The FinTech Story of WeChat

WeChat, which was developed by Tencent in 2011, is one of the top five instant messaging apps globally. In 2018, it grew its monthly active users to 1.08 billion (one billion daily active users). WeChat provides three major services – chat, wallet, and third-party services. Its chat services have messaging,...

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Enable NBFCs To Issue Credit Cards – A Two-Fold Advantage

According to RBI’s statistics, in November 2018, over 1 billion cards were issued in India. Only 40 million of the outstanding cards are credit cards, whereas there are approximately 400+ million consumer credit records with the bureau, according to estimates. Clearly, the credit cards market is significantly under-penetrated. One of...

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SMB Lending: Marketplaces vs. Banks

During the last 25 years, about 7% to 9% of small businesses close each year on average – slightly less than the number that open – according to LendEDU. Among the reasons small businesses close, access to credit is becoming less of an issue in why a business closes compared...

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Are Banks Ready to Embrace AI?

Artificial intelligence (AI) is one of the most impactful technological revolutions the world has witnessed. Customers today are increasingly exposed to advanced technologies such as AI-enabled chatbots and intelligent voice assistants like Apple Siri, Google Assistant, and Amazon Alexa, making personalization a high priority for incumbent banks. Today, AI enables...

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Why Adyen is One of the Most Powerful Payments Platforms

A 2018 study designed to understand consumers’ shopping experiences, preferences, behaviors, and the impact of digital trends, found that the demand for immersive interactions is shifting competition in retail from price points to experiences. In an increasingly connected world of demanding consumers, the ability to offer seamless and relevant experiences...

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What Do Updated PCI Guidelines Mean for FinServ Providers

The Payment Card Industry Security Standards Council (PCI SSC) recently unveiled revised guidelines for protecting telephone-based payment card data. The new guidelines explore the potential risks and security challenges associated with telephone-based card payment environments, such as call and contact centers in financial institutions like banks, loan providers, and credit...

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Understanding the RegTech Effect in Numbers

Globally, banks have 10–15% of their staff dedicated to compliance on average. According to a study cited in the Cost of Compliance 2018 Report, regulatory divergence (costs, risks, impacts) costs financial institutions 5–10% of their annual turnover (on average). This consumes senior management time as well as capital that could...

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Reforming the CKYC Infrastructure

Introduction The Central KYC Records Registry was set up in 2015 for storing, safeguarding, and retrieving electronic copies of KYC records obtained by banks and financial institutions from their clients was thought to be a vital catalyst in facilitating swifter onboarding of clients for the financial services industry. However, four...

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