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Expert opinions

Guy Melamed

Guy Melamed CEO at Exberry

New Year’s Resolutions for Market Infrastructures in 2024

Traditional financial infrastructure providers are increasingly considering upgrading their trading systems to align with modern times. This is both based upon strategic developments taking place over the past couple of years (Microsoft investing £1.5bn in LSEG, Nasdaq collaborating with Amazon for cloud infrastructure, and Google injecting $1bn i...

/inclusion /markets Capital Market Technology

Anish Kapoor

Anish Kapoor CEO at AccessPay

Corporate Payments in 2024: APP fraud, ISO 20022-readiness and generative AI

The start of a new year is a natural time to consider what lies ahead. Here, we look at four key themes in corporate payments: Authorised Push Payment (APP) fraud, operational resilience, generative AI and ISO 20022, and consider what lies in store for 2024. Authorised Push Payment Fraud Combatting APP fraud will be high on the agenda for many orga...

/payments /predictions Finextra site news

Priya Kumari

Priya Kumari Digital Content Marketing Specialist at MSys Technologies

The Resilience of Credit Unions: Shaping the Future of Consumer Loans

Introduction While credit unions have experienced a slight slowdown in growth, they have proven to be more resistant to market fluctuations compared to banks. Despite facing challenges, credit unions have managed to maintain their share and even make gains in specific sectors. This article explores the recent trends in credit unions' consumer loan...

/payments /markets Banking

Raktim Singh

Raktim Singh Senior Product Leader at Infosys

Democratized AI

What is Democratized AI: The democratization of artificial intelligence entails universal access to AI. Put simply, open-source datasets and tools, which were created by prominent corporations , require minimal user expertise in artificial intelligence, allowing anyone to construct groundbreaking AI software. The underlying principle of 'Democrat...

/retail /inclusion Artificial Intelligence

Mantvydas Štareika

Mantvydas Štareika CEO at CapitalBox

Alternative sources of finance should support SMEs

Small and medium-sized enterprises, SMEs, make up 99% of all European companies and are the backbone of the EU economy, as they account for the vast majority of growth in the labor market. Despite that, SMEs are still seriously underfunded, in fact by as much as around €400 billion in the EU alone according to a recent study. The reason is that SM...

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Research

Future of Report

The Future of the Global Financial Ecosystem 2024

A Sibos Special Edition. Our world has experienced several unexpected and unprecedented events over the last few years, which show no signs of slowing down. This year’s Sibos aims to connect those in the financial services community who have experienced fragmentation, in the hope that tackling this will help with some of the biggest issues facing banking. The role that financial institutions play in the global environment will continue to be placed under the microscope as situations continue to develop. In light of this, there has never been a better time for those in finance to come together and have frank and open conversations about their future. This applies to not only environmental and social goals for banks, but also the adoption of and adaptation to new technologies. No longer can these issues be placed on the side and given lip service, they need to become an integrated part of each financial institution’s core policies and practices. However, ever increasing this challenge are the continuously changing global circumstances. Due to these circumstances, communication and collaboration are essential drivers for 2024. This Finextra report, produced in association with Swift, includes commentary from BBVA, BNP Paribas, BNY Mellon, Deutsche Bank, ING, JP Morgan, Lloyds, McKinsey, NatWest, SEB, Standard Chartered, UniCredit, and Wells Fargo.

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Future of Report

The Future of Payments 2023

Gaining Ground on Global Interoperability. The European Central Bank defines interoperability as 'the set of arrangements/procedures that allows participants in different systems to conduct and settle payments or securities transactions across systems while continuing to operate only in their own respective systems.' While technological efficiency is critical to gaining ground on global interoperability, there are other elements that are crucial to the success of a global payments network. This includes the ability to build seamless connections, connect payment systems across different jurisdictions with varying regulatory requirements and ensure different demographic groups can transact reliably and securely. The payments and transaction banking industry may be unsure of where the fintech evolution will go next, but what is evident is that models for public and private sector collaboration must be established. What this means is that financial services must reach a resolution for the continued challenges around cross border payments, correspondent banking and liquidity management, if we are indeed on the cusp of the instant payments era. The European legislative landscape must also be looked upon as a support, not a hindrance and more must be done to implement the clever use of data so industry participants can forge ahead with initiatives such as open finance, banking as a service and turning payments processing into a business opportunity. Further to this, as technologies such as cloud, artificial intelligence (AI) and robotic process automation (RPA) are utilised for innovation, banks and other financial institutions must step up their fraud prevention and cybersecurity games and establish new ways of customer authentication. Now is the time for commercial banks to lead and the emergence of central bank digital currencies (CBDCs) has proved that strategic potential is there for this sector to thrive and pave the way for the next generation of payments. With expert views from Banking Circle, Quant, and Wise, in this report, you will learn from industry leaders about the events and trends defining global payments in 2023 and beyond. The report includes insights from BNY Mellon, Cecabank, Deutsche Bank, HSBC, ING, Nationwide Building Society, NatWest, SEBA Bank, and Société Générale.

1451 downloads

Report

The Future of Fintech in the UK 2023

A Special Edition for UK Fintech Week 2023 and IFGS 2023 Fintech investment across Europe, the Middle East and Africa fell from $79 billion across 2,379 deals in 2021 to $44.9 billion across 1,977 deals in 2022, according to KPMG’s biannual analysis of global fintech investment, the ‘Pulse of Fintech’ report. Further, total UK fintech investment hit $17.4 billion in 2022, down from $39.1 in 2021.  The first half of last year was much stronger than the second, accounting for $32.8 billion in investment, including six deals worth over $1 billion, which includes the $1.8 billion acquisition of interactive investor by abrdn. The latter half of 2022 also saw $12 billion in investment, with the largest deals all valued under $1 billion, including the $839 million buyout of Nucleus Financial by HPS Investment Partners.  But what does the future hold for fintech investment in the UK in 2023?  This Finextra report, a special edition for Innovate Finance Global Summit and UK Fintech Week 2023, collates interviews with a number of leading fintech firms operating in the UK and explores topics that will be covered at the event in London. Key insights from the likes of Archie, Creditspring, Harrington Starr, Konsentus, KPMG, Moneyfarm, Nova Credit, OakNorth, Open Banking Excellence, Ozone API, Pave, Pollinate, PPRO, Quantexa, Sonovate, Thought Machine, Truelayer, and Zopa, cover how fintech firms across the UK are preparing for the future. 

683 downloads

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FinextraTV

How redefining value in decision making helps the planet

To achieve a sustainable future, integrating financial, natural, social, and human capitals equally into financial systems is crucial. In a conversation with Richard Peers from Responsible Risk, Mark Gough, Chief Executive Officer of Capitals Coalition, discusses redefining value and transforming global decision-making processes to tackle challenges such as nature loss, inequality, and climate change. They stress the significance of contextualized information and measurements for value assessments, highlighting the need for collaboration, integration, and transparency to effectively address complex challenges in the green transition.

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Long reads

Scott Hamilton

Scott Hamilton Contributing Editor at Finextra Research

How migrant banking’s expansion means different approaches in US vs. Europe

Migrant banking solutions, or banking for refugees and other recent arrivals, have been increasing in type and number in both Europe and the US for a while now. However, the number of programs available to new entrants to the Eurozone is far more numerous, especially on a per capita basis, than in America. There are some key differences in product...

Níamh Curran

Níamh Curran Senior Reporter at Finextra

Generative AI cannot replace branch banking – Niamh’s hot take of the month

NatWest announced in November 2023 that they were integrating generative AI into their chatbot tool Cora, which saw the launch of Cora+. Generative AI has been one of the hottest topics throughout 2023, and that is only likely to continue into 2024 as companies like OpenAI expand their products and capabilities. The technology offers a lot of ...

Scott Hamilton

Scott Hamilton Contributing Editor at Finextra Research

Inclusiv: financially underserved most impacted, yet climate mitigation programmes achieve success

Credit Union intermediary says members hit hard by climate change have developed innovative solutions, warranting them prime seats at policy and funding table. In the second part of our feature on Community Deposit Financial Institution (CDFI) and financial inclusion empowerment advocate Inclusiv, Finextra examines the New York City-based organizat...