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Articles by Joe Dunphy
Fintech News Issue #75
Podcasts & Videos Videos Bruno Cambounet, VP Banking and Financial Services, Axway, discusses the different approaches to PSD2 in different European markets, the interest of banks outside the SEPA zone – such as in the US – in the competitive implications of access to accounts, and the need for banks to be able to orchestrate open APIs to make payments a seamless part of bigger processes, while retaining flexibility to cope with future change.
Rome wasn’t built in a day, and nor should any smart ServiceNow configuration
“By failing to prepare, you are preparing to fail” Benjamin Franklin “Give me six hours to chop down a tree and I will spend the first four sharpening the axe” Abraham Lincoln Despite the numerous well known quotes and proverbs, many financial services and insurance firms, rush in to set up a system to find the end result is far removed from what they initially set out to achieve.
Four Ways to Invest in a Rising Interest Rate Environment
Interest rates are on their way up. In September, The Federal Reserve increased the federal funds rate from 2% to 2.25%, the eighth increase since December 2015. With that said, rates are still low by historical standards, and with an economy that is steadily improving, the Fed is set to increase interest rates several more times in the coming months. Rising interest rates are something for which fixed-income investors have to prepare.
White Space for Fintech Startups
I have attended the singapore fintech festival 2017, a wonderfully managed, world largest fintech festival. We had a small stall in the festival to showcase our startup. The stall was in the fintech corner, mixed up with so many other fintech startups from different part of the world. Considering the chance of getting lost in crowd, we found a ourselve a crowd maker. Among so many visitors, i can remember a group young Banker. Type of their query was just young as their profession.
Solving the 4 Key Challenges Facing Asset Managers
The asset management community has gone through substantial changes over the last number of years. There are four key challenges that currently face all asset management firms across each region. These include: All of these conspire to make asset management a completely different business to what it was 10 or even 5 years ago.
Why Is the Fintech Industry so Focused on Personal Loans?
The fintech industry is growing at a rapid pace, with newcomers entering the market on a regular basis. Lending is naturally a major part of the financial market, and fintech is no exception, with online lending enjoying a particularly important place in the field. The situation is getting more and more relaxed and streamlined for both lenders and customers, as the process now requires far less engagement on both sides.
A data gateway to insights: Current accounts and the case for ML
Once a mainstay of the banking industry, current accounts are increasingly perceived as a utility product. Despite their maturity, they remain the second most complained about banking products in the UK, right after PPI. In recent years, costs have increased for everything from overdrafts to transaction fees, with average customer accounts unwittingly racking up £152 per year in hidden bank fees each year.
The Data-Enabled Lender
Data is the key to effective decision making – of any kind. By acquiring and analyzing data, you can better inform and guide the decision. Why? Because limited or misleading information rarely ever results in good outcomes. Yet, for decades, lenders have based small-business lending decisions on outdated data points such as FICO scores or tax returns. Even worse, that information is skewed and often inconsistent with the health and viability of the business.
The mainframe evolution: Banking still needs workhorse tech
In the financial services industry, where IT systems are high-volume and mission-critical, news of Big Iron’s ‘big crisis’ is greatly exaggerated, at least for now. It’s true that in today’s digital first world, cloud-based services are seeing rapid adoption across all industries, especially as fintech providers launch applications that enable improved customer experiences and 24/7 banking, but mainframes are far from becoming extinct just yet.
A Spotlight on US Regulatory Enforcement Trends
The U.S, with its proactive group of regulators, accounts for the highest concentration of AML enforcement penalties, with a total of $23.52 billion comprising 122 penalties issued by the top 11 regulators. The highest fine amounts were levied between the years 2012 to 2015 when $12.1 billion was imposed on only six financial institutions by a single regulator, the Department of Justice (DoJ), representing over 87% of the total fine amount imposed by the DoJ for the ten-year period.
Digitalizing the Client Lifecycle to Create Golden Moments of Client Interactions
Having seen so much turmoil over the past decade, the financial services market is finally switching gear, moving away from an almost compulsive focus on regulatory compliance and towards a more customer-centric mindset that involves creating ‘golden moments’ of customer interactions.
Fintech's role in improving the KYC client review process
Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations dictate that financial institutions must ensure that they know their clients and verify their identities with appropriate data and documentation that proves that their clients are who they say they are, are not involved or related to anyone involved in money laundering or terrorist financing and don’t represent an inordinate risk to the institution or financial system as a whole. Evidencing is important here.
Regulatory Impact of Brexit
Regulatory Impact of Brexit By Joe Dunphy, FenergoOriginally published on Tabb Forum Joe Dunphy, Fenergo VP of Product Management, analyzes the impact of Brexit on in-train and future regulatory implementations for financial institutions. As noted by the FCA, in terms of immediacy, much U.K. regulation derived from E.U. legislation will remain applicable until changes are made by the U.K. Government and Parliament post-Brexit.
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