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Digital transformation risks for Russian financial institutions

The COVID-19 pandemic has given Russian financial institutions the impetus to increase the implementation and use of innovative financial technologies, which will, in turn, serve to further accelerate the process of digital transformation in the financial sector in the country. At the same time, the benefits associated with digital transformation …

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Data’s role in digital transformation after COVID-19

In recent months, there has been a deep cultural change in the way we live our lives and conduct business. This change, brought on by the COVID-19 pandemic, is largely being driven by digital transformation initiatives, which became front and center as the world was urged to stay home. Fortunately, …

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BFC FinTech Monitor 12th – 19th

Stay up-to-date on all the all the latest FinTech news and information from around the world in the BFC FinTech Monitor.  Around the World: Capgemini analysts have prepared the World Retail Banking Report 2020. The report highlights the impact of COVID-19 on digital banking services as well as suggests that financial …

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EU financial institutions facing unprecedented challenges

The European Banking Authority (EBA) has published a preliminary assessment of the impact of COVID-19 on the European Union (EU) banking sector. The main findings of the assessment are: Financial institutions entered the crisis more capitalized and with better liquidity compared to previous crises. The crisis will have a negative …

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The importance of FinTech in emerging markets

FinTech services have quickly become fundamentally important for continued development in emerging markets. This is largely due to the fact that access to financial services for many in these countries, especially those living in more rural areas, occurs thanks to FinTech solutions that allow consumers to interact with financial institutions …

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BFC FinTech Monitor 5th – 12th June

Around the World: Forbes magazine has introduced a new version of The World’s Best Banks of 2020. This new version is based on consumer ratings from a survey conducted by Statista. A recent study by Emerging Technologies has shown that financial institutions that embrace the use of artificial intelligence and other …

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COVID-19 might finally bring FinTechs and financial institutions together

Despite a past of underwhelming collaborations between FinTechs and traditional financial institutions, the COVID-19 pandemic is likely to forge deeper relationships between the two as many legacy systems have proven themselves unfit for a digitally-powered future. As businesses and consumers emerge from the pandemic in profoundly different ways, traditional financial …

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New opportunities for FinTechs in a post-COVID-19 world

According to a Deloitte report on the future of banking, the COVID-19 pandemic may end up resulting in new opportunities for FinTechs in the long term. In particular, the report notes that, if FinTechs reexamine their business models for a post-COVID-19 world, they can take advantage of an increased appetite …

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BFC FinTech Monitor 5th – 13th March

Stay up-to-date on all the all the latest FinTech news and information from around the world in the BFC FinTech Monitor.  Around the World: Amsterdam will play host to the Money 20/20 international FinTech conference in mid-June. Confirmed speakers include experts from Goldman Sachs, Netflix and Airbnb. According to a …

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BFC FinTech Monitor 27th February – 5th March

Stay up-to-date on all the all the latest FinTech news and information from around the world in the BFC FinTech Monitor and telegram channel FinTech Wave.   Around the World: ATMmarketplace.com has released a new report on the main digital banking trends. It revealed that (1) Apple has set new standards, …

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BFC FinTech Monitor 20th – 27th February

Stay up-to-date on all the all the latest FinTech news and information from around the world in the BFC FinTech Monitor and telegram channel FinTech Wave. Around the World: In 2019, FinTech startups attracted a total of USD 34.5 billion in investments (1,913 total transactions). Nearly half of this amount (USD …

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An overview of biometrics in the former Soviet Union

How are financial institutions in the former Soviet Union using biometrics? Are investments made into these solutions always justified? This short overview will get you up-to-date. Russia: Leading Russian developers are currently implementing the Unified Biometric System project, which is being led by biometric specialists who have strong experience in …

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BFC FinTech Monitor 13th-20th February

Stay up-to-date on all the all the latest FinTech news and information from around the world in the BFC FinTech Monitor and in the telegram channel FinTech Wave.   Around the World: Analysts with Juniper Research predict that the volume of contactless payments will triple within just 4 years’ time. …

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BFC FinTech Monitor 3rd January – 12th February

Stay up-to-date on all the all the latest FinTech news and information from around the world in the BFC FinTech Monitor.   Around the World: American FinTech startup Remitly has launched a neobank for immigrants, allowing them to transfer funds to their homelands without documents establishing residency in the United …

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7 developments awaiting the Russian banking sector in 2020

Russia’s banking market has already proven itself to be very dynamic. But with changing regulations, new business models and new innovations coming to market, 2020 promises to be an interesting year for banking in Russia. Here are 7 trends expected to define banking in Russia this year: Ecosystems and super-apps …

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Ukrainian payment sector highlighted at Visa Cashless Forum

Earlier this year, Kiev played host to the 4th Visa Cashless Forum. In total, more than 300 participants gathered to discuss this year’s topic: “Driving the Future”. During the event, leading experts lead discussions surrounding trends and directions in the development of the payment sector in Ukraine. Some of the …

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Key innovations changing Russia’s financial services industry

Digital transformation of the Russian financial sector already has a solid base. And with more and more Russians taking advantage of remote service channels and becoming connected to regular internet access, there is tremendous growth potential for digitalization in Russia. In order for this to come to fruition, there are …

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How technology can help grow Kazakhstan’s insurance market

Insurance markets are changing all over the world thanks to digital innovations. This includes: changes to calculation models, increased competition (due to the rise of insurance platforms), a rise in the use of online data analysis, actuary skill development and new car insurance models. Although suffering from a number of …

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