How blockchain can save lives
Mar20

How blockchain can save lives

Imagine if your life depended on medication but without realising, the medicine you receive is only chalk or worse, poison. Around the world, real medicines are swapped with fake medicines as they are transported through the supply chain to customers. One healthcare company estimates that around one million people die due to counterfeit cancer medicine each year. The European Commission is bringing in progressive new regulation to...

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Finastra unveils Fusion Treasury for Russia and the CIS markets
Feb20

Finastra unveils Fusion Treasury for Russia and the CIS markets

Finastra has unveiled a tailored Fusion Treasury solution for Russia and the CIS. The local language solution enhances customer experience in Russian speaking markets and demonstrates Finastra’s commitment to the regions. Boris Lipiainen, CTO, Retail Banking and TCM at Finastra said, “We are seeing a profound evolution of the role of the treasury within banks around the world. As these organizations strive to improve return on capital...

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Revamping Business Funding with Blockchain Technology
Feb19

Revamping Business Funding with Blockchain Technology

Crowdfunding is one way in which the invention of the Internet has brought about a massive shift in the funding landscape. “Crowdfunding offers the potential for a radical evolution of our largely institutional framework for allocating capital, through foundations, funds, and banks to a more individually driven and direct investment framework.” 1 Companies can now use non- traditional means to acquire much needed capital. As such, the...

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Fintech Finance Season 3 Episode 20: Pushing Compliance
Feb16

Fintech Finance Season 3 Episode 20: Pushing Compliance

In this episode of Fintech Finance, we look at secure messaging. With the advent of instant messaging and its obvious uses for internal comms, new regulations will be coming in to prevent some potential fiascos. Pushfor enable secure content sharing where the content is pushed rather than sent, as a result, your creation never leaves its source. We speak with Sabine Zucker from Raiffeisen Bank who details how they manage their...

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Crypto-currencies and Market Abuse Risks: It’s Time for Self-Regulation
Feb14

Crypto-currencies and Market Abuse Risks: It’s Time for Self-Regulation

This end of 2017 has been marked by a high price volatility on crypto-currency markets, where even the price of dominant market share crypto-currencies like Bitcoin, Ripple and Ether has fluctuated substantially. While quite a bit of emphasis has been given to the reasonableness of the value of the crypto-currencies (or some would say, the lack thereof), and the regulatory oversight on the offering of such crypto-currencies to the...

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Open Banking is the Financial Industry’s Secure Revolution
Feb13

Open Banking is the Financial Industry’s Secure Revolution

Francesco Simoneschi, CEO and Co-founder of financial API provider TrueLayer, discusses whether security concerns surrounding Open Banking are justified. Since Open Banking came into force in mid-January, plenty has been written in the media about security and the risk of hacking. The vast majority of these stories are inaccurate and built on a misunderstanding of how Open Banking works. It is only natural in the current climate of...

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5 ways to build a Culture of Innovation in Finance Teams
Feb12

5 ways to build a Culture of Innovation in Finance Teams

For businesses that want to improve performance and grow, change is inevitable. And Chief Financial Officers and Financial Directors are playing an increasingly strategic role in driving these changes. According to research from EY, roughly one-third of CFOs play a major role in the development of their organisation’s strategy. Specifically contributing with insight and analysis to support decision making, ensuring business decisions...

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Blockchain And Cryptocurrency Effects On The Payment Processing Industry
Feb07

Blockchain And Cryptocurrency Effects On The Payment Processing Industry

“A purely peer-to- peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.” These are the words of Satoshi Nakamoto, the still unknown creator of Bitcoin, in the abstract section of the original whitepaper describing the peer-to- peer electronic cash system. Ten years on and the idea described has developed into a network with a market cap...

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Ripple: The Favorite for 2018
Feb02

Ripple: The Favorite for 2018

According to Coinmarketcap.com, Ripple (XRP) is currently the third most popular cryptocurrency by capitalization, holding steady at about 40 billion dollars. As of the start of this week, it has been the only top-5 cryptocurrency that has had a positive trend since it started trading. However, the Thursday sell-off took it to new lows around 0.92. However, it still has quite a bit of potential for future growth. The Ripple technology...

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Comply or Die: 3 Reasons Compliance Audits are Essential to FinTech Survival
Jan30

Comply or Die: 3 Reasons Compliance Audits are Essential to FinTech Survival

It’s 2018 and, already, the big word in FinTech is ‘compliance’. With swathes of new rules and regulations being introduced, most notably PSD2, GDPR and MIFID II, Heads of Compliance throughout Europe are now under major pressure to ensure their processes and procedures are up to date and adequate. Those attempting to outplay this line of regulation, risk substantial regulatory penalties, along with severe reputational damage that...

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Data Privacy Day: Who is Protecting Customer Data?
Jan30

Data Privacy Day: Who is Protecting Customer Data?

The latest research from cybersecurity expert Norton found that an excess of 17 million Brits were victims of cybercrime last year, with UK internet users losing an estimated £4.6bn to hackers. As the highest profile data breaches have had a catastrophic impact on a global scale, it’s hardly surprising. For example, the WannaCry ransomware attack became a worldwide disaster in 2017 which dominated the news agenda for weeks. A total of...

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2018: Year of the Customer Experience Officer for Retail Banks
Jan25

2018: Year of the Customer Experience Officer for Retail Banks

2017 saw the Bank of England raise interest rates for the first time in a decade. Granted it was only by 0.25 percent but at a time when the average person is feeling the squeeze on living standards, 0.25 can be all it takes to make consumers switch banks. With 2018 set to be another year of financial uncertainty, retail banks need to start taking bold action to win and/or retain customers now. Executives need to move past incremental...

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Time to embrace the Open Banking revolution…
Jan23

Time to embrace the Open Banking revolution…

Last week saw the introduction of the Open Banking system, a new regulatory regime that has the potential to transform UK banking. Since then a whole host of concerns have been raised, including by some of the incumbent banks, who fear increased competition from the challenger banks and more empowered customers. Open Banking ensures that banks allow third parties to access the data of customers who authorise it, which – in turn – will...

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Cryptocurrencies – Does the Next Big Thing have Staying Power?
Jan15

Cryptocurrencies – Does the Next Big Thing have Staying Power?

Cryptocurrencies – not just bitcoin, but any of the hundreds of different currencies that have been created using blockchain technology – have caught the imagination of the public.  There are, seemingly, daily articles that predict either the demise of all traditional currencies in favor of cryptocurrencies, and just as many articles predicting the demise of cryptocurrencies.  While cryptocurrencies are just one of the many uses of...

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The GDPR Countdown – The Importance of a Data Protection Lead
Jan11

The GDPR Countdown – The Importance of a Data Protection Lead

With less than five months before GDPR compliance is law, it’s vital accountants take a strategic approach to GDPR as they would with any other regulatory changes. Leaving each member of the team to digest the intricacies of the upcoming changes would risk employees interpreting elements of the regulation differently and may result in disruption in the organisation caused by misinterpretation. This first in a series of articles...

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The Banking Revolution: Ricky Knox, Tandem Bank CEO, talks what to Expect
Jan08

The Banking Revolution: Ricky Knox, Tandem Bank CEO, talks what to Expect

Digital challenger banks are primed to spread into mainstream consumer finance following legislative changes on 13 th January 2018. Open Banking is here. On January 13 th 2018 the revised Payment Services Directive (PSD2) will be implemented as national law. The directive puts forward a slew of opportunities and challenges for financial service providers, be they newcomers in the space or seasoned veterans. All banks across the EU...

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The Open Age of Banking: Technology’s Role in Driving Customer Trust and Loyalty
Dec20

The Open Age of Banking: Technology’s Role in Driving Customer Trust and Loyalty

In the age of choice, where consumers can switch services at the click of a button, the only provider that has remained constant for many is their banking provider. UK consumers generally give a high amount of trust to their banking provider, with 85 per cent of customers saying that they trust their bank with personal information and to manage accounts efficiently. While many banks interpret this as consumer loyalty, the reality is...

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King of the Disruptors’ Brett King backs Innovative CryptoBank’s ICO
Dec19

King of the Disruptors’ Brett King backs Innovative CryptoBank’s ICO

Following its successful pre-ICO campaign last month, CryptoBank and blockchain lender, Nebeus, welcomes the man known as the “King of the Disruptors”, Brett King, as advisor and shareholder.   Nebeus’ ICO, due to close on January 10th 2018, is unlike many other initial coin offerings (ICOs) because the company is already well-established and has been servicing customers and generating revenue for several years.     Raising funds for...

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Ready for PSD2 – Really?
Dec19

Ready for PSD2 – Really?

Most fintech companies are ready for the Revised Payment Services Directive (PSD2), which takes effect in the UK on 13th January 2018, but they may not be planning far enough ahead. For example, are they making sure the new requirements are embedded as part of their day-to-day activity? The incoming regulations are designed to make online payment services more transparent. As an example, consumers will be able to instruct their banks...

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Bridging the gap between the Crypto and Institutional Investment Worlds
Dec15

Bridging the gap between the Crypto and Institutional Investment Worlds

To the crypto community, the landmark launch of Bitcoin on the Chicago CBOE futures exchange this week was further evidence of cryptocurrency’s increasing legitimacy amongst the professional investment community. When considered that the move came following announcements from Nasdaq, the world’s second largest exchange, and CME Group that they too will offer similar cryptocurrency derivatives, it would appear that institutional...

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Galileo Launches Fraud Artificial Intelligence
Dec12

Galileo Launches Fraud Artificial Intelligence

Fraud AI can further reduce Galileo’s fraud loss average of one basis point, 80 percent below industry average Galileo debit, credit and virtual transaction processing, today announced the release of its artificial intelligence capability for fraud, called Fraud AI. Fraud AI strengthens Galileo’s existing best-in-market fraud detection services by increasing fraud detection accuracy and precision, helping to push...

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Taking Action to Tackle late Payment
Dec11

Taking Action to Tackle late Payment

In the last month, the UK’s medium and large businesses should have submitted information on their payment policies, practices and performance to the Department for Business, Energy & Industrial Strategy (BEIS). The regulations are aimed to boost transparency of payment practices and reduce late payment to SMEs. BEIS will pursue criminal legal action against the companies and their directors, if firms fail to provide updates on...

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Why Banks should be Helping their Customers Stay Safe on Social Media
Dec08

Why Banks should be Helping their Customers Stay Safe on Social Media

Whether it’s on Twitter, Facebook, Instagram or Snapchat, the time we’re spending on social media is increasing every year. It was estimated at the beginning of 2017 that the total number of social media users in the UK reached a whopping 39 million, while reports suggest we’re now spending as much as two hours per day scrolling through our social feeds. But while social media allows us to share experiences, communicate with our peers...

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Viola, Israel’s Largest Technology Investment Group, Announces A New Global FinTech Fund
Dec06

Viola, Israel’s Largest Technology Investment Group, Announces A New Global FinTech Fund

Viola announces an initial closing of $100 million toward a target of $120-$150 million, for a new global FinTech fund. The fund is backed by selected leading global banks, insurance companies and asset managers from North America, Europe, APAC and Israel, including Scotiabank, The Travelers Companies, Inc  and  Bank Hapoalim. Viola FinTech is a cross-stage venture fund that invests globally in FinTech companies alongside leading...

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How CFOs can Evaluate Data Centre Performance
Dec06

How CFOs can Evaluate Data Centre Performance

The current hypercompetitive digital economy is pushing companies to find innovative ways of increasing efficiency and accelerating growth. As business growth goes hand in hand with technological advancement, a company’s IT infrastructure has become a vital asset that can be a massive competitive advantage or debilitating weakness. Because businesses are generating and collecting huge amounts of information, data centres have become...

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How the Evolution of Banking Services enables Banks to deliver Customer-centric Visions of the Future
Dec06

How the Evolution of Banking Services enables Banks to deliver Customer-centric Visions of the Future

It’s the year 2027 and you need some cash. You go to the closest ATM but you don’t need to look around for your bank card. All you need is yourself because this machine can look you in the eye. It scans your irises for a match before a 3D, augmented reality-generated “robo-banker” pops up on the screen, giving you access to a wide range of banking services. This gives a taste of what we can expect banking services to look like within...

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In Real-time, Every Time – with Software that Never Forgets
Dec05

In Real-time, Every Time – with Software that Never Forgets

A revolution in Asset Management is coming. The current cost pressures, increased regulation and changing customer expectations are not sustainably served with the systems on offer today. Our belief is that technology will start and help this revolution and dictate how the future of the industry looks. What has changed? · Portfolios have become more complicated: multi-asset, multi-class and multi-time zone. · Regulators have increased...

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Fintech Finance Season 3 Episode 14: Phishing Protection
Dec04

Fintech Finance Season 3 Episode 14: Phishing Protection

In this episode of Fintech Finance, we look into the crafty world of Fraud. With new ways to befuddle your employees and ensnare your clients data, companies like Anubis Networks are working tirelessly to stay ahead of the criminals. We speak with Brown Brothers Harriman who underpin their core beliefs when it comes to Cyber Security. Bipin Sahni describes the ways that Wells Fargo are looking at their customers data in a safe and...

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Fintech Finance Season 3 Episode 13: Decentralised Biometrics
Dec01

Fintech Finance Season 3 Episode 13: Decentralised Biometrics

In this futuristic episode of Fintech Finance, we delve into the exciting world of Biometric Security. We visit Idex who give us the low down on why many Banks are looking at using fingerprint technology to enhance their customers security. We also visit Norris Koppel from Monese to discover how traditional Banking is becoming a thing of the past. Doug Mackenzie asks NatWest to see how a historic and conventional Bank is staying ahead...

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Leveraging PSD2: How FinTech can get Ahead
Nov27

Leveraging PSD2: How FinTech can get Ahead

PSD2 has been on the horizon for some time. The frequent consultations on draft legislation have posed significant barriers for smaller firms seeking to map out its impact. Juggling the requirements of re-authorisation alongside other aspects of PSD2 such as implementation of new regulated products like AIS and PIS and revised security and risk management poses one of the most significant challenges for FinTechs and smaller firms....

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Fintech Finance Season 3 Episode 12: Cards And Payments
Nov27

Fintech Finance Season 3 Episode 12: Cards And Payments

In this special episode of Fintech Finance, to celebrate the 50th anniversary of the plastic card, we take a look at cards and payments. We sent Doug Mackenzie to Munich to find out from Matica, some of their solutions when it comes to the actual manufacturing of plastic, and how this ties in with consumer demand. We also headed over to Greece to speak with Mellon Technologies, to get an understanding of where they see the role of...

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Singapore Fintech Festival 2017
Nov27

Singapore Fintech Festival 2017

By Lea Jakobiak Why Singapore Fintech Festival is in a league of its own. What really makes an event great is the guest list, right? And in that respect, Singapore Fintech Festival did not disappoint. The likes of Christine Lagarde, Head of the IMF, Tharman Shanmugaratnam, Deputy Prime Minister of Singapore and Queen Maxima of the Netherlands were there, to name a few! Not bad given that this is only the second year the event is...

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Cryptocurrencies and ICOs – A Rough Guide to Regulation
Nov27

Cryptocurrencies and ICOs – A Rough Guide to Regulation

Over the past few years there has been a growing proliferation of cryptocurrencies. More recently, companies which may have limited access to fundraising through traditional methods are turning to cryptocurrencies, and initial coin offering (“ICO”), as a means to raise funds. However, this “cryptocurrency mania”, especially new ICOs, has led (to some extent) to a regulatory backlash. Some authorities have issued total bans on ICOs,...

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Fintech Finance Season 3 Episode 11: The Regulation Conversation
Nov24

Fintech Finance Season 3 Episode 11: The Regulation Conversation

In this episode of Fintech Finance we dive into the world of Regulation. With PSD2 and GDPR rapidly approaching we ask I.T Governance how they are solving the compliance issues that many companies are facing. We sent Doug Mackenzie to Sweden to find out from the Financial Supervisory Authority what companies can be doing now to alleviate some of their compliance worries. Over in Ireland we hear how Ulster Bank are using the new...

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Open Banking: Opportunity knocks but once Banks must embrace PSD2 or Risk being left Behind
Nov23

Open Banking: Opportunity knocks but once Banks must embrace PSD2 or Risk being left Behind

Technology and legislation are blowing the cobwebs off the retail banking market. Banks who seize the opportunity to transform how they engage with their consumers will come out on top. Banks have traditionally operated in a closed market with little impetus for competition or transparency, which has been compounded further by high barriers and low incentives to switch banks. This has created a seller’s market offering few...

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Oliver Riedel, Baader Bank: Biggest challenges that banks are facing currently
Nov22

Oliver Riedel, Baader Bank: Biggest challenges that banks are facing currently

Oliver Riedel, Baader Bank: Biggest challenges that banks are facing currently

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Bank of Lithuania One of The First in Europe to Offer SEPA Instant Payments
Nov21

Bank of Lithuania One of The First in Europe to Offer SEPA Instant Payments

The Bank of Lithuania has expanded the capacities of its CENTROlink payment system to become one of the first locations in Europe where payment service providers can offer instant payments to their clients. This cutting-edge innovation will allow payments to be executed 24/7 throughout the year on weekdays and holidays, with funds credited instantly. “The promotion and implementation of payment innovations that bring benefits to both...

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Turning the Tables on Traditional Asset Management through Crypto
Nov16

Turning the Tables on Traditional Asset Management through Crypto

Digital asset management of blockchains is a growing industry that is raising millions of dollars. As far as investments go, it’s the next big thing. This bridge between cryptocurrency and the investment industry is most popular among millennials, who are most concerned about investment efficacy and accountability. A Quick Review of the Basics Traditional asset management through cryptocurrency utilizes a different approach to profit...

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The Making of a Better Loan: Lending Tech Will Empower Borrowers, Reshape Lending
Nov15

The Making of a Better Loan: Lending Tech Will Empower Borrowers, Reshape Lending

Debt is a significant and lasting factor in American’s personal balance sheets. Yet, until now few tools have been created to truly help consumers strategically manage the increasingly complex decisions about using credit. Among Americans, 80 percent carry some type of debt, and the responsibility for those liabilities is continuing late in life. 1 In fact, Credit Sesame members hold nearly $107 billion in total debt across types such...

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How Bank CFOs are using technology to Drive Transformation
Nov15

How Bank CFOs are using technology to Drive Transformation

The CFO role in financial institutions has always been pivotal. But as the industry evolves and technology and data become increasingly critical to operations, CFOs have taken the lead in driving industry transformation, and technology is the vehicle they’re using for change. For the modern bank CFO who is embracing new strategy and performance responsibilities and addressing changes wrought by regulations, technology innovation, and...

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Storefronting in Investment Banking – Technology and the Rise of ‘Window-shopping’
Nov10

Storefronting in Investment Banking – Technology and the Rise of ‘Window-shopping’

People’s interactions with their banks have undergone an extraordinary transformation. From the emergence of app-only challengers such as Monzo to the evolution of physical branches, technology has dramatically changed the age-old relationship. However, compared to typical high street interactions, the investment banking landscape has always been markedly different, sustained by services such as capital raising and M&A advisory....

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Three Approaches FinTechs Are Using to Create a Competitive Advantage
Nov10

Three Approaches FinTechs Are Using to Create a Competitive Advantage

Despite all the uncertainty looming around Brexit, FinTech in the UK is booming. Recent figures from London & Partners and Pitchbook show that more than £760 million has already been invested in the space in 2017. That’s double the amount for the same time last year. The demand for better, more customer friendly financial services is driving growth, with dozens of new FinTechs launching every week. But in an increasingly...

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How Robo-advice for Credit and Debt Will Disrupt the Industry
Nov09

How Robo-advice for Credit and Debt Will Disrupt the Industry

Expensive asset managers today are struggling to deal with the twin challenges to their traditional business model: low-cost, passively-managed index funds, and the online robo-advisors that help retail investors optimize the allocation of their assets between those funds. The finance industry is still unprepared for the next big disruption — widespread use of robo-advisors for liabilities: online tools that will deliver customized...

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Powering Purchasing with Process Mining
Nov07

Powering Purchasing with Process Mining

Where did this invoice come from? And why was an order placed with this supplier? With efficiency largely defining success, these are questions that any head of purchasing should not have to concern themselves with. Purchasing is a function that has historically been slow to join the digital revolution, prioritising cost-cutting rather than integrating with innovative technology to add value. However, steps are being taken, with the...

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The Mobile Payment Conundrum: Maintaining Trust without Compromising on Customer Experience
Nov06

The Mobile Payment Conundrum: Maintaining Trust without Compromising on Customer Experience

The world of personal finance continues to evolve rapidly, as consumers move away from their browsers and towards their smartphones when it comes to managing their bank balances. Mobile devices – as well as similarly popular items such as contactless debit cards – have been designed with this need for convenience, simplicity and ease of use in mind, and have become staple items of pockets and wallets across the country as a result....

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LendIt Europe 2017 Summary
Nov03

LendIt Europe 2017 Summary

LendIt Europe 2017 Summary

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How Coremetrix, a UK Fintech Company, gather Psychometric Data on Risk Scoring
Oct31

How Coremetrix, a UK Fintech Company, gather Psychometric Data on Risk Scoring

At Coremetrix we are always on the lookout for new and innovative methods to bolster our analytics toolbox. This allows us to continually generate fresh insights from our rich reserve of psychometric data and to constantly improve our understanding of key underlying factors that drive consumer behaviour. Recently, our risk analytics team have been experimenting with neural networks, and in this post we’d like to share some of our...

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Is UC Technology the One-stop Answer to MiFID II Communications Compliance?
Oct30

Is UC Technology the One-stop Answer to MiFID II Communications Compliance?

Is your business ready for MiFID II? It’s a question finance directors, IT specialists and senior business managers the country over will be asking themselves as the January 2018 deadline approaches. MiFID II is a change to the way we do business in the finance sector that will have huge implications, whether you’re working in a growing startup or a much larger established business. While the remit of the new regulations is far...

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How to Choose a Machine Learning Platform For Risk
Oct27

How to Choose a Machine Learning Platform For Risk

Are you losing customers to branchless banks and alternate lenders that focus on great mobile experiences? Are you blocking legitimate customers from accessing their accounts? Are you fearful that a well-coordinated criminal organization could breach your internal controls? By understanding customer behavior across omnichannels and omnidata, at a big data scale, an organization can reduce risk and increase revenue in one fell swoop....

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Why are Banks so Vulnerable to Money Laundering?
Oct27

Why are Banks so Vulnerable to Money Laundering?

The amount of money that is laundered annually is estimated to be between $800 billion and $2 trillion USD, with much of that being used to fund nefarious activity such as trafficking and terrorism. All banks have Anti-Money Laundering (AML) systems in place but they are becoming increasingly ineffective and inefficient at identifying and preventing illegal activity. Many banks implemented their current AML systems quickly in response...

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