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The rise (and risks) of cardless ATMs
To combat the exponential rise in ATM skimming fraud, banks are increasingly deploying cardless ATM technology. While cardless ATMs offer customers the security and convenience of conducting ATM transactions from a mobile device without using a physical card, the technology is not a silver bullet for stopping fraudsters. Enterprising criminals can hack mobile devices and change settings to access customers' bank information. Get the details in Tech Talk.
Virtual human loan assistant
Advances in voice technology and artificial intelligence (AI) have created expanded opportunities for financial institutions to interact with customers via chatbots and other digital assistants. Australian online bank UBank is taking the technology to the next level with the first AI-powered digital assistant with a human face. Mia – short for My Interactive Agent – is available 24/7 to assist customers with online home loan applications. Get the details in Tech Talk.
Biometric EMV payment cards
To provide stronger authentication for contactless payments without impacting the user experience, digital security provider Gemalto has partnered with Sweden-based biometric firm Fingerprints to offer banks next generation biometric EMV payment cards. Fingerprints' T-Shape bio sensor integrated in payment cards allows for storage of biometric templates and image matching to be conducted securely on the card. Get the details in Tech Talk.
New fintech innovation office
The exponential growth in financial technology, aka fintech, has ushered in new opportunities – and challenges – for fintech firms and the financial industry. To keep pace with emerging technology and its uses, and to foster financial innovation, FINRA (Financial Industry Regulatory Authority), has launched an Office of Financial Innovation. The new office will coordinate with industry participants, regulators, investors and other stakeholders on important topics of developing areas of fintech. Get the details in Tech Talk.
Cloud-based instant card solution
Technological advances have increasingly led today's consumers to expectations of instant gratification, from accessing on-demand services to ordering items online and picking them up hours (or even minutes) later. Payment cards are often the keys to the gateway for consumers getting what they want when they want it, and when a card is lost or stolen it hinders their ability to do so. To ensure customers have immediate access to their card and funds, Entrust Datacard has launched a cloud-based solution that enables banks to instantly personalize and activate customer payment cards. Get the details in Tech Talk.
Self-powered account opening
Today's busy, tech-savvy consumers want the convenience of banking when and where they want, without the need to visit a branch. Leveraging biometric ID verification technology, NatWest bank customers now have the option to open an account within minutes via their smartphones. Verification is authenticated by simply by snapping a selfie and submitting it along with a photo ID for accurate and secure authentication. Get the details in Tech Talk.
BIS establishing fintech hub
The fintech revolution is bringing innovative products and services to consumers that impact the financial sector and global financial system. To help foster this innovation, promote resilience and level the playing field for all players, the Bank for International Settlements (BIS) has launched an innovation hub. Providing a platform for central banks around the world to collaborate on fintech solutions and innovation with the objective of safeguarding financial stability, the BIS Innovation Hub will identify and develop insights into technology trends, support the development of new products and services, and stay abreast of regulatory requirements. Get the details in Tech Talk.
RT payments on the horizon
Faced with mounting pressure from lawmakers to develop a real-time (RT) payment system as an alternative to The Clearing House network, the Federal Reserve Bank has announced plans to develop a 24/7 RT payment and settlement service. FedNow, expected to be available by 2023 or 2024, will offer RT payments capability to all banks of any size in the U.S., reports CNET. Moving to position itself at the forefront of RT, cross-border payments, Mastercard has acquired the account-to-account payment business of European payment tech firm Nets. Get the details in Tech Talk.
Innovative call center technology
Today's call centers face growing challenges associated with providing innovative, robust and secure customer service via multiple channels. To authenticate consumers quickly and accurately, call centers are leveraging the latest technologies, such as artificial intelligence (AI), biometrics and multifactor authentication (MFA). PYMNTS Call Center Commerce Tracker report highlights how TD Bank and other financial firms are innovating call centers with voice-based and other AI-powered applications. Get the details in Tech Talk.
Cloud-based banking platform
Community banks are under increased pressure to compete in today's digital banking marketplace but often find their efforts to innovate stunted by legacy technology or slow-moving and expensive core providers. Fintech firm Neocova has launched a banking technology platform built specifically for community financial institutions. The cloud-based platform will offer community banks modern AI-based technology with flexible API integration and best-in-class cybersecurity protection to automate and drive efficiencies in back-office functions, including AML/BSA and know-your-customer provisions. Get the details in Tech Talk.
Public cloud network for banks
Evolving threats and mounting regulatory pressure to protect data privacy is driving the financial sector to abandon legacy technology for more secure data storage alternatives. Bank of America teamed up with technology giant IBM on an industry first, financial services-ready public cloud. The highly encrypted cloud-computing service is designed to help banks and their technology vendors meet regulatory and compliance requirements that are unique to the financial services industry while securely protecting consumer data. Get the details in Tech Talk.
Next generation ATM guidance
This year marked the 50th anniversary of the ATM's debut in the U.S. Originally developed to dispense cash, over the past 50 years technology has significantly increased ATM functionality, ease of use and security for customers. With the official end of support date for the Windows 7 OS quickly approaching (January 14, 2020), the industry is preparing for next-generation ATMs. To provide some guidance with regard to hardware and software upgrades and innovative technologies, such as bluetooth and NFC, the ATM Industry Association (ATMIA) has published a "Next Generation ATM Deployer Guide" for banks and ATM deployers. Get the details in Tech Talk.
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