Reports of debit cards, electronic funds, and ACH frauds were up by 32% in 2020 in comparison to 2019, according to reports created by the Federal Trade Commission (FTC). Most customers end up finding unauthorized charges on their account and it can be a hassle for banks to resolve debit card fraud. Fortunately for banks, […]
As the Covid-19 pandemic slowed down almost every sector of the financial industry, some markets are finally starting to make a comeback. The Australian property market is experiencing a major comeback, and house prices are rising at a record level. This is the result of all-time low-interest rates and household savings that have accumulated to […]
As banks and financial institutions try to embrace advancements in financial technology, the digital banking sector has grown exponentially. The pace of digitization of banking systems has been reinforced by the covid-19 pandemic. Out of all bank customer onboarding in 2020, almost 65% of them were done with online methods. Unfortunately, as digital banking services […]
The United Nations Office on Drugs & Crime reports that the estimated amount of money laundered annually is 2-5% of the global GDP. To put that in number, the losses due to money laundering are $800 billion – $2 trillion. Following the Anti-Money Laundering Act 2020 being signed into law in the US, the EU […]
If there’s one core element that can be credited for the surge of digital transformation in the financial industry, it’s the global COVID-19 pandemic. It’s more than clear that banks, credit unions, payment providers, and other financial service providers are looking to take advantage of technologies to gain an upper hand against their counterparts. The […]
Since the last couple of weeks, bank regulatory bodies have released tons of publications applicable to Community Bank FinTech partnerships. This can be called a newly proposed guidance, a FinTech due diligence guide, and a Federal Reserve white paper on types of FinTech partnerships: The growth of FinTechs is a major concern for Federal bodies […]
Open source has the capability to transform the financial services industry. This evolution will shift the power in the $25 trillion industry from business executives to state-of-the-art developers, not just for FinTechs, but for old-style banks as well. Before the evolution of digital transformation in the banking industry, building and offering financial services was a […]
Any technology that shows any type of promise is always met with hype. Cryptocurrencies and other digital assets in the financial industry feel the same way, but over the last few months, the developments in the industry show all the signs of digital assets becoming a mainstream service. Needless to say that there are several […]
Using traditional methods for money transfers can be monotonous and slow. Sending or receiving money using regular bank services can take 3-5 business days. Innovative technologies such as digital wallets, third-party payment apps can transfer money faster. New banking infrastructure is disrupting the current financial landscape to improve the financial lives of millions all over […]
Identity verification is becoming more and more essential in the growing digital financial landscape. It has two different benefits, helps in preventing fraud and prevents fines for non-compliance with KYC and AML regulations. The new and improved financial industry that we experience today has taken so much time and effort to happen. While the concept […]