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Articles by Resham Karira
Regtech the solution to constantly changing financial regulation
Developed markets saw a 492% increase in regulatory changes between 2008 and 2015, says Resham Karira. How can regtech help? With financial regulation constantly changing, banks and financial institutions are under constant pressure to keep up with the latest rules. Regulatory technology (regtech) will address this problem. Following the 2007-08 financial crisis, regulators wanted to ensure the industry wouldn’t face the same problems again.
Central banks look to cash in on blockchain
The emergence of blockchain could trigger a revolution in banking, says Resham Karira. However, it’s in the hands of central banks that the technology could reach its true potential. Central banks around the world are currently allocating resources to blockchain technology, with a particular focus on researching the concept of a central bank digital currency.
HSBC adopts AI to streamline compliance efforts
For HSBC, Ayasdi’s AI technology is increasing the likelihood that compliance efforts are successful. Story by Resham Karira. HSBC is incorporating Ayasdi’s technology to tackle money laundering. By using artificial intelligence (AI), the bank aims to save costs in efficient and automated data analysis, which will reorganise its compliance efforts. Regtech has seen significant collaboration recently.
Emirates Islamic Bank leverages blockchain to reduce cheque fraud
Emirates Islamic Bank’s Cheque Chain initiative could be the start of a strategy to integrate blockchain technology into existing products and services, says Resham Karira. Emirates Islamic Bank has announced the launch of ‘Cheque Chain’, an initiative that integrates blockchain technology into cheques to strengthen their authenticity and minimise potential fraud. As 2017 proceeds, a clearer picture of the true value of blockchain in the financial industry is starting to appear.
Addressing the Syrian refugee crisis with fintech
In the new episode of Rebank, Will Beeson talks to Balazs Nemethi about Taqanu, financial inclusion and the Syrian refugee crisis. Today, we welcome Balázs Némethi to the podcast. Balázs is the founder of Taqanu, a bank for all. Taqanu wants to provide banking to anyone, regardless of background and available documents.
2017 lending trends for banks
Auke Douwe Veenstra looks at the year ahead for lending trends, and expects regtech, blockchain and machine learning to play their part. The global lending market witnessed revolutionary changes in 2016, with fintech playing a significant role in restructuring the lending system to be more dynamic and responsive, vis-à-vis the traditional framework of existing banking systems.
What Australians want in a bank
Andrew Haslip looks at the common pitfalls that impact customer loyalty and retention if you don’t get your digital banking proposition right. Australians are looking for a competent and convenient financial institution they can trust. Delivering this may sound straightforward, but authorised deposit-taking institutions (ADIs) must do more to boost the low rates of loyalty among their client base.
Axis Bank engages mobile users with augmented reality app
Axis Bank is cleverly taking advantage of smartphone penetration in India, says Resham Karira, and will improve customer engagement as a result. Augmented reality (AR) is making the navigation of banking solutions more engaging for consumers, and is the next stage in the evolution of mobile banking. Following the runaway success of Pokemon Go, India’s Axis Bank has introduced an AR feature called ‘Near Me’ within its mobile banking application.
Atom Bank app - a flawed effort
The Atom Bank user interface for the Android platform leaves much to be desired when it comes to an intuitive user experience, says Daoud Fakhri. Atom Bank, in an effort to differentiate itself from its more traditional UK rivals, has chosen a highly visual interface for its newly launched Android app. However, this has been achieved at the expense of usability and ease of navigation.
Banks beware as P2P lending rises in China
P2P lending is on the rise in China, and established banks would do well to take notice and form important partnerships. Story by Resham Karira. Chinese mass affluent consumers are increasingly opting to use peer-to-peer (P2P) platforms. The country’s banks should embrace this shift by forming partnerships with P2P lenders. In doing so, they can open up new revenue streams. China’s P2P lending sector has experienced rapid growth in recent years, with 2,600 platforms by the end of 2015.
Time to shake up US mobile banking
US consumers have yet to realise the benefits of mobile banking, says Resham Karira, who outlines three issues to tackle the issue. Mobile banking usage in the US is still at a nascent stage, with less than half of consumers using the channel (according to a Federal Reserve Board survey). However, a compelling mobile banking application could give banks a market advantage if they can assuage consumer concerns.
RBC experiments with blockchain-based loyalty
RBC’s blockchain-based loyalty program will reduce infrastructure costs, says Resham Karira, which is something consumers will value. Royal Bank of Canada (RBC) is working on a blockchain-based loyalty program to test the use of blockchain protocols with regard to an alternative form of currency, enabling consumers to earn, redeem, and share their reward points like cash.
JP Morgan the latest to embrace blockchain
JPMorgan Chase is testing the use of blockchain to facilitate cross-currency payments between London and Tokyo. Story by Resham Karira. With interest in blockchain growing rapidly, banks are recognizing that the technology can overhaul their payments models and reduce global interbank settlement costs by saving time and cutting risk involved with clearing trades.
imaginBank accelerates CaixaBank’s innovation strategy
Mobile technology is forging a link between banks and their customers, and imaginBank is the latest example of this. Story by Resham Karira. The launch of imaginBank marks a major change for CaixaBank’s value proposition for millennials, enabling consumers to self-serve the management of their finances via their mobile. The Spanish retail banking sector is undergoing a period of significant change.
Network leadership essential for blockchain success
Resham Karira highlights the consortium of banks that will influence the future use of blockchain technology. Blockchain is the single innovation that will revolutionize mainstream finance. However, blockchain technology development will require cooperation among financial institutions, regulators, and technologists. The global financial sector has gradually opened up to the use of blockchain, with interest in this technology growing rapidly throughout 2015.
UK banks pioneer the blockchain frontier
The UK Financial Conduct Authority has opened its doors to blockchain technology, and banks are now rapidly advancing research in this area. The financial crisis has driven the rapid development of alternative financial services models, the most revolutionary being the blockchain. This technology has the potential to fundamentally reshape the financial services industry and will have a much wider impact than bitcoins alone.
What’s next for China’s UnionPay?
China UnionPay is dependent on domestic transactions, which may not be sustainable for its long-term future. Story by Arnie Cho. China UnionPay’s Q1 performance surpassed that of Visa, reaching $1.9tn in transaction value. The company’s growth has been propped up by its domestic market, but this business model will not be sustainable for long.
Uber and Zopa join hands for accessible finance
Disruptive businesses are working with one another, such as Uber and Zopa, and there are many benefits to doing so, says Resham Karira. Challenger brands are banding together to provide more innovative and flexible banking services. Eventually, the industry has to accept that there’s a new and better way of doing things. Uber recently ended its partnership with Santander and commenced collaboration with P2P lender Zopa, to offer its London-based drivers finance for new cars.
Cybersecurity - are banks doing enough?
The most prevalent form of cybercrime is online card detail theft, says Resham Karira. Unfortunately, there’s no quick solution. To deal with cybercrime, banks should adopt a strategic approach involving wider communication and collaboration across the international financial community. Today alone, there will have been at least one cyberattack on a bank somewhere in the world. Cybercrime has become a growing threat to banks, as much of their activity and communications are now conducted digitally.
Reduce online account opening abandonment
How can banks win and retain customers? Resham Karira may have found a simple solution: improve the digital journey, especially online account signups. It’s essential to provide online customers with a simple and engaging digital journey that helps them complete their application before they get distracted and log off. The key barriers to online account opening are time duration, complicated user interfaces, and interrupted customer journeys.
Can blockchain technology reinvent banking?
Resham Karira highlights the benefits of blockchain technology, despite the challenges it faces from regulators. Blockchain technology will have a much wider impact on the financial industry than payments alone. The shared public ledger has the potential to radically simplify banking itself. The blockchain – or the ‘distributed ledger’ – is a record of digital events that’s shared between many different parties.
Fintech 2.0: from disruption to collaboration
The dynamics between venture capitalists, start-ups, and incumbents are changing, as each player recognizes that more will be achieved through collaborating than by competing. Fintech has flourished beyond recognition in the last five years.
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