Customers are showing growing satisfaction with their financial institutions and online banking websites. While interest is high in services like bill pay, personal financial management, alerts and mobile banking, actual usage of these services remains relatively low indicating opportunities for banks to increase adoption. Personal financial management tools in particular have low penetration rates, with awareness exceeding actual usage even among large banks.
Brands, which are generally distrusted, must better define, explain or quantify how they make a difference across a range of criteria. This requires more transparency. Optimal transparency can help in restoring consumer confidence and assist brand management. But it demands that products and processes stand up to scrutinyPinpoint over 50 marketing and innovation 'platforms' that can be employed to optimally build brand trust. See how they relate to 'on-trend' examplesAccess a unique blend on consumer and innovation insight to better understand how 'Trust & Transparency' issues impact consumers across FMCG sectorsTrend overview and sector specific analysis covering food, non-alcoholic drinks, alcoholic drinks, personal care, household care, packaging and retailDistrusting and discerning consumers are asking more questions. Globally, just 37% trust consumer packaged goods companies to tell them the truth. Consumers are highly ambivalent or distrusting across all sectors. The means that marketing messages are viewed with a healthy dose of scepticismOver 65% believe that stricter regulation is needed across issues ranging from product safety to retailer pricing. This is impacted by what consumers perceive as insincere exploitation of legal loopholes by consumer companiesTrust is a critical component of brand equity and corporate reputation. It should not be treated as an abstract concept. Measuring and effectively managing trust is vitalTo what extent to do global consumers trust companies in the consumer packaged goods industry' What about their trust in specific product claims'What is the 'Trust & Transparency' sub-trend' How does it impact consumers' What will it mean for core product and marketing innovation in my sector'What is the balance of consumer opinion towards a range of 'Trust & Transparency' issues' How does it vary by country and demographics'What are the key mega-trends, trends, and sub-trends that are shaping the consumer and innovation landscape. Where does 'Trust & Transparency' fit'
RSA Discovers Massive Boleto Fraud Ring in BrazilEMC
Boleto malware is a fraud operation and financial threat targeting individuals and companies in
Brazil that has appeared in recent years. The first signs of its existence appeared near the end of
2012 or early 2013, when it began to be reported in the local news media. The RSA Research
Group analyzed version 17 of the malware, gathering data between March 2014 and June 2014
The document provides an overview of Vietnam's consumer finance market in 2016-2017. It discusses the market size and growth rates, segmentation, and competition dynamics between banks and finance companies. Some key points:
- The consumer finance market reached US$xx billion in 2016, accounting for xx% of the country's total loan book. Market growth slowed to xx% in 2016 from xx% in 2015.
- Installment loans made up the majority (~xx%) of consumer finance loans, followed by cash loans. Finance companies focused more on installment loans while banks focused on collateralized loans.
- One finance company dominated the market with an increasing share in 2016, followed by others. The top finance companies all posted growth
The document is a data book summarizing consumer complaints received by the Consumer Sentinel Network (CSN) in 2010. It finds that the CSN received over 1.3 million complaints in 2010, with 19% relating to identity theft, 54% to fraud, and 27% to other issues. Identity theft was the top individual category. The data book provides breakdowns of complaint categories and trends, fraudulent payment methods, and metrics regarding identity theft and fraud complaints by state and metropolitan area.
2014 Global Financial Development Report - Financial InclusionDr Lendy Spires
The Global Financial Development Report 2014 examines financial inclusion. It finds that half of the world's adult population lacks a bank account and many could benefit from financial services but do not have access. The report contributes new data and research on financial inclusion and draws on existing evidence to inform policy. It shows that financial inclusion can significantly reduce poverty and boost prosperity when policies are well-designed, for example by avoiding dormant bank accounts or promoting excessive credit. The report offers practical advice on maximizing the welfare benefits of inclusion.
This document discusses how identity management and mobile technologies are converging in the digital world. It focuses on the United Arab Emirates' (UAE) national digital identity system and how it is designed to enable trusted mobile transactions. Key points:
1) The UAE issues smart identity cards containing digital certificates and biometric data to citizens and residents, representing 96% of the population.
2) This identity infrastructure establishes trust for online transactions and enables service delivery across channels. Credentials can be verified on mobile devices.
3) The government is working to issue digital certificates to mobile subscribers tied to their national ID, allowing all users to conduct secure digital transactions from their phones.
4) This would improve access
The document discusses the differences between direct and indirect objects in Spanish grammar. A direct object receives the action of the verb and does not take a preposition, while an indirect object refers to someone or something and takes the prepositions "to" or "for". Some examples are provided to illustrate sentences with direct and indirect objects, such as "Marta bought Nick some chocolates" where Nick is the indirect object and chocolates is the direct object.
Customers are showing growing satisfaction with their financial institutions and online banking websites. While interest is high in services like bill pay, personal financial management, alerts and mobile banking, actual usage of these services remains relatively low indicating opportunities for banks to increase adoption. Personal financial management tools in particular have low penetration rates, with awareness exceeding actual usage even among large banks.
Brands, which are generally distrusted, must better define, explain or quantify how they make a difference across a range of criteria. This requires more transparency. Optimal transparency can help in restoring consumer confidence and assist brand management. But it demands that products and processes stand up to scrutinyPinpoint over 50 marketing and innovation 'platforms' that can be employed to optimally build brand trust. See how they relate to 'on-trend' examplesAccess a unique blend on consumer and innovation insight to better understand how 'Trust & Transparency' issues impact consumers across FMCG sectorsTrend overview and sector specific analysis covering food, non-alcoholic drinks, alcoholic drinks, personal care, household care, packaging and retailDistrusting and discerning consumers are asking more questions. Globally, just 37% trust consumer packaged goods companies to tell them the truth. Consumers are highly ambivalent or distrusting across all sectors. The means that marketing messages are viewed with a healthy dose of scepticismOver 65% believe that stricter regulation is needed across issues ranging from product safety to retailer pricing. This is impacted by what consumers perceive as insincere exploitation of legal loopholes by consumer companiesTrust is a critical component of brand equity and corporate reputation. It should not be treated as an abstract concept. Measuring and effectively managing trust is vitalTo what extent to do global consumers trust companies in the consumer packaged goods industry' What about their trust in specific product claims'What is the 'Trust & Transparency' sub-trend' How does it impact consumers' What will it mean for core product and marketing innovation in my sector'What is the balance of consumer opinion towards a range of 'Trust & Transparency' issues' How does it vary by country and demographics'What are the key mega-trends, trends, and sub-trends that are shaping the consumer and innovation landscape. Where does 'Trust & Transparency' fit'
RSA Discovers Massive Boleto Fraud Ring in BrazilEMC
Boleto malware is a fraud operation and financial threat targeting individuals and companies in
Brazil that has appeared in recent years. The first signs of its existence appeared near the end of
2012 or early 2013, when it began to be reported in the local news media. The RSA Research
Group analyzed version 17 of the malware, gathering data between March 2014 and June 2014
The document provides an overview of Vietnam's consumer finance market in 2016-2017. It discusses the market size and growth rates, segmentation, and competition dynamics between banks and finance companies. Some key points:
- The consumer finance market reached US$xx billion in 2016, accounting for xx% of the country's total loan book. Market growth slowed to xx% in 2016 from xx% in 2015.
- Installment loans made up the majority (~xx%) of consumer finance loans, followed by cash loans. Finance companies focused more on installment loans while banks focused on collateralized loans.
- One finance company dominated the market with an increasing share in 2016, followed by others. The top finance companies all posted growth
The document is a data book summarizing consumer complaints received by the Consumer Sentinel Network (CSN) in 2010. It finds that the CSN received over 1.3 million complaints in 2010, with 19% relating to identity theft, 54% to fraud, and 27% to other issues. Identity theft was the top individual category. The data book provides breakdowns of complaint categories and trends, fraudulent payment methods, and metrics regarding identity theft and fraud complaints by state and metropolitan area.
2014 Global Financial Development Report - Financial InclusionDr Lendy Spires
The Global Financial Development Report 2014 examines financial inclusion. It finds that half of the world's adult population lacks a bank account and many could benefit from financial services but do not have access. The report contributes new data and research on financial inclusion and draws on existing evidence to inform policy. It shows that financial inclusion can significantly reduce poverty and boost prosperity when policies are well-designed, for example by avoiding dormant bank accounts or promoting excessive credit. The report offers practical advice on maximizing the welfare benefits of inclusion.
This document discusses how identity management and mobile technologies are converging in the digital world. It focuses on the United Arab Emirates' (UAE) national digital identity system and how it is designed to enable trusted mobile transactions. Key points:
1) The UAE issues smart identity cards containing digital certificates and biometric data to citizens and residents, representing 96% of the population.
2) This identity infrastructure establishes trust for online transactions and enables service delivery across channels. Credentials can be verified on mobile devices.
3) The government is working to issue digital certificates to mobile subscribers tied to their national ID, allowing all users to conduct secure digital transactions from their phones.
4) This would improve access
The document discusses the differences between direct and indirect objects in Spanish grammar. A direct object receives the action of the verb and does not take a preposition, while an indirect object refers to someone or something and takes the prepositions "to" or "for". Some examples are provided to illustrate sentences with direct and indirect objects, such as "Marta bought Nick some chocolates" where Nick is the indirect object and chocolates is the direct object.
The Social Media & Content Marketing RevolutionLane Douglas
This document discusses social media and content marketing. It begins with an introduction to Lane Douglas, a social media consultant. It then defines social media as having revolutionized information sharing and how word-of-mouth influences travel decisions. The document outlines five best practices for social media, including investing in social ads, thinking of social media as a service, acquiring a listening service, investing in a publishing platform, and providing frequent incentives. It also includes a case study on how IBM used Twitter to promote content.
Foredrag holdt på Next Media møte "8. mars-treff for teknojenter". Om bakgrunnen for Girl Geek Dinners Oslo, deretter om "Sosiale medier og store data".
This document provides 10 marketing tips for businesses to consider during an economic downturn. The tips include analyzing what is and isn't working, focusing on customer retention through loyalty programs, refining target audiences, investing in areas of growth, focusing messaging on value, differentiating from competitors, negotiating media rates, exploring new digital marketing channels like mobile and social media, and learning about future-oriented trends like social media marketing. The overall message is that while times are tough, smart marketing tactics can help businesses survive and possibly thrive during a recession.
This document discusses the concept of a "killer application" for mobile devices and questions whether any current applications truly qualify. It notes that while social networking, location-based services, and user-created content apps are popular, the average user only regularly uses around six apps total. The document suggests that diversity is lacking and that no consensus currently exists on what might become a true "killer app" for mobile.
CIS13: Samsung’s Perspective on Mobile IdentityCloudIDSummit
Sudhi Herle, VP of Enterprise Products, Samsung Telecommunications America
Samsung will discuss how the mobile ecosystem maturity is demanding more robust enterprise capabilities – especially integration of the mobile apps with existing enterprise notions of identity, authentication and authorization. Samsung will demonstrate how it is tackling this issue in their Knox platform – by using Centrify powered technologies. Learn how this will help your Enterprise IT admin to seamlessly add mobiles into their existing MS Active Directory, extend the reach of their enterprise apps to integrate with AD and understand how Samsung Knox Dual Persona is a good strategy for Enterprise IT integration.
Mobile Connect enables convenient and secure authentication and identity verification for online services through mobile networks. It uses factors such as something the user has (their mobile phone and SIM card) and something they know (PIN or pattern) for multi-factor authentication without separate hardware tokens. Over 2.5 billion users globally can access the service, which supports a range of identity services including authentication, authorization, attribute sharing, and fraud prevention. Mobile network operators are well-positioned to provide these services due to their experience managing networks and user identity securely and privately.
This document discusses the top threats to financial service providers from online banking in 2010. The five top threats are identified as phishing, password database theft, man-in-the-middle attacks, man-in-the-browser attacks, and identity theft. It provides examples of each threat and discusses how authentication methods and hardware tokens can provide stronger security against these threats compared to passwords alone. Multi-factor authentication using physical tokens combined with passwords is recommended as the most effective solution.
Specialty lending has grown significantly due to new regulations tightening bank lending standards. This has led banks to pull back from high-risk lending, driving clients to digital alternative lenders. These lenders utilize technology like big data and automation to efficiently match borrowers and lenders. Though still small compared to traditional banks, the specialty lending market has grown exponentially and has considerable room for further expansion, representing an opportunity for investors.
Broadening Bill Payment Adoption With Photo-Based Payment: Quantifying the Be...Mitek
Released: 2013
Financial institutions considering adoption of smartphone-image-based bill payment must undertake two analytical tasks to evaluate the potential return on such an investment. First, a bank must determine the achievability and quantifiability of each benefit to determine whether each improvement should be included in a metrics-based business case. Second, the value of the benefits most easily achieved and most readily quantified should be quantified and the return on investment (ROI) for the potential deployment estimated.
This Aite white paper explores the potential benefits to banks of using photo-based bill payment to capture a larger portion of consumers' bill payment activity and assists in quantifying such potential benefits.
Future of South East Asia Digital Financial ServiceTrnHoQuang1
The document analyzes the future potential of digital financial services in Southeast Asia, which currently has low access to traditional financial services with over 70% of the population underbanked or unbanked. Digital payments and remittances have reached an inflection point and are expected to significantly grow by 2025, with digital lending emerging as the largest revenue opportunity as new business models serve more customers. Realizing the full potential of $60 billion in revenue by 2025 requires supportive regulations and infrastructure to further drive innovation and financial inclusion.
Credito is a decentralized credit scoring and lending marketplace built on Ethereum blockchain and smart contracts. It aims to bring transparency and reliability to credit scoring and lending. Credito provides credit scores to "credit invisibles" who lack traditional credit histories, enabling more access to financial services. It also builds a global decision platform for financial institutions to identify fraudulent transactions in real-time. Further, Credito introduces a decentralized collateralized lending marketplace connecting lenders and borrowers globally through smart contracts to reduce costs and intermediaries. Credito uses a analytic engine utilizing machine learning to generate dynamic credit scores based on transaction histories stored securely on IPFS.
Payments innovation is Critical for Every Global EnterpriseXTRMAccount
As fintech software and service innovations continue to disrupt the Financial Services market, even non-financial firms need to think about how to take advantage of this trend to improve
their payments processes for the benefit of the company, their customers and their partners.
The Digital Reserve Network ("DRN") is an open-source financial services suite designed to enable peer-to-peer payments, sustainable lending, and collateral free borrowing. The DRN will leverage a native cryptocurrency – Denarii. The Digital Reserve aims to create a public benefit by engaging in research and implementation of best practices for financial literacy the design and promotion of software or hardware solutions to increase financial accessibility and the flow of capital to disadvantaged or distressed communities.
CEQUENS white paper on Social perspective of Fintech worldAshraf Osman
This paper is written by Ashraf Osman (CEQUENS), All Fintech companies focus on payment and lending solutions without focusing on the social perspective of the landscape.
Solving Financial Constraints with Innovative Funding SolutionGilbert Tam 譚耀宗
This document discusses financial challenges facing small and medium enterprises (SMEs) in obtaining funding from traditional sources like banks. It introduces fintech platforms like Velotrade that use innovative methods to connect SMEs needing funding with investors online, providing more efficient, flexible funding options. Major hurdles for trade finance include fraud prevention and lack of standardized products, but emerging technologies like blockchain may help address these issues if widely adopted. Collaboration between banks and fintech is also emphasized as a way forward.
Discussion of the key strategies that remain in place from prior year for addressing tough economy and need to find profitability and differentiation in a competitive market.
Zuora should address the growing problem of online payment and subscription fraud for businesses. It can add value by providing a comprehensive fraud prevention solution as part of its subscription management platform. This would help businesses safeguard against financial losses and reputation damage from fraudulent activities. Zuora can leverage identity verification, fraud detection algorithms, payment verification, smart contracts, and transaction monitoring to prevent common fraud types like account takeover and credit card fraud.
This document reviews techniques for online fraud detection. It discusses how increased online activity through social media and ecommerce has led to more fraud. It describes common types of online fraud like identity theft, credit card fraud, and phishing scams. It also outlines statistical and artificial intelligence methods that can be used for fraud detection, like data preprocessing, calculating statistical parameters, clustering, matching algorithms, and forensic analytics. The goal is to detect anomalies in user behavior and transactions that indicate potential fraud.
Merchant Data and Lending : Can Digital
Transaction History Help Jumpstart Merchant
Acceptance?
Technical Report of ITu Focus Group on Digital Financial Services
Written by Thomas Hobbs, Allen Weinberg, Carol Benson, Paul
Khalil Nelson, Ashwini Sathnur, Cici Northup, and Quang Nyguyen
This document discusses decentralized finance (DeFi) and how it differs from traditional finance. Some key points:
1. DeFi uses blockchain technology and smart contracts to create decentralized applications that provide financial services without intermediaries like banks. This aims to make finance more transparent, accessible and trustworthy.
2. Core components of DeFi include blockchains, digital assets, wallets, smart contracts, decentralized applications, and governance systems. Popular DeFi services include exchanges, lending/borrowing, derivatives, and wealth management.
3. DeFi differs from traditional finance in that it is decentralized rather than relying on centralized intermediaries, aims to be more transparent and accessible globally, and uses innovations like cryptocurrencies and
The Social Media & Content Marketing RevolutionLane Douglas
This document discusses social media and content marketing. It begins with an introduction to Lane Douglas, a social media consultant. It then defines social media as having revolutionized information sharing and how word-of-mouth influences travel decisions. The document outlines five best practices for social media, including investing in social ads, thinking of social media as a service, acquiring a listening service, investing in a publishing platform, and providing frequent incentives. It also includes a case study on how IBM used Twitter to promote content.
Foredrag holdt på Next Media møte "8. mars-treff for teknojenter". Om bakgrunnen for Girl Geek Dinners Oslo, deretter om "Sosiale medier og store data".
This document provides 10 marketing tips for businesses to consider during an economic downturn. The tips include analyzing what is and isn't working, focusing on customer retention through loyalty programs, refining target audiences, investing in areas of growth, focusing messaging on value, differentiating from competitors, negotiating media rates, exploring new digital marketing channels like mobile and social media, and learning about future-oriented trends like social media marketing. The overall message is that while times are tough, smart marketing tactics can help businesses survive and possibly thrive during a recession.
This document discusses the concept of a "killer application" for mobile devices and questions whether any current applications truly qualify. It notes that while social networking, location-based services, and user-created content apps are popular, the average user only regularly uses around six apps total. The document suggests that diversity is lacking and that no consensus currently exists on what might become a true "killer app" for mobile.
CIS13: Samsung’s Perspective on Mobile IdentityCloudIDSummit
Sudhi Herle, VP of Enterprise Products, Samsung Telecommunications America
Samsung will discuss how the mobile ecosystem maturity is demanding more robust enterprise capabilities – especially integration of the mobile apps with existing enterprise notions of identity, authentication and authorization. Samsung will demonstrate how it is tackling this issue in their Knox platform – by using Centrify powered technologies. Learn how this will help your Enterprise IT admin to seamlessly add mobiles into their existing MS Active Directory, extend the reach of their enterprise apps to integrate with AD and understand how Samsung Knox Dual Persona is a good strategy for Enterprise IT integration.
Mobile Connect enables convenient and secure authentication and identity verification for online services through mobile networks. It uses factors such as something the user has (their mobile phone and SIM card) and something they know (PIN or pattern) for multi-factor authentication without separate hardware tokens. Over 2.5 billion users globally can access the service, which supports a range of identity services including authentication, authorization, attribute sharing, and fraud prevention. Mobile network operators are well-positioned to provide these services due to their experience managing networks and user identity securely and privately.
This document discusses the top threats to financial service providers from online banking in 2010. The five top threats are identified as phishing, password database theft, man-in-the-middle attacks, man-in-the-browser attacks, and identity theft. It provides examples of each threat and discusses how authentication methods and hardware tokens can provide stronger security against these threats compared to passwords alone. Multi-factor authentication using physical tokens combined with passwords is recommended as the most effective solution.
Specialty lending has grown significantly due to new regulations tightening bank lending standards. This has led banks to pull back from high-risk lending, driving clients to digital alternative lenders. These lenders utilize technology like big data and automation to efficiently match borrowers and lenders. Though still small compared to traditional banks, the specialty lending market has grown exponentially and has considerable room for further expansion, representing an opportunity for investors.
Broadening Bill Payment Adoption With Photo-Based Payment: Quantifying the Be...Mitek
Released: 2013
Financial institutions considering adoption of smartphone-image-based bill payment must undertake two analytical tasks to evaluate the potential return on such an investment. First, a bank must determine the achievability and quantifiability of each benefit to determine whether each improvement should be included in a metrics-based business case. Second, the value of the benefits most easily achieved and most readily quantified should be quantified and the return on investment (ROI) for the potential deployment estimated.
This Aite white paper explores the potential benefits to banks of using photo-based bill payment to capture a larger portion of consumers' bill payment activity and assists in quantifying such potential benefits.
Future of South East Asia Digital Financial ServiceTrnHoQuang1
The document analyzes the future potential of digital financial services in Southeast Asia, which currently has low access to traditional financial services with over 70% of the population underbanked or unbanked. Digital payments and remittances have reached an inflection point and are expected to significantly grow by 2025, with digital lending emerging as the largest revenue opportunity as new business models serve more customers. Realizing the full potential of $60 billion in revenue by 2025 requires supportive regulations and infrastructure to further drive innovation and financial inclusion.
Credito is a decentralized credit scoring and lending marketplace built on Ethereum blockchain and smart contracts. It aims to bring transparency and reliability to credit scoring and lending. Credito provides credit scores to "credit invisibles" who lack traditional credit histories, enabling more access to financial services. It also builds a global decision platform for financial institutions to identify fraudulent transactions in real-time. Further, Credito introduces a decentralized collateralized lending marketplace connecting lenders and borrowers globally through smart contracts to reduce costs and intermediaries. Credito uses a analytic engine utilizing machine learning to generate dynamic credit scores based on transaction histories stored securely on IPFS.
Payments innovation is Critical for Every Global EnterpriseXTRMAccount
As fintech software and service innovations continue to disrupt the Financial Services market, even non-financial firms need to think about how to take advantage of this trend to improve
their payments processes for the benefit of the company, their customers and their partners.
The Digital Reserve Network ("DRN") is an open-source financial services suite designed to enable peer-to-peer payments, sustainable lending, and collateral free borrowing. The DRN will leverage a native cryptocurrency – Denarii. The Digital Reserve aims to create a public benefit by engaging in research and implementation of best practices for financial literacy the design and promotion of software or hardware solutions to increase financial accessibility and the flow of capital to disadvantaged or distressed communities.
CEQUENS white paper on Social perspective of Fintech worldAshraf Osman
This paper is written by Ashraf Osman (CEQUENS), All Fintech companies focus on payment and lending solutions without focusing on the social perspective of the landscape.
Solving Financial Constraints with Innovative Funding SolutionGilbert Tam 譚耀宗
This document discusses financial challenges facing small and medium enterprises (SMEs) in obtaining funding from traditional sources like banks. It introduces fintech platforms like Velotrade that use innovative methods to connect SMEs needing funding with investors online, providing more efficient, flexible funding options. Major hurdles for trade finance include fraud prevention and lack of standardized products, but emerging technologies like blockchain may help address these issues if widely adopted. Collaboration between banks and fintech is also emphasized as a way forward.
Discussion of the key strategies that remain in place from prior year for addressing tough economy and need to find profitability and differentiation in a competitive market.
Zuora should address the growing problem of online payment and subscription fraud for businesses. It can add value by providing a comprehensive fraud prevention solution as part of its subscription management platform. This would help businesses safeguard against financial losses and reputation damage from fraudulent activities. Zuora can leverage identity verification, fraud detection algorithms, payment verification, smart contracts, and transaction monitoring to prevent common fraud types like account takeover and credit card fraud.
This document reviews techniques for online fraud detection. It discusses how increased online activity through social media and ecommerce has led to more fraud. It describes common types of online fraud like identity theft, credit card fraud, and phishing scams. It also outlines statistical and artificial intelligence methods that can be used for fraud detection, like data preprocessing, calculating statistical parameters, clustering, matching algorithms, and forensic analytics. The goal is to detect anomalies in user behavior and transactions that indicate potential fraud.
Merchant Data and Lending : Can Digital
Transaction History Help Jumpstart Merchant
Acceptance?
Technical Report of ITu Focus Group on Digital Financial Services
Written by Thomas Hobbs, Allen Weinberg, Carol Benson, Paul
Khalil Nelson, Ashwini Sathnur, Cici Northup, and Quang Nyguyen
This document discusses decentralized finance (DeFi) and how it differs from traditional finance. Some key points:
1. DeFi uses blockchain technology and smart contracts to create decentralized applications that provide financial services without intermediaries like banks. This aims to make finance more transparent, accessible and trustworthy.
2. Core components of DeFi include blockchains, digital assets, wallets, smart contracts, decentralized applications, and governance systems. Popular DeFi services include exchanges, lending/borrowing, derivatives, and wealth management.
3. DeFi differs from traditional finance in that it is decentralized rather than relying on centralized intermediaries, aims to be more transparent and accessible globally, and uses innovations like cryptocurrencies and
Asian Private Banks: How to Embrace Digital TransformationCognizant
Asian private banks are lagging behind their wealthy clients in adopting digital technologies like mobile and social media for wealth management. To effectively serve clients in the digital age, banks need to create a holistic digital strategy, manage organizational change, and deploy digital technologies to empower customer targeting, enhance the customer experience, and improve operational efficiencies. This will allow banks to deliver meaningful, high-value advice to clients through a balanced approach of technology-enabled and high-touch personal services.
Introduction: Infrastructure management of a country encompasses financing, construction, reconstruction, relocation, maintenance, up gradation / expansion, closure and decommissioning of various infrastructure projects. This is governed by infrastructure policy and regulatory framework, political and social environment and technology adoption. Many infrastructure financing companies and banks are providing funding for infrastructure development projects in India. The public partners in a PPP are government entities; whereas private partners can be local or international and include businesses or investors with technical or financial expertise relevant to the project.Key Findings and Highlights' Governments across the world are increasingly turning to the Build-Operate-Transfer process to accomplish the expensive and enormously challenging task of constructing, repairing, renewing and expanding infrastructure.' The primary characteristics of PPP include the following: a contractual agreement defining the roles and responsibilities of the parties, sharing of risk by public and private sector and financial rewards to the private party proportionate to the achieved outputs' The Government of India projects capacity addition of 100,000MW by 2012 for achieving its mission 'Power to All'. This has created a need to develop large capacity projects at the national level under the competitive bidding guidelines dispensation, leading to the emergence of Ultra Mega Power Projects (UMPPs).Reasons to Buy' Provides management analysis of infrastructure in India, covering power, industrial and transport sectors.' Provides insight into the key concepts like general overview of infrastructure project finance, PPP and issues in infrastructure management and infrastructure project development and management.' The report will be useful to all students enrolled in Infrastructure management courses, people connected with the Infrastructure industry and investors looking for broad understanding of Infrastructure management.' Prepares students and budding management executives to face the industry confidently
Score card template for MSME lending with objective to create automatic underwriting engine using flow based lending framework. Data points can e taken from various sources like GST portal, Account statement, UPI, India stack, Bharat bill payment, Digilocker to create robust underwriting engine.
Thinking like a global financial institution - Account Based MarketingThe Craft Consulting
Thinking like a Financial Institution. For innovative tech providers.
What the main challenges Financial Institutions are facing now and in the future
How digital transformation is affecting Financial Institutions
How regulation is changing Financial Institutions
How innovative tech providers can help Financial Institutions overcome their biggest challenges
Read more at https://thecraft.consulting
Released: 2012
Remote check capture, once a niche service offered selectively to business customers, has transformed to be a mass-market service and integral capability in mobile banking solutions. Across the financial services industry, Mobile RDC projects are underway in banks, thrifts and credit unions of all sizes to meet the market demand from retail and small business customers.
Furthering that momentum, deposit growth continues to be a strategic cornerstone of retail banking and Mobile RDC has been proven to be a catalyst for generating new revenue sources, new customers, and deposit growth. As financial institutions refine their mobile banking strategies, Mobile RDC has been elevated to be a priority initiative.
To help you navigate to a successful Mobile RDC deployment, this report will:
- provide industry update on Mobile RDC
- illuminate the key success criteria for a Mobile RDC service
- provide practical suggestions and best practices to appropriately address implementation speed bumps so that financial institutions are well prepared to achieve the benefits of offering this service
Start up lessons learned - You can't beat the experienceExicon
This document contains notes and lessons learned from the founder and CEO of Exicon, a company that provides logistics services for apps. Some key points include: focus on execution and finding a path to revenue through trial and error; hire for culture over experience; and adapt to change, as the average startup takes 14 years to exit. The founder's background includes successfully founding and exiting a mobile network in China.
App-solutely Essential presentation at the American Chamber of Commerce Hong Kong, Nov 2014.
Stefan Rust from Exicon will cover in his presentation what's going on in the mobile industry these days, why "mobile is eating the world", how to help companies getting into mobile.
View here the video of the presentation: http://www.prod.exicon.link/videos/
The document provides 24 tips for avoiding mistakes when developing mobile apps. Some key tips include setting goals and metrics before development, considering security, promoting the app to show off the core business, planning for easy content updates, leveraging mobile backend services instead of rebuilding from scratch, targeting the right device demographics, distributing across multiple app stores, learning from past mistakes, establishing analytics baselines on competitors, and using APIs to engage developers. The document also promotes a tool called AppBoard that can help with all phases of app development from defining objectives to deployment and optimization.
This document discusses the growing trend of "app-ification" and use of APIs across multiple industries. It notes that as the number of applications and APIs grow, so does the complexity of managing them. The document then introduces a cloud-based platform called ARP that provides tools for companies to manage their portfolio of applications, APIs, partners and developers in order to more effectively develop and distribute apps. It highlights case studies of companies in industries like hotels, automotive and textiles that have built many apps and APIs and notes the challenges of managing them. The platform aims to provide intelligence and connections to help companies successfully develop apps and APIs and navigate the complex mobile landscape.
“Apps are for loyalty, web is for acquisition.” Travel apps have one of the highest user retention rates of any category of app, with 50% of users retaining apps after 90 days, and using them three times a week. For many travellers, an extensive arsenal of apps is an indispensable part of the airport journey, and we can expect mobile applications to soon become even more ubiquitous, for the passenger of the future is quite literally always connected.
Exicon's founder Cat Rust met with a fun crowd from all over the world in Hong Kong for the InterDirect Conference at the new L'Hotel in Aberdeen. It's a group of independent agencies here to learn about all kinds of things one of which was mobile and marketing. Check out the mobile marketing presentation for more details on how it's all about the app and that the web is dead.
Mobile & Hotels - The ultimate mobile customer journeyExicon
What’s happening in the Hotel industry? Snapshot of the key metrics for going mobile and how industry players are now heading towards digitization. It's the appcessorizing era, everything is now being connected to an app!
Embrace or die - How mobile can accelerate your businessExicon
Learn about how mobile can accelerate your business in practical terms.
• The mobile landscape and example of companies making the most of it
• What to consider when you go mobile
• Practical tactics used in mobile marketing, tools and features, mobile ROI, and the core characteristics of successful mobile marketing campaigns
• Learn what some of those buzzwords mean to demystify mobile - Augmented Reality, GPS, SoLoMo, Gamification, QR codes etc
Find out what mobile could be doing for your business.
App life cycle management company - Appcessorize Everything! Exicon
The document discusses Exicon, an app lifecycle management company. It provides tools to manage mobile applications throughout the development process, including managing apps, developers, and APIs. It works with over 4,000 development partners globally and has experience managing over 10,000 successful applications. The company aims to simplify and accelerate app creation and deployment through its lifecycle management platform.
This document discusses how Exicon helps brands go mobile by connecting them with over 4,000 qualified mobile application development houses globally. It outlines Exicon's 4-step process and network of developers across 60 countries. Key points include:
1) Exicon has connected over 1,000 OEMs, enterprises and brands with mobile developers globally.
2) Their network includes over 4,000 qualified development houses and 10,000 successful applications for benchmarking.
3) Exicon helps clients exploit their assets on mobile through a 4-step process and access over 50,000 mobile developers.
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Mobile Identity Whitepaper
1. Fall
08
USING THE MOBILE PHONE TO BUILD TRUST AND
CONFIDENCE FOR THE DISTRIBUTION OF
FINANCIAL SERVICES PRIMARILY IN EMERGING
MARKETS
Stefan Rust
stefanrust@exicon.mobi
@srust99
28 Aug 2009
2.
Table of Contents
Executive Summary ........................................................................................................... 3
Current Identity verification standards & problems ............................................. 4
I. The benefits ............................................................................................................................ 5
II. Target market sizing – mobile phone penetration in developing countries . 5
III. Solution & Concept ........................................................................................................... 7
.
a. Capture the identity of an individual .................................................................................... 7
.
b. Authentication of data & identity ........................................................................................... 9
c. Continuous interaction & updating ..................................................................................... 10
d. Scoring the identity ................................................................................................................... 11
e. Profile exchange .......................................................................................................................... 12
The Plan .............................................................................................................................. 14
IV. The System ......................................................................................................................... 4
1
V. Business model .................................................................................................................. 4 1
VI. Investment Proposition .............................................. Error! Bookmark not defined.
2
3.
Executive Summary
At the core of every economy, establishing the identity of an individual is a top
priority.
‐ Countries use passports or ID cards,
‐ Internet destinations use email addresses and user names,
‐ Credit card companies use bank details and card numbers
‐ Mobile phone operators use SIM cards and IMEI numbers
Knowing your customers, citizens or community members permits insights into
behavior patterns which in turn establish trends and build a users track record and
profile. These insights enable the extension and offering of services including
financial products to consumers, entrepreneurs and the general population. All
parties benefit from these increased insights and the resulting increase in flow of
services including financial products.
In emerging markets consumers and businesses alike have little or no access to user
information beyond their direct and immediate circle of Friends or Family.
Particularly when it comes to financial services and products in order to for these
services to proliferate healthily the identity and associated financial history are
crucial.
Being able to identify and verify individuals with insight into their financial history
and transactions increases the level of trust and builds confidence which in turn
encourages confidence amongst the financial services industry to extend micro
lending and alternative financial products and services.
We suggest building out a system that leverages mobile networks and individual
mobile numbers as a key means to establish user identities and thus help develop
emerging market economies.
This document attempts to address at a high level
‐ how to capture identity information using mobile numbers
‐ how to augment this information using mobile related information from the
services they subscribe to and the agent networks
‐ Using the mobile as a means to provide authentication and verification.
‐ Extending this information in an opt‐in federated model to industry
participants
This document acts as an outline and summary for a detailed business case and
further deep dives into the model, roadmap and key milestones to creating a
successful implementation.
3
4.
Current Identity verification standards & problems
Managing risk is critical to any financial institution. Huge institutions and
departments exist to assess acceptable levels of risk and return, all based upon long,
detailed financial histories and multiple sources of information. Additionally, in
many countries, government restrictions and policies require detailed identification
for any type of financial transactions, "know your customer" (KYC).
Confidence in an individual`s identity and knowing exactly whom money is being
lent to, and if that person is really who they claim to be, is found to be of more
relevance than the financial position of that individual. Thus, even without a credit
rating or score, the lender may still consider lending money to a customer with a
high “identity confidence score”.
Presently, particularly in developing countries, those living in poverty do not have
identification of any kind let alone (ID) cards (e.g., driver`s licenses, social security
number (SSN) cards, military IDs, etc.) and identity verification systems are
marginal at best. Out of the 192 UN members only about 100 countries have a
national ID card system and, notably, almost none of the Commonwealth countries.
Yet all of the 192 countries have some level of mobile telecom services.
According to the World bank (Aug, 2008), around 25% of the people in developing
countries are living below the poverty line. Below is an analysis of 11 of the most
populated of these countries, with a combined population size of 3.7bln. Of those,
the lack of identity information remains a huge problem in African countries, around
the Indian subcontinent and Brazil. China, however, has already introduced a
nationwide initiative to provide all people with proper national identification.
Figure 1: percentage of population below poverty line (details on request)
4
5.
Furthermore, most developing countries typically lack banking or other financial
networks to support the flow of money across the country. The lack of such
networks also means that the more traditional routes to identification information
are not available.
Hence, in these developing countries, there are a number of issues
‐ Lack of ID systems
‐ Lack of Associated Financial information
‐ Lack of Typical Routes to Credit information e.g. financial institutions
These issues create the following vicious cycle
‐ Inability to adhere to minimum identification requirements required to use
financial services
‐ Lack of financial networks to roll‐out financial services as unable to verify
customer suitability
‐ Less money flowing through the economy
‐ Remain below the poverty line
I. The benefits
Resuming the existing guidelines in developing countries, as confidence increases,
the options in services available to customers may be increased.
The challenges are how to build up the basis for the identity confidence score & how
to measure it. Overcoming this challenge can increases the spread of and demand
for financial and consumer services in a lot of the emerging markets resulting in an
increase of the mass of money and its velocity.
II. Target market sizing – mobile phone penetration in developing
countries
Mobile subscribers have recently exceeded 4.1bln people worldwide (UN report,
March 2009). This makes the mobile phone one of the essential items for people,
alongside their personal wallet and keys. The average penetration rate of mobile
phones in the selected developing countries stands at 48%. Growth rates are still
impressive, with South Africa and Brazil representing the leading markets.
Cross‐referencing the mobile penetration rate with people living below poverty line
in these markets, it would be possible to provide 431M additional people with a
form of verifiable identity through the mobile phone.
5
6. Mobile phone users living below poverty line (est., in mil) in selected
developing countries (n=431mil)
China
11 6 India
20
23 100 Nigeria
Brazil
24
Pakistan
25 Indonesia
Philippines
South Africa
34
Bangladesh
Vietnam
88
50 Kenya
50
Figure 2 mobile phone users living below poverty line in selected developing countries (details on request)
Additionally there are large funds being remitted into Asia and Africa. The World
Bank estimates these inflows into Asia to represent only 50% of the actual. 90% of
these recepients are unbanked and therefore once again without a centralized
Profile.
Figure 3 Main Flows (2007) larger than 2006 bn USD
Asia Opportunity India China Pakistan Indonesia
Formal Receiving (US$ bn) 2007 27 25.7 6.1 6.0
Sending (US$ bn) 2006 1.580 3.025 2 1.359
Source: Development Prospects Group at World Bank
6
7.
III. Solution & Concept
The key to any identity solution utilizing the mobile penetration is to establish a
method and scoring system required to undertake the following steps
a. Capture the identity of an individual
b. Authenticate the data and identity
c. Continuous interaction and updating
d. Score the identity (identify confidence score)
e. Establish a Profile Exchange
The creation and management of the associated identity databases and identity
confidence scoring system will provide customers of financial, telecommunications
and other sectors with the required identification/verification and/or credibility
check.
a. Capture the identity of an individual
The key to this step is to establish a relationship with a credential provider. The
single largest credential providing identity information in emerging markets would
be, due to its high penetration, the mobile phone number issued by mobile
operators. While a lot of users in these markets are tied to “prepaid mobile phone”
numbers these are still uniquely tied to an individual.
While it is common to share a single phone within a family, each person typically
owns a proprietary SIM card. Creditworthiness, expendable income, usage patterns
etc. can be tracked based on the information available. It is the single largest
common denominator.
The identity information captured by a financial institution typically includes
general information such as;‐
‐ first & last names,
‐ home & work addresses
‐ duration at addresses
‐ phone number
‐ type of identification
‐ valuable additional information (i.e. banking, utilities, mobile phone)
‐ customer’s transaction history e.g. the number, frequencies & amount
of each transaction,
‐ Relationship duration (mobile device, bank agreement) etc.
7
8.
In emerging markets a start can be made on a few of the items;‐
‐ names,
‐ addresses
‐ type of identification
However, in rural areas many people are unable to provide even this on a credible
basis. In these cases, the mobile number must serve as the primary unique
identification number with which additional information will be associated
(similarly to a social security no, passport no, etc).
In a typical financial agreement a customer is first required to provide proper
identification e.g. identify themselves as the owner of an account from which funds
are being withdrawn.
Contacts at physical locations generate a report, based on the data gathered during
the transaction. This report is transmitted to the identity verification & confidence‐
scoring database via a network interface or mobile phone. Such identity information
would be collected and used to create the customer’s identity profile.
Diagram 1
Various initiatives are already underway to encourage Mobile operators to open up
identity related API’s to access the necessary initial information and subsequently in
an on‐going continuous information‐gathering processes.
8
10.
Diagram 2
Such verification process may also include checking the customer’s ID, mobile phone
bill, a government ID card, etc if and where such sources are available.
A positive identity transaction includes a successful ID check or non‐fraudulent
transaction. Such transactions and verifications may be performed through any
channel (e.g. via a mobile device, on the internet, over the phone, in person, etc.).
Therefore, the identity verification process must include a connection to channel the
data to a host computer configured to authenticate the identity prior to processing
the transactions for an account.
In order to avoid fraud by using a different number to fake an identity, a personal
digital signature must be attached to the number (e.g. a picture, physical signature,
etc or other IDs). The easiest form is a personal identification number (PIN) which
the consumer is requested to enter, remember (and re‐enter as identity
confirmations at verification points) upon activating their number.
c. Continuous interaction & updating
Information associated with a mobile number is constantly being updated through
additional and recurring interactions between the customer and the physical and
remote locations (i.e. mobile top ups, bank visits, online money transfer, etc).
To enrich identity profiles in order to analyze patterns and habits to provide the
most accurate picture of creditworthiness updates on the profiles are undertaken
regularly in a manner similar to that of the initial identity capture and verification.
Furthermore, additional “deeper” information can be gathered and added in the
same way, e.g. multimedia, alternate IDs, etc.
10
11.
Additional "physical locations" may include a mobile phone providers’ and other
utilities office locations, government office, convenience stores, shopping center or
any other location where the customer presents identification and engages in
financial transactions, in‐line transactions or point‐of‐sale (POS) device transactions
(local channels) or at other utility/service providers (e.g. gas company or insurance
provider).
Contacts at physical locations generate a report, based on the data gathered during
the transaction. This report is transmitted to the identity verification & confidence
scoring database via a network interface or mobile phone. Such identity information
would be collected and used to create the customer`s identity profile.
Essentially any usable identity information source (e.g. type of action, (ID card),
amount & type of payment, recipient etc) can be utilized in order to generate a
fuller, more accurate profile for each identity.
All additional information contributes to further analysis and influences the identity
confidence score.
d. Scoring the identity
All identity information can be stored in a database and used for verification
processes, calculations & analyses to generate a confidence identity scores.
The confidence scoring system is intended to serve as a measurement for
businesses & institutions to assess whether a particular individual is credible or
not, based upon their:
i. personal profile
ii. history of transactions
iii. transaction purposes and recipients
iv. amounts and frequencies
Essentially any usable identity information source (e.g. type of action, (ID card),
amount & type of payment, recipient etc) can be utilized in order to generate a
fuller, more accurate profile for each identity.
An algorithm and point‐based system is being developed which represents the
identity`s confidence score. On activating an identity/mobile number, the newly
created identity is awarded a certain amount of points. Based on the nature, size,
impact, frequency, method and purpose of ensuing transactions, points are
added or subtracted. A positive/negative identity transaction is therewith
directly causing an increase/decrease of the identity score which is aligned by its
impact (e.g. 12 months monthly money transfer (+++) > one‐time shop (+) >
canceling standing order (‐‐)).
11
12.
The generation of the identity confidence scores further comprises weighting the
identification information (e.g. government ID > university pass > mobile
number) which proportionally affects the amount of points allocated per
transaction.
Each type of physical and/or remote location affects the identity confidence
score at a varying rate, too. The score is then scaled and unified in order to
provide “relativity”. Points will be measured against a benchmark and presented
as a confidence percentage.
Once the required data is gathered, the identity confidence score is continuously
updated, based on any additional identity information available, including a
successful, unsuccessful and even no attempt in verification. Each piece of
identity information and each transaction will derive a more accurate identity
confidence score.
e. Profile exchange
The ability to build a database of meaningful transaction information and the
creation of an enhanced customer database & scoring system is only beneficial if
it provides the underpinning for a variety of other institutions to build off.
Ideally the core system should be accessible through a federated model and
integrated into other businesses and/or systems.
Using open standards and common used industry protocols would simplify the
integration and exchange of authorized profile information. Software could
easily be converted using these open standards and protocols with various
proprietary.
Figure 3 The Open Stack for Internet Identity. These standard interfaces make the web more open, social, and
interconnected.
12
13.
A third‐party mobile network operator (MNO) could utilize the customer
confidence and verification data to verify customer identities. New customers
might be directed to an agent location for a third party entity to gather
information and, based on the stored information about the customer, a report to
the MNO could be generated indicating whether or not the new customer`s
identity could be (re‐)verified. In essence, this third party entity becomes an
identity confidence broker to MNOs, by using the established infrastructure and
collected data to provide a level of confidence.
13
14.
The Plan
In order to assess the best markets to target and create and execute a detailed
business plan the following items IV and V need to be examined in more detail;
IV. The System
The solution can be developed based on market requirements using a variety of
different software‐, application‐ and hardware‐standards and technologies.
Utilizing open and industry standards in a federated manner will simplify the
exchange of identity profiles & histories. Defining the API's and the level of
access and services could easily automate the management, use & exchange of
data.
The customer account may be activated on a provisional or limited basis in order
to allow for the gathering of additional identity information as well as allowing
for a history with the customer to be developed. The account may have various
restrictions placed on it, based on the limited identity information collected.
The method of establishing a general system which provides information about
the customer`s credibility and trustworthiness compromises of the above
mentioned steps of gathering & constantly updating identity information and
based on that generating the identity confidence score associated with each
identity`s profile.
An identity confidence system & the available identity data enable people in
developing countries to make use of a larger pool of services (e.g. taking a loan)
in a more advanced environment (e.g. legal contract), thereby opening up new
opportunities & facilitating the financial development of those currently below
the poverty line.
V. Business model
Establishing a partnership with mobile operators would be the primary focus to
establish identity records. In countries like Nigeria, South Africa and India there
are currently strong initiatives amongst mobile operators working to open up
APIs and enable the exchange of information in order to collect & access data.
These markets have a high mobile penetration while at the same time there is
relatively high percentage of the population without a form of identity.
14