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Legacy IT Systems Lose U.S. Lenders $407 Million Every Year, Reveals New Divido Research

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Divido, the multinational white label platform for point-of-purchase lending, has today released the findings of its latest research, The Global Lending Report. The report provides insights and trends into the future of the global point-of-sale lending market. Divido surveyed senior decision-makers in the banking/lending space across seven different regions, including the U.S., U.K., GermanyFranceSpainItaly and the Nordics.

Point-of-sale finance is booming

Fuelled by consumer push-back on credit cards and a desire to have more flexibility when it comes to spending, the average U.S. lender estimates point-of-purchase finance will be worth almost $407 million to their individual business over the next 12 months.

Alongside this, U.S. lenders are set to invest an average of $45 million each into their point-of-purchase IT infrastructure over the next year. Across the seven markets, investment into point-of-sale finance is a priority for lenders, with two-thirds planning to invest between $1-500 million in this space over the next 12 months.

The wounds from failed projects are still fresh

Lack of appetite for investment following previous failed legacy IT projects remains a major concern, with 54% of U.S. lenders ranking it as the biggest challenge when it comes to delivering payments technology. Alongside this, in the last 12 months, IT projects for lenders in the U.S. ran over budget on average by $11.7 million.

“Banks are in a tough place. They’re facing competition from multiple directions but can be held back by increasingly expensive legacy systems that limit product development in-house,” said Christer Holloman, CEO and co-founder, Divido. “There is another option, banks can look to use third party fintech companies to release the increasing pressure on internal legacy IT resources. By doing this, they can safely turn their attention to focus on more timely core business issues, such as defending market positioning, addressing regulatory changes and winning new deals.”

Concern around new fintech players

New entrants are a top concern for 75% of lenders. No lenders agreed that they are confident about their ability to compete with these new market entrants, with 32% highlighting the ease at which new entrants can integrate with other businesses’ IT infrastructures, as their biggest concern.

That said, global collaboration among lenders and fintechs is firmly on the rise, with two-thirds stating that would consider partnering with a third party platform provider to deliver services to consumers.

Divido’s lending platform is quick to integrate with, works in multiple markets and with multiple lenders. It is currently available in the U.S, UK, GermanyFranceSpain, Italy,  and the Nordics.

To read the full report and access the different market guides, including the U.S. one, please go to The Global Lending Report.

Methodology

The Global Lending Report is an independent research project, conducted by Coleman Parkes in April and May 2019. It surveys 700 IT decision makers at financial service providers with over 1,000 employees in the U.S., UK, Nordics, GermanyFranceSpain and Italy that offer loan and credit services. Represented in the survey are job titles such as CEO, CTO, COO, CIO and IT Director.

 

SOURCE Divido

Fintech

Accura Scan, The Only Certified Biometric Solution Provider in Middle East & Africa for Banks and Telcos

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Global Identity Verification and Digital KYC solutions provider, Accura Scan is pleased to announce being awarded ISO/IEC 30107-03 compliance after passing a presentation attack detection (PAD) iBeta Level 2 audit with 0% FAR, making it one of the few companies worldwide and the only in IndiaSingapore, APAC & Middle East to have such a recognition.

As part of the testing procedure to assess the performance of Accura Scan face biometric liveness system, which is already being used by clients globally, it was successfully tested with millions of data points in alpha & beta testing modes. Its algorithms were pitted against various forms of spoofing attempts, including but not limited to 3D-printed and curved masks, silicone and paper masks, and videos of real subjects.

Yasin Patel (YP), Accura Scan’s CEO & Founder, expressed great pride in the achievement, adding, “Obtaining the ISO 30107-03 standard after passing the rigorous iBeta level 2 test demonstrates the effectiveness of our solutions against spoofing attacks.” He further announced that in keeping with their motto of ‘Biometrics for All’, Accura Scan would be offering its trusted Identity Verification Suite for free to all start-ups, while established entities would be offered various modules for as little as USD 5,000 a year onwards.

Commenting on this feat, Director – International Sales, Reza Writer, added, “Ambition greater than resources is in the DNA of Accura Scan. We have achieved this feat with a very small but highly skilled & dedicated team that has executed the organizational goal beautifully.”

The ISO 30107-3 framework measures a biometric system’s false acceptance rate (FAR) and false rejection rate (FRR) at the point of presentation. Passing the evaluation with an FAR of 0%, means that the company’s biometric algorithms offer a high level of spoof resistance in all environments.

Headquartered in India, Accura Scan has been completely bootstrapped & profitable since its incorporation. It has firmly established itself in the MENA region over the last 4 years, working with some of the most esteemed Banks, Telecoms & Fintechs globally. As a part of its global strategy, it has now registered itself in Singapore, the EU, the UK, & the US. With top-notch Identity Verification & Digital KYC products, it is confident of making a mark in these markets.

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BIM Exchange integrates traditional currency option for buying and selling cryptocurrencies

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BIM Exchange revolutionizes the purchase of crypto-currencies: implicity and security guaranteed

BIM Exchange, the French pioneer of crypto-currency exchange platforms, today announces a major breakthrough in the ease of access and security of crypto transactions. With its new feature, it has never been easier to buy and trade crypto-currencies, bridging the gap between the traditional Web and Web 3.0.

Integration of payments in tradtional currencies: Euro, Dollar, Pound Sterling and Swiss Franc

BIM Exchange now enables its users to buy crypto-currencies directly by bank transfer in less than 24 hours, regardless of their currency. The funds are then securely transferred to the user’s decentralized wallet, such as Ledger, TrustWallet, MetaMask or other.

This method considerably simplifies access to digital currencies, while guaranteeing maximum security.

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Monzo founder talks Prosper. Company sees incredible demand for its Crowdfund, smashing 130% of its target, raising over £785,000.

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Having recently announced its crowdfund was open to the public and with a little more than a week to go, Prosper today confirmed it has hit 130% of its funding target, raising over £785,000.

The company is backed by some of the biggest names in fintech. One of those, Tom Blomfield, the founder and former CEO of digital bank Monzo, said:

“The crowdfunding community was vital to Monzo’s growth and helped us engage with our early users. Like Monzo, Prosper is a customer champion brand shaking up the wealth industry. As I invested in Prosper, it became clear that speaking to the community would also play a part in their journey. It’s only the beginning, but I’m excited to help more people prosper!”

Monzo’s first crowdfunding campaign raised just under £1m at a £30m valuation. Today, that valuation stands at “around £4 billion”, according to Sky News. With a week of its own crowdfund still to go, Prosper hopes to build on that success, already closing in on Monzo’s original raise achievement.

“We’ve been blown away by the demand we’ve seen from our community. It’s a testament to the value we can create building a customer-championing business in the world of saving and investing,” said founder and CEO Nick Perrett.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more.

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