10 July 2020
Issue #209 of the Fintech Analyst report looks at digital adoption, from how FIs are catering to the new normal of digital-first banking, to Vietnam’s lead on cashless payments in a pandemic and how digital can prevent “zombie” FIs.
The pandemic has accelerated consumer adoption of digital-first banking as a new normal. FIs must accelerate digital capabilities to impress and meet expectations as consumers get savvier on digital.
As COVID-19 drives cashless payments in Southeast Asia, Vietnam has emerged as the one to watch. Fast fintech adoption and pandemic control will add momentum to its economic recovery.
Some 80 percent of FIs will not exist or achieve zombie status over the next decade. Whether building, buying, or both – platforms are the key and CIOs must get to grips with these.
Cyber risk quantification solution vendors have shifted attention from FIs to corporates, causing the market to become fiercely competitive and CRQ offerings to become more diversified.
Omdia: Diversity equals success
There are more “Steve’s” in IT than women or people of colour. Employers need to stop fishing in the same pool and look further afield, creating success by hiring those with the right aptitude.
IDC: The imperative to fight fraud
The pandemic has highlighted the need to view fraud as a strategic imperative, as it has put immense pressure on all bank fraud teams – even those that are well along the DX maturity curve.
Forrester: Merchant payment providers
Firms look to vendors to support new models and flows, alongside payment-adjacent services like fraud management and compliance. But they need to navigate a diverse vendor landscape.
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