Too many financial services organisations are still failing to implement effective data quality and risk management policies today. Part of the problem is that they typically adopt too much of a reactive approach. Their overriding focus and priority is on validating and cleansing the data that comes into their organisation before they subsequently distribute it more widely. They are motivated by a desire to prevent downstream systems receiving erroneous data. That’s important, of course - but by focusing on ad-hoc incident resolution in this way, organisations almost inevitably struggle to identify and address recurring data quality problems in a structural manner.To remedy this problem, firms need to be able to more continuously carry out analysis, targeted at understanding their data quality and reporting on it over time. Very few organisations across the industry are doing this today and that’s a significant issue. However, much data cleansing an organisation does, after … [Read more...] about Data quality – Why it matters and how financial services firms can best achieve it
A lock icon, signifying an encrypted Internet connection, is seen on an Internet Explorer browser in a photo illustration in Paris April 15, 2014. REUTERS/Mal Langsdon MANILA (Reuters) - Cebuana Lhuillier, a Philippine financial service provider, said on Saturday that the data of 900,000 clients had been accessed without authorization and that it had already alerted authorities to investigate the incident. The breach came as Philippine investigators were looking into allegations by the country’s foreign minister last week that a privately contracted firm took away documents and data from the Department of Foreign Affair’s passport database. Cebuana Lhuillier, whose services include pawning, remittance, microinsurance, and business to business micro loan solutions, said some information like birthdays, addresses and sources of income, were affected in the breach involving an email server used for marketing. “It’s just a very small portion of our … [Read more...] about Philippine financial service firm flags data breach affecting…
Rep. Alexandria Ocasio-Cortez (D-NY) announced on Twitter Tuesday evening that she will be serving on the House Financial Services Committee led by Rep. Maxine Waters (D-CA), a vocal critic of President Trump. “I am very grateful for the opportunity to sit on this committee as a freshman, and look forward to working under the leadership of @RepMaxineWaters!” Ocasio-Cortez tweeted Tuesday. “Financial Services is one of just four exclusive committees in the House. It oversees big banks, lending, & the financial sector.” “Personally, I’m looking forward to digging into the student loan crisis, examining for-profit prisons/ICE detention, and exploring the development of public & postal banking. To start,” she added. Democratic leaders reportedly tapped Ocasio-Cortez— as well as Rep. Katie Porter (D-CA), Rep. Rashida Tlaib (D-CA), Rep. Tulsi Gabbard (D-HI), and Rep. Ayanna Pressley (D-MA)— to be on the committee. A vote … [Read more...] about Alexandria Ocasio-Cortez to Serve on House Financial Services Committee
It’s easy to notice that the world of mobile financial services is always evolving. As we stand on the cusp of 2019 we have begun to consider which trends will rise to the top and shape the new year. Even more importantly, we must consider how these trends will affect the global unbanked population.Unbanked and underbanked individuals around the world have long heard ‘NO’ from operators and financial institutions. As a result, around 80 per cent of the population in emerging markets is on prepaid mobile plans with almost no access to financial services, or a financial identity. They have not been offered the opportunity to build credit in a way that is feasible for them. However, in 2019 we will begin to see more opportunities that will make this possible. The most noteworthy will come from mobile operators and financial service providers as they will begin competing, partnering and engaging in new and exciting ways. Here’s how:Financial services: Telcos are … [Read more...] about 2019: The year of the telcos and mobile financial services
Bank transfers, debit cards, credit cards, e-wallets and mobile wallets: all are used to process the one hundred and twenty-two billion digital transactions made each year in the European Union.And this staggering figure is expected to rise year on year, meaning the payments industry simply has no choice but to adapt its processes to cope with the increasing number of transactionsFortunately, if not entirely coincidentally, this explosion in the volume of digital payment co-coincides with the rise of viable Artificial Intelligence (AI). At its simplest, the ubiquity of AI enables digital payments by allowing consumers to more easily buy goods and services through services such as digital assistants or recommendation engines, which run on machine learning.But this explosion in the number of the digital payments creates a problem which will also need AI to solve. The increase in web-payments, brings with it the unavoidable risk that volumes of digital-payment fraud will also rise. And … [Read more...] about How will artificial intelligence ultimately benefit the financial services sector?