The last 10 years has been transformative for the financial services sector. Whilst this evolution has opened up much wider access to financial services, the shift to online banking, e-commerce and mobile wallets has also presented a whole new range of opportunities for criminals. This paper examines how fraud happens by looking at the various types that are prevalent today, the hidden costs, and how a multi-layered approach to fraud management can combat the constantly changing threats from fraudsters.
With increased transaction volumes and a proliferation of channels and payment instruments, the electronic payments space is more complex than ever. This exponential climb in the volume of cashless transactions puts added stress on the financial institutions (FIs) that process them and, if not managed properly, has the potential to be very costly in the future. To future-proof their business and remain competitive in this dynamic industry, FIs need to assess the current systems they use to run their payments business and make the changes necessary to cope with increasing transaction volumes if they are to ensure current and future growth. This paper explains what an FI should look at when measuring system performance and how best to leverage this data to make an informed decision when reviewing software vendors.
As financial institutions fight to retain customer loyalty, gain competitive advantage and increase revenues, their success hinges on staying relevant to consumers by adding value and adapting to fulfil changing requirements. Across banking channels, it is mobile that has advanced the most in recent years, yet research suggests that consumers aren't overly satisfied with it. This paper demonstrates that while there is no 'one size fits all' approach to the implementation of mobile banking services, there are critical strategic considerations and guidelines that will underpin aa successful mobile strategy.
Obvious fiscal and operational pressures aside, the underlying challenge facing financial institutions is serving today's mobile, socially oriented, security conscious and loyalty reluctant customers in a marketplace which is increasingly dynamic, regulated and unpredictable. This paper examines the integral role that payments will plat in this new landscape; discussing its pivotal function in building trust and loyalty to differentiate and gain a competitive advantage. It also explores how payment systemsare uniquely placed to drive new revenue based services: and how their reengineering and customisation can unlock new profitability through improved efficiency, increased performance and optimisation of resources.