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The Monday Roundup: what we are watching this week | July 25th

By Gaia Lamperti

July 25, 2022

  • AI
  • Asia
  • ATM
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Monday

The Monday Roundup sets the scene for the week’s biggest news stories, industry deals, and upcoming events. For Prime subscribers only.

Financial fraud under scrutiny

UK banks are urging telecommunications firms and Big Techs like Facebook, Instagram, and Google to take responsibility for their contribution to the rise of online fraud and therefore reimburse victims, reported The Telegraph. With £462 million being returned in 2020 and 2021 to financial crime victims when the funds cannot be recovered, according to Barclays data, over 75% of those scams took place on social media, auction sites or dating apps. TSB, Barclays, Santander, and Lloyds have reiterated that it is not only banks that must be held accountable and called out telecom and tech organisations for not paying anything towards losses.

On Sunday, the Saudi Central Bank Governor Fahd bin Abdullah Al-Mubarak inaugurated a joint operations centre for Saudi banks, that will support the monitoring of financial fraud cases that bank customers may be exposed to. The centre brings together all Saudi banks to improve the customer experience and tackle confirmed cases of financial fraud. The initiative is based on the tasks and jurisdiction entrusted to the Saudi Central Bank to protect clients of banks operating in the kingdom and take appropriate measures to reduce the chances of fraudulent crimes targeting clients.

New banking solutions

Tech firm OneConnect partnered with Core Banking platform Pismo to launch an all-in-one digital banking solution, OneCosmo. The platform leverages artificial intelligence, machine learning and blockchain technology to form a “highly scalable” and integrated solution for banks and FinTechs looking to build digital banking capabilities. Currently available in Southeast Asian countries, including Thailand, Malaysia, Indonesia, The Philippines and Singapore, the platform has a view to expanding to the Middle East. OneCosmo will become a one-stop-shop offering digital identity verification, core banking, digital payments and digital lending, allowing for integration with third-party services thanks to APIs and microservices.

During the Huawei Intelligent Finance Summit 2022, held in Singapore last week, Huawei proposed the Multi-domain collaborative, Efficient, Green, and Autonomous (MEGA) financial digital infrastructure, unveiling new solutions to empower the digital transformation of the financial industry. The platform will offer the ultimate user digital experience and business innovation. Huawei believes that  MEGA will be important for the financial digital infrastructure evolution into a  new era and empower financial institutions to achieve high efficiency, high availability, and high-performance services through in-depth Cloudification Collaboration, Cross-domain Collaboration and Heterogeneous Collaboration.

 Where is the buzz

Tomorrow is the final day for input into the  FCA consultation on how banks manage branch and ATM closures and conversion and whether its guidance on these matters should be changed. Mark Aldred, bank industry expert of financial services company Auriga said: “It is significant that the FCA is looking again at its guidance on what is a sensitive issue because previously agreed best practices on how banks plan and communicate the change of in-person banking services have fallen short. While banks preach a lot about the importance of omnichannel banking, they forget that in-person banking services is also a channel. Banks either simply cut it or underinvest in how in-person and in-branch self-service banking are integrated with other digital channels.”

 

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