How Are Tech Teams Using Metered Consumption, and Does It Make Sense for Banks?

As noted by Bank Director, financial firms are moving to the cloud to leverage three key advantages: innovation, cost savings and flexibility. This matches the general enterprise approach to cloud computing — companies are looking to do more in the cloud, quickly, without going over budget. For many banks, however, the cloud creates a compute conundrum when it comes to service and security.

As research firm McKinsey pointed out, for banks to better serve customers during the global pandemic, improved digital tools, products and services are essential. But security expectations are evolving simultaneously, with firms now expected to ensure due diligence around the collection of digital identity data, the increasing use of open-source banking solutions and the management of artificial intelligence tools.

This creates a potential paradox: While public clouds offer the compute scale necessary to deliver on-demand services, banks may be more comfortable with the security of on-premises solutions.

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In the Wake of COVID-19, Majority of Banks Say Payment Technology is an Arms Race They’re Unprepared For

LONDON–(BUSINESS WIRE)–Marqeta, the global modern card issuing platform, today released the second part of its European Banking report, based on a survey of 200 European banking executives, about the challenges they are facing when trying to respond to the greater need for payments innovation in the wake of the COVID-19 pandemic. According to the findings, 94% of bank executives say that payments have become a “technology arms race,” enabling them to gain a competitive advantage over rivals by offering greater choice and flexibility to customers. However, 84% of respondents said that legacy infrastructure is restricting them, making it almost impossible for them to innovate, at a time of increased scrutiny and great need.

“The likes of Uber, Amazon, and Deliveroo, have set the bar when it comes to expectations around payments; having a slick and convenient way to pay has become a fundamental part of the customer

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Admiral Seguros Banks on Shift Technology’s AI for Fraud Detection and Prevention

PARIS and BOSTON, Dec. 3, 2020 /PRNewswire/ — Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry today announced that Admiral Seguros has adopted the company’s Shift Claims Fraud Detection. The insurer recognized Shift a leader in the application of Artificial Intelligence to claim analysis in order to prevent and combat fraud and deployed the technology as part of its wider process automation and digital transformation strategy.

With a presence in more than 25 countries, Shift has analyzed billions of claims using advanced data science and artificial intelligence. The company’s automated, highly accurate SaaS solution functions as a complex alarm system that warns insurers of potential fraud and allows claims handlers and investigators to better understand the nature of suspicious claims. Shift Claims Fraud Detection presents information via an intuitive, user-friendly interface that provides all relevant claims information. This allows

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Big banks think new furniture is innovation, but they are wrong

When banks finally come to improve their technology experience, they go no deeper than changing the front end. They’ll make a button blue instead of green or create rounded edges on buttons instead of square ones. They think in terms of their interfaces, not the back end. If a bank were to truly innovate its technology, it’d dig deeper into the back end and transform its legacy technical infrastructure, which has been the same for decades. Few today even know how to work on those old programming languages of yesteryear, such as COBOL, so they’re stuck with upgrades that turn the software into a Frankenstein-esque abomination.

The big banks don’t do innovation in house. Big tech conglomerates don’t even innovate. They acquire new ideas, innovations and teams that have done the innovation already. When they want a new, undeveloped technology as part of their internal technology portfolio, they sometimes speak

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Do China Tech Giants Pose A Risk For European Banks?

China’s Ant group may have been dealt a setback with the shelving of its IPO but European banks remain wary that Chinese tech giants may soon be their main competitors.

The European finance sector has in recent years seen the emergence of a large number of startups — called fintech — which have sought to disrupt brick and mortar banks by offering digital services.

While they have yet to really threaten established banks, the fintechs have forced them to dust off their operations and invest massively into providing similar digital services.

“The real competitor of tomorrow will likely be the GAFAM or the Ants of the world which have the capacity to invest considerable sums,” the head of France’s Societe Generale bank, Frederic Oudea said recently, using a French acronym for Google, Apple, Facebook, Amazon, and Microsoft.

US tech giants have been making more beachheads in financial services an area

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EU Rules ‘Hindering Banks’ In Tech Advances, Study Warns

Law360, London (November 17, 2020, 5:12 PM GMT) — Increasing regulatory requirements are hindering progress as the banking sector adopts emerging technology and new ways of working, according to a study by audit firm PwC and the Association for Financial Markets in Europe.

The study was published on Monday as new regulations that will govern use of technology loom — including the European Union’s proposed Regulation on Markets in Crypto Assets and the Digital Operational Resilience Act — the report’s authors said.

The proposed EU legislation package, which was published in September, focuses on regulating digital currencies and ensuring that banks can resist cyberattack.

“Innovation is crucial for banks to…

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TCS, Infosys, HCL Tech shares may stand to gain as US, European banks increase technology spending

a close up of a hand: Sequential revenue growth recovery in the BFS space was recorded among almost all Indian IT firms.

© Provided by The Financial Express
Sequential revenue growth recovery in the BFS space was recorded among almost all Indian IT firms.

Increased digital adoption has been the buzz word that has helped stocks of Indian Information Technology firms gain faster than the broader markets. TCS, Infosys, HCL Technologies, Wipro, Tech Mahindra, and other IT firms have all outperformed the benchmark S&P BSE Sensex since the end of March. Now, the digitisation that firms across the globe were expected to undergo is looking more realistic with technology spending of US and European banking and financial services firms remaining resilient in the quarter ending September 2020. Leading Indian IT firms stand to benefit from higher technology spends.

Digital spends accelerating

“Companies accelerated digitalization to cater to increased digital adoption. BFS firms will invest to migrate to cloud and reap full benefits of cloud transformation,” said brokerage and research firm Kotak Securities

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Axio Announces Partnership with NFP to Expand Cybersecurity Capabilities, Launches New Platform for Community Banks

New platform to provide a holistic view of how insurance policies would respond to cyber events, identifies losses to bank’s earnings and balance sheet

Axio, a leading cyber risk management Software-as-a-Service company, today announced a strategic partnership with NFP, a leading insurance broker and consultant that provides employee benefits, property and casualty, retirement, and individual solutions. NFP will deploy Axio’s new platform, Axio360 QuickQuant, to expand its cybersecurity capabilities within its P&C division with a focus on the specialized needs of community banks.

This partnership will give insurance buyers for community banks access to a holistic view of cybersecurity risks, the ability to navigate the complexities of the risk, and identify insurance solutions that respond to cyber losses that could impact the bank’s earnings and balance sheet. Axio360 QuickQuant’s proactive approach identifies opportunities to address the gaps and allows banks to benchmark their insurance program limits against NFP’s client portfolio

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ex-Crisil CIO Ramesh Lakshminarayanan to spearhead HDFC Bank’s technology

Mumbai: HDFC Bank in a note on Thursday announced the hiring of Ramesh Lakshminarayanan as its Group Head – Information Technology designated as Chief Information Officer.  

The bank said Lakshminarayanan will spearhead its technological transformation journey to the next level. “His role will cut across verticals at the bank. He will be responsible for technology strategy, strengthening foundational technology, enhancing the digital capabilities and harnessing new age AI/ML technology solutions for the bank,” said the bank in a note.  

Lakshminarayanan spent three years as Chief Information/Technology Officer at CRISIL and was responsible for for technology operations, data and analytics. He was the co-founder of analytics firm Pragmatix Services which was acquired by CRISIL in 2017.

“An industry veteran with over 25 years of experience, Ramesh has held leadership positions with organizations such as Citibank, ABN AMRO Bank, and Kotak Mahindra Group. Ramesh holds a Bachelor’s degree in Physics from Mumbai

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Bursa closes off intra-day high, banks and energy stocks mixed

KUALA LUMPUR: Bursa Malaysia closed off the day’s best on Wednesday while banks, energy and plantation stocks were mixed despite gains in crude palm oil (CPO) and oil prices.

At 5pm, the FBM KLCI was up 3.16 points or 0.22% to 1,464.61, giving up part of the earlier gains as investors turned cautious.

Turnover was 7.30 billion shares valued at RM3.36bil. There were 702 gainers, 377 losers and 397 counters unchanged.

The ringgit weakened 0.21% against the US dollar to 4.1667.

On the external front, Japan’s Nikkei 225 rallied 1.72%, China’s edged up 0.19%, Taiwan’s Taiex added 1.04%, South Korea’s Kospi 0.6% and Singapore’s Straits Times Index 0.79%. Hong Kong’s Hang Seng Index shed 0.21%.

Covid-19 vaccines could cost the government at least RM3bil once it is available next year, says Khairy Jamaluddin. The Science, Technology and Innovation (Mosti) Minister said this would be the cost if 70% of the

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