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See how Citi is taking steps to help mitigate the effects of the pandemic, from helping clients to providing relief through funds to frontline healthcare workers, organizations such as No Kid Hungry and more. Despite the pandemic limiting options for group events, Citi was determined to do our part through meaningful volunteerism. The Citi Plex Account is a new digital checking and savings account built to make managing money simpler, smarter and more rewarding. Community Development Financial Institutions do more than provide capital, they level the playing field for communities and populations at risk of being left behind. Market attention has focused on the bearish potential return of the U.

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Difc investments smartstream hp

Citigroup to shed thousands of jobs. Barclays defies odds for record profits. Only a fifth of banks produce reliable forecasts. SmartStream creates strategic partnership with Syntel to increase professional services capacity.

Adds Partner; Opens Office in London. Orange Business Services Trading Solutions capitalises on top five Chinese banks to further its strategic initiatives in China. Islamic banking deal a first for Japan. Private banks bolstered by billionaires. BoE warns the worst is yet to come.

TietoEnator and Handelsbanken continue the Baltic expansion together. World-Check and Datanomic to provide an integrated client screening solution. Wall Street Systems appoints new managing director of sales and client services. Telekurs Financial adds earning estimates from Zacks. Intermediate Capital profits from credit crunch. French banks buy out CIFG.

Goldman Sachs seeks goldmine for hedge fund. Nationwide deposits nearly double. Superfund eludes French banks. Global panic sees stock abandonment. German banks play leapfrog. China Merchants Bank enhances services with new Misys risk solution. Rensburg Sheppards to join portfolio performance comparison. Clearstream successfully launches Euro Night-time Funding Link service. Hitec announce record year-end results. Flowers to bail out Shinsei again?

Deutsche Bank coy on Postbank interest. Investors: Emerging markets will outperform. Most serious breach in banking history? Net add SCT data. LBBW first to go live with new complex options solution from Misys. Almost two thirds of UK consumers believe organisations should take more responsibility for protecting their personal details online. Bank of China buys new Asian stake.

Barclays creates a wealth of jobs. Danske nerves prompt Danish drop. Budget Insurance sign Lightstone Interactive. Fidessa targets German brokers with new product initiatives. China study: Is it lucky numbers, or do fundamentals count? Japan now hit by sub-prime crisis.

ABN Amro penalised for faulty payment. China interested in Standard Chartered. DataSynapse Appoints New President. FFastFill selected by major Australian financial services company. Bravura debuts in Finextra50 Financial Technology Index. Triland selects FFastFill to supply its new online trading service.

Quant House to distribute Chi-X Europe data feed and allow users to leverage its ultra low latency market data technology. Branson in field for Northern Rock buyout. King predicts world market crash. Banks victimised by credit crunch.

Swiss Bank incurs unexpected loss. Unicredit expands in Asia. Thain takes reigns at Merrill Lynch. Barclays reveals true extent of writedown. Write downs not as bad as first feared. Aktiv Kapital to implement TietoEnator's debt collection software solution. Pricing Partners and Misys sign exclusive agreement. Lords bringing regulators to account, says BBA. ATM survey finds French less loyal to their banks than English. Lucrative acquisition for Bank of New York.

Northern Rock goes into hiding. Japanese save Citigroup's share blushes. Comarch successfully implements the Comarch Debt Management system for the Allianz insurance group. Equipos appoints client reporting veteran as Chief Executive Officer.

Telekurs Financial enters into partnership with Infinancials. Smarts Group to improve market credibility at the Malaysian Securities Commission. Foreign exchange specialist to offer currency services at ATMs, including dynamic currency conversion. FinTech global rankings: major players continue to dominate, Indian outsourcers climb and regulation influences European rankings.

Pan-European survey reveals that consumers want banks to concentrate on better connections between web and branch. Mauritius bank sums up two bids. Security checks could ward off customers. Macquarie boasts good profits. CLS Bank settles new record volume. Glitnir Bank selects Temenos to support retail banking. Bank of Communications, Hong Kong, extends Misys relationship with derivatives, fixed income and structured products capability. Clear2Pay acquires payments technology firm Integri.

CA Cheuvreux enhances algorithmic trading tools across Europe through Fidessa. NAB to promote from within. Ex-Abbey boss considers Rock. Big 3 US banks to set up fund. Bravura Solutions sole Australian amongst world's top financial technology service providers. Losses hit Dresdner. Office, car and share options as Prince agrees deal. Comarch Seizes the Factoring Market. Clearstream experienced further growth in October Bell ID signs first South African partner.

Cenkos can't get Close. RBS and Barclays could face heavy writedowns. UBS banker arrested in Brazil. Penson Financial Services, Inc. ICAP to introduce new premium connectivity service through partnership with Equinix. ASB uses Cadencie to launch global first in Loyalty.

Stuckey in to try and fix Citigroup. CMA strengthens global client support with key appointment. Temenos strengthens global client service capabilities with appointment of new Director. Debris of credit crunch expected to last.

Macquarie set to poach Japanese banking star. It offers both physical and digital security technologies that protect millions of people every day, as they pay by cash, card or smartphone, interact with their cars or use their identity. Everyone has a role to play. When you then layer PSD2 on top of that and all the complexities, I think it becomes even more difficult. How might they be achieved?

Responding to global market demand for independent and standardised payment solutions, together with IDEMIA, last year we announced our intention to create the White Label Alliance WLA to provide a new security solution for next-generation payment applications. The aim is to design and maintain an open, comprehensive and standardised framework to meet the requirements of open and closed payment systems.

Based on the Europay, Mastercard and Visa EMV standard, this solution ensures scalability for all technologies: cards, terminals and mobile devices. We want to thrive with our partners and evolve together. We greatly value being open and transparent in our relationships.

The close cooperation within the Alliance shows the effort to define open payment specifications that benefit all end users. It becomes a bit of a nightmare for me, as a user. Bypass old, bureaucratic and expensive systems and enable global banking services for your clients.

This is exactly why technology companies and fintechs are now competing to find. So that has another implication; for certain merchant sectors, particularly hospitality, travel, and general crossborder trade, the digital single market from a European ecommerce perspective has virtually been killed by the. Make it as easy as that. All these types of solutions are really starting to happen now. I worked in the mobile operator space when near-field communication kicked off.

We failed horrifically to collaborate, because we were used to competing. And, lo and behold, Apple, Google and Samsung came in and ate the cake off the table. Consistency is really important, and how the banks work together to roll this out is absolutely key — Paul Rodgers, Vendorcom about merchants that have had their databases hacked, and credit card details stolen.

If you tokenise that, you take away much of the risk for the merchant. When I browse through an app and I want to make a purchase, it takes me through to my banking app to make the payment. That approach worked well with chip and PIN: we all do the same thing. Irrespective of whose card it is, you put your card in, type your four digits and take your card out.

The payments industry is complex—and sometimes that complexity breaks down communications between FIs, processors, and merchants. Contact us today Will it demonstrate to the public the true potential of open banking? ZAC COHEN: Organisations that were prepared for and already at a higher level of advancement around open banking are those that are now able to take better advantage of it.

But the reality is that it has slowed down discussions in many jurisdictions and countries, simply because the priorities right now are very different. The primary purpose of open banking is to level the playing field for fintech and establish a common, secure methodology to access and share information. And that pressure to have the adoption advanced is extremely high from fintechs and consumers alike.

All those concerns are going to fall by the wayside now, perhaps, as the pandemic forces adoption of some of these more innovative technologies. ZC: I agree. TFM: Given this acceleration of adoption, what are some of the considerations for moving these digital projects forward?

ZC: Online transactions and interactions, and access to fintech services, are must-haves today, not nice-to-haves. Adoption is currently maybe segmented by certain target populations — or folks that are more comfortable with certain technology layers. So, the first thing you always have to think about is the user journey. What is that interaction like and how seamless is it?

This is where people in the vendor space need to pay attention and start to evolve and innovate. ZC: From our experience of helping to build a regtech company that services and deals with fintechs all day long and handles sensitive information, the big thing in terms of ensuring customer data is secure. We can no longer have organisations where the compliance team is in the backseat, or security comes after the fact in sort of a product strategy or operational rollout.

All those business units really have to be part of the strategic planning from day one, and to make sure that all those angles are satisfied. When it comes to regulation or compliance or security, some executives think of it almost as something that you have to do. In Europe there are similar calls for an extension. We can no longer have organisations where the compliance team is in the backseat, or security comes after the fact in sort of a product strategy or operational roll-out — Zac Cohen ZC: SCA is, on the face of it, around transactions, merchants and buying things online.

RW: Just from personal experience, I am seeing industries that are not necessarily traditional, online businesses being impacted, like my local gym. They are now trying to create an online version of their experience, and they have to figure out ways that they can get people to log in and authenticate themselves. TFM: Because financial services is such a closely regulated industry, do you think your bank account could become the thing that authenticates who you are?

Could they just ask for your bank details? RW: I think it will depend on the risk appetite and the amount of friction that the need for bank details creates. However, I do believe the pandemic is certainly going to drive organisations to consider alternative options. Trulioo has always taken that approach — ours is a network model, a layered approach. We believe there are a variety of paths that should be able to work for the end goal, and all of them should be seamless.

Issue 16 TheFintechMagazine. How about forecasting for finance teams? Or providing solutions to complex compliance issues? Jeremy Suddards was still only relatively recently installed as CEO of Aptitude Software, a company whose sole focus is on the chief finance office, when the pandemic hit.

Not only did he suddenly find his staff flung to the four corners of home working but, as the market dropped for six successive sessions in six days, CFOs were scrabbling for help in predicting what was essentially the unpredictable. This was right across sectors. Regulators are now manoeuvring around temporary changes and tackling operational challenges, too — like a less glamorous Lionel Messi on a very wet pitch where the goal posts keep moving.

The ongoing market volatility feels like a rogue firework display. So how are companies reacting to all of that? I completely agree. And this is it. And Aptitude, which for 20 years has been helping CFOs navigate rapid finance and technology change, is standing ready. I talk to insurers that have people in their finance department, I mean, this is a huge issue. I think a CFO will want to look at all of the costs that are going to be expended over this year, and probably most of next year as well, and work out how much of it is absolutely needed and how much of it is discretionary.

Then, ask themselves what are the five to 10 things that are going to drive the business forward and sustain it, not for the next six months, but from January and even ? Those are the things you need to focus on. Those things are just too long, too fraught with danger, too much risk, and the capital outlay is too high. More importantly, they can be a winner out of this, rather than just survive it. Set in the near future, it stars an executive armed with intelligent data and an automated forecasting suite that gives her the upper hand in a menacingly tense City of London.

Stand up for fintech! More than 70 per cent have been forced to adapt their normal business around the rules, and, according to the Enterprise Research Centre, 70 per cent more firms went bust between the start of March and mid April than last year. But could that be just the beginning? Almost a third of businesses in some regions are said to be at high risk of collapse. Getting them access to government support is essential and fintechs are banging at the door to help, but their.

When they found out about what was expected of them, they. The distribution of the loans that we needed to get the economy running is behind the curve. The agonising pace of incumbent banks took a heavy toll on those SMEs that needed immediate help. A game of high stakes: The government is in danger of damaging its fintech prize, says Nick Ogden of ClearBank.

One of the few fintechs that have also been approved to process Bounce Back Loans, Starling has a head start on other challengers. That presents another problem, says Ogden. The wholesale market has gone north by around 10 per cent and so they end up in a situation where even if they could raise money to lend at those rates, it would be perceived as being usury by the Government.

They have access to private capital markets and can make agile credit decisions to underwrite the remaining 20 per cent. To ignore. Companies like ClearBank, Starling, Monzo and other successful fintechs have been held up by ministers as this shiny success story in the UK.

So, government-backed business loans aside, are fintechs being used as a badge of honour at parties and ignored in business? Does our government really understand what fintech does or has there been a bit of blagging? We have alternative lenders set up. We have the ability. Want to find out how Apply Financial can solve you payment validation problems? Email : sales applyfinancial. FinTech Wales is implementing a year road map, spanning schools, business and government, to create an incubator the size of a country.

Hannah Duncan investigates FinTech Wales is shaking up the nation with ambitious plans to future-proof employment. Ripping up the rule book, tech CEOs are appearing in schools while competitors collaborate in government offices. It will identify common technology challenges, which will help to drive collaborative projects for next-generation products and the necessary skills pipeline.

It will also allow the sector in Wales to become much more proactive about the technology and skills needs of the future, allowing more timely interventions, planning and preparation to take place. For some time, this small nation of just three million people has been layering and increasing its worldwide digital offering.

It has an outstanding resume, with all eight of its universities pumping out highly-skilled tech graduates. Fintech has become a national priority. Because of the impending rise of artificial intelligence AI and machine learning. Much of the impact is likely to be felt on the street: retail employment makes up around 14 per cent of Welsh jobs, most of which could be washed away as the e-commerce tide rises.

Nasdaq predicts that globally it will account for a staggering 95 per cent of purchases by And while international internet giants rake in a healthy profits overseas, revenue for local governments could be slashed, affecting all areas of public service. So, determined not to get left in a digital rut, the Welsh government, FinTech Wales, and schools and businesses across the country, are collaborating to fire up tech.

Government papers even hint at igniting skills among future generations by shaking up the national curriculum. Universities and research facilities in Wales are already among the best for tech developers. Bangor and Swansea universities have opened world-leading programmes in coding, cybersecurity and software, too.

As students graduate, the country is filling with tech experts. Nurturing these tiny fintechs is essential. The Development Bank of Wales backed by the Welsh government has been a pivotal source of seed funding, loans and equity for plus tech businesses.

I see every reason Wales can be a centre of technology excellence in areas such as analytics and digital Welsh to browse the new companies and plant money directly. Typical of Wales, nothing beats community spirit. Everywhere you look there are events, pitching workshops and get-togethers. Nobody is getting left behind and the support is immense. From the startup boot camps organised by. Global Welsh and Hodge Bank, to the FinTech Wales forum — designed to identify and smash down tech barriers, there are many digital fingers in digital pies.

We have a wonderful opportunity to make more of this, as well as the growing academic capabilities we have, to be much more proactive in our development of the sector and the talent that supports it. But a dramatic contraction in demand — some predict by as much as a third this year — has exaggerated a trend towards less reliance on fossil fuels in favour of greener energy. Anticipating this change in world order, the UAE is attempting to redefine itself as a leading global financial powerhouse — and it means business, pouring a significant amount of its riches into making sure it stands out in a crowded space.

In fact, ADGM has already signed partnership agreements with state-owned Chinese organisations and opened its first international office in Beijing, to help regionally based firms access this large and lucrative market. The territory is proud of its enabling ecosystem, characterised by a flexible, digitally-powered, legacy-free and independent legal. At the same time, ADGM is partner in and home to the recently launched global tech ecosystem, Hub71, in which it has invested Dhbillion to enable it to drive tech transformation with input from capital providers, business enablers and strategic partners.

Incumbents find it attractive, too. In April, it announced plans to launch regulated digital asset trading in the second quarter of , with secure, decentralised digital asset exchange DEX among the first companies granted in-principle approval. Innovations, so far, include three regtech pilot initiatives aimed at helping financial services firms achieve better compliance and risk management outcomes, faster and more cost-effectively — including an artificial intelligence AI -enabled regbot to speed up licence applications through automation, and a partnership with financial technology www.

The central Abu Dhabi. Kiew-Smith, who explains that the regulator sees itself as fulfilling an enabling role. If we imagine, for a moment, that everyone is application programming interface API -enabled, tokenisation is real and digital security and digital assets can be freely traded, what, from a regulatory point of view, would make that clearer?

People say banks should think more like Apple, Netflix and similar firms. We take the pillars that make them successful as our inspiration: research and development; having the best tools and talent; investing heavily; and growing the ecosystem and creating new marketplaces, like the Apple App Store or Netflix boxsets. Our Digital Lab will create an entirely new fintech marketplace, hosted online and run by the financial centre with the regulator deeply involved.

Despite boasting the fifteenth-largest economy in the world, measured by GDP, coverage of the country in the international media has tended towards the unsympathetic, focussing on kidnap, corruption and that wall. One quarter www. Among those ingredients are demographic factors.

Sixty-nine per cent of people regularly use the internet and social media and, of those, 72 per cent already use two or more fintech services, against a global average of 64 per cent, according to Statista. In , smartphone penetration in Mexico sat at 50 per cent; by that had risen to 60 per cent.

Development, Pablo Cuaron, cautions against using this data point alone to guarantee an improvement in financial inclusion. Having run an international series of development sessions with fintechs, Mastercard consolidated these into the Accelerate programme in October One component of Accelerate, labelled the Fintech Express, is designed to help startups like Klar to scale rapidly through local markets. These have been some of our most lockdown, Mexico had been posting successful weeks, in terms of consumer fairly unexceptional economic figures, traction; it just highlights that digital-only with millions of Mexicans struggling models are the future.

Since the the lockdown, the outlook for a large beginning of the pandemic, Klar has in proportion of them has become almost fact tripled its customer base, as Mexicans intolerably worse. Over a third of those at-risk dominated Mexican payments for a long workers already lived in poverty, and a time, this really provides a unique further 16 million have no access to social opportunity to push the security benefits.

Cuaron says Mastercard has registered As a result, 44 per cent of the adult a strategic split between incumbents population of Mexico own no financial and fintechs in Mexico; one that it is keen products, and only 15 per cent have access to address. Perhaps the most talk to each other, and get the most out shocking statistic is the difficulty Mexicans of each other? Cuaron highlights is clear: collaboration will Clearly, financial inclusion should be a priority in Mexico, which trails Brazil in most win the day.

All this will help shift consumer behaviour, as well. Moller sums up the mood best. It lets you integrate new technology seamlessly — bringing new products to market more quickly and with a better customer experience. The American Chamber of Commerce in Hong Kong published the results of a survey last month that showed more than a quarter of companies questioned were considering moving elsewhere. But, so far, there has been no flight of human or. A Faster Payments System, supporting both the Hong Kong dollar and the renminbi, was introduced in , enabling cash transfers by mobile or email.

It will develop the infrastructure and connectivity between the people in the different cities and build a global, modern industrial system. Many companies with headquarters and offices in Hong Kong, are also crossborder in Shenzhen or Guangzhou, to support the development and increase their technology capabilities and skills.

My job is to oversee these companies, propose the. What we try to do is to see if the technology is suitable for the bank, if the integration is easy, and if we can implement it quickly. Quick wins are very important to us: first to see the feasibility of the project, and then the feasibility of the result. Can we see, after proof of concept, some metrics that show the difference between what we have currently as a process, and what we can expect to have with the new process?

As I said, the technology is not the most important thing, though; it is how you can leverage on the value proposition. So where specifically does Souidi think the opportunities lie? Some of that is about how we can integrate AI in to the business.

But then also how you can structure and streamline that data and make it easy to. This is really important for the bank and the ecosystem. The plan is to develop an international innovation and technology hub… imagine putting New York City next to Silicon Valley. For years, governments and industry have talked about addressing financial inclusion; now it is the key issue across the region, particularly as it grapples with the COVID pandemic.

It necessitates a collaborative approach between policy makers, financial institutions and fintechs. The prices of crude petroleum, coal, coffee and spices have all slumped during the crisis, with coffee prices down by almost 23 per cent so far this year. The whole region is suffering. According to Egas, this makes it even more important for Latin American countries to leverage technologies to mitigate COVIDrelated economic contraction expected to reach 5.

Those without access to regulated financial services will have nowhere to turn but to. Although it might be slower than he would have liked, progress is being made, however — and BPC is at the heart of it, connecting digital and physical environments. The company is creating digital ecosystems that bring together banks, processors, merchants and governments to deliver relevant services to customers to fulfil their everyday financial lives.

It also brings cost efficiencies for the banks as cash purchases are increasingly replaced by digital ones. BPC is at the heart of the digital transition in terms of smart city transformation, too, and by providing digital payment platforms, particularly for small, one-person or family businesses at the vulnerable end of a very long supply chain. As such, it believes it can help governments across Latin America soften what will likely be a very painful ride over the next few years, post pandemic.

This platform connects buyers and sellers and improves the income of individual farmers by giving them access to multiple buyers; multiple input companies at reduced prices; financial services to include them in the real economy; and access to advisory services for more sustainable crop production. Buyers, in turn, benefit from access to a large and varied segment of farmers and their produce; ease of procurement and planning in a fragmented market; and better logistics and tracing and therefore a better and more balanced price with reduced risk.

Launched during the COVID outbreak, Safal Fasal Successful Harvest marketplace has already succeeded in rebuilding broken supply chains that relied heavily on physical connections. The wider mission is to positively impact the lives of 10 million producers across the globe within the next five years.

And when they need finance they are forced to pay high interest rates for loans that are too small for their needs. It also enables instant payment upon delivery — a new concept for farmers who previously had to wait for intermediaries to pay them, leading to financial insecurity.

The ultimate objective is an end-to-end cashless process. BPC has evolved from being a software company based on licensing models and standard products to catering for the specific needs of clients. Our plan for is to establish additional processing facilities across the region and provide full software-as-a-service models and solutions to clients and partners.

More and more, we take a partnership approach with added value services that help go to market faster. The demand for innovation is papable and the need for speed is evident across the region. It demands a collaborative approach. Cash meeting head on Ron Delnevo, Chairman of The Cash Learning Partnership, describes how the network for innovation in humanitarian aid is seeking fintech solutions to solve world problems On Boxing Day , shaky mobile phone images captured a catastrophe unfolding in the Indian Ocean.

An earthquake in the ocean floor — one of the biggest ever recorded — propelled a deadly tsunami towards the beaches of Indonesia, Thailand and Sri Lanka. More than , people died that day and hundreds of thousands more lives were impacted. As humanitarian actors scrambled to deliver cash transfers for affected populations to access goods and services in those local markets that were still functioning or recovering, five organisations came together to found the Cash Learning Partnership CaLP.

Originally involving five humanitarian organisations, in the decision was taken to expand the number of members and CaLP now has more than CaLP works on the premise that the potential of cash and voucher assistance. Since its inception, CaLP has had a fundamental role in scaling up the quantity and quality of CVA in humanitarian responses, based on the simple question: why not cash?

To make this happen, it has been involved in building the capacity of CVA in the humanitarian sector through developing and operating courses online and in person ; building the evidence base, with research and knowledge management; advocacy and coordination, and provision of technical expertise on emerging topics.

CaLP plays the key role of convener with the members of the network and beyond, to highlight, discuss and foster mutual learning on issues impacting both now and in the future. The organisation has contributed to significant progress over the course of a few years, as thinking and processes have changed in the humanitarian sector, making the shift to using cash transfers possible.

In addition to this volume increase, the focus on quality means that the CaLP network is concentrating on finding the most effective ways to reach those in need, putting affected people at the centre of decision-making. The CaLP network continually scans the horizon to spot emerging trends and issues, summarising, synthesising and analysing these to provide easy access for all stakeholders. This requires close attention to the use of technology in the humanitarian sector and an understanding of how the new digital trends and risks can affect the work of CaLP.

The increase in humanitarian cash transfers over the last decade has been accompanied by a growth in the use of digital delivery mechanisms, including bank cards for payment or retrieving cash at ATMs, along with transfers through mobile phones and electronic vouchers. Such technology has been used successfully in some of the most remote and challenging contexts, such as Afghanistan, the Democratic Republic of Congo, northern Mali and Yemen.

There is a world of opportunities to explore as to how new technologies can support the delivery of CVA to humanitarian aid recipients. For example, the Global System for Mobile Communications said recently that two-thirds of the 3. With the rise in technology use come increased risks, including those related to the security of beneficiary data.

In addition to being the overall ethical responsibility of the organisations collecting data, this can be a life-threatening issue in some specific conflict zones. CaLP has been at the forefront of making sure members are constantly informed and equipped to recognise and resolve such data protection issues, convening face-to-face meetings, running webinars and releasing podcasts. Recognising that humanitarian cash transfers are just one element of the financial flows that can emerge during humanitarian emergencies, CaLP, always mindful of the links to the broader financial assistance landscape, also aims to provide thought leadership on emerging issues likely to impact humanitarian CVA.

In , CaLP itself identified the need to work differently, to take advantage of emerging opportunities and to prepare for new challenges. With a new strategy for and beyond, CaLP will strive to become a network structured to help members understand future trends and.

CaLP has been issuing guidance, identifying best practice from the field and helping the whole network understand what the pandemic means for the use of CVA and the operations of CaLP members. An example of that is evidence gathering to determine whether CVA programmes during the crisis have been negatively affected by anti-money laundering and counter-terrorist financing CTF sanctions.

CaLP is aware that CVA is being scaled up to meet growing needs during the pandemic, with humanitarian actors at national and global levels working to expand cash programmes to reach newly affected people and, in some cases, switching existing in-kind programmes to cash.

However, CaLP has also heard anecdotally that some programmes have been unable to pivot to CVA due to the potential chilling effect in relation to. Calls for simplified customer due diligence and the revision of sanctions on which these measures are often based, are best supported where CaLP can obtain examples of impact from practitioners. With a strong platform provided by plus members, CaLP is a gateway to meaningful partnerships in the field of humanitarian assistance.

This is a significant opportunity for the private sector, working with CaLP, to offer thought leadership on payment choice and innovation in financial services, and to see how to leverage such leadership to deliver the best outcomes for humanitarian aid recipients.

One thing is absolutely certain; the future of CaLP is in very safe hands. Getting to grips with SME banking In judo, you lift and throw opponents on their backs, pin them to the ground and apply various chokeholds or joint locks until they submit. What better name, then, for a challenger intent on running circles around what it sees as the lumbering giants of SME banking in Australia?

This summer, it will move into profitability — a major achievement for any neobank, let alone in such short order. Over the last 18 months, it has hired close to staff and is expanding into offices in Sydney, Melbourne, Brisbane, and Perth during the next few weeks. As soon as we started seeing the onslaught of this crisis, we had our bankers on the telephone, then on webinar, speaking to customers, making sure that they were across the risks in the business, reassuring.

By combining human experience and relationship building with data and artificial intelligence AI in a Cloud-based business that can then execute the necessary business processes very quickly, Judo aims to deliver on that expectation. The banks lost sight of what they were there for — to serve the economy and particularly the SME economy.

Our data on that customer is complete and is of a high quality. The first thing we had to do was demonstrate that we could grow our business by lending. When people see you doing that, they get an enormous amount of confidence.

As much as he is attuned to the opportunity in servicing the sector, he is also aware of the operational risks involved in going too far and too fast. Scaling as quickly as it has this year could make it hard to replicate the passion and drive employees had for being part of a startup. Banking has fundamentally changed.

Eventually, they end up really damaging or even killing the business they bought. Healy believes it is time for many of them to change their business models completely. I personally would consider it as close to a nightmare as you can imagine if we ended up being acquired by a large bank. Digitalization and customer expectations are driving the future of financial services. Put your customers first by offering state-of-the-art ID management solutions and digital payments services that will make you top of wallet.

Our 5, experts in over 40 sales and partner offices all over the world are glad to advise and support you with years of experience and comprehensive solutions that let you meet the challenges of a connected financial industry and capitalize on its opportunities. For more information, please contact mobilesecurity gi-de. That Akmal Saleem chose to launch a shariah-compliant lifestyle bank in the UK in the midst of a global pandemic, must put Rizq in the category of most ambitious startups of The Islamic Finance Consumer Report from Gatehouse Bank revealed that nearly half have never used a sharia-compliant bank, often because they believe that only those who actively follow the Islamic faith are allowed to.

But now the ethical principles under which those banks operate are suddenly making a lot of sense to many people of all faiths and none. The pandemic has caused many in the UK to question issues to do with financial systems — the principles underpinning first world economies that have driven banking to a precipice before in the West.

They are looking for something new, something fairer and more inclusive. And Rizq aims to provide it. They want ethical choices that fit with the tenets of their faith and practical tools to help them achieve their financial aims within that. Rizq is using advanced technology, informed by knowledge of the Islamic faith, to provide modern services within an ancient belief system.

The two are not mutually exclusive, insists Saleem. We can give people using traditional Islamic banks in Europe what they require, but also appeal to a younger generation with different emerging needs, and bring that together in one experience.

It is extremely simple to sign up to. Users can make lightning-quick payments, set up budgets, donate to charity and collect cashback in some of the most popular retailers. Rather, Rizq uses digital to incorporate Islamic principles at its core. How can we help people during Ramadan, and with their obligations towards things like performing Hajj [pilgrimage]?

But Saleem remains hopeful it will be up and running by July, helped rather than hindered by a values shift among the wider population. Tools to help keep the faith While full details of its specific product offering have yet to be revealed, Rizq will launch with a current account, later joined by a premium account, and features include shared accounts with budgeting help. At the time of writing, Rizq was awaiting confirmation of its licence from the UK Financial Conduct Authority to operate as an e-money institution under shariah law.

That forbids followers of Islam from taking part in any financial service involving. Three, four years. The market is also maturing. But younger Muslims are more tech-savvy. A command handed down 1, years ago is shaping the development of a digital bank.

Ancient and modern: Shariah principles of ethical finance chime with shifiting values and a tech-savvy generation. Our members are industry experts, business leaders, and technologists, committed to championing the new era of digital commerce. Our community is: l Establishing best practices and governance standards l Conducting global regulatory and policy maker outreach l Curating and sharing expert insights.

Join us to: l Demonstrate accountability and commitment to best practices through Code attestment l Share knowledge by taking part in our events, webinars, calls and more l Network in a shared engagement forum with market participants, policymakers and regulators. GDF members survey. They headed straight for a bank. Pictures quickly emerged online of endless queues and busy banking halls as people who had no other means of withdrawing and depositing funds rushed to make transactions.

Less than a year in, Kuda Bank is providing not just a financial service, but a social one of the State Microfinance Institute, to fintech entrepreneur. The 40 per cent of people who do already operate an account can switch in seconds and get the full monty with no restrictions. But, in either case, there are no fees. But Kuda goes beyond price.

The best way to do that is by extending credit to people who need it immediately. Its intention, though, is to financially liberate not just Nigerians but the whole of Africa. Ogundeyi points to the levels of financial inclusion seen in China and across Asia since the introduction of mobile banking. And, much. Indeed, last year, the government allowed the first telecoms provider to start facilitating money transfer services.

MGN Nigeria was licensed to provide cash transfers through mobile money wallets using its retailer network, mirroring the phenomenally successful M-Pesa, also operated by telecoms, in Kenya. MGN also plans to launch a payment service bank, for which it is still waiting approval.

We have around million people in Nigeria, but only around 80 million are using bank accounts. What can we do so that 80 million use their bank accounts and bank services even more, and the other million also start using bank accounts, so it increases the pot for everybody? As a traditional bank, you literally have to disrupt yourself to see this opportunity and there are a lot of risks involved in dismantling what has worked so well for centuries. Far from being fazed by it, Ogundeyi welcomes the increasing international attention and is confident of the position Kuda Bank holds in the market after less than a year.

We believe very strongly in our ability to understand the. And our desire is for this to be mainstream. His mobile-only challenger is still on that yellow brick road and people are loving the journey Angered by the failure of financial institutions during the recession and prompted by a sense of social duty to offer an alternative to what he saw as broken banking, serial entrepreneur Ali Niknam started working on bunq, a subscription-based mobile challenger, in In , it gained its European banking permit, the first in more than 35 years, and when it launched in in the Netherlands,.

It remains unique in that to this day. That extends to the balance sheet, which, Niknam says, is imminently capable of showing a profit. Currently, there. Customers can even suggest newer avenues for their funds in line with their principles, and bunq will consider them. Subscription-based and offering a primary account with sub-accounts, each with its own IBAN international bank account number , bunq works hard to create features and products its users love.

Its bunq cards are integrated with Apple Pay and Google Pay in selected countries, and users can even create an online-only card for e-commerce purchases. For Apple iPhone users, bunq also integrates with Siri, allowing them to perform some common www. So we took our time to do just that. Now operating in 30 markets, across seven languages, the challenger is routinely demonstrating how banking can be different.

Here Ali Niknam explains how he gets bunq to do that. I started investing in stocks when I was 12, and founded my first company when I was I founded my first really successful company, TransIP, when I was Bunq was to show everyone what a bank could be, how user-centric it could be and what a different experience you could have. I chose to fund it myself because I really wanted us to be focussed on our users and create a product they love, rather than getting caught in the VC game of running after vanity numbers.

For a company to be healthy and sustainable, first it needs to understand its users and then it needs to www. AN: The amazing thing about bunq is that our users are really engaged with us. You can invite someone in just one tap. You can literally become a part of the bunq community in 90 seconds.

TFM: How has the pandemic affected your working operations? So, for us, not much changed. We did have some downstream. For example, the production of the cards happening all over the globe means we need to make sure we have enough stock. But, otherwise, working from home has been great. In fact, in certain regards, I get more done now because I get interrupted less! TFM: How do you plan to stay current while not committing yourself to huge and ongoing technology investment? AN: As with any technology platform, there is a huge advantage of being able to start afresh.

If you want to keep having that advantage, it takes effort and discipline, and an understanding of technology. There are a number of factors that would contribute to helping prevent huge spending to stay current. First, which. I love coding. Second, avoid getting behind, because as you start accumulating technical debt, as with normal debt and interest, it ramps up much quicker than you would anticipate.

Third, educate users to expect constant change. We aim to be current at all times. That means the interface will get better every time, the card will get better every time, the experience will get better every time. It also means that there will be continuous change. Being clear about that enables us to have an environment where we are encouraged to continue innovating.

There will be continuous change. Also, I really love the Green Card and the fact that we planted , trees in less than four months! TFM: Atom Bank has will. If bunq was personified by a musician, who would it be? When Henry Fudge felt the same, he founded a luxury private bank. Both of us are Welsh and both of us moved to Switzerland as soon as we finished university to rub shoulders with the oh-so-discreet advisors to the super-rich. These tax-efficient locations are home to a sprawling wealth management industry, which is populated mostly by older white men in expensive Italian suits, with grey comb-overs and Rolex watches.

Unlike competitors, , which is due to launch this summer, has been created for young affluent people, by young affluent people, the idea sparked by an exasperating conversation Harry was forced to have with a mortgage broker who struggled to get what an influencer-cum-Facebook Gaming Partner did for a living.

He let Hannah Duncan into the not-so-secret circle of the young elite mortgage. According to Fudge, they broadly fall into two groups. Then you have the customers who just want the investment handled for them, taken off their hands. Can you show me how to do it? So, I asked, what did they mean by digital? Services advertised in the public view would be anathema to them. But Millennials and Gen Zers are not their parents. These nouveau riche are digital natives: they ARE their website and they expect their bank to be on the same web page as them, figuratively speaking.

According to a recent Accenture study, 67 per cent of Millennials expect to have robo-advice, 63 per cent expect to connect directly to advisors through an app and 62 per cent want a platform that incorporates social media. They want the special service that www. There are thousands of entrepreneurial or first-generation-wealth millennials with private banks whose services suck. For those who are looking for support in terms of investments that would correlate to the www.

So, where has fintech been? Fintech is the ultimate private banker. But Fudge believes it also solves a deeper, more complex problem that often. The look and feel of the bank card came up a number of times in our conversation. Would I have tried to get one when I first went to Zurich? You bet I would. A fintech box set Paris Fintech Forum ended a five-year run in January , with founder Laurent Nizri right leaving fans on a cliffhanger.

Now you can relive the last epic instalment with a special online edition, including all panel debates and interviews. Organised by the insanely well-connected Laurent Nizri, the Forumhas been our must-attend, red carpet industry event for the past five years.

Bitter endings and fresh beginnings: the heartache of being a fintech founder with Renaud Laplanche. This interview summarises everything that the PFF was about: sharing and caring for the good of the industry. We were blown away by her clear and passionate message about talented entrepreneurs who operate businesses in rural Africa, many without even access to mains power.

We love this video because it shows three veteran operators being refreshingly open on some difficult topics, including customer trust, gender, race, connectivity and sustainability. Stand out performances all round. Highlights include Western Union CEO Hikmet Ersek explaining what fintech taught him, and executive vice chair of Mastercard Ann Cairns passionately firing out compelling statistics on financially underserved women.

If I keep going for another five years, it will get boring. There needs to be a different PFF, but we only want to come back if it will be meaningful. So, until further notice, my interview with serial fintech entrepreneur and former CEO of LendingClub, Renaud Laplanche see our review below , was my last. Stay tuned!

Go to www. Diamond ticket holders for the show enjoy a free pass. Look out for another Nizri ratings winner — The Fintech Club online event. This time, the focus will be exclusively on the fizzing fin and tech scene in France. With frank and fresh views on what it means to be a challenger bank, they have wonderfully different motivations and visions. There are some stand-out speakers in this panel. This is unmissable viewing for any fintech considering a bank partnership.

It reunites moderator Nizri with two calibre fintech founders. Clearly on familiar territory, he starts the interview with a cheeky French quote about idiots and teasingly refers to Kantox as a mosquito compared to a large bank. We love the frank friendliness of this little ensemble. The participants are bold and honest as they get real about why partnerships with banks can be slow, controlling or too complianceheavy. Quite an eye-opener. When we asked Laurent Nizri what his all-time favourite interview was, he instantly went back to a talk that featured a seriously impressive panel.

But being on this stage, I remember the adrenaline of it all, and I loved it. Characteristically pristine and precise, Lagarde talked, among other things, of how fintech can help end violence towards women and the effect of deep-rooted cultures on data sharing. With more than 30, views on YouTube, this video has become a piece of fintech history. As chief customer officer for Cloud-native banking and lending software-as-a-service provider, Mambu, his job is to prepare them for it — after all, neither he, nor anyone else could have predicted in January how different things would be in April.

The pandemic has grimly proved his argument for a composable, Cloud-based banking services, which give greater flexibility of response to changing world circumstances, and b collaborative ecosystems, because we really are all in this together.

Composable and collaborative are the watchwords for the new normal in banking, according to Elliott Limb, Chief Customer Officer for Cloud-native banking and lending software-as-a-service provider, Mambu services. That elastic capability in particular has been tested and proven by many clients servicing small and medium-sized businesses — one of the sectors that Mambu focusses on. He has bitter memories of the difficulty he experienced in establishing individual relationships with banks so that they fully understood his specific business needs, and the frustration of being shunted to a call centre.

The software just rolls out because we can implement as teams across companies. That is a massive change, and this is what people need to wake up to. It is such an important shift in the market. It begs the question whether the tens of thousands of SMEs still served by more traditional banking structures, and which have struggled to get the immediate help they need during the crisis, would have fared better if those banks had been based on a fundamentally different technology.

In this crisis, we suddenly saw payment holidays were needed, different loan calculations, interest rebates. We then delivered that solution within two to three days, straight out of the box, and rolled it out to all of them. We can roll that out in a matter of days. We can move with agility to do the right thing, not just for us, for our clients and for their clients, but for humanity and the economy in general.

Collaboration and composability were key fundamentals to all of those, says Limb. Composable and collaborative are absolutely fundamental to making this market work. The complex server-based systems, still commonly used by many legacy banking giants, carry a significant disadvantage, according to Limb, who also warns that it is not enough for them just to try to transfer part of those structures to Cloud-based platforms.

Composable is at the core of everything we do. Honestly, I think the biggest thing banks should be doing right now is building for an unknown future. Our cutting-edge technology transforms your raw data assets into insights and value in 60 days. With full commitment to privacy, security and compliance. Completely Cloud-based, Mox will roll out its virtual accounts later this year as one of the first eight digital-only banks to be granted a licence by the Hong Kong Monetary Authority.

We wanted to be there to learn, but also to bring our technology to help build this experience that puts customers at the centre and makes sure that companies like us can do our job without ever being seen, without any friction in making sure the risk is managed. We want to be part of what these users expect and are comfortable with.

That was why we went there. TFM: What has it been like working with Mox on its virtual bank launch? And in 20 months they did. They were able to create from scratch and take live in a major, sophisticated market, a product that is unlike anything we have seen yet. That, to us, is our favourite environment to operate in, because it allows us to give value, to work in tandem, to share responsibility. Collectively, we are a team.

What is not natural is things taking forever, having to go through these long procurement cycles. I think the end consumer, the ultimate beneficiary of this, does not get any benefit from that.

NANCY MALESKA TAYLOR INVESTMENT CORPORATION

Establishment of Kuwait Investment Authority office in China. Roland Brandli has worked for SmartStream for over fifteen years and currently holds the position of Strategic Product Manager. During this Partner at Arkwright. Over 23 years of banking and advisory experience in digital banking, Open Banking, retail, corporate and government payments, and cross-industry platforms and ecosystems. Francesco complements his John has been a key global player in retail payments for more than 30 years.

He was one of the driving forces behind the phenomenal growth of Visa in a year career where he was Executive Vice President and latterly ran the European processing business. He also spent 5 years working with First He is a sought-after public speaker, known for his candid views and straight He is in charge An experienced digital and business strategist with 18 years track record in leading digital transformation for clients across Europe, Middle East and Africa.

Experienced Managing Director with a demonstrated history of working in the management consulting industry. Strong business development professional with a Master of He is responsibl for all areas of information security from defining new requirements Previously supported e-commerce operations at Nestle and built online presence for multiple fashion brands. Mark Rennie Davis is the Chief Advisor and Founder of Advistic Consulting, a Dubai-based firm focused on providing payments strategy and advisory services to banks, governments and Fintechs in the Middle-East.

His key areas of expertise are digital payments, open banking, fintech He joined Skype in where he built the team in charge of Strategy, Business Development Steve Dennis is a consultant, keynote speaker and author on retail growth and innovation. He has been named a top 10 global retail influencer by multiple organizations and his thoughts on the future of shopping are regularly shared in the media and in his role as a Forbes Senior ContributorDuring a Over the An author and researcher, she has written respected and influential studies in the area of privacy, identity, biometrics, AI, data brokers, health privacy, and other He is also Co-founder of Startups.

Rao has over 5 years of experience working in a market of more than million individuals and has been at the forefront of creating a digital eco-system which connects Henrik is the Director of Strategy at Vaimo, working with global manufacturers, retailers and brands on digital transformation and eCommerce strategies.

Being a hands-on practitioner, Henrik has established digital organisations and executed several omnichannel customer experience programmes. Experienced in guiding business through regulatory expectations and internal policies, offering solutions and mitigating strategies He began his career as an entrepreneur and was a A three time tech entrepreneur with fintech and e-commerce focus, Tarek managed Foodpanda growth across the Middle East part of Talabat.

His previous two ventures were in healthtech, one of which Shreesti currently heads the Mohit is an astute professional with over 18 years of rich multi-functional experience in to Banking and Insurance Industry. Travellers can exchange currency at Padmini Gupta is the Co-founder and CEO of rise, a fintech platform which democratizes access to essential financial services for millions of migrants globally. Neeraj envisions fostering a behavioral change in the UAE relating to how finances and social security is perceived in the region by the masses and promote digital In his role of COO of talabat, Toon has helped build the brand to spearhead online food delivery in the region.

While managing the strategic and business development division, Mr. Habib has played an integral role in He is multi-dimensional certified e-commerce consultant with over 15 years experience in Account Management, Program Management, and launching bespoke customer-facing experiences in e-commerce, Internet, social and mobile verticals.

I have twenty years of enterprise Funsho is chartered accountant and certified IT service manager. He is a Fintech enthusiast with special focus on digital lending, payments, and artificial intelligence. Funsho has extensive practical, management and consulting experience in various aspects of his profession and is an excellent Ali Imran is a seasoned financial services executive with proven track record in delivering C-suite strategic transformation agenda as a practitioner.

His core area of expertise are strategic business transformation, customer value Ayman Ismail is an international expert in entrepreneurship and economic development. He is a co-founder, angel A 30 year industry veteran, Miles has spent more than 20 years developing and implementing payment solutions for TSYS.

He has worked extensively with clients across all sectors of the payment industry in many international markets, having being responsible for professional services, product But after spending the last 20 years of his career in Network Management it was time for a change, and Michael has now spent four years in the Abe Karar is a Digital Transformation advisor highly regarded for strategically guiding new products, processes, technologies and management information systems to drive business performance, client engagement and operational excellence.

Abe is known for consummate expertise in executing Bharath has wide ranging exposure to E-Commerce, Distributed Teams and in the trenches business experience. Bharath is currently working towards setting up and scaling the supply chain and customer service function at Styli-A Fast Fashion E Commerce business of the Landmark Group. Passionate about Fagr Kassim Ali is dynamic and results-driven Traditional and Digital Media Expert with over 28 of insightful experience in the Media sector, driving sales, market share and business growth and brand recognition, with a track record of delivering on revenue targets.

Fagr started his carrier at Khalid has been helping leading brands in the Middle East launch their digital commerce businesses for the last 6 years. He has experienced first hand, the unique opportunities and challenges the region presents. In his current role as Commercial Director at Emakina, he is shaping the second wave Kazim Kirmani is a passionate about all things digital payments. Having worked in the industry for the past 13 years, he has led the development of some of the industry awarding winning products including the region's first 3DS certified Payment Gateway, the region's first EMV certified She has also created and owns an ongoing training and organizational change management function for Emaar He is currently in charge of sales and solutions for customer in Asia Pacific region, and have extensive exposure to various warehouse upgrade and transformation HelloGold launched its platform in Malaysia in April with gold as its first financial product with a minimum transaction size of Gordon is a technical leader with over a decade of experience launching digital loyalty and commerce experiences globally.

He has a background in technology and enjoys leading cross-functional teams to deliver exceptional digital experiences. Gordon currently works as Head of Technology for Costa He is driving talabat's q-commerce efforts in the market and ensuring success at every stage. Wassim specializes in aligning business practices and ways of working with company strategy Malek has held senior executive roles in Mirhan Mandour is the founder and Managing Director of SalesARM — Digiteam; the award-winning sales digitization and gamification solution used by top tier financial institutions.

She is a passionate entrepreneur and a seaseoned professional in the banking field. Besides her experience at Jonathan is Regional Chief Operating Officer for Royal and Sun Alliance Insurance Middle East, responsible for transformation and change, including initiatives in the areas of digital, operational excellence, cost optimization, customer, and large technology implementation.

Prior to his current I am very proud to work for the most International Company in the World. We have been voted in the first place on six occasions in the UAE. This is a great representation of our culture and it starts He has first-hand experience of marketing to a range of audiences and has consistently delivered valuable insights into brand building, marketing, and communications.

He was part of the launch of He has an in-depth knowledge of global payment She has more than 12 years of experience as Marketing Strategist, managing marketing and communication, brand development, market research, product development, pricing strategies and lead management. Being clear about that enables us to have an environment where we are encouraged to continue innovating.

There will be continuous change. Also, I really love the Green Card and the fact that we planted , trees in less than four months! TFM: Atom Bank has will. If bunq was personified by a musician, who would it be? When Henry Fudge felt the same, he founded a luxury private bank.

Both of us are Welsh and both of us moved to Switzerland as soon as we finished university to rub shoulders with the oh-so-discreet advisors to the super-rich. These tax-efficient locations are home to a sprawling wealth management industry, which is populated mostly by older white men in expensive Italian suits, with grey comb-overs and Rolex watches. Unlike competitors, , which is due to launch this summer, has been created for young affluent people, by young affluent people, the idea sparked by an exasperating conversation Harry was forced to have with a mortgage broker who struggled to get what an influencer-cum-Facebook Gaming Partner did for a living.

He let Hannah Duncan into the not-so-secret circle of the young elite mortgage. According to Fudge, they broadly fall into two groups. Then you have the customers who just want the investment handled for them, taken off their hands. Can you show me how to do it? So, I asked, what did they mean by digital? Services advertised in the public view would be anathema to them. But Millennials and Gen Zers are not their parents. These nouveau riche are digital natives: they ARE their website and they expect their bank to be on the same web page as them, figuratively speaking.

According to a recent Accenture study, 67 per cent of Millennials expect to have robo-advice, 63 per cent expect to connect directly to advisors through an app and 62 per cent want a platform that incorporates social media. They want the special service that www. There are thousands of entrepreneurial or first-generation-wealth millennials with private banks whose services suck.

For those who are looking for support in terms of investments that would correlate to the www. So, where has fintech been? Fintech is the ultimate private banker. But Fudge believes it also solves a deeper, more complex problem that often. The look and feel of the bank card came up a number of times in our conversation.

Would I have tried to get one when I first went to Zurich? You bet I would. A fintech box set Paris Fintech Forum ended a five-year run in January , with founder Laurent Nizri right leaving fans on a cliffhanger. Now you can relive the last epic instalment with a special online edition, including all panel debates and interviews. Organised by the insanely well-connected Laurent Nizri, the Forumhas been our must-attend, red carpet industry event for the past five years.

Bitter endings and fresh beginnings: the heartache of being a fintech founder with Renaud Laplanche. This interview summarises everything that the PFF was about: sharing and caring for the good of the industry. We were blown away by her clear and passionate message about talented entrepreneurs who operate businesses in rural Africa, many without even access to mains power.

We love this video because it shows three veteran operators being refreshingly open on some difficult topics, including customer trust, gender, race, connectivity and sustainability. Stand out performances all round. Highlights include Western Union CEO Hikmet Ersek explaining what fintech taught him, and executive vice chair of Mastercard Ann Cairns passionately firing out compelling statistics on financially underserved women.

If I keep going for another five years, it will get boring. There needs to be a different PFF, but we only want to come back if it will be meaningful. So, until further notice, my interview with serial fintech entrepreneur and former CEO of LendingClub, Renaud Laplanche see our review below , was my last. Stay tuned! Go to www. Diamond ticket holders for the show enjoy a free pass. Look out for another Nizri ratings winner — The Fintech Club online event.

This time, the focus will be exclusively on the fizzing fin and tech scene in France. With frank and fresh views on what it means to be a challenger bank, they have wonderfully different motivations and visions. There are some stand-out speakers in this panel. This is unmissable viewing for any fintech considering a bank partnership. It reunites moderator Nizri with two calibre fintech founders. Clearly on familiar territory, he starts the interview with a cheeky French quote about idiots and teasingly refers to Kantox as a mosquito compared to a large bank.

We love the frank friendliness of this little ensemble. The participants are bold and honest as they get real about why partnerships with banks can be slow, controlling or too complianceheavy. Quite an eye-opener. When we asked Laurent Nizri what his all-time favourite interview was, he instantly went back to a talk that featured a seriously impressive panel.

But being on this stage, I remember the adrenaline of it all, and I loved it. Characteristically pristine and precise, Lagarde talked, among other things, of how fintech can help end violence towards women and the effect of deep-rooted cultures on data sharing.

With more than 30, views on YouTube, this video has become a piece of fintech history. As chief customer officer for Cloud-native banking and lending software-as-a-service provider, Mambu, his job is to prepare them for it — after all, neither he, nor anyone else could have predicted in January how different things would be in April.

The pandemic has grimly proved his argument for a composable, Cloud-based banking services, which give greater flexibility of response to changing world circumstances, and b collaborative ecosystems, because we really are all in this together. Composable and collaborative are the watchwords for the new normal in banking, according to Elliott Limb, Chief Customer Officer for Cloud-native banking and lending software-as-a-service provider, Mambu services.

That elastic capability in particular has been tested and proven by many clients servicing small and medium-sized businesses — one of the sectors that Mambu focusses on. He has bitter memories of the difficulty he experienced in establishing individual relationships with banks so that they fully understood his specific business needs, and the frustration of being shunted to a call centre. The software just rolls out because we can implement as teams across companies.

That is a massive change, and this is what people need to wake up to. It is such an important shift in the market. It begs the question whether the tens of thousands of SMEs still served by more traditional banking structures, and which have struggled to get the immediate help they need during the crisis, would have fared better if those banks had been based on a fundamentally different technology. In this crisis, we suddenly saw payment holidays were needed, different loan calculations, interest rebates.

We then delivered that solution within two to three days, straight out of the box, and rolled it out to all of them. We can roll that out in a matter of days. We can move with agility to do the right thing, not just for us, for our clients and for their clients, but for humanity and the economy in general.

Collaboration and composability were key fundamentals to all of those, says Limb. Composable and collaborative are absolutely fundamental to making this market work. The complex server-based systems, still commonly used by many legacy banking giants, carry a significant disadvantage, according to Limb, who also warns that it is not enough for them just to try to transfer part of those structures to Cloud-based platforms.

Composable is at the core of everything we do. Honestly, I think the biggest thing banks should be doing right now is building for an unknown future. Our cutting-edge technology transforms your raw data assets into insights and value in 60 days. With full commitment to privacy, security and compliance. Completely Cloud-based, Mox will roll out its virtual accounts later this year as one of the first eight digital-only banks to be granted a licence by the Hong Kong Monetary Authority.

We wanted to be there to learn, but also to bring our technology to help build this experience that puts customers at the centre and makes sure that companies like us can do our job without ever being seen, without any friction in making sure the risk is managed.

We want to be part of what these users expect and are comfortable with. That was why we went there. TFM: What has it been like working with Mox on its virtual bank launch? And in 20 months they did. They were able to create from scratch and take live in a major, sophisticated market, a product that is unlike anything we have seen yet.

That, to us, is our favourite environment to operate in, because it allows us to give value, to work in tandem, to share responsibility. Collectively, we are a team. What is not natural is things taking forever, having to go through these long procurement cycles.

I think the end consumer, the ultimate beneficiary of this, does not get any benefit from that. I think Mox, in that region, is spearheading the change. TFM: There has been a reluctance, especially among major banks, to adopt the kind of Cloud-based system that is at the heart of Mox. What are they missing? They want to control the machines; they want to control the connections; they want to control the physical cables. Well, I can demonstrate, over and over,.

I think that also makes vendors more honest because you have to earn it every day. If the APIs and system are Cloud-based, and easier to disconnect and connect, it makes everyone strive for a continuously better product. There is no turning back on that movement. TFM: Of the challenger banks that you have dealt with — without naming names! NS: The challenger initiatives that are sponsored by a main bank, or which are spun out, that have the domain knowledge — people who come from the industry so they know how these institutions have to operate — with a desire to innovate, but also have the engineering knowledge.

Those, in my view, have the better teams from the get-go and those will be the ones that will succeed. Other challenger banks often start from an engineering mindset, typically venture capital VC -backed, and they will probably go faster in the beginning, but they will make many mistakes.

I think those that come from the banking domain and have that industry knowledge, will not make so many mistakes. The reality is that Cloud allows innovative banks like Mox to rip and replace if tomorrow another vendor comes up with a better solution for any given product. I think that makes vendors more honest because you have to earn it every day way outstrips the benefits of the new way. Just to procure the hardware for that would probably have taken you six months.

To have the physical server it controls would take you another. And for what benefit? The reality is that Cloud allows innovative banks like Mox to rip and replace if. The winners will be those that can get the mix in their teams and have the domain knowledge. They know how to operate in banking, to create that trust and, at the same time, build a tech stack, innovate and put products out there that are what the market wants, faster.

There will be consolidation, at some point. That is just natural. Simplify payments and boost global conversion with PPRO As e-commerce becomes increasingly global, the way consumers pay remains local. Collecting payments from global consumers is complicated, difficult, and filled with nuance. At PPRO, we believe it should be easier to do business anywhere in the world. For more information or to discuss your particular local payment requirements, get in touch at sales ppro.

There were 87 separate pain points. The people of Hong Kong want to do banking quite differently. So, we are creating a service-led bank to solve the pain points. Mox which started life as SC Digital , is alone among this disruptive cohort to be backed by a legacy bank. Yet the need for established Hong Kong institutions to act on sweeping changes brought about by a new regulatory era was spelled out in a KPMG report only last year.

Can we attack this market with our existing model? The answer was an obvious no. But is this enough to define your customers? Two people who are both 30 years old, might be expecting the same things from life, their spending patterns might be the same. But these are not related with demographic. For banking, these are extremely important, but if you want to go for the long tail, if you want to serve underserved people, especially in a market like Hong Kong, you need to create something different.

This is Generation Mox. For example, the people in Mox have a target to onboard a customer in a couple of minutes. Instead of aiming to attract 20, customers tomorrow, if they decrease that onboarding time by one second every month, that is going to create Caring, sharing approach: Mox is about winning hearts and minds.

We want to build small aircraft to attack some markets — and Mox is an example of that. It is also really connected with the culture inside the bank. Chief among those are flexibility, portability and future-proofing.

If you want to freeze your card, you can do it through the Mox app; and if you want to activate it, you just tap. Your mobile app is becoming your remote controller. Time to catch up, banks. Seize the cloud opportunity. Moving to our truly cloud native core banking platform is transformational. Enjoy high configuration, zero downtime, reduced maintenance costs and unlimited scalability. Request a demo of Vault now at thoughtmachine. Citi was one of the first big banks to adopt a private Cloud — or on-premise infrastructure — to help it respond to a changing client profile.

The substantial growth in lower value, contactless payments as consumers move away from using cash for everyday transactions, as well as the move towards P2P peer to peer payments, has undoubtedly been boosted by the COVID pandemic, and the uptick in adoption is likely to continue once we come through the other side.

The intensity of demand created by COVID demonstrated the ability of certain systems, such as Cloud technology, to cope better than others when it comes to rapid scalability. Citi, a leading global bank, is one institution that is responding well to the evolving payments landscape, offering clients a broad range of options, all facilitated by an extensive internal Cloud computing network that has been in place since Wholesale banking operations, like the Institutional Clients Group ICG at Citi, find themselves having to adapt because their client business models are changing, increasingly predicated on real-time, high-volume, low-value.

These companies are also famed for their agility, moving into new territories and rapidly generating business there. The challenge for the banks is how to keep up with them. So, be it trading, foreign exchange or our payments businesses, we need to be able to massively scale them up because transactions are tending to become smaller in size and larger in frequency, and therefore the throughput is growing exponentially.

What really matters is what data you have to put into those platforms, and how you use them. Getting on board faster Faster, secure onboarding, in particular, has become a technology objective as the bank sees clients migrate their businesses across the globe. That means they need new accounts with us. That could affect what data we can aggregate, what data we can utilise. But we now have a framework that permits us to do that and still move into those geographies as quickly as is sensible.

They must allow new customers to pay with the method they prefer in order to attract and retain new clients. So, Spring by Citi was launched as a new service in , offering wholesale banking clients digital consumer payments options. That then creates a product or service that we can integrate back into our environment. The best talent will deliver the best software. Above and beyond: Citi is leveraging its private Cloud to offer scalable payment services to corporate clients.

Moving on Recent data from Link shows UK ATM withdrawals falling 60 per cent during the lockdown; PayPoint, which offers in-store bill payment services for consumers in the UK and elsewhere, saw card payments increase A similar picture is building across many countries. The accelerated demand for online and digital payment services has encouraged fintechs, neo and legacy banks to quicken their pace, increase their processing capacity, design new products and, in many cases, prepone planned launches.

Industry experts believe the habit is here to stay. Retailers continue to work out ways around restrictions of physical distancing and lockdown during the pandemic. Consumers continue to look for reliable, cheap yet secure methods of real-time and digital payments and transfers. At ACI Worldwide, this meant the launch of new capabilities in its UP Immediate Payments solution aimed at extending application programming interface API connectivity to allow its clients a simple integration into any digital channel.

Broadly, this means ACI Worldwide customers will now be able to benefit from real-time payments and. Only a few days before the launch of new capabilities within UP Immediate Payments, Wundr, the London-based retail payments platform, selected the UP e-commerce payments solution to enable its mid-tier and large retailer customers to connect to alternative payment methods.

It said at the time that it was looking to enable end customers to conduct crossborder payment processing and local acquiring with ease. As part of its delivery of real-time, any-to-any electronic payment solutions for banks, intermediaries, merchants and billers, ACI Worldwide had to make pandemic-specific, automated updates to keep payment options flexible for clients.

Against this backdrop, we asked its head of public Cloud, Ciaran Chu, how he sees them responding to the new environment as we emerge from the crisis. How ready are banks and intermediaries now to move business critical operations to it? CIARAN CHU: From a recent study we ran with Ovum of 1, C-level bank and financial intermediary executives, 93 per cent are sold on Cloud computing, with 84 per cent saying it was mission critical and they want to move to it in the next Not only do banks understand that security in the Cloud is enhanced, in many cases beyond their data centre levels, and a lot of them are convinced by the elasticity of the service — containers, elastic scalability, and DevOps.

They want to make it easier for end customers to consume their services, be that fraud management, core banking, merchant capabilities or payments. How can fraud monitoring be wrapped into a Cloud-based payment-as-a-service? Users have an end-to-end, holistic way of monitoring not only their traditional card payments, but also their real-time payments, in a scalable environment.

I think that is a game-changer. Some of the additional value that ACI brings, given our depth of fraud expertise, is providing business support. We have dedicated expertise within ACI that will support clients in evolving their rules, and then plugging in their business processes to the solution so that they can manage them more effectively. We launched a partnership demo with Microsoft Azure earlier this year to show the ACI fraud application orchestrating with the Microsoft toolkit, which is available to view via the Microsoft Tech Centres.

And then we have our database-as-a-service running native within Azure, which ensures that clients can scale up and scale down as needed. This means that clients can focus on protecting their businesses at an optimal cost point.

They also. Some of the additional value ACI brings, given our depth of fraud expertise, is providing business support TFM: How can companies ensure that they constantly evolve and never get trapped in a technology straightjacket? Using automated deployment and continuous delivery ensure that you can spin up more environments.

We efficiently maintain their operational compliance and overlay the technology advances with a single service wrapper that ensures those banks and institutions can move away from their high level of maintenance and focus on being the trusted provider of choice for their consumers. TFM: What evolutionary aspects would you watch out for as organisations strive to keep up with Cloud architecture? CC: The big thing to watch in the next six to 12 months is operational capabilities.

The architectural vision is well-signposted: containerised solutions, consumed via open APIs with a low-cost database that allows you to scale up and back as needed and can be plugged into surrounding services. I think the regulatory advisory, in the next few years, in any case will be for the ability to seamlessly move between them.

That requires an end-to-end operational review, focussing on a few key use cases where you can unlock value. He argued that you need hackers to rattle the status quo and that organised hackathons are a way to find solutions to our biggest problems, provided the ideas are implemented.

This sector has huge www. Open Banking Limited has been compiling a list of the huge number of fintechs adapting their services to the current situation on the PoweroftheNetwork section of its website. One of the most notable fintech contributions to the battle so far is the Covid Credit calculator, which was developed over a weekend by a collaboration of fintechs,.

Together, they rapidly created a platform that could help self-employed workers prove a loss of income if needed as proof for new government benefits. Research conducted to mark the launch of the Challenge last summer identified millions of people already struggling to stay on top of their finances.

One in three 29 per cent said they regularly run out of money each month — equating to around All the solutions the finalists are working on as part of the Challenge use open banking data to help their users better manage their money. For example, Wagestream, a service allowing people to access unpaid wages when they need them, has released a number of new features designed to ease financial difficulties during the pandemic.

This includes immediate overtime payments for under-pressure healthcare workers; anyone who logs an overtime shift as COVID can now access 80 per cent of the wages earned immediately. Meanwhile, digital debt adviser Tully recently revealed that with pay cuts, reduced hours, furloughing and redundancies, in excess of 17 million people have suddenly found it much harder to meet their usual bills and payments.

In response, the Nottinghambased fintech has announced the launch of its COVID Relief and Wellbeing Network to help people financially impacted by the crisis request payment holidays from companies like utility providers and credit card companies.

Another finalist, Canopy, has launched a solution for existing renters who are struggling to make ends meet, allowing them to purchase a deposit replacement insurance policy to unlock the money tied up in their rental deposits. This could prevent tenants who are in financial difficulty getting caught in a spiral of debt and also provides added protection for life events such as critical illness and job loss and — now — COVID Other finalists that are making changes include budgeting app Moneyhub, which has extended its free trial from.

This sector has huge potential to draw on the data provided by open banking to better support the population as we continue to struggle through coronavirus one month to six months, and Cleo, which has published a range of tips and tricks on social media to help users make more of their money when staying at home. Portify, which is focussed on supporting gig economy workers, also recently announced it would offer zero per cent interest advances to select members.

This announcement was made after it found that the income of gig workers dropped by 30 per cent in April. The transgressive thinkers rattling the status quo Portify, which has extended free credit to gig workers during the pandemic, was set up in direct response to changed and often less secure working patterns.

A number of fintech angels also participated. Co-founders Freddy Kelly, who started his career in Silicon Valley including with Bitnami and TXN, and Matt Schofield, who was involved in the team at Universal Music that used consumer listening behaviour data to more effectively invest in musicians underserved by the major record labels — both saw an opportunity to flip the.

Their aim is to build a more inclusive financial system for those overlooked by the traditional credit bureaus. It has two simple goals: to destroy the pay day loan industry and to give UK workers financial freedom. CEO and co-founder Peter Briffett is a serial entrepreneur with experience founding, scaling and selling businesses.

Tully, founded by Steve Bradford and Stuart Bungay in , uses open banking technology to give people a holistic picture of their financial position in minutes — all done online. Free to use for consumers, it works with them to build an accurate budget on which it bases its free debt advice and a personal plan to get users where they want to be. Previously unseen patterns in data, which have torpedoed normal forecasting, together with widespread disruption to working practices, have made a compelling case for artificial intelligence AI and Cloud adoption.

Our new tool enables our clients to better predict those outlier payments that are outside of their typical patterns. In fact, he goes further. I believe that financial services can be that simple. We are thinking of new and simpler ways to distribute applications, and exploring smart assistance that can help you to run workflows and better complete daily tasks from home. Racing to real time The move to real-time processing over the past few years has already had a consequential impact on liquidity management and reconciliation at banks.

But, since the pandemic, real time has become the top priority. Being able to reconcile your accounts receivable is traditionally a very human-based activity, but you can leverage machine learning to automate the process. When you analyse the data, you see that in the morning everything is matched correctly, but in the afternoon, when the team gets stressed as they rush to hit deadlines, the matching quality significantly decreases.

Or you can fully automate it, to help overloaded users process the messages. So, we need to adapt all our products for this new normal. You need that combination in banking as well. Citi clients can now upload and send digital invoices through Global Collect, and the payer chooses when they want to pay and.

We want to make financial services software as simple as looking for a weather forecast or using a navigation system — Andreas Burner. Another company called Cashforce supports our cashflow forecasting. But when the dark cloud of pandemic clears, if Burner and Atak are right, its impact in financial services will be no less critical. Spottingthedifference Imitation might be the sincerest form of flattery — but not when it comes to customer authentication.

Some of the fakes that circulate on social media are obviously for fun. But others are designed to deceive and distort and, given the increasing sophistication of these clones, there are clearly implications for biometric security systems. Fingerprint scanning has been commonplace since the arrival of the iPhone 5s, while facial and voice recognition is employed for everything from opening online bank accounts to identifying individuals in crowds.

And, while traditional security systems that employ passwords and tokens have a chequered history of breaches and outages, biometric systems have also been compromised. In a BBC news reporter set up an HSBC bank account protected by voice recognition security — then his non-identical twin managed to mimic him and gain access.

Assume biometric systems will be attacked and write code that searches for the giveaway. There is a question around trust: can we trust what we see and what we hear? Since then, levels of sophistication have. When a deepfake is created there are fundamentally two components to it.

Our customers, such as financial institutions, have a great interest in this technology to prevent fraud attacks, but I think this is a technology that can be beneficial to society as a whole. Light-speed security Last year, Nuance launched its Lightning Engine, which the firm says can identify a caller within half a second. There are two www.

It uses fourth generation deep neural networks DNNs and combines voice biometrics and natural language understanding NLU to set up a unique voice profile during account enrolment, which subsequently allows someone to be identified in less than half a second. Nuance products also identify customers through selfies and behavioural patterns, such as how they interact with their device, be it a tablet, keyboard or phone.

Beranek says the ubiquity of biometric security systems on phones has helped the public overcome their initial resistance to them. Because biometrics have become ubiquitous with mobile devices, consumers can use them on a daily basis and most choose to do so to access their device and apps. Chatbots are another Nuance product for the financial sector. The biggest challenge for our customers is to think through the business processes, and consider how they need to change when moving from a legacy authentication method to biometrics.

We can definitely guide organisations on that journey, but the key message is to move away from thinking about it simply from a technology perspective. We look to enable enterprises such as banks, telecoms and government organisations, to ensure they can prevent fraud. And so the ability to validate identities online, in a digital format, using biometrics, becomes key to their business model.

Would you know a deepfake if you saw it? Create a seamless customer experience, reduce fraud exposure and ensure peace of mind — in seconds. In the US, a report from the Federal Reserve has already predicted an In the UK, state support websites crashed under the weight of tens of thousands of new Universal Credit claimants — the highest demand for unemployment benefits since Among them, fintech firms — and particularly payments firms. Indeed, there was already a rebalancing of the financial services job market as a result of digital activity rather than lockdown-related inactivity.

In , Deutsche Bank announced job losses of 18, — one-fifth of its staff. HSBC shed 17 per cent of its European workforce in the same year, while Barclays made 3, workers redundant in The decline of the bank branch, and the automation of banking processes — both precipitated by fintech innovation — are largely responsible.

By concentrating solely on fintech skills-matching, Tier One People has gained the trust of big name partners like Revolut, Stripe, Klarna and TransferWise. It very much depends on where the golf course would be a target candidate fintech is in its growth.

A hands-on enough, or startup of one to 50 might delegate too much. Less than one Bank might have kicked themselves. But they in London, Dublin and Manchester, with a were all experts in it! It specialises in. So I think these kinds of. Cousins and Chirica are clear that.

Right now, the recruitment market in non-critical roles is slow, but what do our recruiters have, by way of advice, to help find work, post-COVID? So, if. Leverage LinkedIn — especially during lockdown — to connect with fintech founders and execs Talk up your measurable successes rather than your experience Understand that, for pre-scale startups in particular, a hands-on attitude can be more important than miles on the banking clock Be prepared to take a significant pay cut at executive level… but the ride will be worth it.

More please for SMEs! The pandemic has highlighted how traditional financial services are failing six million or so SMEs that together create the majority of wealth and employment. Neglected and hungry for change, they deserve better — and Recognise is determined they get it, says CEO Jason Oakley Across the world, small business owners are lying awake at night to the sound of economies crashing to the ground.

Many who, even at the best of times, walk a daily tightrope of balancing income against outgoings, have seen trade and, critically, cash flow, fall off the proverbial cliff because of the COVID pandemic, forced to shut during lockdown or see their customer base wither and even die because of it.

In the UK, the government stepped in. Scotland Group in the early s and we had something like 35 per cent market share. There were relationship managers, there was intimacy, there was community-based banking, there was accessibility. Of course, the financial crisis caused a real problem for the big banks but the SME segment has been orphaned, frankly.

Later this year, it will be helping SMEs with its own lending products. The SME segment has been orphaned. How can you have a sensible conversation, as an SME owner, about cashflow, the business, the need to furlough staff, the. Is that a good time to start a bank? SMEs are incredibly resilient, incredibly passionate, they work incredibly long hours.

Now more than ever, a financial utility is needed that provides banks and others with a ready-made way to offer real-time settlement for businesses, says Banking Circle CEO Anders la Cour Six months in and has proved just how unpredictable life, business and banking can be. The global restrictions imposed on most businesses brought to light the fragility of many firms, and the lack of provision available through traditional channels to help them through difficult times.

Banking Circle has reported in the past on research that revealed around a quarter of online SME merchants would have to let employees go if they could not access additional funding, and a similar number feared their business might fail as a result. Revolut Business also commissioned a study in late that investigated the challenges SMEs face in accessing credit, getting paid and finding suitable financial partners.

Its findings very much support our own SME research, published in , and Antiquated Banking Practices. Looking back 10 years, it highlights the significant and rapid change that has occurred since. It was an economy dominated by cash and cheques. All of this was our normal then; it is impossible to accurately predict what will change in the next 10 years. But one thing we can say for certain is that payments have not kept pace with this change, and by then will be even more out of date and inefficient, excluding more businesses than ever.

Something needs to change, and it needs to change quickly. The importance of payments The difficulties around borrowing are well-known, but what is often forgotten is the impact payment systems can have on a smaller business. The ability to process payments quickly and at low cost is vital for any business in this fast-paced digital landscape, and the ability to do that across borders is becoming more important every day. Everything is faster today. Society is more connected. Digitisation allows consumers to purchase goods from sellers anywhere in the world, without a second thought for details like foreign currency exchange rates.

While this is great for international trade, boosting the global economy and helping to break down borders, it requires a lot from the underlying provider and, eventually, the SME seller takes the hit — in transfer fees or slow settlement cycles stalling cashflow.

Some still believe instant payments and settlement are a luxury businesses simply do not need [but] real-time or instant payments, as well as reduced settlement times, are essential to allow SMEs to keep up the pace Some still believe instant payments and settlement are a luxury businesses simply do not need. After all, payments have always taken days or weeks in the past. But if an SME wants to keep up with the rest of the market, it needs the ability to restock rapidly, to expand to new markets and territories.

That requires working capital, which in-turn requires faster payment processing. To deliver that, financial services providers need to start working together more closely. We must collaborate to deliver solutions which help rather than hinder SME growth. Real-time or instant payments, as well as reduced settlement times, are essential to allow SMEs to keep up the pace. The Banking Circle solution Fully licensed but free of legacy systems, Banking Circle delivers financial infrastructure for payments businesses and banks at low cost but without compromising on compliance or security.

We also provide access to the payments SMEs need, regardless of borders and size of operator. We have the benefits of being both a bank and a fintech — and pass those benefits on to our partners. Working with a third-party financial infrastructure provider like Banking Circle, banks and other financial institutions can increase financial inclusion by offering their customers faster, cheaper banking solutions such as multi-currency banking accounts, local clearing, crossborder payments and flexible business lending — without the need to build their own infrastructure and correspondent banking partner network.

As a business, we have always been committed to improving financial inclusion by building dedicated new tech, rather than tailoring or tweaking existing solutions. As a result, we now offer bespoke, flexible, scalable and future-proof solutions. A moment that matters With a branch in most neighbourhoods, Nationwide has made a virtue of being the bank on the street where you live. So we asked Channel Service Director Carole Layzell how a massive swing to online channels during the current crisis is affecting it.

And, right now, the year-old institution, like most of us, is adapting to a pretty big moment in history. Scotland Group and Barclays — drove a wave of closures that saw a third of bank branches shuttered for good in less than five years, Nationwide has maintained 96 per cent of its estate and last year committed to keeping a branch in every town that has one until at least May But the lockdown and social distancing has triggered a massive change in customer behaviour.

The bank saw an 89 per cent rise in people signing up for its digital banking service between mid-March and mid-April compared. Our people are absolutely amazing. At the start of the outbreak, for example, a lot of people with holidays booked were worried about travel insurance and getting refunds. But as lockdown continued, member sentiment turned towards more pressing domestic concerns, such as how to pay utility bills or request a payment holiday on credit card debt.

One of the first things it saw was a reduction in branch-based transactions but, rather than close them, it turned branches into mini contact centres, so that they stayed at the heart of the community. The Society has also started to use experienced frontline staff to train its IBM Watson-driven smart agent, Arti, to respond to coronavirus-related queries, such as how to request a mortgage payment holiday.

Between the end of March and early May, Arti had participated in more than 10, online chat conversations about that one topic alone. An ongoing branch role While the pandemic has undoubtedly caused Nationwide, like its rivals, to pivot its resources towards digital services, Layzell remains confident about the ongoing importance of the bricks and mortar branch to its customer service.

And I think our branch becomes pivotal in that, in terms of connecting the community and offering services in a very different way. She thinks physical cards will remain a primary method of payment, not least because they cement the bond between customer and bank — something at the heart of the Nationwide ethos. Out of adversity comes triumph and, overall, Layzell sees this as a time not only to adapt and embrace change, but also one in which Nationwide needs to stick to its roots.

It remains committed to its core purpose of helping its 16 million members buy their homes and save for their futures. And to obviously invite more people to come and join us. The future is going to be about the role we play in it. Why do boomers have such a hard time getting unsecured loans when many have guaranteed pension income?

The reality is that, while the number of overs in the UK is growing, they're working longer, too. From June, older people have another option — new player free2 enters the market www. Then, a final-stage phone call ensures the customer is bona fide, is clear about the implications of taking on the debt, and the product is right for them. They underwrite loans using a process created by the Financial Conduct Authority that is not designed for what they consider to be vulnerable customers, so they shy away from it.

Instead, a lot of lenders in this market prefer to go down the secured route, particularly equity release. Twenty-three per cent more people than in the first quarter of last year triggered pension drawdown when the COVID pandemic hit. But the average value of those pensions fell by 15 per cent over the same period — harder than after the financial crash.

The statistics underline the opportunity — the Office for National Statistics projects that more than 24 per cent of UK people will be aged 65 or older by , up from 18 per cent in ONS data shows that around 72 per cent of those aged 50 to 64 were working in , compared to only 59 per cent in Many want to help a son or daughter onto the property ladder or pay for their wedding. And, of course, any withdrawal is eroding your long-term retirement income.

Free2 borrowers must have any combination of annuity, state pension or company pension scheme to be considered for an unsecured loan but, for all of the above, Lindsay says funding a loan from guaranteed income could be a better option than liquidating savings. But another potential area of demand is people who took out interest-only mortgages, which need to be repaid by the age of The plan had been to facilitate a new secondary annuities market.

I had worked in the. So, we spoke to the Treasury and created a platform that would allow the auction of these annuities. But there was still a huge consumer demand. So, we asked ourselves if there was a better way for people to generate a cash lump sum than selling the benefits of an income annuity, which would have been expensive and have tax implications. We realised we could simply lend people the money against their retirement income. Financial institutions are not thinking laterally about people in this age demographic and how to design a process to be able to support them.

So confident is free2 in the automated risk assessment process that, if the borrower dies during the loan term, the debt is written off. This call is powered by a set of questions that are generated by our decision engine but are asked by a human. In time, the loan product will be marketed through independent financial advisors as part of inheritance tax planning processes, but the application will remain solely online with help available from staff via email or a phone call if a customer needs it.

There are lots of financial products available to people under 55 that are not available to those over it — financial institutions are not thinking laterally about people in this age demographic and how to design a new process to be able to support them. So, we will develop a range of products, over a period of time, that are designed specifically, and only, for them.

For more info visit feedzai. Bringing people together and sharing knowledge is core to our offering and, quite simply, you cannot beat face-to-face interaction. Our event partners echo this sentiment and are still keen for us to run physical events this year, if possible. Therefore, our main strategy has been to push back our conferences to the last third of the year in order to reduce uncertainty and maximise participation. In addition, we are going to co-locate two of our flagship events right at the.

Strategic research and consulting firm RBR holds a series of annual banking events in the UK and overseas. We caught up with Conference Manager, Emily Camara, to discuss how the company has adapted its event strategy in light of the global pandemic end of the year. With a large number of industry conferences having moved to Q3 and Q4, co-locating brings value to those delegates and partners who are keen to participate in both events and already have a busy schedule planned.

For all of these events, we are working closely with our venue partners to monitor the social distancing situation and ensure that appropriate measures are put in place. TFM: Co-locating two of your events sounds an interesting strategy. Which events are being held together, and is this just a one-off? At present, the co-location strategy is a one-off because the subject areas are largely separate, but we will seek feedback from all our stakeholders before making a firm decision.

SSBE20 focusses on self-service, fintech and digital banking, while BSEC20 centres on physical and digital security, including self-service security, access control and cybersecurity — and so, while the topics are different, they complement each other well. It is important to emphasise that the events are not being merged — quite the opposite, in fact.

They will retain their individual focus and have separate agendas. There are some delegates and some of our sponsors and exhibitors, however, who have a strong interest in both areas and, for them, there is significant value in co-locating. For others, they can either participate in just one of the events or take the opportunity to find out more about other key banking topics.

EC: Yes, absolutely, we have been reviewing virtual conferences since well before the current crisis. Given the current uncertainty, we have made a commitment to all our partners for that if physical conferences cannot happen, we will run a full, two-day virtual conference instead.

While there are aspects of physical events, particularly face-to-face interaction, which are difficult to replicate, online conferences create opportunities to reach an expanded audience and involve speakers who might otherwise not have been able to participate. Features such as video-on-demand allow additional content, and for people in different time zones to watch sessions at a time that is most convenient for them. EC: The event theming is constantly evolving to ensure we continue to deliver cutting-edge case studies and explore the key topics that banks want to discuss.

This is partly why our events attract such a high number of senior executives from banks across the globe. For example, at all our events in , at least half of delegates were bank executives, and more than 40 countries were represented at each UK event. On the exhibition side of things,. Exhibitors are moving away from simply giving a one-size-fits-all demo and instead are keen to engage with their prospective clients on a deeper level and try to understand how they can help with specific challenges the banks are facing.

The booths themselves are reflecting this — whereas, a few years ago, most booths would be used for showcasing equipment, nowadays it is just as common to see a sofa, coffee machine and maybe the odd screen or two. The events team at RBR is always aiming to bring in new initiatives in order to keep the events fresh and to provide extra value to our partners.

For example, at our co-located self-service and security event in December, we have introduced a feature in the exhibition called Expo Live, giving sponsors and exhibitors a platform to share insights and news with attendees. We also added an initiative a year or two ago to help facilitate introductions at the booths, which has been appreciated by our partners.

Can you expand on that? EC: The banking industry is rapidly evolving and we strive to reflect that in our events. Several years ago, BSEC largely focussed on ATM security gas explosions and skimming, for example , whereas it now also explores cyber, branch security and other self-service security issues.

TFM: RBR is also well-known for its research and consulting activities — how do these relate to the conference business? EC: The various areas complement each other extremely well, first and foremost in terms of content.

As we are close to the industry, we are continually following the latest trends and can ensure these themes are reflected in our conference agendas. We also work regularly with banks around the world as part of the research process, meaning we are already engaged with the most relevant people in the industry who often end up speaking at or attending the events.

Similarly, on the sponsor and exhibitor side, many of the organisations that support our events are also clients of our research and consulting work. Like its European counterpart, this event focusses on self-service technology, mobile channels and fintech, but also incorporates some branch and security topics.

Then, we have our flagship branch event — Branch Transformation — which looks at branch design, customer experience and branch strategy and takes place in London on November 17 and There are a variety of ways in which readers can get involved in these events.

We are always looking to add interesting bank case studies to our agendas and would love to hear from anyone interested in presenting; we have a range of exhibition and sponsorship packages for companies that would like to promote their brand and meet potential customers. Alternatively, individual delegate tickets can be purchased.

Crown Agents Bank is a UK regulated provider of wholesale foreign exchange and cross-border payments services connected across developing, emerging and frontier markets with a heritage of trusted access. Back in , two British challenger banks acquired unicorn status after successful investment rounds. They were Monzo and Revolut — fintechs par excellence, with similar products and similar visions for the digital future of British wallets and bank accounts.

Crowdfunding success stories have been hitting the headlines for nearly a decade now.

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Authorized service providers. Security bulletin archive. Parts store. Consumer services. Business services. Product registration. Close Search. Begin your search. Shopping Cart. HP SmartStream software. Contact a sales expert. We are pleased to welcome SmartStream to the world's fastest growing international financial centre and also look forward to working with them on developing the next generation of hosted information and trade processing services.

To launch SmartStream's new Middle Eastern operations, the office will be hosting a series of client-focused events over the coming months. The following month will see a SmartStream Solutions Day providing prospects with an in-depth review of the company's TLM technology and how it can benefit their organisations. More than a world-class financial centre, DIFC is also a vibrant community of retail and lifestyle.

Sign up to our mailing list and we will keep you informed on the items that matter to you most. By submitting this photo to Dubai International Financial Centre DIFC , I consent to its use for the purposes of the regulation, subject to compulsory indication of the author. I declare to accept the competition rules and to be the author, that is the owner of the copyright of the mailed picture. I authorise the Dubai International Financial Centre DIFC to publish the picture mailed on this website and on any connected social networks managed by the same association.

For further information see our Terms of Use. Visit our YouTube page here. Learn More. SmartStream expands Middle East operations with new office in Dubai Press Release 25 Mar am SmartStream creates greater presence in strategically important global financial market to serve clients across the Middle East New investment strengthens and complements existing presence through distribution partner SmartStream Technologies, the Transaction Lifecycle Management specialist, today announced that it has expanded its global operations with a new office in Dubai based at the Dubai International Financial Centre DIFC , the world's fastest growing financial centre.

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