Digital Payments - US still in the Dark Ages

Even though the US is home to both Silicon Valley and Wall Street, yet it has long seemed in the dark ages on digital payments.

Just consider that until 2018 card purchases still required hand signatures, 15 years after Europe switched to chip-and-pin. Then the cosy credit-card duopoly, consisting of Visa and Mastercard, works with the banks to issue cards, with the result that there has been too little competition and sky-high profit margins. 

The key to making payments more competitive in the US is to create a new network of financial plumbing: a “real-time” interbank-payment system that will permit near-instant and cheap transfers.

Read more from The Economist -Fintech comes to America at last

 

Decentralized Finance - What it is and what it means

"If you're not into cryptocurrency, then the mere mention of Bitcoin or Ethereum probably makes you want to roll your eyes. However, it's possible you won't be able to ignore the changes that will arise in the world of non-traditional banking for long.

That's because DeFi is currently on a path to disrupt most financial transactions in a major way. But, what is DeFi exactly? Well first, it’s short for “Decentralized Finance”.". So writes Robert Farrington in Forbes magazine.

Find out all about Decentralized Finance; what it is and what it means. Read the full article in Forbes HERE

“TOP READS OF THE WEEK” (for week ending 19 March)

The latest top reads in banking, fintech, payments, cybersecurity, AI, IoT and risk management

In this weeks selection;

Interesting to know

• Facebook Offers Content Creators New Ways To Earn Income
• The Microsoft Exchange hacks: How they started and where we are
• Dancing on the edge of your comfort zone
• Top 10 cybersecurity lessons learned one year into the pandemic
• Emerging Markets Driving the payments transformation

Banks & Credit Unions

• What We’ve Learned About Digital Banking in 2020
• Top Four Digital Trends for the Next Five Years
• Security Most Important To Retaining Mobile Banking Customers
• Bank branches will be extinct by 2034, fintech study finds
• How fintechs are working with banks to make them more green

Fintech

• Fintech companies must balance the pursuit of profit against ethical data usage
• Fintech Spotlight: JPMorgan Chase Looks To Digital Banking Innovation
• Top tech trends that will define fintech this year
• Cost to Develop Banking App and Crucial Features

Payments

• Amadeus, Mastercard Extend Collaboration For Virtual Card Travel Payments
• Flutterwave and PayPal collaborate to allow African merchants to accept and make payments

Cybersecurity

• Cyber Attacks: Is the ‘Big One’ Coming Soon?
• Hackers Rushed in as Microsoft Raced to Avert Mass Cyber-Attack
• Fifth-generation cyberattacks are here. How can the IT industry adapt?
• “Hacker Games” launched to challenge and improve cybersecurity skills
• Why Manufacturers Should Keep Cybersecurity Top of Mind

Artificial Intelligence

• AI in Cybersecurity: Six Considerations for 2021
• AI Behavioural Analysis in Banking: How Behavioral Signals is Changing Customer Interaction
• 5 Emerging AI And Machine Learning Trends To Watch In 2021

Non-Fungible Tokens - Asset or Scam?

Photographers, filmmakers, and digital artists are falling over themselves to mint NFTs in a get-rich-quick scheme that will do little beyond transferring wealth from artists to tech billionaires.

Why are so many people buying into the idea that something is rare because everyone says it is?

Get the lowdown in this article - NFTs Are a Pyramid Scheme and People Are Already Losing Money

Warren Buffett on Bitcoin: Has His Opinion Changed?

Warren Buffett and Charlie Munger share their thoughts on Bitcoin. Buffett is the CEO of Berkshire Hathaway and is widely considered the greatest investor of all time. His style of investing (first taught by Ben Graham and later adapted through conversations with Charlie Munger) has been studied by many stock investors throughout the world.

What are NFTs and Crypto Art?

NFTs have been taking off over the last few months with Artists like Beeple blazing the way for digital artists to make a ton of money selling their work. But what the heck is crypto art and how does this all work and can you you take advantage of this new blockchain art world.

“TOP READS OF THE WEEK” (for week ending 12 March)

The latest top reads in banking, fintech, payments, cybersecurity, AI, IoT and risk management

In this weeks selection;

The Pandemic

• The COVID-19 pandemic - one year in

Banks & Credit Unions

• Arizona group aims to jump-start European-style open banking in U.S.
• Wells Fargo Ditches Abbot Downing Name for Ultra-Rich Clients

Fintech

• Mood swing – China’s government is cracking down on fintech. What does it want?
• What to expect from the fintech industry in 2021

Payments

• BNP Paribas rolls out A2A instant payments for e-commerce merchants
• New car tipping app arrives for Sonic carhops
• US, UK Firms Prioritize Innovation To Speed X-Border Payment Flows

Cybersecurity

• Fintech Cybersecurity Threats You Should Know About
• It may be worth paying, but online privacy comes at a price
• Top 10 types of information security threats for IT teams
• Watch Out! New Android Banking Trojan Steals From 112 Financial Apps

Artificial Intelligence

• Top 10 predictions of how AI is going to improve cybersecurity In 2021
• Top 10 Artificial Intelligence Technologies Making a Breakthrough in 2021
• Deep Learning vs Machine Learning: What Your Firm Needs to Know