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Banking Technology Trends for 2021

Financial technology, often shortened to fintech, has been making great strides in improving financial industries. Examples of markets that have improved due to fintech include the mortgage lending and insurance industries. Another industry that will begin to implement these revolutionary technologies is the banking industry. The Covid-19 pandemic has affected every facet of human life, …

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BaaS is the Gateway for Data-sharing

As the financial services industry moves toward sharing their data and infrastructure with third parties, and directly with the customers in some cases, banking-as-a-service (BaaS) is the end-to-end model that makes the direct connection via application programming interfaces (APIs) to allow open banking. Digital savvy financial institutions understand that open banking will unlock a myriad …

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Virtual and Augmented Reality Improving Risk Control

Over the past year, numerous new technological innovations have been put in place to help companies overcome the hardships of 2020 and the coronavirus pandemic. Financial technology, shortened to fintech, has made great strides in this aspect, helping companies in financial industries cope and improve their processes. Examples of how fintech has been utilized to …

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The US Lags Behind Other Countries in Open Banking Regulations

Open banking is when a financial institution (FI) enables another bank, fintech, and/or a third-party provider (TPP) to access a customer’s data through application programming interfaces (APIs), provided the customer has given their explicit consent. Historically, customer data is considered secured information that is owned by the FI and is used only at the FI’s …

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Banking in 2021: Rebounding from the Pandemic

In 2020, traditional retail and commercial banking institutions globally were forced to hurriedly make changes to technology and their working models. The urgent need for virtual customer service and work-from-home systems exploded into the industry with no warning. Until then, traditional retail banks considered these endeavors as cost-prohibitive and risky although the digital banking trend …

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How Technology has Revitalized Customer Service in 2021

Over the last few years, many industries have used technology to help improve their processes and efficiency. One aspect of business where technology can be especially valuable is customer service. This aspect has changed drastically over the last few years due to technology, and it is definitely better because of it. One industry that has …

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Tips for Insurers That Will Make 2021 a Success

With life slowly reverting back to pre-coronavirus conditions, companies are starting to look towards the future instead of putting so much focus on the now. This’ll become especially important as new technologies are introduced that can help to improve processes. In the insurance industry, there are many areas for improvement, so insurers who take advantage …

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Insurtech is Causing Seismic Change in the Insurance Industry

The insurance industry is one of the oldest financial industries. Insurance is often considered a dreaded and confusing task but it is an important aspect of everyday life and offsets the risk of unplanned or unfortunate circumstances. Insurance protects those that we love and things that we cherish, including our lives, family, pets, properties, tangible …

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Why a Mortgage Company Needs Cyber Insurance

With increased cybersecurity awareness and preventative technology by small to Fortune 500 companies, criminals are still finding it fairly easy to identify and attack cyber weaknesses. Possessing risk-management technology is essential for the mortgage industry due to the sensitive personal and financial information they possess and are privy to. In general, risk-enhanced platforms are designed …

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