TCF 2022: Closing the void between banking and fintech

TCF 2022: Closing the void between banking and fintech

Banking as a Service (BaaS) and Banking as a Platform (BaaP) were key themes throughout both days of the Temenos Community Forum (TCF). These topics were also hit on during a session about how to scale your business, led by Ross Mallace – speakers executive vice president, global head of SaaS and partner ecosystem at Temenos.

5 Fintech Trends Shaping the Banking Industry for Good

As the Fintech world sees an all-time high upsurge, this video covers the list of 5 Fintech trends to look out for that will shape the banking industry. Financial firms and banks are adding new features in their cashless transactions to fit this pandemic-hit economy. Read More –

Financial firms and banks are adding new features in their cashless transactions to fit this pandemic-hit economy. Fintech offers convenience to customers as it has multiple options to choose for cashless transactions like mobile wallets, QR codes, contactless payments, etc. It provides a speedy process for payments and digital loans and can create dynamic growth in financial services. This acceleration will continue to groom the investments until banks and Fintech become interwoven. Now, it is just a matter of time for Fintech to emerge as one of the most booming industries.

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The Big Shift: Financial Services and FinTech

Unprecedented advances in financial technology have transformed the way individuals and institutions interact with formal financial services. Innovations in mobile payments, digital currencies, distributed ledger technology, and peer-to-peer marketplace lending have created new opportunities for the financial sector. In particular, highly focused and cost-efficient financial services will challenge conventional value chain, business models, and market positions. How is the industry responding to this new environment? What are the greatest FinTech innovations occurring right now, and what could disrupt FinTech innovators’ road to success?

2022 NYU Stern FinTech Conference: A Complete Revolution

NYU Stern Fubon Center for Technology, Business, and Innovation
Friday, February 25, 2022
Global Fintech 2022: Defi or Defy: Mainstreaming Decentralized Finance

Opening Remarks & Keynote: A Complete Revolution

Kathleen DeRose, Director of the Fubon Center for Technology, Business and Innovation & the Fubon Fintech Initiative, Clinical Associate Professor of Finance, Academic Director of the MS in Fintech Program, NYU Stern School of Business

Matt Harris, Partner, Bain Capital Ventures

DeFi, (Decentralized Finance), the blockchain-enabled automation of financial services, is poised to transform financial systems, businesses, and accepted theories. DeFi research is in its infancy, and DeFi commerce is already reshaping financial services. The Fubon Center catalyzes interdisciplinary research, and NYU Stern faculty and our broader fintech community are already exploring this vast, expanding, and unmarked terrain.

Topics include but are not limited to DeFi transformation of asset pricing, financial intermediation, corporate finance, banking and trading operations, payments systems, insurance, risk management, and private equity, and the associated global policies, regulations and security risks.

Join us at our upcoming events!

Global Trade Leaders

Global Trade Leaders
Global Trade Leaders blog is an online platform dedicated to providing the latest news and insights on international trade and global markets. The blog also offers a wide range of resources, such as trade law and policy guides, negotiation advice, and industry reports. The rise of FinTech has led to an increase in fraud, with identity theft and money laundering cases on the rise as perpetrators find new ways to hack digital financial systems. In 2021, FinTech identity fraud rose 15%, making it second only to health in terms of fraud. One example of this is the shutdown of N26, one of the most successful neobanks, in the US.

The mass adoption of FinTech during the COVID-19 pandemic has made it easier for customers to access services, but it also opened up new ways to commit financial crimes. The EU had more stable fraud rates than the US in 2021. Identity theft topped FinTech fraud statistics and some FinTech companies, such as digital banks and investment companies, have temporarily banned transfers from digital banks out of fear of financial crime.

Neobanks, a FinTech service, are frequently criticized for weak know-your-customer/anti-money laundering (KYC/AML) compliance. Banking-as-a-Service (BAAS) allows neobanks to leverage legacy banks’ licenses, standards, regulations, and payment networks. This allows new market players to compete with traditional banks, but it also has many loopholes that can lead to increased financial crime and financial access and equity issues.

In addition, Robinhood, a free stock trading platform with a million users, is the latest FinTech to ban funds transfers from a list of financial institutions, including many neobanks, due to concerns about fraud. Chime, the largest US neobank, has also been indirectly affected by fraud, as industries that use its services, such as rental car companies, have reported numerous fraud cases and have restricted the use of Chime cards.

In Europe, financial watchdogs have fined neobanks and fintechs for anti-money laundering deficiencies and similar investigations are ongoing. Sign-up bonuses also attract fraudsters to digital banks, who take advantage of FinTechs’ need for seamless banking and the lack of identity verification. Overall, it’s clear that the convenience and mass adoption of FinTech have created new opportunities for fraud and financial crime, and companies must continue to improve their compliance and security measures to mitigate these risks.