All Case Studies Design Development Interviews Machine Learning Project Management
The fragmentation of the industry, dealing with legacy systems, and rethinking risk management – these are but a few of the issues that the banking industry needs to confront if it wants to go through a successful digital transformation. The consequences of a rapidly changing financial landscape impact banking entities of all kinds. Traditional banks need to innovate more dynamically to compete with fintech startups. Meanwhile, startups encounter hurdles to their further development, such as regulations that don’t allow for the implementation of the most innovative solutions, especially the ones involving AI and big data.
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Digital Transformation is in full swing in the banking sector, and it’s brought along a number of crucial advantages to financial institutions. But mobile banking – possibly the most important innovation from users’ perspective – comes with a number of risks. In this article, we will look at why security is such a complex issue for banking, and we’ll analyse ten security flaws that no mobile banking app should have.
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Mobile banking apps are bound to become the most important channel for bank customers to access banking services. CACI predicts that by 2021 mobile banking will become the biggest channel in terms of users in the UK. Apps will overtake high street branches to claim the number one spot. The study shows that the proportion of customers using apps for banking will continue to rise in the UK over the next four years, reaching 71% by 2024. Currently, it oscillates around 45%.
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One of the major European banks has recently admitted that it has failed to spot money laundering in its books for years. As a result, the bank has agreed to pay $900 million in a settlement with prosecutors. While it was a man (the CFO) who stepped down for this negligence, would a machine (Machine Learning) be a better guardian to prevent such situations in the future?
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