Retail Banking Systems Insights

Market participants warn that a known vulnerability in telco operations could prove problematic for banks using one-time passwords (OTP) to authenticate transactions, once PSD2’s SCA deadline rolls around in September. Earlier this month, Metro Bank was hit by fraudsters exploiting the vulnerability - the SS7 protocol - in the telco... read more

Banks and regulators are waking up to the anti-money laundering (AML) and fraud detection potential of artificial intelligence (AI), but attempts by some software vendors to cash in on the AI buzz are “laughable”, according to Marc Andrews, vice president for financial crime at IBM Watson. “In 2017, you could go to a conference... read more

Speaking on the sidelines of FinovateEurope, Benoit Legrand, the chief innovation officer of ING Group discussed the intricacies of innovation from psychology to the bank’s innovation budget. As new technologies kindle the start of global fintech, it is imperative that incumbent banks adapt their mindsets and invest heavily, without fear... read more

A strong digital customer experience, relationship management and increased growth in small and medium sized enterprise (SME) banking are among the top priorities of a number of the UK’s retail banks, according to the recent CMA rankings. “It is telling that the UK bank that customers would be most likely to recommend to a friend... read more

On February 14, Datactics – the Belfast-headquartered regtech, providing data quality and matching software – announced the opening of two new offices in New York and Milan. Among the changes, the company has a new chairman of the board, Graham Paterson, Luca Rovesti has formalised his role in the Milan pre-sales office,... read more

Among the many regulatory overhauls introduced to financial markets in recent years, those surrounding clearing have perhaps raised the most question marks for market participants – as well as regulators. For market participants, those using over-the-counter (OTC) derivatives have seen great change: 23 of the Financial Stability Board... read more

“At what point should a bank move away from a traditional vendor? The answer is probably at the point at which the amount of change you want to put through the platform is being slowed down by the vendor’s change process,” says Michael James, head of technical architecture in financial services at Altus Consulting. “You... read more

Non-cash transactions grew by 10.1% globally 2015-2016, according to the 2018 World Payments Report. In the US, the growth rate reported was much lower than the majority of markets - at just 5.7% - however, in terms of the number of non-cash transactions, it dominated with 148.5 billion non-cash transactions made. Despite the sheer volume of... read more

The US core banking market “needs to be disrupted” for proper competition to emerge and take on established names, according to Christopher McClinton, senior vice president of the American Bankers Association (ABA), speaking of the trade association’s investment in cloud banking firm Finxact. The organisation announced $30m in... read more