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Financial services must ensure sufficient cyber security to cope with the growing speed of change, according to KPMG cyber security practice leaders

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Vlad Poptamas

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At a time when trust has become central to the customer experience, KPMG cyber security practice leaders have told a roundtable that they believe financial services firms are demonstrating a commitment to trust through their cyber agendas. They said that amidst accelerating technological disruption, actively managing customer trust is presenting new revenue opportunities and challenges for financial institutions.

Henry Shek, partner, Head of Cyber Security and IT Advisory Risk Consulting, KPMG China, said: “In the rush to provide a superior customer experience, financial services organisations are embracing robotics, AI blockchain and real-time data analytics. However, they must keep a close eye on fraud and be aware of ever-changing fraud scenarios. Cyber criminals are already using new and advanced methods to manipulate security weaknesses, which means that traditional security and protection mechanisms may not be sufficient to deal with AI and advanced technology-enabled attacks.”

The ‘virtual bank effect’

Financial services organizations are competing not only with their traditional peers, but also with an increasing number of agile, digital disruptors such as virtual banks. The pace at which these new players are developing is forcing traditional banks to adopt more agile approaches to managing their own IT infrastructure.

According to the practice leaders, a major transformational change of a bank’s platform used to take anything between two and five years, but now they are up against players with no legacy systems to upgrade and they are forcing the pace. People are now talking about upgrading banking systems every four to six months. That places huge pressure on a bank’s IT people who have to manage the security implications of accelerating change while simultaneously dealing with the legacy of elderly systems and sunk investment.

The challenge is not just from virtual banks. In China, which is well on its way to being cashless, digital payment providers are already commonplace and customers are the driving force for these digital adoptions. Retail and commercial businesses in particular are adapting quickly to ensure they remain relevant to the needs of their customers and are enabling their digital agenda.

Ensuring AI and bots are secure for revolutionising interactions and transactions

Chat bots are fairly common and are being implemented across many Chinese financial services organisations. Most of them are designed to facilitate the customer journey, with ‘question-and-answer’ type algorithms. When the bots start making banking decisions, accountability becomes an issue. The process for letting bots run, and the ‘fail-safe’ that leads to human intervention (e.g. from call centers) must be seamless, to avoid a frustrating customer experience. In general, many financial services organisations have some way to go before they are able to achieve a sound balance between the robot and the physical.

AI and bots may be revolutionising interactions and transactions, but these need to be kept on a leash to ensure they are secure and trustworthy, and contribute rather than disrupt customer experience. It will be crucial that they embed security and privacy from day one – not just in the design, but in the way they train and operate AIs. Financial services organisations will need to demonstrate AI integrity and robustness, but also meet regulatory and customer expectations.

Shek concluded: “Managing these whole, third-party ecosystems involving cyber, outsourcing, cloud, mobile and customer data are all top of the technology risk agenda. We expect to see more financial services organisations embed cyber security into their digital and business strategy, investing in cyber security as part of the innovation budget, and creating a process to become more resilient to evolving cyber threats.”

 

SOURCE KPMG China

Fintech

Global Digital B2B Payments Market: Size, Trends & Forecasts (2020-2024)

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Dublin, Feb. 18, 2020 (GLOBE NEWSWIRE) — The “Global Digital B2B Payments Market: Size, Trends & Forecasts (2020-2024)” report has been added to ResearchAndMarkets.com’s offering.
This report provides an in-depth analysis of the global digital B2B payments market, with a detailed analysis of market size and growth. The report provides an analysis of the digital B2B payments market by value and by modes.The global digital B2B payments market has observed stable growth in the past few years and the market is further expected to rise at an affirmative rate during the forecasted period (2020-2024). The growth of the global digital B2B payments market would be bolstered by the growth drivers such as growing real-time payments, increasing adoption of cloud-based solutions, escalating smartphone penetration, emerging B2B e-commerce industry, swelling business process automation, rising urbanization, increasing cross border payments, etc.The major players dominating the digital B2B payments market are Alibaba Group (Ant Financial), American Express, Bottomline Technologies Inc., and Coupa Software Inc. The four companies have been profiled in the report providing a detailed analysis of their financial information and business strategies.Key Topics Covered: 2. Introduction
2.1 Payments: An Overview
2.2 B2B Payment: An Overview
2.3 History of B2B Payments: An Overview
2.4 B2B Payments End-User: An Overview
2.5 Digital Payments: An Overview
2.6 Process of Invoice to Payment Automation
2.7 Streams of Digital B2B Payments: An Overview
For more information about this report visit https://www.researchandmarkets.com/r/ejgrq0Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

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Hitting $12B in AUM, Carson Doubles Down on Cutting Tech Costs for Partners

Vlad Poptamas

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Carson Group, one of the fastest growing financial services firms in the country, announced that as of April 1, 2020, Carson will cover technology costs for all partner firms—encompassing software platforms Salesforce, Orion, Smarsh and Egnyte. eMoney will also be covered as of May 1, 2020. Instead of spending time and money evaluating and adopting technology, wirehouse advisors, IARs and RIAs in the Carson Partners network can now, more than ever, focus on what matters and maximize the value they deliver to the families they serve.

Carson President Teri Shepherd said, “Reaching $12 billion AUM is a testament to our advisors and their dedication to serving nearly 32,000 families across the United StatesWe want our partners to have the resources to continuously reinvest in optimization and growth. Paying for the tech stack is the latest example of our commitment to helping advisors serve their clients while empowering them to focus on being the CEO of their business.”

Carson Group had unveiled plans to eliminate the financial burden on advisor businesses leveraging the Carson CX (client experience) at its flagship industry-wide Excell conference in Chicago in May 2019. Plans for discounted services and direct cost savings to partners were among the key messages shared during Carson’s Partner Summit that takes place during Excell each year. The team announced zero costs on Orion Advisor Services fees within advisory accounts, which averaged a savings of more than $22,000 per advisor firm.

Bob Huntley, Founder and Wealth Advisor of Texas-based Carson partner firm Wise Counsel Wealth Management said, “I cannot tell you how exciting it is to be part of this movement Ron Carson has built. I am already making plans to reinvest 100 percent of the savings back into growth this year.”

This commitment to eliminating tech costs is the latest in an ongoing rollout of Carson CX (customer experience) releases and technology enhancements to help make complex issues simple for advisors and investors across the country. Over the past year, the organization has rolled out several value-added advisor services and support to its ecosystem, including an expanded brokerage solution, M&A consulting to help its advisors grow their practices, succession planning, and cash management options through its partnership with Galileo Money+, a new mobile-only banking service, available exclusively through financial advisors.

Carson Group serves advisors and investors in more than 120 partner offices across the country, including 24 Carson Wealth offices. In addition to being a mainstay in the Barron’s annual list of top wealth management firms, Carson Group remains among the Inc. 5000 list of America’s fastest-growing companies, has been recognized for two consecutive years by InvestmentNews as a top-50 firm for Best Places to Work for Financial Advisors, and was recently awarded a Best Places to Work in FinTech by American Banker.

 

SOURCE Carson Group

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Rapyd and Visa Team Up to Drive Adoption of Fintech Services for Businesses Around the World

Vlad Poptamas

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Photo source: emq.com

 

Rapyd, a global B2B Fintech as a Service provider, today announced a new agreement with Visa (NYSE:V) that will help Rapyd expand its worldwide business operations. Rapyd will collaborate with Visa to offer fintech and payment  services where both firms see opportunities to help businesses expand their core offerings with more expansive local and cross-border market solutions.  Additionally, Rapyd will join Visa’s Fintech Fast Track programs as an enablement partner to drive its speed to market for Fintechs through a variety of Visa payment solutions. Rapyd has become a Visa issuer in the UK and plans to expand its issuing and acquiring footprint in other key regions over time.

Rapyd’s unified cloud-based platform helps businesses quickly integrate Fintech and payment capabilities into any commerce application. eCommerce merchants, gig economy platforms, financial institutions, and technology providers are all looking to enable highly localized customer experiences around the world, a challenge Rapyd solves by delivering the full stack of fintech services through a single integration.

For instance, as part of this new relationship with Visa, Rapyd can instantly issue a virtual Visa card that can be utilized by a gig-economy worker in Latin America to purchase goods on behalf of the platform, or disburse funds to a worker on a Visa card in Asia-Pacific, all from a single integration on the Rapyd platform.

Sarel Tal, Vice President, EuropeMiddle East and Africa (EMEA) at Rapyd noted, “As businesses look for global expansion opportunities they must contend with the complexity of integrating local and cross-border payment capabilities, including collections, disbursements, and card-based solutions. Now Rapyd can leverage Visa’s offerings — Visa Direct for real-time funds transfers, Visa Token Services for secure digital payments, and Visa’s issuance capabilities –  to enhance Rapyd’s core issuing and acquiring services, unlocking simple, relevant payment experiences for these businesses globally.”

Visa and Rapyd are particularly excited to work together in key European markets, which are poised for cross-border ecommerce growth. In 2018 cross-border ecommerce revenues reached € 137 billion in Europe, a 22.8% share of total online sales (EU16)1. Additionally, European cross-border marketplaces are set to grow by more than 50 percent increasing the need for innovative payment acceptance methods for customers and disbursement solutions for marketplace sellers2.

“Rapyd’s platform helps fintechs, merchants and marketplaces stand up payment-related services quickly and easily across multiple markets,” said Matt Dill, global head of strategic partnerships and venture, Visa. “We’re excited about our collaboration with Rapyd, and the many benefits we can provide to our mutual partners worldwide.”

 

SOURCE Rapyd

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