Tips for Tech

Tech Talk: The Best of Tech Talk 2018

Cardless ATM security
Blockchain for AML/KYC
Chatbot-assisted banking
Virtual banking assistants
Mobile account onboarding
Robotic branch customer service
Banking on conversational AI
Dawn of a new era of fintech banks
Unique Banking-as-a-Service platform
Personalized banking platform
New mobile MFA technology
Digital card services platform
Spam, Scams & Breaches
Updates, Patches and Alerts
and on the lighter side...

JANUARY
Cardless ATM security
Contactless and cardless are the latest buzz words in the payments market today. Contactless transactions at retail POS terminals and cardless ATM cash withdrawals can offer unparalleled convenience for consumers, as well as cost-savings and enhanced efficiency for financial institutions. The key to fostering adoption of these technologies lies in providing consumers with maximum security measures that are easy to use. ATM Marketplace has the details.

FEBRUARY
Blockchain for AML/KYC
Anti-Money Laundering (AML) and Know Your Customer (KYC) screening are essential components of financial institutions' regulatory requirements to ensure they are not enabling customers' criminal activities. Blockchain technology can enhance internal controls to help mitigate financial crimes and improve regulatory reporting to reduce compliance violations, reports Finextra. Blockchain network Shyft has developed a blockchain framework to help financial institutions meet KYC-AML requirements. ATM Marketplace has the details.

MARCH
Chatbot-assisted banking
A growing trend in the financial industry is the deployment of chatbots (short for chat robot) – computer programs that simulate human conversation, or chat, through artificial intelligence – to meet the growing demands of today's digital consumers and strengthen relationships with customers. The Financial Brand highlights the pros and cons of using chatbots and how some banks are implementing the technology. BMO Financial Group is branching out online with the launch of Twitter and Facebook chatbots, reports Finextra.

APRIL
Virtual banking assistants
The use of chatbots – computer programs that conduct conversations via auditory or textual methods – and artificial intelligence is becoming more widespread throughout the global financial industry. Banks are leveraging the two technologies to create virtual banking assistants with human-like traits to interact with customers. But with inherent barriers to overcome, consumer acceptance of virtual banking assistants remains to be seen. ATM Marketplace has the details.

MAY
Mobile account onboarding
Fueled by a generation of consumers who do just about everything on their smartphones, mobile banking adoption is accelerating at a rapid pace. In response to consumer demand for digital onboarding, Tesco Bank has launched native mobile registration to provide its customers with the convenience of setting up mobile banking without having to register for online banking, reports Finextra.

JUNE
Robotic branch customer service
No longer just the stuff futuristic movies are made of, robots are a present-day reality, performing various tasks for individuals and businesses – including the financial sector. Taking the application of artificial intelligence and machine learning to the next level, HSBC is the first bank to test humanoid robots in branches. CNBC has the details.

JULY
Banking on conversational AI
With a growing trend toward the adoption of digital payment transactions in lieu of cash and traditional payment cards, financial institutions are increasingly exploring conversational AI technology to drive customer engagement and compete with fintech challengers. Vancouver-based fintech Finn AI has partnered with Visa to innovate and improve the cardholder experience. Payments Journal has the details.

AUGUST
Dawn of a new era of fintech banks
Despite strong opposition from the financial industry and state regulators, the Office of the Comptroller of the Currency (OCC) has announced that it will now accept applications from non-depository fintech companies for special purpose national bank charters. The OCC's announcement followed a report released by the Treasury Department advocating the regulation of fintechs, data aggregators and other traditional banking challengers. The report contains more than 80 recommendations regarding responsible use of consumer data, fostering innovation, and regulatory protection associated with fintech products and services. Bloomberg has the details.

SEPTEMBER
Unique Banking-as-a-Service platform
Ralph Waldo Emerson said, "Build a better mousetrap, and the world will beat a path to your door." Faced with mounting competition from existing and emerging fintech players, banks need to up their game to tackle a new era of banking if they want customers beating a path to their door. Cloud computing firm Oracle NetSuite wants to help banks strengthen customer relationships and create new business models with a unique banking-as-a-service platform that is fast, reliable and provides strong security controls, reports Business Insider.

OCTOBER
Personalized banking platform
Growing competition from challenger banks and tech-savvy consumers is driving the demand for banks to provide their customers with a more unique and personalized banking experience. Global technology services firm Aspire Systems has partnered with core banking specialist Temenos on a new digital banking ecosystem that provides ultra-personalized banking services. Using DYOB (Design Your Own Digital Bank), banks can curate a personalized set of themes to incorporate their brand for an enhanced customer experience and increased operational efficiencies. IBS Intelligence has the details.

NOVEMBER
New mobile MFA technology
As mobile banking surges and criminals increasingly devise sophisticated methods to circumvent traditional authentication methods, such as SMS (short messaging system) two-factor authentication (2FA), innovative technology is being developed to offer consumers more secure access to their financial accounts. A new form of authentication pioneered by mobile security firm Averon takes multi-factor authentication (MFA) to the next level with instant and frictionless authentication of mobile users using technology built-in to every smartphone. Tech Republic has the details.

DECEMBER
Digital card services platform
To meet consumers' growing demand for digital, mobile-first banking and payment solutions, banks are increasingly partnering with fintech firms to offer the latest tech advancements and compete against nonbank challengers. Fintech firm OnDot has launched a machine learning-powered digital card services platform that will enable banks to offer their customers more control over their card transactions and payments. Finextra has the details.

Spams, Scams and Breaches

Updates, Patches and Alerts...

See what other current hot cyber and technology topics affecting financial institutions BOL users are discussing in the Technology Forum.

On the lighter side...

Voice assistants like Alexa, Siri, Cortana and Google Assistant have become increasingly popular for setting calendar events and reminders, making calls, sending emails and messages, and playing music. For those who want an assistant that does even more, Pilot Labs developed Moorebot – an animated, fully customizable voice interactive robot that is helpful at home and the office.

Thank you for staying tuned with us in 2018! Happy New Year to all our readers and IT heroes!

First published on 12/28/2018

Briefing type:

Tech Talk

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