Around the world, the fintech industry has been soaring, kept abuzz throughout 2021 with a continuous flow of technological advances, regulatory developments, and investors’ money.
Fintech funding smashed records, pushing valuations to new heights. Funding activity was driven by accelerated adoption of digital tools and solutions as nations continued battling the COVID-19 virus and imposed social distancing measures.
These elements have shaken up the financial industry, forcing incumbents to embrace new technologies at a fast-pace and fueling growth of young, innovative startups. At the same time, new trends and risks have emerged, pushing financial services companies to stay up-to-date on market developments.
To help finance and fintech professionals keep up with the changing landscape, we’ve compiled a list of six studies, whitepapers and e-books that tackle some of the most pressing issues, hottest trends and promising technologies to embrace and watch out for.
How SC Ventures and OneSpan Simplify Document Handling and Signatures at Standard Chartered
OneSpan
SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, teamed up with OneSpan last year to create SC eSign, a digital signature tool. The tool allows for a fully digitized workflow of sending, signing and receiving documents, greatly improving the customer signing experience and enhancing efficiency.
In this use case paper, the two companies explain how SC eSign works, and share how they’ve co-created and rolled out the tool rapidly. As of October 2021, SC eSign had been implemented across 21 countries and 40 processes within Standard Chartered. The solution has secured regulatory approval for use in 28 jurisdictions.
OneSpan is an American firm specializing in digital identity and anti-fraud solutions. It serves government agencies, financial institutions and other large organizations, counting the likes of the US Department of Transportation, Mizuho Corporate Bank, HSBC, Santander and Munich Re Insurance as customers.
True Cost of Failed Payment – APAC Deep-Dive
LexisNexis
In this report, LexisNexis shares findings from a survey of 240 payment professionals across the banking, fintech and corporate landscape to understand the true cost and impact of failed payments.
Respondents said that failed payments cost banks US$360,000 on average, and corporates US$220,000. These costs comprise bank fees, manual labor for researching and fixing payments, and customer attrition. Not only that, failed payments also negatively impact customer experience, reputation, and can cause operational disruption as well as inefficiencies, the research found.
The report shares recommendations on how businesses can leverage technology to improve accuracy and lower failed payment rates. These improvements will be the stepping stone for the development of a true frictionless customer experience.
LexisNexis is a leading provider of legal, regulatory and business information and analytics.
Thinking of Launching a Digital Wallet? Choose the Right Strategy and Avoid Pitfalls!
OpenWay
Digital wallets have exploded in use in various regions around the globe, some reaching super-app status in a mere few years. In this report, readers will learn how these leaders have managed to forge successful business strategies, delving into their technological infrastructure and exploring the various regulations that have facilitated their growth.
Readers will also gain insights into what digital wallets might look like in the future, and the key trends to look out for. They will learn about the criteria to consider when choosing a partner, and critical factors to take into account when identifying a niche and formulating a strategy.
OpenWay is a global leader in digital payment software, serving companies including Savings Bank of Russia, Comdata and Raiffeisenbank.
How to Balance Risk in an Ever-Changing Retail Landscape
Checkout.com
E-commerce has soared amid the COVID-19 pandemic, boosting crime and fraud attempts. This report, produced by Checkout.com and Forrester, delves into card-not-present (CNP) fraud and shares recommendations on how businesses can use data and technology to address CNP fraud, improve fraud management efficiency, and enhance customer experience.
CNP is a category of fraud where the cardholder does not or cannot physically present the card for a merchant’s visual examination at the time that an order is given and payment is processed. In APAC, CNP fraud is surging, accounting for more than 70% of all fraud losses in 2020.
Checkout.com is an electronic payment specialist and the second most valuable private company in the UK, worth a reported US$15 billion, data from CB Insights show. The company serves the likes of cryptocurrency exchange Coinhako, remittance startup TransferGo and smart wallet app Curve.
The Defining Moment for Data Scientists
LSEG Labs
Artificial intelligence (AI) and machine learning (ML) are changing the financial services landscape, helping firms improve processes, detect fraud, and automate activities.
In this report, LSEG Labs looks at the state of AI/ML across financial services and how these technologies are being deployed.
The report, which draws on a survey of 482 data scientists, quants, model governance professionals and C-suite executives from financial institutions, identified rapid acceleration in data-driven transactions resulting from the COVID-19 shock, and, consequently, rising appetite for data scientists.
The report also delves into emerging data trends, regional trends, as well as financial institutions’ preferred tools and platforms.
LSEG Labs is the in-house fintech outfit of the London Stock Exchange Group (LSEG). It leverages data, technology, talent and customer partnerships to deliver validated solutions to financial markets at speed.
The Future of Competitive Advantage in Banking and Payments
Bottomline Technologies
The Future of Competitive Advantage in Banking and Payments report, by Bottomline Technologies, draws on a survey of 311 banking and financial institutions to learn more about their strategic roadmaps, and understand which topics they view as being the most critical for their businesses.
In particular, these individuals were asked for their current roadmap roll-out for cloud/software-as-a-service (SaaS) usage, real-time payments, ISO 20022 messaging, cross-border payments, fraud defense, treasury management and open banking.
The report also includes insights from EBA Clearing, Aite-Novarica Group and Open Banking Expo.
Bottomline Technologies provides electronic payment, invoice, and document automation solutions to 600,000 companies, including corporations, financial institutions and fintechs.
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