Industry Comment


Viewpoint: Apple Pay Branches out of the Orchard

You’d think an A-list celebrity had shown up when Apple Pay launched in the U.K. in July. Despite some speed bumps related to transit and international acceptance, prepaid providers shouldn’t ignore the mobile wallet.

Viewpoint: Apple Pay Usage Report

Despite Apple Pay’s high-profile U.S. launch, recent First Annapolis primary consumer research suggests that only one in five iPhone 6 users has actually made a purchase with Apple Pay. But, that’s not the only stat that matters.

The dangers of digitisation without customer insight

In bygone days the bank manager knew each of his customers by name but could offer them only the narrowest range of products. Today the computer can tailor bespoke financial solutions in a mass market – but has no empathy with which to convey its expertise …

Cobol – do banks speak our language?

With banking IT failures happening on a seemingly weekly basis, we perhaps should be examining the language they speak more closely. Most of our banks are built on systems and programmed with languages that pre-date the birth of the internet, let alone the birth of mobile banking …

The emerging threat of trade-based money laundering in trade finance

Money laundering is a global phenomenon, evident in many parts of the world. Techniques have ranged from simple bulk cash movements across borders to more sophisticated techniques hidden in trade transactions. As trade between the Middle East and the rest of the world continues to grow, the threat of trade based money laundering becomes more […]

Automating incentives boosts bottom line

Sometimes the least obvious changes can have a big effect, and very often those changes are in areas that might considered outside the remit of the people best placed to make them. Bank staff remuneration, for instance …

The shadow Internet of Things – a new risk for financial services

While IT departments fret about BYOD and Shadow IT, a new security beast lurks on the horizon–the shadow internet of Things. A swarm of consumer devices are all connecting to the internet and beaconing out data in different forms. Because they don’t look like computers, they aren’t treated like computers, and IT departments are often not managing them to ensure that they are secure.

Chief digital officers aren’t the solution to winning the digital banking war

A bank cannot hope to compete in today’s retail banking market without a ‘digital executive team’ and banks need to reinvent their upper echelons’ if this is currently lacking, as Atom Bank and Apple Pay are merely the start of an avalanche of a new era of digital disrupters, looking to steal the lunch from traditional high street banks.

Reshaping the future of corporate banking

Pascal Augé, head of global transaction and payment services, Société Générale speaks to Daily News at Sibos about the growing importance of transaction banking for corporate customers

ISO 20022: we’ve reached the crossroads and need to act

Last year, the ISO 20022 standard celebrated its 10th birthday, and consequently it may seem a bit odd to say that after more than a decade since its inception, the financial community really should start taking assertive action. Since 2004, the ISO 20022 standard has, thankfully, witnessed substantial adoption but it has been what could be termed an “uncontrolled adoption”. So why is action so critical now?

Letter from the Editor: Change Is Good, but Slow

When I joined the company in 2007, Google was just a search engine and Apple had nothing to do with payments. It was a time many prepaid executives have compared to throwing spaghetti at the wall to see what sticks—not everything did.

Viewpoint: Why Prepaid Expense Cards Matter

Business expense prepaid cards can fill in the gaps when credit, cash or other business payments aren’t ideal. Tapping this relatively young vertical market will require product features that make life easier for employers and employees.

Banks can see off new challenges with a flexible but secure approach to data

Even as they cement their recovery from the financial crisis, adherents to traditional banking models are facing a new storm as they grapple with the digital demands of the Facebook generation and heightened regulatory risks surrounding data. At the same time, they must match the customer service levels offered by the “challenger” banks if they are to avoid haemorrhaging business to their nimble and digital-focused rivals.

Systems you just can’t bank on: how legacy has become a liability

Let’s be clear: banks do a very difficult job – they store the value of society expressed as money. We trust them and they can’t get it wrong, but they are nothing but people and IT. Everything they own is on computer and they don’t like to take risks with this. Consequently, IT change for banks has been slow and safe. It has been incremental: bit by bit, byte by byte.

A different banking landscape

Historically, the large banks have been Lords of the Manor, between them owning every scrap of land as far as the eye can see. However, times are changing: invaders offering services the banks cannot provide as competitively have begun to disrupt the peace and take small pockets of land for themselves. Likening the march of the fintech new entrants to a land-grab by an invading force, the disruptors began with a neglected allotment here and there, then moved to take a meadow and now some are on the verge of swallowing up villages and small towns …

Viewpoint: Bitcoin: Take Charge of Your Destiny

Like it or not, the bitcoin craze is here to stay. Over time, bitcoin will be a major disruptor in payments—with broad implications for governments, businesses and consumers. Burying your head in the sand is not an option.

Frenemies at the gate

A curious cultural shift is taking place when it comes to problem-solving in the financial services industry, writes Joe Channer The sector is not renowned as a home for co-operation: competition is intense, the stakes high, and individualism rewarded. Yet the industry has recently seen a marked increase in collaborative ventures. The post-crisis environment, with […]

Wide application for wearables in financial services industry

There has been hype around wearable technology for some time now but only now is it reaching market maturity with the introduction and subsequent adoption by consumers of smart watches and wristbands. Just as we saw with smart phones and tablets, consumer technology, in this case wearables, has the potential to have a huge impact on the business world. The implications for the financial services industry are significant

Making the connection

Connecting Governance, Finance, Risk & Compliance allows firms to govern all important issues and risks that exist at the intersection of multiple functions. Breaking silos and adopting a forward looking, holistic view of GFRC functions will be what provides financial institutions with a competitive advantage

Digital disruption: can banks add interest to others’ ideas?

The high street bank has always been relied upon to be one of those unchanging constants in our lives. Takeovers and scandals have come and gone, but the digital revolution has slowly changed the way financial products are delivered. Today the Internet, mobile devices and financial services have now converged to change the way consumers manage their finances and the way they connect with their bank

How the Internet of Things is helping banks put their customers first

At the SAP Financial Services Forum in London last month, the topic of digital transformation dominated the agenda. From legacy banks with lumbering IT systems to nimble fintech startups, the consensus was clear: The long-standing status quo is simply unsustainable in an increasingly digital economy

Cometh the Digital Bank

The only banking activity that is digital is taking money out of clients’ accounts, which is performed in real-time with 100% consistency. After that the banking journey is far slower and less consistent.

Digital: serve better, not just serve more

Look at most technology initiatives around you, most are obsessed with taking the cost out e.g. ATMs, online banking or selling more e.g. marketing automation, emails. As a business it’s important to manage the cost, but when cost becomes the primary driver, it creates more problems than it solves

Blog: What the Blockchain Can Do for Gift Cards

While the role of bitcoin itself is still in question, there is a growing industry consensus that the blockchain—bitcoin’s underlying technology—may become to value, what the Web has been to information. And, the gift card industry may be the first to reap the benefits.

Reinforcing supply chain links

Despite the squeeze on capital created by the increased global regulatory burden, treasurers must still provide ample working capital for daily commercial flows, with minimum damage to their balance sheets. At the same time, the continuing rise in cross-border trade – frequently with relatively unknown and distant markets – increases exposure to geo-political and environmental risks. In such an environment, and particularly in light of post-crisis sensibilities, liquidity is more of a concern than ever, both to lubricate the daily machinations of trade and to act as a buffer for potential financial or supply-related shocks

Caught on the defensive: why the financial sector needs to reevaluate its approach to cyber risk

Contrary to popular belief, the financial sector is now far more aware and better prepared for cyber attacks. The Bank of England’s Financial Stability Report, issued 1 July, states that threat awareness has grown exponentially and the sector is leading efforts to combat cybercrime. Perhaps this isn’t surprising given 90% of large businesses across the sector had suffered a malicious attack over the past year. But what is worrying is that the financial sector is falling into a familiar trap: by focusing so much on defence, it has failed to make provisions for an effective recovery

Biometrics and authentication – a new world of possibilities

With governments, retailers, banks and (not least) consumers increasingly crying out for a means of confirming someone’s identity beyond any doubt, the search for a common, international standard of payment authentication is in full flow.

Cloud – not just the remit of the financial technology start-up

Over the past few years the financial industry has started to reinvent how it operates. Organisations are changing the way they serve their potential and existing customers, while maintaining the high levels of compliance and security that their customers and regulators require. The technologies available today mean that financial services organisations aren’t constrained in the way they once were. They can now access secure and compliant technology, on-demand, in the cloud which is helping them to create new ways to bring value to customers. But not all financial institutions have been able to take advantage of these technologies in the same way as newer entrants to the market have

Viewpoint: 3 Keys to Sustainable Public Sector Programs

Public sector programs usually offer predictable loads and transaction volumes, and that information can be a plus. But reliable load patterns don’t guarantee overall success, especially if you price yourself out of profitability and sustainability.

Viewpoint: How the Ripple Protocol Could Change Payments

Unless you’re a mathematician or a bitcoin fan, trying to understand what Ripple is—and why it’s so revolutionary—requires a bit of research (not to mention a double espresso!). That being said, here at Hyperwallet, we definitely think this new technology is worth investigating. In fact, I’d wager a bet that, within just a few years, Ripple could become as important to the world of payments as the Internet is to the world of information today.

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