This comprehensive document, created in collaboration with IBS Intelligence, explores the transformative impact of Artificial Intelligence (AI) on the financial sector, particularly within banking and investment management.

The whitepaper delves into how AI is revolutionising traditional practices, offering enhanced customer experiences, improving operational efficiency, and enabling smarter, data-driven decision-making. It highlights the strategic importance of AI adoption for financial institutions aiming to remain competitive in an increasingly digital world.

Key topics covered in the whitepaper include:

• The role of AI in transforming traditional banking and investment practices.
• AI’s effectiveness in risk management, fraud detection, and regulatory compliance.
• Emerging trends such as hyper-personalisation and AI-driven decision-making.
• Ethical considerations, including fairness, transparency, and the economic impact of AI.
• Real-world use cases demonstrating AI’s practical applications in the financial industry.

This whitepaper is a must-read for professionals in the financial sector seeking to understand the current and future landscape of AI-driven innovations. As financial institutions continue to navigate the challenges of a rapidly evolving market, the insights provided in this document will be invaluable for achieving sustainable growth and maintaining a competitive edge.

We invite you to download the whitepaper and explore the future of AI in banking and investment management.

The post Profile Software Releases New Whitepaper on AI’s Transformative Impact in Banking and Investment Management appeared first on FF News | Fintech Finance.

The volume of non-cash transactions market is expected to continue its upward trajectory, with digital and mobile wallets, credit cards, debit cards, and bank transfers being the most frequently used payment methods both at point of sale and in e-commerce settings already. In addition, Millennials and Gen Z will constitute 72% of the global workforce by 2029. As they have grown up in an era where nearly everything is instantly accessible, they anticipate seamless experiences and European merchants must be prepared to meet their expectations. Businesses that implement effective frictionless payment experiences can, amongst other things, benefit from reduced shopping cart abandonment.

By combining industry research, data, and proprietary insights, JCB and Worldline shared their views of how merchants can effectively create a frictionless payment journey for their customers, reflecting on the growing demand for frictionless payments among Asian consumers. As a result, this guide aims to provide actionable steps for European merchants who want to keep up with the expectations of a society that values speed and convenience, and who want greater access to new technologies and secure transaction processes.

In addition, JCB emphasises the importance of merchants understanding their customer base to facilitate greater payment experiences especially in the travel industry. Tourism is a significant source of income for merchants, and the expectations for frictionless payments are high. This is especially crucial for Asian travellers, as language barriers and unfamiliar payment systems can pose potential obstacles. Offering mobile or contactless payments, supported by a transparent and secure process, can eliminate these barriers and provide the hassle-free experience that tourists seek.

By publishing this guide, JCB aims to showcase that the adoption of new technologies and practices can reduce the steps needed in the transaction journey, while maintaining a secure process for both customers and merchants. Merchants who embrace these solutions and stay attuned to their customers’ needs can thrive in today’s fast-paced digital economy, while international travellers are able to experience a truly frictionless payment journey.

Ray Shinzawa, Managing Director, JCB International (Europe) Ltd., commented: “At JCB, we are committed to providing our cardmembers with the best possible payments experience and we are keen to share our knowledge. We hope that this guide will equip merchants with the information and insights needed to understand both the ‘why’ behind frictionless payments’ role in commerce today, and the ‘how’ when it comes to implementing an approach that yields results, grows your business, and meets the expectations of your customers.”

Miranda Rodigas, Head of Scheme Management, Worldline Merchant Services, said: “Worldline is committed to enhancing the payment experience for merchants and consumers alike. Our partnership with JCB in contributing to this new whitepaper signifies our dedication to ensuring European merchants have the resources and expertise needed to facilitate seamless payments for international consumers. By sharing our industry-leading insights and practical steps for merchants, we aim to empower businesses to capitalize on the trend towards frictionless payments, ultimately boosting sales and customer satisfaction.”

Download and read the whitepaper here.

[1] What are frictionless payments| C Store Decisions (cstoredecisions.com) – As of January 2024

[1] Asia-Pacific (APAC) Contactless Payment Market by Share, Trends, Growth Factors, Developments, Product Innovation and Forecast till 2032 | Taiwan News (taiwannews.com) – As of January 2024

[1] Digital Payments Statistics | Meet Anshsi (meetanshi.com) – As of January 2024

[1] Millennials and Gen Z shaping the future of payments |Global Payments (Globalpayments.com) – As of January 2024

The post JCB and Worldline Unveil New Whitepaper Offering European Merchants Invaluable Insights into Facilitating Seamless Payments for International Consumers appeared first on FF News | Fintech Finance.

Swift is providing essential tools to support this growth, and the implementation of ISO 20022 is set to enhance the region’s financial infrastructure. However, there are still significant hurdles to overcome. This whitepaper offers a comprehensive look into the dynamic forces shaping this transformation.

In this exclusive report, you will gain definitive insights into the challenges and opportunities faced by banks and financial institutions across APAC. Discover detailed commentary from banking experts and professionals who are at the forefront of this sector. Learn about the specific developments in key jurisdictions such as Singapore, Hong Kong, Cambodia, The Philippines, and more.

Staying informed on the latest developments is crucial to your competitive advantage. This whitepaper is your essential guide to understanding the evolving future of payments in APAC.

Don’t miss out on this valuable resource. Download the whitepaper now to stay ahead of the curve.

Download the Free Interactive Digital Whitepaper

The post EXCLUSIVE Bottomline Report: Achieving Competitive Advantage In APAC Through Digital Payments Modernization appeared first on FF News | Fintech Finance.

The new whitepaper from FIS for Fintechs outlines why it’s critical to build robust risk and compliance frameworks. It examines the types of risks and regulation you may need to consider to protect your customers and your business, spotlighting KYC and it’s evolution. And Looks at ongoing monitoring and how to assess the benefits and risks of emerging technologies.

The post Creating New Opportunities by Building Strong Fintech Controls report from FIS appeared first on FF News | Fintech Finance.

For at least 15 years, vendors and analysts have been heralding the death of legacy systems, arguing they are end-of-life and no longer fit for purpose. Financial institutions (FIs) were told to migrate before it was too late; otherwise, their businesses would become obsolete due to the shiny new, modern technology cores their competitors would adopt.

Yet, this still hasn’t happened. Instead, we have become an industry of integrators, partnerships, and external hubs of complex spaghetti systems with multiple stakeholders that rely on payment orchestration layers and other integration wrappers. The rise of fintechs, multiple stakeholders, and niche players has also led to an unhealthily obsessed with front-ends, with a complete disregard for the core systems that drive it all, as FIs cater to consumer demands for immediacy at the expense of everything else.

In our latest white paper with Consult Hyperion, ‘Escaping the legacy mindset: How to approach modernising your payments ecosystem’, we take a step back to reevaluate the long-term. We examine the payments system architectures that FIs, banks and processors utilise today, highlighting their benefits, disadvantages and where they should sit in your tech stack. This is a must-read for any C-level executive or payments professional seeking to break free of legacy thinking and strive to build a future-proof ecosystem.

The post Escaping the Legacy Mindset: How to Approach Modernising Your Payments Ecosystem appeared first on FF News | Fintech Finance.

A new report from Icon Solutions and Celent reveals the enormous opportunity presented by low code technology for financial institutions.

Low code and no code are growing in popularity and the burgeoning market is anticipated to grow further to $77.49 Billion by 2030. Many also feel that it will work hand in hand with AI to democratise software development and speed up organisational and product enhancements.

Naturally, it could also play a role in transforming mission critical areas of banking and payments.

Low code tools and applications usually provide a visual, sometimes “drag and drop”, interface to enable software development without the need for significant amounts of manual coding. The potential for employees of a financial organisation to quickly deploy new systems to take advantage of new revenue streams and swiftly align with changing regulations is huge.

Icon Solutions teamed up with technology research firm Celent, to find out more about the scale of the opportunity and produced a comprehensive and insightful report on the topic. In the interview above, we spoke to Kieran Hines from Celent and Toine Van Beusekom, Strategy Director at Icon Solutions to find out more.

The report, which surveyed senior executives from Tier 1 banks across Europe and North America, has a number of must-know findings and suggests there are particular developments to be made in the area of payments processing. In the video Hines hints at a few of those findings, including what they found as the potential lost revenue from not meeting product demands quickly enough. The most common causes of this are shortages of developer capacity and other resource constraints that continues to be a frustration to enterprising organisations.

The report also shows that 55% of Tier 1 banks would prefer to develop their own payment processing software, often to maintain control of the project, but also because few large banks see credible off-the-shelf options.

Low code could provide the answer, allowing banks to seamlessly create meaningful change to their business, whilst holding onto their IP.

It’s a fascinating area of innovation, and one that is only going to grow in significance.

The video above gives you a great taster of what to expect from the report, which you can read by clicking the link below and heading to the Icon Solutions website.

The post Is Low Code the Answer to Accelerating Payments Processing? | Icon Solutions appeared first on FF News | Fintech Finance.

Find out how AI is playing an increasing role in tackling fraud in the payments industry. The video above provides an insight into a new report from ACI Worldwide that could contain the answers.

There’s no question about it, fraud is a real barrier to the widespread adoption of instant payments. It’s a problem across sectors but is particularly widespread in payments, where the potential for scammers to make money takes many forms.

As it happens, fraud growth slowed in 2023 but losses remained high. Identity risk management company Alloy surveyed hundreds of decision makers across US and UK banking and finance to find that 25% of companies lost over $1M to fraud and 61% of companies saw an increase in attempted fraud attacks committed through consumer accounts.

According to Mastercard, ecommerce fraud is predicted to exceed $48 billion in 2023. North America was identified as having the largest fraudulent transaction value of any regional market and ​​across Europe, Germany and France were the hardest hit.

Another huge problem is Authorised Push Payment fraud. It’s on the rise as real time payments see enormous annual growth. All scammers need to do is trick a consumer into sending money to a mule account they control, before bouncing the funds somewhere else, or converting them to crypto.

Legislation has been put in place to protect consumers in the UK, such as the Authorised Push Payment (APP) reimbursement legislation, which enables scammed consumers to reclaim 100% of their funds lost to this type of fraud. However, as useful as this might be to consumers on the surface, it doesn’t help banks and it actually presents more first party fraud opportunities to organised criminals who could use the prospect of reimbursement as a way to trick the lender.

This is where the new Scamscope report from ACI Worldwide and GlobalData comes in. Readers will find out more about the scope of the problem across the world, what’s needed to tackle this increasing challenge and the pivotal role AI could play. Fraud prevention is one of the more meaningful use cases of the much lauded technology, for financial businesses.

There’s in depth research into the instant payment landscape of regions such as the US, UK, India, Australia, Brazil and Saudi Arabia. You’ll find out information about the challenges they face and the regulations they’re bringing in to deal with it.

If you’re in need of a further taster, this interview with Jackie Barwell, Director of Fraud Solutions for ACI Worldwide lets us know what to expect. She talks us through the latest trends and the story behind the report.

Be sure to download the Scamscope report today to understand the trends, get the latest figures, and get tooled up.

The post Report reveals how banks can tackle new payment scams | ACI Worldwide appeared first on FF News | Fintech Finance.

With a significant shift towards a more extensive integration of open banking microservices, CBI has compiled an extensive list of financial institutions that already seamlessly weave into the fabric of complex open banking products. Read how these use cases have been carefully tailored by each bank to meet the diverse demands of their end-users.

The report doesn’t stop there. Amid the evolving landscape of open banking trends around the world over the past one to two years, there’s been a notable surge in API consumption. With their understanding of market trends, particularly in Italy and the rest of Europe, CBI has created an array of value-added services, such as a name check service confirming the integrity of data, and an IBAN Check—an invaluable tool for IBAN and ABAT code verification.

If you need a taste of the report, dive into our video to glimpse the transformative potential that your financial organisation can glean from the full report.

Don’t miss out—check the report, stay informed, and be part of the next wave of technological advancements in open banking. Your journey into the groundbreaking exploration of open finance starts with CBI’s Global Open Finance Report.

In order to download the report please use the Subscribe link to register in the 2023 section of the report page.

The post The Future of Finance: CBI’s Global Open Finance Report appeared first on FF News | Fintech Finance.

David McLaren, Commercial Director at Temenos, gives us a great overview of their brand new whitepaper exploring what banks need to do to succeed in the digital era. 

Consumer behaviour is changing and so must banks. 

Watch this video to get the lowdown on how SaaS can improve:

Time to market

? Environmental credentials

? Value add

And of course shore up your offering in an increasingly competitive market ?

David provides some all important examples of banks and companies that have used SaaS solutions like Temenos to improve ESG and reduce their carbon footprint. 

Traditional banks are under threat from a number of challengers and even big tech players who are venturing into the financial services market, so there’s no room for complacency. It’s time to get competitive. 

This new whitepaper is full of actionable insights to help your institution provide new features, reduce costs and move forward. 

Be sure to watch the video and head to the link below to get the whitepaper.

The post Transforming banking and financial services: How cloud-based software-as-a-service can redefine the banking experience appeared first on FF News | Fintech Finance.