-
Jan 14, 2025 | 
finextra.com | Steve Morgan
The financial services sector has reached a turning point in the adoption of AI. The UK banking sector in particular has seen a remarkable increase, with AI adoption rates effectively spurred by pioneering innovations from major players like OpenAI, Google, and AWS. This swift embrace of technology presents an exciting array of opportunities but also prompts the question: beyond current utilization, what other areas
should banks leverage AI for, and what possibilities remain unexplored?
-
Dec 10, 2024 | 
techtrendspost.com | Steve Morgan
Regulators around the world are taking different approaches to address the challenges and opportunities presented by AI in financial services. This is still an evolving environment and specific requirements already vary from region to region. It’s definitely a space to watch, and I think AI, like other areas of banking such as credit risk, needs regulation. If so, expect the same level of scrutiny about how AI works, whether it has the expected impact, and whether it can be easily explained.
-
Dec 10, 2024 | 
finextra.com | Steve Morgan
Regulators around the world are taking various approaches to address the challenges and opportunities presented by AI in financial services. It is very much still an evolving landscape, with specific requirements already different across regions. It is certainly
a space to watch, and I believe that regulations are needed as much on AI as they are on other areas of banking like credit risk.
-
Nov 6, 2024 | 
thefinancialbrand.com | Steve Morgan
Mimicking Silicon Valley and fintech start-ups, many traditional banks have embraced the idea that they need to become software companies in their own right. But many institutions have found that transformation hard to achieve. The effort required to build digital capabilities in-house may have been better focused on more critical competencies that actually drive growth and performance.
-
Oct 23, 2024 | 
finextra.com | Steve Morgan
In the ever-evolving landscape of the banking sector, the pressure to stay ahead of technological advancements while maintaining robust, secure services is a constant challenge. A significant aspect of this evolution is the overhaul of legacy platforms. As banks adapt to meet modern demands such as enhanced digital user experiences, streamlined processing, and adapting to changing regulatory compliance, understanding the transformation of legacy platforms becomes imperative.
-
Jun 15, 2024 | 
finextra.com | Alastair WATSON |Alex Kreger |Steve Morgan |Mayuri Jain
Satellite mega-constellations in Low Earth Orbit (LEO) are not just revolutionizing our world, they are transforming it.
These interconnected networks, circling the Earth at 180 to 2,000 kilometers, are more than just about high-speed internet, worldwide communication, and Earth observation.
They are reshaping the way we live, work, and connect. Unlike satellites positioned at much greater heights, LEO satellites have quicker orbital cycles, typically lasting about 90 to 120 minutes.
-
Jun 10, 2024 | 
finextra.com | Mayuri Jain |Benjamin Avraham |Vipin Sharma |Steve Morgan
The saying "time equals money" holds particular significance in the context of transaction acceptance rates. These rates, indicating the percentage of successful transactions compared to declined ones, are crucial for merchants. Each declined
transaction signifies a missed opportunity, affecting both revenue and customer trust. Thus, higher acceptance rates correlate directly with increased revenue potential and enhanced customer satisfaction.
-
Jun 7, 2024 | 
finextra.com | Benjamin Avraham |Vipin Sharma |Steve Morgan |Kaustuv Ghosh
FedWire, operated by the Federal Reserve Banks, is essential for large-value and time-sensitive payments, ensuring secure and efficient fund transfers between financial institutions. As the financial landscape evolves, the upcoming modernization of FedWire
presents significant implications for financial enterprises. Importance of FedWireFedWire processes transactions in real-time, handles large-value transfers, and supports time-critical payments.
-
Jun 6, 2024 | 
finextra.com | Benjamin Avraham |Vipin Sharma |Steve Morgan |Kaustuv Ghosh
By the end of 2025, UPI (Unified Payments Interface) is poised to become the most significant payment switch globally, with an estimated annual volume of around 264 billion transactions. This staggering figure would surpass the transaction volumes of Mastercard
and Visa, marking a significant shift in the global payments landscape. UPI's rapid growth and scalability highlight a transformative period in the world of digital payments, driven by innovation and an evolving market landscape.
-
Jun 6, 2024 | 
finextra.com | Benjamin Avraham |Vipin Sharma |Steve Morgan |Kaustuv Ghosh
The digital payment market in India has witnessed explosive growth, fueled by the widespread adoption of digital payment methods and the increasing convenience they offer. According to a report, the
digital payments market in India was valued at
$3 trillion in 2022 and is projected to grow at a staggering compound annual growth rate
(CAGR) of 26.2% to reach $7.8 trillion by 2027.
