With fall officially in full swing, several financial services industry trends were making great news in October. To recap the month, we pulled together the top articles garnering attention from BizTech Magazine’s Top 25 Financial IT Blogs during October. The blogs covered topics including thoughts on the
latest possible fintech and blockchain regulation, a closer look at the importance of a bank’s data, the continued growth of mobile banking including mobile deposit, the human aspect of the banking customer experience and the possible use of AI for fraud prevention. Here are the highlights:
Despite the fact that today companies live and die by the quality of their data, there are still no universally accepted ways to measure data quality. There are beneficial data inputs — such as good intelligence about your customers — and then there the data gaps. How do we measure the net sum of all those parts?
As established banks rush to close branches in favor of digital channels and a host of new mobile-only challengers enter the field, new research suggests that customers still want the human touch.
A U.S. banking regulator has unveiled a broad innovation policy aimed at regulating startups working with blockchain and other fintech. On October 26, the Office of the Comptroller of the Currency (OCC) released its “responsible innovation framework,” a policy outline that the agency has been working on since earlier this year.
Within the past year, one in three Americans deposited a check using a mobile device, according to new research by the American Bankers Association. Of those who said they used mobile deposit, 62% reported using it at least once a month. Experts note that innovations like mobile banking and mobile deposit are driven by consumer preference.
Citi Ventures, an arm of the bank that combines investments in startups with innovation developed in its six Citi Global Innovation Labs around the world, has announced a strategic investment in Feedzai, a machine learning company with a focus on real-time fraud prevention in e-commerce and banking. Feedzai says the investment will support its continued expansion of offerings to the financial services ecosystem.