are at the center of everything. The ability to act smarter and move faster determines whether a business flourishes or flounders. Yet generating greater value for customers while producing new efficiencies for an organization requires more than sophisticated devices, systems, and data frameworks. “Artificial intelligence, machine learning, and deep learning are revolutionizing business–and 

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The future of DDoS attacks looks scary. Blockchain will protect us

Distributed-denial-of-service attacks are not only becoming massive in scale, but more sophisticated in their makeup. This is in large part due to the expansion of the digital world in which we live. With an ever-increasing number of unsecured devices connected to one another, the potential for cyber-attackers to overwhelm any organization is a clear and 

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Demystifying the Compliance Challenge

These are uncertain times, especially for those in the finance industry. The regulatory picture is changing rapidly; the fact the world’s top investment banks have been fined a remarkable $43 billion over the past few years suggests they’re having a hard time maintaining compliance. Regulations such as Dodd-Frank in the US, EMIR in the EU, 

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Third party wallets pressure banks to form their own mobile pay apps

A banking industry revolution is underway with increasing adoption of digital technologies and a rapid increase in the use of mobile technology. Historically, banks have erred on the side of caution, testing the waters rather than taking the plunge. They demonstrate an intent to have a stake in the game but their conservative approach often 

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Change to spare: How technology meets evolving anti-money laundering requirements

The past 10 years have seen an increase in the number and breadth of regulations aimed at the financial services industry, many of which stem from the financial crisis of 2007-’08. For example, requirements for capital adequacy, and restrictions on proprietary trading, have profoundly affected the covered institution. Yet beyond rules spawned the financial crisis, 

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Core Banking – A Reality Check Against Blockchain

On the advent of blockchain technology, core banking solutions within banks are going to face major challenges. The quintessential dimensions of core banking solutions such as defining and replicating products, processing transactions, and GL mapping and accounting are in danger of becoming obsolete due to the arrival of blockchain technology. It may take a lot 

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Whose Payments Platform is it Really?

I have been following the battle closely between Australian banks and ApplePay for quite some time. What’s really interesting to see is this battle actually has implications well beyond Australia. I still remember when ApplePay was first announced. US retailers banded together under MCX (Merchant Customer Exchange) to build their own payments solution CurrentC. CurrentC 

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Preparing for the Digital Workforce Revolution: How Digital Natives are driving the way we work for CSP’s

According to the Bureau of Labor Statistics, Millennials became the largest group in the workforce in 2015. We discussed in our first blog how the Digital Native or Millennial generation is influencing market expectations and their influence is growing exponentially in the workplace as well. Digital Natives will represent nearly 75% of the workforce by 

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