Anti Money Laundering
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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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.
Read More: Broker Innovation
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.
Read More: Card Fraud
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.
Read More: Document Management
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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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
Read More: Rapid prototyping
Gamified fintech in training
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
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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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
Read More: Fraud Prevention
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.
Read More: Artificial Intelligence
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