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Tech Talk: Platform banking, pandemic-related threats, digital-first banks, and more!

  • Cyberattacks on banks surging
  • GoCardless launches "Instant Bank"
  • The future of credit and debit cards
  • A jump in new pandemic-related threats
  • Inside every bank there’s a tech company
  • The Future: Digital-first banks
  • AI: The future of content management
  • Platform banking: the fastest route to digitalization
  • Digital banking: What I learned from a chatbot
  • Spam, Scams & Breaches
  • Updates, Patches & Alerts
  • and on the lighter side...

Cyberattacks on banks surging
Cathy Bessant is Bank of America’s chief operations and technology officer and stated, as reported by American Banker, that cyberattacks have surged "dramatically" during the pandemic. As a result, the bank is constantly on guard against an "Armageddon scenario". Fintech Futures has the details.

GoCardless launches "Instant Bank"
GoCardless, a global bank-to-bank payment and technology platform, is launching Instant Bank Pay, an open banking feature directly integrated into its payments platform. ATM Marketplace has the details.

The future of credit and debit cards
Although still in its infancy, when it comes to adopting new ways of transacting, the digital wallet from Apple, Apple Pay is a good indication of how these products will evolve. These digital wallets can help with industry challenges like fraud and security by enabling the immediate "report a lost card" feature, enabling better authentication through facial recognition and other biometrics. Finextra has the details.

A jump in new pandemic-related threats
Financial institutions, are reporting significantly increased threat levels from COVID-related cybercrime, according to a research by BAE Systems Applied Intelligence. A huge jump in new pandemic-related threats, alongside a rise in challenges caused by enforced work from home guidance, is leaving open and insecure gaps in FIs’ networks. Help Net Security has the details.

Inside every bank there’s a tech company
Jackie Noakes is Bank of Ireland's group COO and she states, "Inside every bank there’s a tech company and that's why we're investing strongly in our in-house digital engineering teams." Like financial institutions worldwide, there is a massive move away from legacy systems and a race to incorporate new technology. Fintech Futures has the details.

The Future: Digital-first banks
If retail banks are to thrive following periods of unprecedented change and disruption, it is essential that they evolve into digital-first ‘banks for the future.’ Responding to fast-changing customer demands, weathering competition from new market entrants, navigating pressure to operate more sustainably and ethically, and ensuring greater regulatory compliance and data security, all contribute to the development of a resilient and market-leading institution. Finextra has the details.

AI: The future of content management
The repository for the millions of documents banks deal with has changed from a dusty records room in the basement of a skyscraper to a humming datacenter (most likely still in the basement). Financial institutions must now seek ways to better streamline the way they process incoming data, and how existing content processes can be improved, ready for the adoption of deeper analytical technology. Fintech Futures has the details.

Platform banking: the fastest route to digitalization
Becoming platforms provides banks with a fast-track route to digitalization, while simultaneously meeting consumers' desire for financial simplicity. This makes banks marketplaces that do not just sell customers their own products, but those of third-party banks and financial institutions as well. Consumers get the benefit of greater choice while sticking with the same financial provider and, for banks, it provides a vehicle to rapidly scale their digital operations without being held back by their legacy systems. Finextra has the details.

Digital banking: What I learned from a chatbot
Many institutions now offer a chatbot alternative to other forms of customer service. Why choose artificial intelligence over anything else? Conversely, how does AI, robotics, machine learning or other tech effect change in people’s behavior? Fintech Futures 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.

And on the lighter side...

Is your bank listing all of the benefits of becoming a customer? Here's one you may have overlooked. Coast Capital Savings ad

First published on 05/07/2021

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