As identities increasingly move online, the 'bank account' will eventually become a place where virtual money is kept in a digital 'bucket' with access allowed to trusted parties.
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Over the past three years, BNY Mellon has assembled the building blocks for the digital transformation of its business. Today, it is putting this work into practice and aims to be a change engine within the financial industry.
Protecting the banks’ crown jewels – money and personal data – may have become more difficult than ever, but financial institutions have fortified their defences with a little help from their fintech friends.
Latin American banks may lag behind their counterparts elsewhere in the world when it comes to digital innovation, but German Pugliese Bassi, co-founder and chief marketing officer at Miami-based technology provider Technisys, believes that attitudes towards technology are changing, making it the ideal time to launch a digital-only bank in the region.
The UK's Senior Managers Regime seeks to formalise responsibility for risk, yet the threat of cyber attack sits outside of traditional risk governance standards, and means that protecting against such attacks will require a rethink of the traditional 'three lines of defence' model.
Fintech start-ups are adept at pulling apart the banking business, neatly picking off low-hanging fruit. Joy Macknight examines the disruptive business models erupting in the financial industry and the banks’ response to this wave of innovation.
Layers of resistance, from hard-to-update legacy systems to hard-to-break user habits, make the timeline for seeing a new technological innovation hit the mainstream surprisingly long.
Commercial cards have become so much more than a piece of plastic and 16-digit number that completes a transaction. Not only are they an important payment tool in a treasurer’s kit, but also the cornerstone of a working capital management programme.
As 2015 comes to an end, The Banker has brought together a group of high-profile experts in the world of finance and economic research to predict what will happen in the next 12 months. Silvia Pavoni asks them to share their views on the global economy and on what factors will shape banking in the future.
With a global majority preferring digital access to banking, the cost of serving a dwindling number of customers through expensive analogue channels is growing, something that will eventually lead to banks disposing of these channels altogether.