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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
In 2022, global fines for failing to prevent money laundering (AML) and other financial crime surged more than 50 percent, totaling more than $2 billion in the banking sector alone. With the ever-increasing complexity of AML regulations and the global nature of financial services, financial institutions are investing more resources into compliance and due diligence to protect their businesses.
Join us for an engaging conversation about the complexity of Know Your Business (KYB) and Know Your Customer (KYC) regulations and discover how a single, integrated identity platform can help streamline the process of truly knowing the entity and the people you are doing business with.
Recession. Widespread staffing shortages. Increasing fraud. Customer demands — and advancements in technology like we’ve never seen. We’ve learned a lot about the current industry landscape so far in this first quarter alone, but there are still questions that loom large. Such as:
Will the threat of fraud ever go away?
Can my call center really become a revenue generator?
How will pending legislation around real-time payments and open finance affect our customers?
Should we really consider using TikTok?
Watch this Finovate webinar, in collaboration with Eltropy, on demand, and find out the top seven trends that CFIs like you should be focusing on in the coming year. You’ll discover:
Which trends are the most crucial to ensure success for your CFI this year
How the right digital strategies and tools can make or break your institution
Examples of what’s working and what’s not in financial services
You’ll hear from Jonny Manousaridis, social media & customer marketing manager, Eltropy, and banking strategy expert David Hall.
In today’s digital-first environment, fraud threats are growing in sophistication and scope, and risks of online and financial crime have intensified. At the same time, fintechs are prioritizing growth, and need to do so in a way that is safe, secure, and keeps bad actors out.
Watch back on this Finovate webinar, with Experian Chief Innovation Officer for Decision Analytics Kathleen Peters, as she explores the meaning of digital identity, and how fintechs can leverage identity-proofing strategies to position themselves for growth without diminishing security. Learn:
The role of digital identities in advancing increased personalization, speed, and growth responsibly in fintech and financial services
How data can aid in making smart, risk-based decisions across the user journey
How to unlock financial growth opportunities by offering solutions to previously unavailable consumers due to verification constraints
The first step of the customer journey is often a user’s onboarding on a platform or application. This critical phase predicates how a user interacts with a business, and often cements their first impression and subsequent brand loyalty.
Identity verification plays an important role in ensuring a user exists and is who they say they are. But businesses must strike a fine balance of friction and convenience. Too little friction in the identity verification process might result in bad actors flooding in. This can damage a business’s reputation, and give the impression that a platform is unsafe. Too much friction might result in user frustration and attrition.
How can businesses seamlessly and securely onboard users? Orchestration holds the key to unlocking customer-centric practices, customizing the user journey, and ultimately ensuring legitimate users are allowed in while bad actors are stopped.
Watch this webinar featuring Hal Lonas, Trulioo Chief Technology Officer, on
What identity proofing orchestration entails and how active and passive methods of authentication can be layered during the onboarding process
How orchestration goes hand-in-hand with a risk-based approach to onboarding and establishing trust and safety between businesses and users
What business, customer risk, and regulatory factors to consider when adopting a risk-based approach
How to power rapid approvals and accelerate your SME lending processes
Forty-four percent of SMEs look to funding to meet operating expenses, with this number expected to grow considerably during times of economic uncertainty. Fifty-six percent of SMEs seek funds to expand business operations or to pursue new market opportunities. But waiting months or even weeks for credit approval and funding can mean the difference between innovation and business closure.
Traditional financial services organizations may find lending to SMEs difficult, but fintechs are rising to the challenge. Simplified application processes, rapid approvals, and access to funds quickly makes working with digital lenders an obviously attractive choice.
Because if you aren’t making it easy for SMEs to get the credit they need, your competitors will.
Catch up on this panel discussion with industry experts, in collaboration with Provenir, and discover how to: • Power faster, simplified application processes • Make smarter, faster decisions and get to market faster • Future-proof your decision technology to keep up as market trends/demands evolve • Use advanced, predictive analytics like AI to keep risk in check
Featuring Corinne Llelti, Commercial Sales Director, EMEA, Provenir; Alex Daly Chief Finance and Risk Officer, Ask Inclusive Finance Group; and Julie Muhn, Senior Research Analyst, Finovate.
The fintech and payments industries are rapidly evolving. Isn’t it time fraud and dispute management processes did as well? Financial institutions not seeking alternatives to legacy infrastructure are constrained in their ability to automate and streamline lengthy and manual processes, such as chargeback management.
In this webinar, Quavo’s SVP, Revenue Executive Brittany Usher, and KeyBank’s Head of Enterprise Fraud Services, Jen Martin, will join Finovate’s Julie Muhn to discuss initial steps toward automation for issuing financial institutions seeking to overhaul their pre-existing manual and legacy systems. Along with providing business case examples, Brittany and Jen will elaborate on the lessons learned from implementing new software, conducting a cost analysis examining price per transaction, chargeback recoveries, manual intervention, fines, and overhead costs.
Covering:
Discover tips on the first steps to take when seeking to overhaul preexisting manual/legacy systems with real life examples and lessons learned. This is a common obstacle to implementing new software.
Learn how to set up data requirements, merchant collab software, accounting, and more.
Conduct current cost analysis – price per transaction, chargeback recovery, manual intervention, fines, overhead, and more.
The rate of innovation within the financial services sector has increased dramatically. As traditional financial services organizations attempt to keep pace, they often leverage technology from fintech providers to quickly develop or provision new cloud-based applications.
As a result, over half of fintechs globally are looking to implement new technologies that will support financial service organizations to better meet customer demand, enhance agility, and improve competitiveness.
In order to achieve these goals, financial services organizations need to be able to easily leverage and provision new fintech services and applications, and to seamlessly integrate their existing production applications and data sources with these applications.
This is where a real-time bidirectional data gateway comes in.
This webinar will discuss how a seamless connection between cloud-based fintech applications and financial services customers’ production applications and data assets will enable faster innovation to execute a wide range of business initiatives, from offering more personalized services tailored to individual customers to streamlining operations and improving compliance with regulations.
In collaboration with InterSystems, watch back on this webinar featuring:
Joe Lichtenberg, Product and Industry Marketing Director, InterSystems
Michael Hom, Head of Financial Services Solutions, InterSystems
Moderated by David Penn, Research Analyst, Finovate
Upcoming Webinar: AI in Fintech: Driving innovation, inclusion, and impact Date: Thursday, April 28, 2022 | Time: 02:00 PM British Summer Time
Artificial intelligence is more than just the latest buzzword – using AI has a meaningful impact on decisions across the entire customer lifecycle. From improving fraud detection and decisioning accuracy to optimizing pricing and managing bias, AI has a key role to play in changing the way financial services products are developed and offered to customers.
“Banks are recognizing that there is a wealth of data and predicative analytics that can be used to curb future risks, but it’s all about how easily their teams can get access to it.”
Christian Lewis, Client Director of Financial Services, Unqork and Joe Lichtenberg, Global Head of Product and Industry Marketing, InterSystems, join Finovate Analyst David Penn to discuss how to cut down on latency in getting information and data to the right people, how to help organizations become more agile, and how to accomplish both goals while using fewer development resources than you might expect.
How do companies keep pace with rising consumer expectations in a post-COVID, digitally transformed world? What role do flexibility and adaptability play in explaining why some companies succeed in engaging their customers while other companies struggle to do so?
Our latest Finovate webinar tackled these issues and more in an hour-long conversation with a quartet of fintech and financial services professionals. Check out our panel discussion – Keep Your Friends Close and Your Data Closer– now available for free On Demand and learn how fintechs are successfully leveraging “people, process, and culture” to achieve their goals.
Here are some excerpts from the conversation:
“What’s interesting is that 60% of the marketing decision-makers say that their budgets will increase in the next six months, and this was during a time when many companies were still struggling with the previous wave of the pandemic. What’s even more interesting is that the top three areas that brands are intending to invest in are customer engagement, customer satisfaction measurement, and mobile optimization and apps.” Chye Yien, Senior Strategic Business Consultant, Braze
“We saw a major shift from people talking about things to actually doing things. And there have definitely been some very clear trends that we saw towards not only just getting an app out there – which a lot of people have done – but actually making sure that app works well. So when you talk about that dichotomy between the smaller players, the startups that are coming in, and the legacy players in fintech, what we really saw was the people that came from a digitally native position really had strong applications with greater users experiences.” Julio Bermudez, VP APAC and LATAM with Amplitude
“Brands and companies really need to kind of focus on trust and be forward-looking when it comes to permissions, which are only going to get stricter. Customers are only going to want to manage their data more and more. Personalization has been around forever, but I think it’s only getting more and more important; even if it’s in a soft advertising context like an in-app message or something like that, if it’s not relevant to you then why would you care?” Alex Bird, Product Manager, Openpay
“I think it’s very important for you to be able to marry everything together, everything sing(ing) in the same language, and that’s when the first part of collecting data gets done, that’s when you are able to get data in a clean, organized manner. The next part, which I feel is the challenging part, is taking that data into insights, that’s where the goldmine is, that’s where business or your product will be able to make or create an impact for your customers.” Alka Gupta, Director of Data & People, BukuWarung.
Upcoming webinar Date: Tuesday, August 17, 2021 Time: 1:30pm Singapore Time Duration: 1 hour
Digital identity is establishing itself as one of the most significant technology trends, and certainly one to make big waves in the financial services and fintech industry in the years to come.
As the world’s shift toward digitization has accelerated, customers expect faster and better access to virtual onboarding for new brands and services, and the financial industry must now deliver. Plus, a new and significant market demographic – Gen Z and younger Millennials – is emerging for financial services providers. Converting these prospects into customers is essential to long-term success because of the substantial lifetime value they offer your business.
This move to digital does not just open up new worlds of opportunity. Businesses have also noted increases in the volume of digital transactions and interactions, which fraudsters are quick to take advantage of. According to AITE, attacks manifested as first-party application fraud, third-party application fraud, and synthetic identity fraud, so it is becoming critical for FIs to address this trend and develop their approach before it takes a strong hold on revenues and reputations.
An effective digital identify solution can be the answer, but are FIs and banks fully embracing the technology and leveraging it effectively?
Upcoming webinar Title: Keep your friends close and your data closer: How fintech teams grow engagement and digital outcomes Date: Tuesday, July 27, 2021 Time: 2:00 PM Singapore Time Duration: 1 hour
We have moved into a new, digital era in finance and banking. For those businesses that have not pivoted and evolved with the times, it will be an uphill struggle to keep customers happy and engaged. For those businesses that embraced new digital strategies, and upgraded their marketing tech stack, now is the time to reap the rewards of increased growth and customer loyalty. And for those businesses that are somewhere in the middle, it’s becoming ever more important to be bold and experimental when testing and engaging your customers with new services and features. Your business’s future depends on it.
The art of balancing and blending product analytics and customer engagement, and why you need both in your strategy
Managing disparate data and leveraging data to inform an event-driven martech strategy
Going beyond understanding your customer, and the power of behavioural analytics
Future-proofing your finserv brand, and responding to changes in customer demands and tech trends
Featuring Alka Gupta, Director of Data & People, BukaWarung; Chye Yien, Senior Strategic Business Consultant, Braze; Julio Bermúdez, VP APAC & LATAM, Amplitude; and Alex Bird, Product Manager, Openpay. Moderated by David Penn, Research Analyst, Finovate.
