Digital attacker banks have demonstrated that they can delight customers, scale up quickly and expand into new products, geographies and customer segments. Digital attackers are lower cost, faster to innovate and can transform their traditional parents. As an alternative to embarking on a multiyear, hugely expensive systems transformation, some incumbent banks have launched attackers with the aim of transforming the core business.
Platformification is not a new concept but is has never been applied to the banking industry before. In essence, a platform is a place where producers and consumers meet to conduct some form of exchange such as they did in the markets of yore. Platformification without digitally open platforms will not help. Open platforms help in the evolution of ecosystems, where business models are heading towards. It can create a path for relationship-building with API providers and constructs a space for those providers to access a wider customer base.
The business of banking has dramatically changed during the last ten years. The fast development of technology has affected the…
Payments are made using payment instruments. Cash, for example, is a payment instrument. So too are cheques. Digital payment is a way of payment which is made through digital modes. In digital payments, payer and payee both use digital modes to send and receive money. Innovation has been one of the biggest drivers for the growth of India’s digital payments economy. Along with the increasing adoption of smartphones, the availability of affordable mobile internet is doing wonders for the digital payments market in India.
The Chandrayaan-2 mission serves as the second phase of India’s Chandrayaan lunar exploration program and is a follow-on to the…
Despite several opportunities, banks face pressure from both external and internal forces that hinder full-scale digitalization. The complexity and width of digital initiatives vary upon infrastructure, customer preferences and policy framework of the region.
Cash plays an important role in our modern economy, particularly among the poor, and every step forward towards cashless future should be with great caution, keeping the poor section surviving solely on informal economy included in the transition process. The digital transformation of cash is a cost savings to the entire financial ecosystem. From printing to cash management to physical infrastructure to securing and dispensing of currency, cash is very expensive. Government must think out of the box to pass these savings to consumers as incentives to embrace digital transactions.
As ATMs have become ubiquitous, so too have attacks that turn these automated tellers into robotic thieves. In July 2016, a group of masked cyber-criminals cashed out 34 ATMs operated by the First Commercial Bank, one of Taiwan’s largest banks. Criminals had collected more than 83.27 million New Taiwan dollars (US$2.6 million) in cash — without using ATM cards. The criminals did not physically damage the ATMs, nor did they use skimmers or bank cards.
Back in the pre-internet days, if someone asked you a tricky question, you had a couple of options. You could see if anyone you knew had the answer. You could pull out an encyclopaedia. Or you could head down to the library to carry out research. Whichever one you opted for, it was almost certainly more complicated and time-consuming than what you’d do today: Google it.
Net neutrality means that Internet service providers should provide us with open networks — and should not block or discriminate against any applications or content that ride over those networks. It prohibits the owner of a network, that holds itself out to all-comers, from discriminating against information by halting, slowing, or otherwise tampering with the transfer of any data (except for legitimate network management purposes such as easing congestion or blocking spam).