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Anti Money Laundering

Matchi Trend Report - Digital Account Origination

There is an increasing focus by regulators on anti money laundering practices by banks. However, the regular (and increasing quantum of) fines levied show that banks are struggling to effectively prevent suspicious transactions using current technology. Fintech innovators have developed some innovative technologies that assist in preventing money laundering. Here are some relevant innovations from the Matchi platform:

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Broker Innovation

Matchi Trend Report - Digital Account Origination

Fintechs have penetrated the personal relationships that traditionally existed between stockborkers and client both by providing enhanced levels of service and information as well as improving internal trading systems. 

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Card Fraud

Matchi Trend Report - Digital Account Origination

Despite the increase in alternative forms of payment via non-physical channels like mobile, cards still remain a dominant form of payment in many countries and will remain so for a significant period of time. Ubiqitous access to technology has led to a similar increase in theft of physical cards or card details to carry out fraudulent transactions.

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Document Management

Matchi Trend Report - Digital Account Origination

Despite the exponential change in technology over the past few decades, there are still a significant amount of paper based processes that still exist. There are several technologies that address different aspects like scanning of documents and data extraction from documents etc.

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Matchi Trend Report - Digital Account Origination

Fintechs in crowdfunding have established more modern, algorithmically driven credit models (e.g. social media, psychologically driven models) and the ease of transacting has been designed with the client experience in mind, which attracts millennials who have increasingly stronger trust in online channels than traditional banking

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Rapid prototyping

Matchi Trend Report - Digital Account Origination

The integration of new technology into legacy banking systems represents an expensive investment in time and money. Fintechs have developed applications that allow for rapid prototyping of integrations in POCs to determine quickly whether the innovations is feasible

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Gamified fintech in training

Matchi Trend Report - Digital Account Origination

Fintechs have recognised that The use of gamification has been recognised as a technology creates strong user engagement and continued user interest. These gamification elements that use regular rewards, transparent targets and short intervals between milestone achievements have been used powerfully in non-traditional game settings, e.g.financial training programmes

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Blockchain for non-payments

Matchi Trend Report - Digital Account Origination

Fintechs have leveraged the power of blockchain technology not just to create cryptocurrencies but also developed applications to use the other elements of immutability for smart contracts, proof of ownership, authentication and intellectual property management  

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Fraud Prevention

Matchi Trend Report - Digital Account Origination

Fintechs are increasingly used in fraud detection and prevention, usually by using big data techniques, algorithms and predictive analytics to continuously monitor number patterns, create early warnings systems and remote control of user accounts

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Artificial Intelligence

Matchi Trend Report - Digital Account Origination

Artificial intelligence is a complex field of technology that can replace human decision making with sophisticated computer software.

It is based on algorithms that can recognise patterns, predict probable outcomes and adjust its “behaviour” using this data over time.

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More Articles ...

1. Portfolio Management
2. Youth banking
3. Cost savings
4. Natural Language Processing
5. Data analytics
6. Process Efficiency
7. Alternative credit scoring
8. RegTech compliance
9. Payments
10. Identity Management
11. Customer LifeTime Value
12. Bank in a box
13. Machine learning
14. Financial inclusion
15. Share trading
16. Robo advisors
17. Compliance
18. SME banking
19. Digital account origination
20. Matchi Trend Report - Digital Account Origination
21. Matchi Trend Report - Small Businesses

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