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Integrating customer ecosystems: tips for financial institutions

Victoria Omelchenko, CEO of the Ukrainian IT company Banza, recently presented her Client Ecosystems: The Art of Integration report at the Financial and Digital Ecosystems for SMEs: Update 2020 forum. According to the report, it is important that financial institutions become partners to small- and medium-sized enterprises (SMEs) and not …

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Big Data pushing online credit scoring in Russia

We live in a world where data is abundantly available and has become king. With concerns rising over use of personal data, governments were quick to pass laws (e.g. the General Data Protection Regulation (GDPR) and Russia’s Regulation No. 152-FZ) aimed at ensuring consumers that they (and their personal data) …

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Ukrainian startup unveils predictive smart platform

The Kiev-based startup company IntelSoft has created a smart platform that is capable of detecting bank fraud and disgruntled consumers at a rate that exceeds 90%. The platform uses mathematical models to build its own predictive analytics models, meaning that companies using the platform no longer need to keep highly-qualified …

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Video: 5 ways data science is changing finance

From giving better risk evaluations to incorporating the use of machine learning algorithms, data science is reinventing the financial services industry. Uncover 5 ways financial institutions are implementing data science solutions to stay ahead of the curve. Technology’s influence on compliance 6 imperatives for financial institutions to return to profitable …

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Video: 9 data science use cases in banking

To remain relevant in the modern world, financial institutions must acknowledge the importance of data science, integrate it into their decision-making processes and develop strategies based on actionable insights. Here is a list of nine important data science use cases in banking that highlight how to work with significant amounts …

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Video: how ready is the financial services industry for data analytics?

Martijn De Jong, global co-head of digital channels and data analytics at Standard Chartered, discusses whether the financial services industry is technologically intelligent enough to take advantage of data analytics, how organizations are handling data management necessities and what opportunities exist for harnessing information sources on a scalable and secure …

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The importance and convenience of digital wallets

As contactless payment solutions rise in popularity amid the COVID-19 pandemic, it has become clear that digital wallets are likely to become an important part of our future. Not only are they easier to use by eliminating the need to carry a physical wallet, they also offer many other benefits …

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Payment solutions for a new world: biometric payment cards

Biometric payment cards are finally poised to become a commercial reality, with Norwegian company Zwipe leading the way. According to Zwipe CEO Andre Lovestam, the company plans on small-scale commercial launches of the 1st generation of biometric payment cards by the end of the year and expects demand to increase …

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2020: the great QR code renaissance

QR codes have been around for years, seemingly a marginal tech solution for a problem that didn’t exist. But as with so many things in the world after the appearance of COVID-19, this much-maligned tech solution has been given a purpose as an elegant enabler of touchless commerce. Although much …

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5 payment trends COVID-19 is pushing into reality

There has been a lot of talk about how COVID-19 is changing the future of payments. The reality is that it’s not really changing the future of payments as much as it’s ushering it into reality much more quickly than anyone expected. Here are the 5 biggest examples of this: …

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Digital payment solutions: from possible future to inevitability

There has been a significant shift toward digital and cashless payment solutions in recent years. In fact, investments in payment-related FinTechs have doubled investments in other technologies across the financial services space. And now that the COVID-19 pandemic has revealed the significant benefits of digital and cashless payment solutions, this …

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3 projections for COVID-19’s impact on payments in Europe

The COVID-19 pandemic has put a spotlight on consumer spending habits in times of crisis, and rightfully so. But it’s also important to consider its impact on the payments industry. Here are 3 projections for how the pandemic will shape payments in Europe going forward: Cash usage will continue to …

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How Russians pay

Research company Mediascope has released a study on how and for what residents of large Russian cities make online payments. The study, conducted in May and June of this year, involved Russians aged 12-55 who are residents of cities with a population of 700,000 or more (or of a population …

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Ukraine’s steady march away from cash

According to recent data released by the National Bank of Ukraine, the country is moving progressively toward cashless, as is evidenced by the following: During the first 6 months of 2020, the number of transactions using payment cards amounted to 2.7 million, representing a total value of UAH 1.78 trillion. …

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A future without cash in Belarus

The share of non-cash payments in Belarus has been constantly increasing, reaching 90.5% in the first quarter of this year (as compared to 49.7% in 2010). Moreover, Belarus now ranks 3rd in the region (behind only Georgia and Russia) in terms of number of contactless transactions. This trend has, obviously, …

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Will Uzbekistan ever go cashless?

At the outset of the COVID-19 pandemic, the Central Bank of Uzbekistan recommended that residents switch from paying for goods and services in cash to paying for them using cards (preferably with contactless options, if possible). Transitioning a massive amount of people away from cash, however, proved to be more …

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Telecoms may come to dominant the Kazakh payments industry

With many companies expanding their product and service offering, it’s no surprise that we are seeing new and interesting combinations for what companies offer. For example, we have seen the Chinese messenger company WeChat become a major player in Chinese FinTech sector, offering services traditionally offered by financial institutions. In …

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Video: is COVID-19 giving rise to the era of contactless payments?

Contactless payments were starting to become trendy prior to the COVID-19 pandemic. But has the pandemic accelerated the use of contactless payments? Get some more background regarding this topic in this short, informative video published by Payments Journal.   Standard Charted and Huawei team up to create IoT banking solutions RegTech …

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