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How robo-advice is changing investing

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Millennial investors dabbling in the market for the first time are embracing robo-investment tools globally but Australians still seem to lag as locals remain a little leery about the financial services sector as a whole.

According to Recep III Peker of research house Investment Trends, the growth in robo-advice products has contributed to a spike in investing globally during the COVID-19 pandemic as people are attracted to low fees (in some cases zero) and to the knowledge that technology tools allow for investing in smaller amounts.

Peker says Investment Trends research in Germany, Spain and the United States indicates many investors are returning to the market and the number of first-time investors is also high.

It’s arguable whether this flood of new investors is one of the factors driving current market volatility but the Australian Securities and Investments Commission’s (ASIC) report on Retail investor trading during COVID-19 volatility released in May did indicate a sharp increase in retail traders opening accounts and they were also trading more frequently.

Peker said Investment Trends had only just started their Australian research on new investors but in the United Kingdom, the number of first time investors had tripled in the last 12 months.

To read more, please click on the link below…

Source: How robo-advice is changing investing

Source: https://australianfintech.com.au/how-robo-advice-is-changing-investing/

Big Data

Capital on Tap apuesta por el software Modellica Originations de GDS Modellica para evaluar los procesos de solicitudes de tarjetas de crédito

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Capital on Tap apuesta por el software Modellica Originations de GDS Modellica para evaluar los procesos de solicitudes de tarjetas de crédito

Capital on Tap, fintech orientada a la financiación de circulante para pymes y autónomos, ha seleccionado el software Modellica Originations, motor de decisiones de alta potencia desarrollado por GDS Modellica, para la gestión de riesgo de crédito por contar con la mejor tecnología de evaluación crediticia.

            La incorporación de Modellica Originations a su cartera de tecnología de decisiones corrobora la estrategia de inversión continua de Capital on Tap para desarrollar su capacidad digital y satisfacer las expectativas de sus clientes en el mercado de las pymes. En un mercado cada vez más competitivo, es esencial proporcionar un servicio satisfactorio, ágil y flexible. Para alcanzar esas cotas de excelencia, la innovación y la mejora continua son las mejores herramientas.

            No es una cuestión baladí otorgar un préstamo, pues esta decisión puede significar la diferencia entre que una empresa pueda crecer o no. Los financiadores de todo el mundo utilizan su experiencia y sus sistemas de software, como Modellica Originations, para evaluar la información del cliente, la información crediticia y los cuadros de mando para decidir acerca de las solicitudes de financiación.

           Para un financiador, el uso de software de GDS Modellica, capaz de integrar de forma eficiente y fiable infinidad de múltiples conjuntos de datos, presenta una gran oportunidad. Tener acceso y utilizar datos de fuentes internas y externas (incluidas las agencias de referencia crediticia) brinda la capacidad de evaluar el riesgo de manera rápida, precisa y tomar decisiones más acertadas. Los solicitantes pueden estar seguros de que las decisiones son justas y se basan en sus circunstancias individuales.

            Según Rubén Vidal, Managing Director de Capital On Tap en España, “en la elección del software GDS Modellica ha primado el hecho de contar con la mejor tecnología de evaluación crediticia que existe en el mercado, para proporcionar a nuestros clientes una experiencia excelente cuando solicitan nuestros productos. Queremos estar al lado de los empresarios y autónomos, para quienes la financiación es una herramienta más en la gestión de su negocio. Por lo que gestionar la financiación no les debería quitar demasiado tiempo. Dar una respuesta ágil sin requerir pasar por tediosos administrativos resulta esencial. “.

            Por su parte, Antonio García Rouco, Director General GDS Modellica EMEA&LAC indicó que “es muy positivo trabajar con Capital on Tap, en un nuevo un proyecto común que aumentará nuestra visibilidad y labor. Nuestros respectivos equipos han forjado y conformado una relación de trabajo excelente, una asociación que aportará un gran valor añadido a ambas organizaciones”.

 

Source: https://www.fintechnews.org/capital-on-tap-apuesta-por-el-software-modellica-originations-de-gds-modellica-para-evaluar-los-procesos-de-solicitudes-de-tarjetas-de-credito/

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MAPFRE strengthens its position in Dominican Republic

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MAPFRE strengthens its position in Dominican Republic

The new brand MAPFRE Salud ARS—the new trading name for the former ARS Palic—was recently launched in the Dominican Republic following the acquisition of the health insurance company at the start of this year. The company has become a benchmark in the Dominican health market thanks to its high service standards. It earns nearly 200 million euros in annual premiums and has over 900,000 clients.

In February, MAPFRE acquired 51 percent of the company from the BHD León Financial Center, which continues to own the remaining 49 percent. Both companies are already partners in the company MAPFRE BHD Seguros, which offers various plans to protect against personal and property risks.

With this operation, MAPFRE has consolidated its position as one of the top insurers in the country, with close to 350 million euros in annual premiums. José María Romero, CEO of MAPFRE in the Central America and Dominican Republic Subregion, explains that this operation “highlights MAPFRE’s commitment to the region and the country, with a view to contributing to the improvement of people’s quality of life.” 

MAPFRE Economics, MAPFRE’s research service, rates the Dominican Republic’s insurance market with a high growth potential. It values the market potential as more than 6 billion dollars, i.e., five times the current market in the country.

Source: https://www.fintechnews.org/mapfre-strengthens-its-position-in-dominican-republic/

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Why self-service banking is essential in a post-pandemic world

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Customers want banking transactions to be digital and simple but expect customer service to be interactive, said Simon Powley, head global advisor consultant for Diebold Nixdorf.

“I think what a lot of financial institutions struggle with is there’s a lot of technology and opportunity out there so the question becomes how to begin to prioritize,” he said during an interview with ATM Marketplace.

See below for the rest of the interview.

Q: Do you think, post-pandemic, there will be a call for more self-service kiosks?

A:I think if anything [the pandemic] has advocated for a lot of the things we’ve been talking about in regard to our products and services. The prioritization around self-service has never been more important, and we’re very excited about developing new conversations and helping financial institutions transform all this chaos into something good for their organization.

Q: Do you think, in terms of branch transformation, financial institutions post-pandemic should go to a self-service platform?

A: I think it’s important to look at the entire ecosystem, especially with COVID right now. We know that self-service is playing out at the ATM, but whether a branch needs to consider tablet integration, cardless transactions or how mobile technology integrates with their ATM and other channels, I think it’s a major concern moving forward. All these options are important because people want to be safe, they are trying to be safe. Even though options such as self-service capabilities and technologies have been available, I think it’s more important now that ever before that financial institutions look what they are doing. I think we’re going to see a lot of changes happening with branch transformation where maybe it wasn’t really as important before as it is now. Financial institutions have to really look at what they’re doing, what channels they have available and how it all is going to impact their customers.

Q: Do you think the customers post-pandemic will look to their bank to offer an omnichannel approach?

A:We’ve been talking about this and developing road maps for all different financial institutions prior to the pandemic. We deal some of the largest most complex financial institutions in the world, as well as the smallest credit union that operates in a local entity. The conversations are happening, but this isn’t a one-size fits all process. Maybe [post-pandemic] that one branch credit union where everyone knows everyone else, omnichannel banking won’t work. We have to look at the entire ecosystem, of what they’re doing and what kind of products and services their customers are asking or expecting to have.

Q: What do you think financial institutions struggle with in terms of branch transformation?

A: I think what a lot of financial institutions struggle with is there’s a lot of technology and opportunity out there so the question becomes how to begin to prioritize? You have to know what things come first in order to look at what you want to do. You really have to break that down based upon your customer base or member base for a credit union. Financial institutions have to determine what are the priorities? What are they looking to do? How do they want to impact not just the customer, but the community? What is their propensity to really adapt to technology, and is bringing in technology and adapting important to them and to their customers? One thing we do know definitively, which was true even before COVID happened but has certainly become amplified, is that customers really want to transact digitally, but want to interact physically. They want self-service, but they want it simple. They want great customer service, but they want to stay safe.

Q: So how can you make all that happen?

A: It’s really a matter of all the channels playing together in terms of safety and service. From a safety perspective, we’ve seen a lot of banks and financial institutions making changes. They have changed their hours, brought in people to manage traffic flow and in some cases, checking temperatures. They have brought in more cleaning people and outfitted them with personal protection gear. We have seen branches and retailers with ATMs marking off floor space in six feet increments to adhere to social distancing.

In terms of what we’re doing, we are very proud that those people servicing our ATMs are considered essential workers. We are supplying them with personal protection equipment and ensuring that they are disinfecting the systems both before and after maintaining the [machine]. We’re looking into antimicrobial coatings that can help reduce the spread of germs. We are looking at what the CDC is recommending in terms of touching equipment and keeping our staff informed.

Q: What is the biggest challenge you’re facing?  

A:We don’t see challenges, we see opportunities. One area is automated deposits. There are still many financial institutions out there that don’t have deposit automation on their ATMs or haven’t fully deployed it yet. In this kind of environment, you have to look at doing automated deposits.  Financial institutions may want to be more efficient, but they also want to cut costs. They have to look at ways to supplement tellers since coming back from the pandemic they may have staffing changes.  

Everything a financial institution is planning on doing needs to be looked at on how they are interacting with their customer and are they doing it in the most efficient manner? If they have touch screens, how do they keep people safe if they need to touch the screen?  How can you make things more automated and adjust your business rules so they stay simple too? How can you drive adoption within your customer member base to help support them? What are your next steps? Should you offer cardless contact since we believe that’s going to be very important moving forward?

There is no question that people are being especially careful right now, but those trends are probably going to continue at least over the next several years. You want your customers to be safe. You want to leverage devices that can be kept clean. You want to set up contactless transactions at an ATM or pre-stage them through a mobile phone.

Retailers and financial institutions need to consider cash recycling and denomination selections at an ATM because it is more efficient.  Denomination selection has been one of the most desired attributes of an ATM. What kind of small businessperson can stand in line for long periods of time at a bank branch?

Q: Are financial institutions concerned if they consider self-service kiosks, the customer experience could be altered?

Whether they’re a medium-sized bank or a regional bank, financial institutions want to connect with their customers. That’s where they can differentiate themselves and where they can really stand out. Large institutions are always looking for ways to innovate as a result of their technology capability, but they still want to interact with customers. And even when you don’t see many customers in the branch, it doesn’t mean that you won’t be seeing them through another channel technologically. Customers are going to transact in the way they prefer now, but financial institutions need to keep customer connections alive.

An ATM can do several bills and checks at the same time. That helps a bank be more efficient. More efficient makes for a better customer experience. There are larger screens, the ability to use multi-denominations and functionality that can drive contactless transactions. From a software perspective, there are teller video self-service systems that can be implemented quickly.

A financial institution needs to empower their customers. They can do it with core integration and create a great experience. Customers can still utilize self-service technology, but the overall experience still needs to be a good one. If you integrate and leverage all your technology, the customer will see how you are not just focused on efficiency, you are focused on experience. And that’s what we want to do. We want to help financial institutions become more efficient with self-service technology but still keep a positive experience. By doing that we can help our customers run a more efficient and effective organization for their customers.

Source: https://www.fintechnews.org/why-self-service-banking-is-essential-in-a-post-pandemic-world/

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Contactless payments market to reach US$ 26.3 billion by 2027

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Contactless Payments Market To Reach US$ 26.3 Billion By 2027

The global contactless payments market is expected to surpass US$ 26.3 Billion by 2027 end, registering a CAGR of 12.9% during the forecast period of 2019 to 2027), as highlighted in a report published by Coherent Market Insights.

Increasing demand for contactless payments from the retail sector is expected to drive market growth during the forecast period. Retailers are modernizing their brick-and-mortar stores to offer secure services to customers and establishing online stores to increase revenue.

They are adopting advanced technologies such as big data analytics and cloud computing to increase their presence in the market. Retail manufacturers are using contactless payments methods that provide many benefits, such as reduced transaction time, increased operational efficiency, increased revenue, minimized cost, and others. Contactless payment methods at retail stores reduce transaction process and queue in counter.

Moreover, governments are also focusing on introducing new payment methods in order to increase productivity and remain competitive in the market. For instance, in December 2016, the government of India launched BHIM app for Unified Payment Interface (UPI). The common UPIbased BHIM app allows the user to send and receive money through their mobile phones by linking their bank accounts. For instance, according to Coherent Market Insights’ analysis, the number of transactions done through the Bharat Interface for Money (BHIM) app reached 18.8 million in February 2020.

Contactless Payments Market – Impact of Coronavirus (Covid-19) Pandemic

According to Coherent Market Insight‘s study, globally, most of the countries are affected by COVID-19 and most of the countries have announced lockdown.Contactless payment have become more preferred payment method, as it requires less physical interactions.

Smartphone based payment interface and digital wallets are the potential solutions to contain the spread of coronavirus pandemic. Moreover, recent developments in digital payments have encouraged the use of contactless payment methods during this pandemic. For instance, in April 2020, Upgrade Inc., a U.S.-based loan company, launched new contactless credit card. The new credit card provides high transaction limit than other payment methods.

Moreover, bank authorities and card network in Germany, U.K., Austria, and other countries have set higher transaction limit, as people are staying at home and prefer shopping through payment cards only. For instance, U.K Finance Limited increased the transaction limit for contactless payment cards starting from 30 Euros to 45 Euros. This, in turn, increases demand for contactless payment solutions.

Key Trends and Analysis of the Global Contactless Payments Market:

  • Europe held dominant position in the global contactless payments market in 2019 and is expected to retain its dominance throughout the forecast period. This is owing to increasing payment through smart cards. For instance, according to the Electronic Transactions Association (ETA), contactless payments through Mastercard and Maestro increased by 145% in Europe in 2018. Furthermore, in 2019, according to Coherent Market Insights’ analysis, the transactions through contactless payment methods reached 651 million in the U.K.
  • Asia Pacific is expected to show significant growth over the forecast period. The increasing adoption of contactless payment methods from retail industry is fueling the market growth. Retailers are modernizing their conventional payment methods with contactless payment methods, in order to improve productivity and efficiency in the business.
  • Among device type, the smartphone segment held dominant position in the market in 2019 and is expected to retain its dominance during the forecast period. This is owing to increasing demand for live streaming from consumers. For instance, the online video streaming market is expected to exceed US$ 70,000 million in 2021 from US$ 30,000 million in 2016.
  • Major players operating in the global contactless payments market include Thales Group, Infineon Technologies AG, Ingenico Group, Wirecard, VeriFone, Inc., Giesecke+Devrient GmbH, IDEMIA, Track Innovations LTD., Identiv, Inc., CPI Card Group Inc., Setomatic Systems, Valitor, PAX, PINPAD, Mobeewave, alcineo, and Paycor, Inc.

Source: https://www.fintechnews.org/contactless-payments-market-to-reach-us-26-3-billion-by-2027/

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