#banking tech

When was the last time you physically came to the bank to make transactions or to solve issues by calling the teller? Many respondents stated that it was days or weeks before. Admit it, you are also not an exception! This is just one minor proof of how technology innovation and application can be helpful to the development of the banking industry. It will surely have more huge impact on this important sector. 

This article will show you how technology has changed the global banking industry with the latest banking IT solutions, especially for the current era.

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1. Online Banking & The Potential Of Neobanks

Neobanks, also known as digital-only banks or internet-only bank, is a type of 100 percent online direct bank that operates exclusively online through apps and online platforms without any traditional physical branch networks. 

Although the term “neobank” has only existed for approximately 3 years (since 2017), the forces that have led to this “banking of future” have been a long time coming. As users are becoming increasingly sophisticated and smart, their demands have fuelled the creation of banks that are entirely digital, which can allow doing and managing a business at all hours, implement innovative services to attract new customers and also develop remote agents.

For instance, in the US, one San Francisco-based neobank has attracted more than 2 million consumers, which has higher performance and customers per month than current banks within the market such as Citi, Wells Fargo, etc. This demonstrates such a potential shift toward digital channels that the increase of neobanks in the US will bring great awareness to digital-only banking, thus wane-out traditional banking competitors eventually.

Hence, it can be stated that traditional banks have typically been slow to adopt new technologies. It is a must that the global banking industry applies knowledge and learning from digital-first processes to ensure continued relevance in the coming years.

2. Artificial Intelligence (AI) Application Through APIs 

It has been reported by Business Insider Intelligence that 48% of banking executives believe that new technologies, namely the trending blockchain and artificial intelligence (AI) will have the greatest impact on banking through 2020.

According to the report, the future of banking technology is driven by consumers, especially the young and dynamic Gen Zers, who see technology as the crucial factor that enhances their lives. Hence, in the global banking industry, a common trend in banking technology is using an application programming interface (API) to make proprietary data available to anyone who has the consumer's permission to access and benefit from the mentioned information.

As fintech has also used API technology to enable their businesses to work, their proven success is currently encouraging more and more competitors to develop their own APIs. In digital banking, developers can use the APIs to enable a bank's mobile app to pull down customer account information. 

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3. 24/7 Access & Availability

Nowadays, consumers are accustomed to 24/7 online services, whether it’s digital goods ordering through online shopping channels, streaming music, movies, or any other purposes. Meanwhile, should banks be any different? Of course no! Online services allow users to easily log in to the bank’s site at any time of the day, all weekdays to perform any transaction. This provides people with the convenience of accessing banking services and conducting business even when there are special occasions such as holidays and weekends when most traditional banks are closed.

As a consequence, technology has a huge effect on almost every area of our lives, especially on how we associate with others. It is also one important sector which is beneficial to the development of the banking industry, in which technology has altered almost everything to provide banking tech solutions.

In conclusion, the biggest tech revolution could still be yet to come as the global banking industry hasn't reached its peak yet, according to top financial experts’ statements. Hence, should this be such an exciting case for the next 5 to 10 years, as technology continues to structure the way that our banking sector operates?

Let’s witness to see which financial institution will be flexible enough to keep up with the revolution pace! Read more articles from https://beetsoft.com.vn/our-stories 

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Tel: (+84) 24 3554 5190 (ICT 08.00 – 18.00)

Mauritius, a vibrant hub for business and tourism, has seen significant growth in its e-commerce sector. This boom has necessitated the need for reliable and efficient payment gateways to facilitate smooth online transactions. Whether you’re a local business or an international company looking to expand into the Mauritian market, choosing the right payment gateway is crucial. Here's a comprehensive look at the top payment gateways in Mauritius that are making a mark in the digital payment landscape.

1. Mauritius Commercial Bank (MCB) Juice

Overview: MCB Juice is one of the most popular payment solutions in Mauritius, offered by the Mauritius Commercial Bank. It is a mobile-based payment gateway that caters to both businesses and individual users.

Key Features:

User-Friendly Interface: Easy to navigate, making transactions seamless for users.

Wide Acceptance: Accepted by a vast number of merchants and service providers across Mauritius.

Security: Robust security measures, including encryption and multi-factor authentication.

Benefits for Businesses:

Integration: Simple integration with e-commerce platforms.

Mobile Payments: Facilitates mobile payments, which are increasingly popular among consumers.

Support: Excellent customer support and reliability.

2. Emtel My.T Money

Overview: My.T Money is a digital wallet service provided by Emtel, one of the leading telecommunications providers in Mauritius. It allows users to make payments, transfer money, and manage their finances from their mobile devices.

Key Features:

Convenience: Allows for easy mobile payments and money transfers.

Accessibility: Can be accessed by anyone with a mobile phone, making it a versatile payment option.

Security: Equipped with advanced security features to protect user data.

Benefits for Businesses:

Reach: Access to a large customer base, given Emtel's extensive user network.

Efficiency: Quick and efficient payment processing.

Customer Engagement: Enables businesses to engage with customers through various promotions and loyalty programs.

3. Mauritius Network Services (MNS) E-Pay

Overview: MNS E-Pay is a secure online payment gateway that facilitates e-commerce transactions. It is widely used by businesses in Mauritius for its reliability and ease of use.

Key Features:

Integration: Compatible with various e-commerce platforms and shopping carts.

Multiple Payment Options: Supports multiple payment methods, including credit and debit cards.

Security: Utilizes SSL encryption to ensure secure transactions.

Benefits for Businesses:

Versatility: Can be used by a wide range of businesses, from small enterprises to large corporations.

Efficiency: Fast transaction processing and reliable service.

Support: Strong customer support to assist with any issues or queries.

4. PayPal

Overview: While not exclusive to Mauritius, PayPal is a globally recognized payment gateway that is widely used in the country. It offers a convenient way for businesses to accept payments from international customers.

Key Features:

Global Reach: Accepted in over 200 countries and supports multiple currencies.

Ease of Use: User-friendly interface for both merchants and customers.

Security: Known for its strong security measures and buyer protection policies.

Benefits for Businesses:

International Transactions: Ideal for businesses looking to expand their reach beyond Mauritius.

Brand Trust: Trusted by millions of users worldwide, which can enhance customer confidence.

Flexibility: Can be integrated with various online platforms and marketplaces.

5. Spoon Consulting's Payment Gateway

Overview: Spoon Consulting offers a customizable payment gateway solution tailored to the needs of Mauritian businesses. It is designed to streamline online transactions and enhance customer experiences.

Key Features:

Customization: Highly customizable to fit specific business requirements.

Multiple Payment Options: Supports a variety of payment methods, including mobile payments and bank transfers.

Security: Implements advanced security protocols to protect transactions.

Benefits for Businesses:

Tailored Solutions: Can be customized to meet the unique needs of different businesses.

Efficiency: Fast and reliable payment processing.

Local Expertise: Local support and expertise to assist with implementation and troubleshooting.

Conclusion

As scammers, fraudsters, and money launderers are getting more complicated with their scamming tactics; the Fraud Monitoring Platform is getting more aware and smarter with their fraud prevention tactics. As our financial institutes live through a riskier world full of frauds and scams, it has become essential to stay aware of such risks. However, the numbers of rising frauds are threatening. As per a survey, it is determined that:

Frauds are persistent: Survey says that more than 49% of the global financial institutes have been victims of online frauds and financial scams. The numbers represent only the detected crime rate. The actual crime rate is still not figured.

Fraud prevention methods are costly: Most financial institutes reported spending more on fraud investigations and related interventions than they lost to the frauds.

Using fraud detection platforms after the damage is done wastes time and irritates clients: Survey reported that most financial institutes noticed that their Fraud Detection Platforms were reporting fake     positives.

Fortuitously, the progress of fraud prevention technologies has offered financial organizations more secured and trustworthy techniques that are helpful in fighting frauds and financial crimes. Let’s have a look at these defensive strategies that can strengthen up us against financial criminals.

1.    Using Artificial Intelligence to bring more efficiency and accuracy to fraud prevention and detection

 Machine learning in AI is a stronghold that helps in both accuracy and efficiency in fraud detection. Whereas supervised machine learning algorithms can self-learn from their targets within the data, flagging everything that is not as observed norms, then applying collected data to the unseen latest data. Unsupervised machine learning is helpful to detect unsupervised potential risks. The method works without any given targets, so it searches for abnormalities in data.

Machine learning decreases fake positives from current approaches while identifying previously unsupervised risks. For example, launching an online payment model that represents rapid success for real-time fraud detection. It will detect 50 percent of fraud, alerting only 0.5 percent of the portfolio, with a meager chance of fake positives.

2.    Congregate frauds, anti-money laundering, and cyber events

Many financial organizations are making use of substantial data architectures to combine data across classic remote functions. However, the activity will only make sense when these functions are integrated into a more holistic view of risks.

With the increase of similarity between data, regulations can identify risk closer to real-time. Also, it brings plentiful opportunities to reduce operational costs and increase the efficiency of cross-functional view development.

 Real-time monitoring of transactions has become a basic need for each type of payment now. It incorporates not only financial transactions but also authentication, location, sessions, and device event data.

As per a top-tier global bank report, the adoption of 100% real-time decisioning helped them reduce fraud. It also helped them increase their card revenue by fifty million dollars as it offered low fake positives and better consumer interfaces.

3.    Rationalize investigations with intelligent case management

Immediate adoption of AI concentrates on the automation of manual processes, so it can be beneficial in cost reduction for running a Fraud Monitoring Platform. An advanced intelligent case management system is capable of:

Prioritizing cases, offering investigating steps, and quick-tracking primary cases.

Showing details of associated clients, accounts, and beneficiaries as alerts.

Smartly search and gather data for cases from internal databases or third-party providers.

Representation of data in a self-explanatory manner related to the activity under evaluation.

Allowing automated prioritization of strategies on client contacts.

In the summary