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Articles by John Cragg
“You’re a Fintech, I’m a Legacy Bank - How Can We Collaborate?”
It was only a few months ago that Jamie Dimon, CEO of JPMorgan Chase, declared that banks should be “scared s***less by fintechs”. It’s no surprise either, as over the last decade the fintech industry has been thriving with new technology paving the way for financial institutions. A rise in electronic payments and a preference from customers to handle their financial services digitally, either online or mobile, has shown that fintech and digital banking is shaping the future of customer finance.
Matching the Challenger Banks in Digital SME Lending
The UK’s small and medium-sized enterprises (SMEs) have traditionally turned to the big high street lenders for all of their financing needs. The much-publicised advent of the challenger banks is reshaping this dynamic, and it’s crucial for the incumbents to invest in their digital services in order to stay competitive and retain market share. SME lending in the UK is typically dominated by five prominent banking groups: NatWest Group, Lloyds Banking Group, Barclays, Santander, and HSBC.
Alleviating the complexities of the payment ecosystem
The payments ecosystem is a complicated multi-layered pathway of entities – which can include a BIN sponsor (issuer), processor, programme manager, card bureau, scheme (for example such as Visa or Mastercard), and acquirer – each one reliant on one another to fulfil their role successfully and securely in the transaction. An environment in continuous transformation Due to frequent updates in regulation the industry is constantly in transformation.
Payments in 2021 and beyond: more effective payments security is software-based
As a quick recap, in my last article I talked about the brilliance of using software to turn mobile devices like smartphones and tablets into payment terminals. There’s a myriad of benefits that positively impact everyone in the payments ecosystem, from card schemes to banks, PSPs, merchants and the consumer. One of the most critical benefits of software-based payment solutions in the COVID landscape is safety.
Three essential ways the BFSI community can develop their technology adoption strategies
There is no denying that the world has changed, resulting in the way we manage our businesses changing too. We all are aware of the perils and the negative impact of the global pandemic across all business sectors. However, the global BFSI sector has seen more volatility, security risks and operational perils than others. Recently Zensar hosted a global survey* to understand the current state of the global BFSI cloud and infrastructure IT sector.
Six design considerations for building a successful digital bank
How do you design technology from the ground up so that it’s agile enough to accommodate disruptive changes? And how can you innovate and release products faster―all while keeping costs manageable and the bank resilient?
You're a fintech, I'm a legacy Bank - how can we collaborate?
It was only a few months ago that Jamie Dimon, CEO of JPMorgan Chase, declared that banks should be “scared s***less by fintechs”. It’s no surprise either as over the last decade the fintech industry has been thriving with new technology paving the way for financial institutions. A rise in electronic payments and a preference from customers to handle their financial services digitally, either online or mobile, has shown that fintech and digital banking is shaping the future of customer finance.
Retail and payments in the COVID-19 era: how retailers can survive the second lockdown
While every sector has been affected by COVID-19 in some way, the retail industry has experienced one of the most dramatic shifts of all. With the UK and much of Europe in a second lockdown many bricks-and-mortar outlets are being forced to close their doors once again and many retailers are fearing the changes that will come from this. Back in March 2020, when the first lockdown began, the UK government released its retail sales report which measured the volume of retail sales for that month.
The promise of AI in Financial Services
Artificial Intelligence, in all of its different forms, isn’t new in the financial services space. As is often the case with new technologies, banks were early adopters of AI, with early use cases being focused on chat bots, RPA, as well as fraud and risk management. However whilst, according to McKinsey, 60% of firms have at least one AI capability deployed, to date many organisations have struggled to scale deployments.
The bank of the future
COVID-19 and the rise of digital banking With social distancing guidelines still in place to reduce the transmission rate of COVID-19, many consumers have replaced visits to bank branches with digital banking solutions. Research by Finder shows that nearly a quarter (23%) of Britons opened an account with a digital-only bank this year. Even though branches have become less popular, they are vital for revenue generation and to provide a personalised service for traditional customers.
Are challenger banks challenging banking?
No longer new entities in the banking space, challenger and neo banks are now acquiring significant market share in the banking world. In fact, the Compound Annual Growth Rate (CAGR) of these banking sectors currently stands at 46.5% - a not so insignificant portion of the market. And with this set to increase further – to over $394m by 2026, no less – traditional banks can no longer deny that challenger banks are here to stay.
Fintech innovation must not leave treasurers behind
The fintech revolution has replaced outdated technologies and streamlined antiquated practices across a wider range of industries. However, this wave of innovation seems to have bypassed corporate treasury departments, which have struggled to keep up with the latest developments. Fortunately, that is now changing. Fintech innovation has transformed financial services at a rapid pace, enhancing customer experiences and accessibility and making services faster and more streamlined.
How FS architects can prepare for the post-Covid future
Welcome to Finextra. We use cookies to help us to deliver our services. We'll assume you're ok with this, but you may change your preferences at our Cookie Centre. Please read our Privacy Policy. News in your inbox For Finextra's free daily newsletter, breaking news and flashes and weekly job board. Sign Up Channels External | what does this mean? This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Every cloud provides a silver service, but which one is right for you?
‘Cloud as a Service’ is the term that often goes hand in hand with ‘cloud migration’ – both of which are now becoming more mainstream due to the cloud’s scalability and hyper-efficient cost benefits. Companies leveraging the cloud can focus more on core business operations and avoid spending time and resources on processes and infrastructure, which are necessary, but provide little value or differentiation.
DevSecOps in banking - maturing your approach to modern applications
Companies in the banking sector are undergoing a range of digital transformation initiatives, and while these projects are necessary to remain competitive, they can also bring problems. Making use of modern application design approaches and navigating cloud migrations can create intelligence gaps if not addressed, threatening the reliability and security of all digital banking services. This is particularly problematic for security.
What Is the Future of Digital Payments?
Digital payments have evolved tremendously over the past few years, raising the question: where will digital payment technologies take us in the future? As more consumers become tech savvy the opportunities are endless, especially as we are only just now tapping into the unprecedented potential from global smartphone penetration with 3.2 billion smartphone users in 2020 against a global population of about 7.7 billion, or 41.5 percent according to .
Could 2021 be the year of the payments super app?
Smartphone technologies have been driving payments innovation and influencing customer habits for years. But the digital demands of 2020 have created an exceptional environment for mobile apps and payments, a trend that will undoubtedly endure and evolve far beyond the challenges of this year. The demand for mobile According to a report from Merchant Savvy, mobile accounted for 52% of online traffic in January 2020, passing the halfway mark for the first time.
How Tech Giants are Leading the Charge Toward Crypto Adoption
For over a decade, cryptocurrencies have occupied a strange spot in the marketplace’s collective psyche. Some say they’re the future of both trade and currency, while others argue they’re a dead-end investment for digital speculators only. Most importantly, cryptocurrencies have been something of a hard sell for the general public—and for good reason. Buying, storing, and accessing Bitcoin, for example, isn’t the easiest task in the world.
COVID-19’s Impact on MSSPs
Given the remote nature of most Managed Security Service Providers (MSSPs) business operations, it’s easy to imagine they would be well positioned to deal with the shift to remote (work-from-home), and for the most part that’s true. However, while some say that their transition for their own employees to remote work was quick and effective, MSSPs have also had to shift their existing security services to better protect their customers’ more geographically distributed workforce.
Why you should not see SCA as a threat
The payments system is no stranger to regulations, but PSD2 is given additional importance due to its impact and a new generation’s expectations. 3DS technology will add friction to the payment process. However, in this new digital era, PSD2 is the key to fighting online fraud while boosting innovation with new payment services. The major development of PSD2 is the introduction of new security measures (SCA).
Navigating PCI PIN Security Requirements
Security and compliance in the payments ecosystem cannot be underestimated and should always be adhered to. Yet, understanding the complexity of the various security standards is something that cannot be taken lightly, and regulatory compliance is constantly evolving so navigating it can be a major task. The introduction of PCI Security is intended to outline the multiple security standards and resources set to protect cardholder data throughout the world.
How to prevent factoring and invoice finance fraud during the current COVID-19 crisis
In the current period of economic uncertainty, increasing pressure on businesses is making fraudulent activity an ever-present risk for lenders – a trend not only troubling for the affected company or companies, but also for the wider economy. In particular, corporate fraud has the potential to dissuade banks from lending - a dangerous outcome during a global crisis which has significantly constrained liquidity and limited funding for businesses.
How flexible payment options help boost subscription growth
COVID19 and the ensuing recession is reshaping the way we think about spending habits and payments, accelerating a shift already underway to subscription models. This creates a new set of challenges for businesses, such as the rapid shift towards a cashless economy.
Three must-do actions for banks to achieve relevance in the data economy
In today’s data economy in which everything has become a transaction, future relevance for banks is no longer based on payments alone. To help senior executives of banks to start leveraging their Open Banking capabilities in this context, we recommend three must-do actions to holistically address the components of a digital trust infrastructure (digital identity, consent management, payments and data sharing).
Reassessing branch banking value during coronavirus
For years, we’ve heard that branch banking is on the way out. Banks have been focused on the idea that younger generations want to do everything online, and digital transformation initiatives have centred around creating seamless user experiences on web and mobile and a truly networked society. At the same time, visiting the local branch has been synonymous with manual processes, paperwork, inconvenience and inefficiency.
What is the future of digital payments?
Digital payments have evolved tremendously over the past few years, raising the question: where will digital payment technologies take us in the future? As more consumers become tech savvy the opportunities are endless, especially as we are only just now tapping into the unprecedented potential from global smartphone penetration with 3.2 billion smartphone users in 2020 against a global population of about 7.7 billion, or 41.5 percent according to Statista.
What You Should Know About the Government’s Economic Crime Levy Proposals
As a first step towards introducing the Economic Crime Levy, as announced by the Chancellor in his March budget, the Government has issued a consultation document designed to get feedback on how the levy should be introduced, what it should cover and who should pay for it. Although there appears to be a general acceptance that the levy is a good idea, there is less agreement on who should pay for it and how it should be administered.
Why Showing Your Workings is Essential for Trusted AI and KYC
The concept of artificial intelligence (AI) has been in our collective consciousness for decades, mainly due to far-fetched Hollywood depictions of AI-powered killer Terminators, i-Robots and Replicants. These fictional portrayals, twinned with outspoken views from technology titans like Elon Musk and Professor Stephen Hawking, have led to some pretty fearful views of this powerful technology.
Intro to Decentralized Identity Technology: How Does Blockchain Cryptography Work?
Types of blockchains The most commonly talked about feature of blockchain is that it is decentralized, meaning that there is no single organization or individual in control of all the information. In 2017, as blockchain gained a lot of media attention, critics focused on the public aspect of the platform and said that everybody could see transactions happening. However, that was the case with public blockchains, which have since evolved into different subsets of chains.
Data Breaches: How We Got to Where We Are Now
Introduction Data breaches have been escalating out of control in recent years. Not even top companies can prevent massive hacks and account takeovers of their customers. No industry is immune either, as this pestilence has been wreaking havoc across the board. So why is this happening? Simply because data breaches have become so easy to do and so hard to prevent.
So, you want to operate your own data centre?
If you are going to build a data centre to handle activities such as card issuance and payment transaction processing, then that data centre will need to meet the requirements of one or more Payment Card Industry (PCI) security standards. PCI DSS PCI Data Security Standard (DSS) is applicable to data centres that process or handle cardholder data (in particular, the Primary Account Number – PAN), such as those involved in card issuance or processing transactions.
The Impact of AI on the Insurance Industry in the Short and Long Term
Artificial intelligence has started to take over many industries by storm. Its impact is easy to see in many fields already, and it’s very likely that we’re only seeing the tip of the iceberg. The future potential for major changes is huge, and fields like insurance have started to take particular advantage of what AI has to offer.
How options trading has evolved for the masses
Over the last few years, the practice of options trading has grown substantially. This growth has coincided with a series of unpredictable political and social events, which have caused high levels of volatility across currency and commodities markets. Brexit, the election of Donald Trump in the US, and now the ongoing global pandemic, have led to prices and exchange rates changing frequently and more dramatically.
How AI and data enables ESG to make real world impact
ESG is a Data and AI problem The benefits of incorporating Environmental, Social and Governance (ESG) within business targets are well understood by companies and regulators, and especially investors. Research shows a quarter of all fund investors planned to increase holdings in the sustainable sector over the next half year.
Don’t Just Digitalize, Componentize!
“The limits of my language mean the limits of my world,” said noted philosopher Ludwig Wittgenstein. He understood that any language contains walls, and that speaking a language restricts your thought and mind to a specific format. In this blog we consider whether banking is limited by its own lexicon. The Inuits are said to have 50 words for snow, while Americans have 13 words for one type of sandwich. Language always reflects culture, and banking is no exception.
Why onboarding is the key to fintech success
The challenge faced by every financial provider, including fintechs, is how to onboard customers as smoothly as possible. But what does best practice look like? In my experience, signing up for a new account can be an exercise in friction and frustration, not least because identity verification has been poorly implemented as an afterthought. A digital identification and verification process is central to a smooth and simple onboarding process and imperative for a digital bank or a fintech.
Corporate Account Structures, Payments and Intra-Day Liquidity Management
The world of manufacturing has seen JIT (Just In Time) for a long time now. Machine tool operators do not need to keep large inventories of raw material next to their machines. This has improved cash and working capital and ultimately profitability for manufacturing companies. However the same is not entirely true in the corporate transaction banking space. Corporates treasurers often have to maintain high balances at BOD.
Enabling Instant Payments Doesn’t Happen in an Instant
The adoption of instant payments, nearly doubling over each of the past five years, has motivated countries to implement their own Instant Payment networks. These national networks seek to create a streamlined and regulated channel by which instant payments can thrive in a controlled and trackable environment. Some of the earliest adopters include TIPS in Europe and NPP in Australia. The momentum continued in 2019 when The Netherlands and Russia each launched national instant payment networks.
Banking on Uncertainty: It’s Time for a New Approach
Banking and payments are no longer limited to banks, and it’s a transformation that’s only just begun. People want banking integrated into their daily lives and payment services that eliminate friction. In this blog we take a look at what banks need to do to adapt. Almost all bank systems and processes are firmly rooted in the past, reflections of an analog age when computer systems mimicked manual processes and physical artifacts.
What's stopping financial institutions from using the Cloud?
The majority of financial institutions have or are developing a cloud strategy, and most are already making some use of the cloud.
5 ways to maximise the value of instant payments
Instant payments are the ‘new normal’. The last decade saw a ramp-up in adoption as regulation, customer expectation and technology dovetailed to create immediate, 24/7 demand for financial services. This means that banks and payment service providers (PSPs) who rely solely on speed of payments as a competitive differentiator will struggle to get ahead. The focus is now on leveraging instant payments rails to deliver value-added services that can drive a return on investment.
Taking payments in chat to market
There were some high profile announcements of WhatsApp payments available in Brazil (https://tcrn.ch/3dzlnC9) recently. Anybody interested in chat commerce sat up and took notice. Some also tried out Facebook Pay, the payments service WhatsApp owner Facebook launched last year. I can say with some certainty, we all were excited about the possibility. The interface was clean and the thinking done. The deployment reminded one of Venmo to some degree. Only better.
Incumbent banks setting up their own challenger banks must do better than Bo
RBS’s recent announcement that it will close its ‘green-field’ challenger bank Bó did not surprise many in the FinTech industry. The writing had been on the wall for some time. The digital-only bank may have been troubled with leadership changes and forced to reissue cards in early 2020, but the main problem that caused its downfall was the lack of an interesting customer value proposition.
The expensive problem facing Fintech start-ups
This really is the decade of the Fintech start-up. The payments world is experiencing an unprecedented rate of change; new payment methods and technologies are resulting in increasingly frictionless payment experiences, causing closer integration between online shopping and payments to match the user experience. The major financial institutions that have previously owned the payments space are working hard to maintain their dominance in this ever-changing landscape.
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