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The FStech Podcast
15 minutes | Dec 20, 2021
Data platforms: How are FSIs transforming the customer experience?
The tidal wave of digital financial services driven by the pandemic has put data and analytics squarely at the centre of growth strategies for FSIs. But as customers demand ever-more personalised and efficient services many firms are struggling to keep up, with vital data stuck in silos and legacy systems making it a near impossible challenge to draw out key insights. To tackle this challenge, many FSIs are exploring the potential of end-to-end data platforms, which use AI, machine learning and automation to consolidate data and unlock the potential of data assets. To delve further into these topics and explore potential solutions, FStech was joined by Anubhav Mehrotra Vice President and Head of Financial Services UK&I at HCL Technologies.
20 minutes | Nov 25, 2021
Modernizing Insurance: A reality check
In today's world of digital platforms, the insurance industry is racing to catch up with customer demand for real-time, personalised services across a range of channels and apps. But as the InsurTech competitors step up the speed and ease of access to insurance and begin to build the Open Insurance ecosystem, more established players are struggling to prioritise and orchestrate the cultural, technological and infrastructural shifts necessary to adapt to the new realities of digital business. During this podcast we were joined by Jeff Picozzi, global insurance lead at Red Hat look at some of the key modernisation strategies available to insurers and conduct a reality check on just how advanced the industry is in its shift to digital, as well as what the future of the Open Insurance ecosystem looks like.
20 minutes | Nov 11, 2021
Why financial services firms need an open hybrid cloud
Financial services institutions are increasingly turning to hybrid cloud solutions as they modernize their organizations and look to meet customer demand for digital services. But what does this actually look like? Taking an open source approach to cloud can also help to overcome some of the key pitfalls many FSIs fall into when it comes to cloud transformation, such as cloud-vendor lock-in, growing regulatory pressures and the change in culture and skills required by new ways of storing, using and sharing data. An open source approach to hybrid cloud can offer distinct benefits, such as enhanced support, more freedom with cloud - and vendor-agnositicism, and ability to scale with greater consistency and efficiency, but how advanced are FSIs in their cloud journeys, and what are some of the main business challenges faced by organisations as they seek to harness the advantages of the cloud? To delve further into these challenges, FStech was joined by Nikolai Stankau, Director for Business Development at Red Hat.
21 minutes | Nov 4, 2021
How is data driving customer value and business decision making for FSIs?
In the last 12 months, a digital tidal wave has hit the financial services industry, leading to a corresponding surge in data volumes. But as the data landscape becomes more complex, many financial services providers are buckling under pressure to ensure that more data translates into greater value for the customer and better business decision making. With data locked in silos across disparate business units, and legacy technology often providing a further barrier, many are finding that efforts to leverage data from across the enterprise for business gains are more of an aspiration than a reality. Coupled with this, FSIs are also operating in a changing risk landscape while pressure grows to make operations more compliant, streamlined, and efficient. To explore these challenges and possible solutions in more detail, FStech was joined by Joe Lichtenberg, director of product and industry marketing, at InterSystems.
25 minutes | Nov 3, 2021
How can technology improve trading workflows?
Trading has traditionally always been an office-based activity. However, the demands of the pandemic didn't make many allowances for tradition or for company culture. Firms had to adapt their trading operations to a work from anywhere model practically overnight regardless of their circumstances. In response, many FSIs are turning towards voice-based technology and biometrics to replicate the benefits of a real-life trading floor in today's hybrid office, and to ensure compliance and security against a complex regulatory backdrop. To explore some of these challenges and opportunities further, FStech was joined by Tim Carmody, Chief Technology Officer, at IPC Systems.
19 minutes | Oct 27, 2021
Fraud in Focus: Shifting from fraud detection to fraud prevention
The rapid rise in digital and online activity has opened up a new battleground in the fight against fraud for financial services providers (FSIs), who face a range of emerging fraud vectors and increasingly sophisticated scams. And while customers moving online provides the perfect cover for criminals looking to carry out authorised push payments (APP), synthetic ID and transaction fraud, other trends, such as the rise in information from data breaches being sold on the dark web, and sophisticated website-related fraud are also on the up. As a result, FSIs are racing to keep up with this fast-changing risk landscape as they look to protect customer data and their own systems from fraud. At the same time, customers are expecting an increasingly streamlined payments service across digital channels and mobile, creating a perfect storm of risk for FSIs looking to reduce friction while managing evolving fraud risk. To delve further into these challenges FStech was joined by Glenn Fratangelo, Head of Strategy and Marketing, Enterprise Fraud Management at Nice Actimize.
18 minutes | Oct 21, 2021
How are FSIs using their security strategy to elevate consumer interactions?
Over the past eighteen months, the UK financial industry has been forced to react quickly to a rapidly changing fraud landscape. As the nature of fraud activity shifts, banks and other financial institutions are facing a myriad of new risks, threats, and challenges. Meanwhile, the coronavirus pandemic has had a huge impact on people's lives, forcing the sector to deal with increasingly difficult consumer circumstances. Financial services providers have had to approach these unprecedented scenarios with a level of sensitivity and compassion. Many are looking to security strategies that streamline the authentication process, to ensure customer interactions are as stress-free and simple as possible. To explore some of these challenges and opportunities further, FStech was joined by Ian McGuire, Security and Biometrics Specialist at Nuance.
19 minutes | Sep 13, 2021
How are banks providing omnichannel customer experience?
In the on-demand economy, customers now expect to be able to engage with their service provider - be it a streaming service, online retailer, or banking provider, at the click of a button and on the channel of their choice. As a result, financial services providers are under mounting pressure to leverage data, AI and automation to provide a personalised and seamless customer experience, whether the customer is accessing online, via an app or calling the customer service phone line. And while FinTechs and InsurTechs enable customers to switch smoothly between online chatbots and a human advisor, more established banks are struggling to connect all of the elements of the customer journey. To delve further into the key challenges and opportunities for FSIs in building an omnichannel customer journey. FStech was joined by Monica Hovsepian, Head of Worldwide Financial Services Industry Strategy at OpenText.
20 minutes | Aug 13, 2021
Reality check: monetising Open APIs
In the age of data-driven financial services, Application Programming Interfaces (APIs) have become the essential building blocks of digital channels such as the apps and online banking services used by millions of customers. But as the data ecosystem evolves, and Open Banking shifts into Open Finance and Open Data, APIs are becoming far more than just gateways for data exchange between applications and systems: they are in the process of becoming drivers of real innovation and strategic value. As a result, FSIs who are slow to adopt this approach and fail to unlock the potential for new products and services, risk losing out to more nimble, Open API-enabled competitors. In this podcast we were joined by Alfonso Navio, business strategist for financial services at Red Hat to explore how FSIs are leveraging APIs to drive value for their customers.
18 minutes | Jul 27, 2021
Fact or friction: What do we really know about consumer banking?
As consumers adapt their habits and increasingly transact online, demand for digital financial services has risen exponentially. As a result, financial institutions (FIs) are under pressure to provide smooth onboarding processes, featuring the most up to date and easy to use technology combined with security and compliance - or risk losing the customer at the first hurdle. To delve further into these challenges, FStech partnered with HID Global to conduct a survey to shed some light on how financial institutions in UK and around Europe view these challenges. In this podcast, Dean Stevenson, a consultant and secure identity specialist at HID Global, explores the results of this recent survey and how FIs are keeping customers safe while reducing friction.
23 minutes | Jun 18, 2021
Bending the risk curve in the hybrid workplace
As the workforce prepares for the long-term shift to hybrid working, financial services organisations are considering how the established operating model should change to maintain both security and agility. But hybrid working comes with its own challenges. Whether it's personal devices accessing corporate data and applications or cybercriminals exploiting vulnerabilities opened up by remote access - the risk is vast. Enhancing IT security seems an obvious route to address the challenge, but how do FS organisations meet the demand for agility without increasing complexity? And what measures should they consider to make hybrid working secure without reducing employee productivity? Additionally, how are companies integrating secure access into wider strategic priorities as they scale? To answer these questions and explore possible solutions, FStech was joined by Helen Patton, Advisory CISO and Richard Archdeacon, also Advisory CISO at Duo, a secure access specialist (now part of Cisco).
15 minutes | Jun 18, 2021
How are financial services institutions managing risk in real-time?
The past year has brought unprecedented disruption for financial services providers and their customers. For many, the pandemic-induced risk landscape has created new challenges for FSIs including balancing disruption detection, digesting information from all over the globe, and managing a co-ordinated response. From local COVID-19 lockdown mandates affecting physical branches to cyber criminals targeting financial services providers, there are devastating consequences for an organisation's reputation and bottom line when crisis response is inadequate. As a result, FSIs have been under pressure to ensure they have 24/7 visibility of emerging risks, so that they can respond swiftly to protect their customers and employees while ensuring operational resilience across their physical and digital presence around the world. To tackle this challenge, forward looking FSIs are exploring the potential of real-time alerting platforms, which use AI to process billions of data units daily from thousands of public information sources such as social media, blogs, information sensors, and the deep web, to alert customers to emerging and sudden threats as they occur. To delve further into these challenges for retailers and possible solutions FStech was joined by Helen Sutton, Senior Vice President of EMEA and APAC sales at Dataminr.
16 minutes | May 20, 2021
Counting the cost of downtime for FSIs
Banks are under immense pressure to undergo rapid transformation and roll out innovative new products and services at the same pace as their competitors, while at the same time ensuring the high-quality customer experiences which consumers now expect. Attempting large scale digital transformation in a short period of time always carries a degree of risk when it comes to operational continuity, with some FSIs left counting the devastating cost of IT failures and data breaches to their reputation, compliance and their bottomline. This situation has only been made more difficult by the fact that many FSIs are simultaneously attempting to undergo migrations to the cloud, while also carrying years of accumulated legacy infrastructure at a time when employees are working from home, which can make visibility across all their networks and applications an almost impossible task. All these factors combine to mean that when a system fails or is brought down by malicious actors, the process of establishing root cause and ensuring full recovery can be excruciatingly slow, with the impact on customer trust reverberating well beyond the weekly news cycle. To delve further into these topics as well as some possible solutions to these dilemmas, FStech was joined by Phillip Gervasi, Senior Technical Evangelist, at Riverbed.
18 minutes | May 17, 2021
Cracking down on digital communications risks in FS
The shift to remote working has triggered an explosion of digital communications challenges for financial services firms - and a corresponding surge in the data privacy risk. As employees send millions of emails and messages across digital collaboration platforms, financial institutions are in a race against time to protect their systems, employees and reputation from the devastating consequences of a data breach. However, while much of the data privacy focus for FSIs centres around securing end points, the shift to cloud and boosting cyber security measures, research shows that over 90 per cent of data leaks are caused by human error - with emails sent to the wrong recipient one of the most common ways a company can expose itself to risk of GDPR non-compliance and cybercrime. And as the regulators step up scrutiny - and dish out eye watering fines for breaches - many FSIs are fighting an uphill battle to improve employee awareness of the potential costs of making a mistake. To combat this challenge, many firms are turning to automated data privacy platforms, which use AI and machine learning to scan emails and digital communications for compliance before they are sent with real-time warnings, which can prevent sensitive information from ending up in the wrong hands. To delve further into these challenges and possible solutions in digital communications risk, FStech was joined by Rick Goud, Chief Information Officer at secure communications provider Zivver.
14 minutes | Apr 21, 2021
Taking Open Banking one step further
Open Banking is already proving to be a significant disruptor in the current financial services market. It's providing a new way to elevate customer experience by harnessing data to improve services and offer a much wider range of products. But what if Open Banking could be taken one step further? Imagine an ecosystem that goes beyond the standard format and instead reaches customers outside of but related to financial services, enabling banks and financial institutions to offer an even wider range of products. Alexandra Leonards spoke to Hans Tesselaar, executive director for the Banking Industry Architecture Network (BIAN), about the opportunity to expand and adapt Open Banking.
19 minutes | Apr 20, 2021
6AMLD is your data ready?
With just months to go until 6AMLD is set to be fully enforced in June, organisations are scrambling to adapt to an environment that assigns additional liability for breaches to senior managers and threatens heavier sanctions across the board, with organisations all too aware of the financial and reputational risk should the regulator come knocking. But with the anti-money laundering risk landscape changing rapidly, as new threats emerge from digital payments and increased cyber security risk, organisations are being forced to re-evaluate their underlying technology infrastructures as well as improve employee awareness of their responsibilities with regards to 6AMLD. These teams have only a few months to tackle the multitude of challenges surrounding data management, data visibility and data siloes, without compromising user experience in the process. To delve further into these topics as well as some possible solutions, FStech was joined by William Brown, Head of Global Product Management at Bottomline Technologies to take a look at how organisations are implementing the digital transformation and transparency measures needed to be ready on time for the deadline.
22 minutes | Mar 30, 2021
Know Your Customer: Managing evolving risks throughout the customer lifestyle
There have been easier times for customer onboarding. The money laundering industry is currently estimated at being worth around two trillion worldwide, every year, and the challenges posed to FSIs by the introduction of the EU's 6th AML directive, Brexit, and the pandemic are well established. But these challenges are amplified by the fact many organisations are still unaware of where the data truly lies within their organisation. Many are weighed down by siloed legacy IT which holds data from different business areas in systems that are unable to "talk" to each other. And many organisations simply don't have the right data needed to onboard customers risk-free in the first place. Faced with these challenges, FSIs are tasked with minimizing the risk of cyber criminals and fraudsters - whose techniques are rapidly evolving - from infiltrating their systems without alienating customers with onerous and time consuming onboarding processes and sending them straight into the hands of competitors. To combat this problem, some are exploring the potential of AI and analytics to provide a more complete view of customer data, which helps to strike the fine balance between giving customers what they need when they need it and minimizing risk for the FSI. At the same time, emerging technologies such as biometrics offer organisations new strategies to keep one step ahead of the criminals. To delve further into these topics as well as some possible solutions to these dilemmas, FStech was joined by Adam McLaughlin, Global Head of AML Financial Crime Strategy and Marketing, NICE Actimize.
28 minutes | Mar 23, 2021
Digital asset anxiety: Is the biggest risk to data security in financial services often the most overlooked?
FSIs continue to spend ever-increasing billions on protecting their data, as high-profile threats such as ransomware fill the headlines, and highly complex supply chain attacks like Solarwinds shock the world. However, taking advantage of how organisations move digital assets remains an evergreen attack vector for cybercriminals. While insider threat might be associated with vengeful employees or with sales team members trying to steal valuable leads, simple employee negligence while moving digital assets presents an open door for cybercriminals looking to infiltrate secure institutions operating in strict regulatory environments. Confidential data transferred from one system to another also represents an opportunity for interception, and unauthorised access can also occur when data is stored at rest for download on a file transfer server. In addition, legislation such as GDPR, PCI DSS and ISO 20022 are muddying the waters, and pose the threat of steep fines for businesses who fail to foster an awareness of where their files are being transferred and who has access. But in today's remote working reality, file transfers represent an integral part of part of many people's daily workflows and organisations are also tasked with delivering transfer protocols which are secure but not so onerous as to reduce compliance. To delve further into these topics as well as some possible solutions to this digital dilemma, FStech was joined by Sean Devaney, vice president at CGI and David Martin, Partner Manager at Progress Software.
29 minutes | Mar 12, 2021
Becoming digital: how are wealth management firms transforming while respecting tradition?
As the demand for digital services skyrocketed during the pandemic, financial services providers had to move faster than ever before to provide continuity for their customers across digital channels and platforms. And while retail banks make headway against the digital challengers, many sectors, notably wealth management, investment and asset management are struggling to keep up with the pace of change. As a result, digital advocates working in traditional wealth management firms are making the urgent business case for digital transformation to prepare for the future. However, many are experiencing pushback from senior leaders concerned that digital transformation goes against the grain of a rich heritage of highly personalised service and relationships extending back many generations, as well as highlighting the cost and security implications of moving customer data onto new technology at a time of disruption. But as customers from millennials to more mature investors become more mobile, wealth management needs to evolve quickly to survive while retaining the tailored customer experiences and seamless service that set traditional financial services providers apart. To delve further into these topics as well as some possible solutions to this digital dilemma, FStech was joined by George Baily, marketing lead for wealth at Crealogix.
18 minutes | Feb 23, 2021
Digital threat: can a strong cyber strategy boost competitiveness?
With the coronavirus crisis prompting a vast shift from in-branch operations to online, like most industries, financial services has needed to adapt. Open Banking is also disrupting the market, with both banks and FinTechs looking to boost customer experience by harnessing data to offer improved services and a wider range of products. Both the shift to online and the disruption of Open banking have created opportunities for the market to grow and adapt, but they've also generated a whole host of new privacy and security concerns. With the backdrop of the pandemic to boot, there's never been a more challenging time for the market. Traditional banks not only have to address changing consumer habits and a greater reliance on digital banking, but also face growing competition from alternative banks, including digital-only platforms.
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