Your Friday fix for global fintech and payments news
Happy Programmers’ Day! In the week that we are celebrating all that programmers bring to the payments industry, we look at the huge escalation in the e-commerce market in India, at how artificial intelligence is being implemented in ATMs in Hong Kong, and the scheme in the UK that is being extended to online and telephone banking to safeguard vulnerable customers.
Our weekly round-up brings you a dose of some of the biggest news announcements from the past seven days so you can keep an eye on all that’s shaping our world this week.
- Indian e-commerce market set to surpass $100 billion by 2024
- HSBC develops AI-based tool to keep cash machines replenished
- Police and banks to extend fraud prevention scheme to online and telephone banking
A white paper from Alvarez & Marsal India and the CII Institute of Logistics shows signs of the e-commerce market escalating to over $100 billion by 2024 in the region. This has been predicted by using the statistics of the e-commerce retail market in India over the past decade, which reveal an extensive increase from less than $1 billion in 2010 to $30 billion in 2019.
The huge uptake in online shopping is mainly down to the increased internet penetration in the region over the same time period, the availability of cheaper smartphones and the expansion into different retail markets. The white paper also adds that the physical, offline retail market continues to be fragmented, which may also add to the boost in e-commerce.
Using live ATM data and machine-learning algorithms, which consider location and holidays among other things, HSBC in Hong Kong is ensuring that its network of 1,200 ATMs do not run out of money.
The dashboard was created in-house by the HSBC Operations and Technology teams and enables the bank to react with accuracy. Chris Trill, Global Head of Wealth and Personal Banking Operation said: “iCash is a game-changing digital solution that improves the customer experience, while unlocking both man-hour and vendor savings. It also reduces the risk of robbery by moving away from scheduled cash deliveries.”
Alongside a significantly reduced replenishment time, it has also enabled a 15% reduction in refill trips according to Trill. He also added that there are plans to roll out this tool to other markets.
First introduced three years ago by UK Finance, National Trading Standards and local police forces, The Banking Protocol aims to aid bank branch workers in letting the police know if they think a customer is being scammed. In the event that a staff member notices something untoward, police are called to the bank to investigate, with arrests made at the scene for suspected fraudulent activity.
The Protocol is in place to help the elderly and vulnerable who tend to be the most common victims of fraud. Between January and June this year, over 100 arrests were made and £19.3 million of fraud was prevented. Since its induction, 744 arrests have been made and £116 million worth of potential fraud has been recovered.
Due to the successes it has seen, there are now talks of expanding the Protocol to cover telephone and online banking, whereby bank call centre staff would able to notify police if they notice attempted bank transfers which they conclude to be fraudulent.