Why Banks Want to Know Your Salary So Badly

Banks are sending out more requests to customers for their annual salary information. 

WSJ personal-finance reporter Imani Moise joins host J.R. Whalen to discuss why, and whether customers are obligated to reveal their earnings.

The magic numbers of management

We are in the age of the data scientist. Employers of all kinds prize people with the skills to capture and analyse enormous amounts of information, to spot patterns in the data and to turn them into useful insights. But some of the most valuable figures in business need neither an analytics team nor knowledge of Python. They are simple to remember and useful for bosses in every organisation. 

This article from The Economist has a small selection of management’s magic numbers.

Read it HERE.

Data Modernization in Banking - A New Urgency

Financial institutions have come to the realization that legacy mainframe databases are ill-equipped to meet the demands of digital banking, personalization, and real-time analytics. As a result, more banks and credit unions are actively pursuing data modernization initiatives. The goal for these changes is faster access to data, scalability and seamless integration across the organization, all of which form the foundation for digital banking transformation.

Get all the details HERE.

How to make computers less biased

You might think technology is the great leveler. But as AI and other data-driven innovations race farther and faster ahead, the automation of racial bias is causing growing concern.

Data Breach Customer Relations - What you must NEVER Do

Data breaches have become an unfortunate fact of life. But just because data breaches happen every day doesn’t mean your own enterprise’s incident isn’t big news that should be handled with great care. During cyber incident response, one public relations misstep can multiply the damage significantly.

What are some bad behaviors you’re going to want to avoid? Find out HERE. 

What China’s New Data Rules Mean for Tesla and Other Auto Makers

China's new rules on auto data require car companies to store important data locally. Cars today offer high-tech features and gather troves of data to train algorithms. As China steps up controls over new technologies, WSJ looks at the risks for Tesla and other global brands that are now required to keep data within the country. Screenshot: Tesla China 

 

Key Steps on the Road to Digital Modernization in Corporate Banking

In this episode of Truth in Data, PaymentsJournal highlights key steps on the road to digital modernization in corporate banking.

Post-Pandemic Lessons for Risk Managers

In the aftermath of COVID-19, what trends will shape the future of the risk management industry? To better identify and address emerging risks, financial institutions will be leaning more and more toward diversity, hybrid modeling, AI, alternative data and tail-risk hunting.

Read the full GARP article HERE

Data Detox: Smartphones - Firefox

We use our phones for everything from reading news to texting friends to ordering in to playing games. All that convenience at our fingertips comes at a cost: our personal data and mental health. It’s hard to be present in the moment when push notifications and texts are enticing us to look down. Meanwhile, the amount of personal data we share, many times without even realizing, can be alarming.

But not all hope is lost! Here are five simple steps you can take to protect your data and add space between you and your phone when you need it.

Demographics of U.S. Small Businesses

We take a look at the demographics of U.S. small businesses. 

This is according to the Mercator Advisory Group. 

PYMNTS study on the digital shopping experience

An overview of the recently released PYMNTS study on the digital shopping experience as told by a census-balanced panel of 2,170 consumers and 500 merchants in the U.S.

6 Features Merchants Need from Payment Gateways for Transaction Processing

A new research report from Mercator Advisory Group, “Gateways Become Rising Force in U.S. Payments Industry, Part 1: A Market Overview”, provides analysis and insight on the current state of the U.S. payments gateway market, supported by a Mercator Advisory Group e-commerce sales data forecast.

 

This is how tech firms deceive you into giving up your data and your privacy

Have you ever actually read the terms and conditions for the apps you use? Finn Lützow-Holm Myrstad and his team at the Norwegian Consumer Council have, and it took them nearly a day and a half to read the terms of all the apps on an average phone. In a talk about the alarming ways tech companies deceive their users, Myrstad shares insights about the personal information you've agreed to let companies collect -- and how they use your data at a scale you could never imagine.

This talk was presented at a TED Salon event given in partnership with Samsung.

The Future of Credit: How Technology is Changing the Game

From Visual Capitalist

The concept of credit itself dates back over 5,000 years to ancient civilizations such as the Sumerians and Babylonians.

But how has consumer credit evolved over time?

This motion graphic video shows you the past, present, and future of consumer credit, with a focus on the new technologies that are completely re-shaping how credit will work in the coming years.

What Percent of Financial Services’ IT Budgets Are Devoted to Regulatory Technology?

• As of 2017, the cost of regulatory compliance is equal to 14.3% of IT budgets on average
• That’s a 30% increase in compliance costs over the last 6 years
• The regtech market’s compound annual growth rate is 25% through 2023, growing to revenues of $7.2 billion
• Solution categories in the regtech market include:

• Data management
• Reporting
• AML/KYC
• Risk management
• Records management
• Change management
• Governance

• More than $9 billion was invested in regtech firms between 2014 & 2018
• In 2018 alone, $4.5 billion was invested in reg tech firms
• The bulk of the regtech investments have been in the AML/KYC space