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Fintech is no more the new kid on the block!

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  As NASSCOM 10,000 start-ups presents the second edition of India Fintech Day (#FintechIn5), the themes for this year’s event clearly highlight that Fintech is no more a new phenomenon. In fact, we are no longer just talking about digital payments, which was every coffee table’s discussion last year, particularly after demonetization. We are now in the new era of technological disruption, which even goes beyond SMAC (social, mobile, analytics, cloud) to spread out to artificial intelligence, blockchain, regtech, alternate lending and a lot more. Do attend the event, but if you are not able to, download this 4-pager document on Fintech Landscape as covered in NASSCOM Strategic Review FY 2017, to get the key highlights. (P.S – this is part of a paid report, and we are...

Customer Liability in The Age of Digital Banking

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Who is liable for money lost when fraud occurs in a customer’s bank account or card through illegal access/use of ATM or any of the Digital Channels (Internet Banking, Mobile Banking, Payments, E-wallets, etc.)? The answer depends on the country where the account is being operated. While the customer is responsible for the safe keeping of his/her ATM Card, Pin, Internet Banking and Mobile Banking credentials, different countries have different regulations on ‘limited liability’ of the customer. When a customer discovers and reports fraud in her account through the use of ATM, Internet Banking or Mobile Banking, she is not liable for the full funds lost. In the US, the Federal “Regulation E” Consumer Protection Act ensures that customer’s liability is capped at $50 if she contacts the finan...

A ‘Yin and Yang’ Approach to Growing Top-line and Bottom-line

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How To Monetize your Anti-Fraud Solution to Make Money for you In Chinese philosophy,   yin and yang (also yin-yang or yin yang, ‘dark-bright’) explains how seemingly opposite or contrary forces may actually be complementary, interconnected, and interdependent in the natural world. This intriguing idea actually applies perfectly in the context of banking, if we were to see the yin as saving money (from losses) and the yang as making money (from sales). The fundamental principle is that the very same investment in data analytics and real-time decisioning for detecting/preventing fraud can be monetized for earning more revenues. Imagine an intelligent system that understands customers’ behavioral patterns to detect and prevent fraud is also creating precise personas for marketing teams to ta...

Payment Options – One Size Does Not Fit All

The word ‘cashless’, ‘digital payments’ is currently trending and is the most read about after 8/11. Almost every day, these terms are commonly used in different Indian media. With the government introducing various incentive schemes for merchants and consumers to boost digital payments by reducing MDR, we expect to see a behavioural aspect to change with rise in digital payments in 2017. And more importantly, it is important to observe if we Indians have complete flexibility for making cashless payments in different modes. Unlike the western world where credit cards are the default payment mode, in India there are various payment options available: Payment through netbanking, Debit/Credit cards, mobile wallets, mPoS, UPI, QR Code Aadhar enabled payment, *99# and so...

Staying ahead of the digital curve with real-time decisioning

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Dynamics of digital Financial institutions used to be the last candidates for change when it came to technology adoption. But over the recent past the banking sector has seen a dramatic ‘digital’ transformation given a discerning and demanding ‘digital’ generation, ferocious competition and a briskly evolving regulatory landscape.From a customer’s perspective, a bank that has gone digital should be able to, at a minimum, instantly provide accurate information across devices, platforms and geographies. Customers are intolerant to service downtimes and want their needs addressed promptly and efficiently almost 24/7. From credit cards to ATM to net banking to phone banking, the bank of today provides customers with an experience that is both seamless and of superior quality. But banks can do ...

Fraud-proofing Credit Cards Intelligently

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While credit cards have transformed purchase transactions, it has not been without simultaneously growing vulnerabilities. Financial fraud losses across payment cards, remote banking and cheques totaled £755 million in 2015 – a 26% jump when compared to 2014 says Financial Fraud Action UK. It says that the rise across all fraud loss types during 2015 owes much to the growth of impersonation and deception scams, as well as sophisticated on-line attacks such as malware and data breaches. Of the prevalent card-frauds, card-not-present (CNP) and payment fraud, CNP (where the card holder needn’t be present on-line or phone for the transaction) is the dominant form of card fraud in Europe in addition to the UK. Payment fraud not only involves falsely creating or diverting payments; it goes...

FinTech – The Next Big Revolution

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  Being a HealthIT evangelist, when someone chooses to write on Financial Technology, it is indicative that FinTech is the talk of the town. And why shouldn’t it be? Fintech as a sector is bullish in India. Today, fintech is disrupting financial services just like e-commerce changed the face of retail, and is likely to have far more widespread impact on society and the Indian economy, both directly and indirectly. The total Fintech software and services market is valued at ~USD 8 billion, and is expected to grow at a CAGR of ~15 percent 2016-2020 (3X the global average growth). Driven by mobile proliferation, increasing emphasis on financial inclusion, and digital savvy consumers, financial technologies are here to stay. Given below are some of the key highlights of the sector: Role o...

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