Customers embrace virtual banking

March 14, 2017 | 34 views

Online and mobile banking services are becoming increasingly popular with Rabobank's customers in the Netherlands. This Rabobank infographic illustrates the main Dutch trends. In addition to virtual banks often providing more efficient technology and customer experiences, the global consumer’s expectations have been dynamically changing as well in favour of these virtual banks.

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CORE BANKING

4 Ways CFOs Can Prepare for a Dynamic New Normal

Article | July 13, 2022

Before the pandemic, CFOs associated resilience and organizational agility with the ability to anticipate and adapt to changing consumer demands and experiences. However, the pandemic completely overhauled corporate dynamics by disrupting supply chains, changing consumer patterns, and encouraging a remote way of working. The WNS Global CFO Survey 2020 showed that many CFOs are looking for strategic ways to get ahead of these challenges. Here are four ways that CFOs can refocus to respond to the new dynamic normal. Reinforce the Supply Chain Global supply networks have been impacted by COVID-19, prompting many firms to rethink their procurement practices. The WNSsurvey indicates that over 32% of CFOs rank the continuity of theirsupply chain as one of their three most significantchallenges. The primary difficulty facing the manufacturing and consumer packaged goods (CPG) industries is maintaining supply chain stability. CFOs can engage with procurement teams to review the supplier base in order to increase supplier resilience, as well as lead their organizations in implementing new supply chain models and processes. Digital technology enables the ability to make orders automatically and spot deficiencies more rapidly. It can also enable supply chains to become more flexible. Advanced analytics-based dynamic forecasting provides data in real-time so that inventory systems can be quicker and more reactive to demands. Drive Digital-powered Decision Making The WNS survey shows thatincreasing visibility is among the toppriorities for46% of CFOs. When aggregated financials are compared with overall performance, things are different. These comparisons also don't provide the organization with an adequate picture of the organization’s action steps. In such a scenario, data analytics, artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) offer a clear representation of information and key metrics. These cutting-edge solutions have empowered decision makers to pinpoint profitable products and services and mobilize investments into some products on the basis of solid data. Through close collaboration with data teams, CFOs may be able to achieve success in establishing and managing performance insightsfor sales, investments, marketing expenditures, and other areas of activity. Capital Management While customer demands are dipping across many industries, CFO's have a new capital challenge at hand. Theymust make sure their companies are adequately equippedto deal with the impact on income and itsimplications on investment and capital spending. Using a financial and governance framework, the information concerning receivables, payables, inventory, taxes, risks, and cash flow may all be integrated into a unified view of liquidity for CFOs. Gear Up for Disruption CFOs must help ensure their companies are adaptable enough to handle unforeseen turmoilas well as general political and economic unpredictability. Blockchain and other digital technologies establish a distributed system for frictionless departmental collaboration. Hence,the CFO and the widerorganization can build predictions and forecasts based on a single source of data. Parting Thoughts Rebuild but reimagine is what organizations and CFOs must do in order to thrive in the new dynamic normal. A stable supply chain, data-based decision-making, smart capital management, and gearing up for any future disruption is the way to go.

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CORE BANKING

A Guide to Banking in the Metaverse: Part 2

Article | July 20, 2022

In the first part of this article, we took a dive into what the metaverse is in the context of banking, what its benefits are and how it is affecting bank and consumer relationships now and in the future. Metaverse banking is undoubtedly the next phase of banking, but is it really a new concept? While the component technologies of the metaverse have been around for a while, their convergence has ushered in a new period of innovation for the banking industry. According to Accenture’s Technology Vision 2022 survey, 67% of banking executives worldwide believe that the metaverse will impact their organization positively, while 38% state it will be a transformational technology. Here are some organizations that are at the frontline of the metaverse banking revolution. KB Kookmin Bank: One of South Korea’ s most prominent financial institutions, KB Kookmin Bank, has a virtual bank that allows customers to access their financial information as well as get professional advice from a financial advisor through a VR-based interaction. BNP Paribas: The global banking group has a VR alternative for their retail banking customers. It offers a virtual reality app that enables users to access their account activity and transactions in a VR environment. Bank of America: Going one step ahead with its workforce management and training, Bank of America uses VR to train staff at its 4,300 financial centers across the country. VR environment training lets bank employees do complicated tasks in a simulated environment where they learn how to interact with customers and make sales. J.P. Morgan: J.P Morgan launched an Onyx lounge, a virtual lounge in the metaverse of Decentraland, which is itself a blockchain-based VR system. The bank enables cross-border payments, trading, foreign exchange, and financial asset creation, while Onyx facilitates blockchain wholesale transactions. HSBC: HSBC has gone ahead and bought a plot of land in the metaverse called The Sandbox, aimed at engaging sports and gaming fans. The Challenges Ahead and the Takeaway: As in social media or interactions in the real world, banks and other brands may be exposed to a variety of legal issues by using metaverses. Similar to how many didn't anticipate the potential adverse effects of personal abuse and the dissemination of "fake news," the extent of the risks may be difficult to predict at this stage. Despite the challenges, the metaverse offers an exciting possibility for banks. It could reduce the friction between modern digital platforms and offer a seamless consumer experience and a new way to move data without hindering security and data privacy. It’s a radical new technology, and financial institutions who are still considering its impact must start planning to enter the metaverse in the next couple of years.

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4 Trends Powering the Digital Banking Revolution

Article | May 26, 2022

Fueled by the emergence of new technologies and an ever-shifting workplace landscape, banking is powering a transition into a digital future for finance. The disruption in how we receive, save, and spend money is also enabling customers to expect and demand more from their banking. Service providers must now provide cutting-edge solutions to meet these demands in the era of open banking. The pursuit of innovation is producing a multitude of new trends in banking and finance. Here are five trends that are at the forefront of the banking story. 1 #1 APIs Application programming interfaces, or APIs are helping mobilize digital applications in banking like never before. Financial institutions are now able to offer swift yet secure digital banking services with a host of cutting-edge solutions through the use of APIs, all without incurring heavy costs to implement proprietary applications. 2 #2 Frictionless Transactions Being able to send and receive money seamlessly and in real-time has to be one of the most significant achievements of the digitalization of banking. It has not only upended traditional banking by reducing bottlenecks and delays, but also given a much needed thrust to the overall customer experience. The flexibility, ease, and promptness with which customers can now conduct transactions has singlehandedly given the digital banking economy a boost and laid the foundation for the creation of virtual versions of physical assets like credit cards and wallets. 3 #3 AI-powered Chatbots Artificial intelligence and machine learning in banking and finance are creating next-generation customer service solutions. The automation capabilities offered by AI chatbots and virtual assistants are helping financial institutions deliver faster and better banking experiences at a fraction of the cost. They are more capable of optimizing workforces to meet customer support demands, freeing up more resources. 4 #4 Multichannel Services Now that banking institutions are able to simplify consumer experiences, meeting customer needs across all channels has become a lot easier. Many organizations are developing an omnichannel banking experience that enables them to cater to complex demands and connect with customers at different touchpoints and stages of their consumer journeys. This enables banks to not only deliver better services but also customize their products and services, and provide a seamless, well-integrated experience. 5 To Conclude The digital wave is in full force, and banks and other financial institutions must take steps to integrate the above trends in their digitalization journey. They will need to on board a combination of automation, cloud banking, and analytics to unleash the full potential in order to keep customers coming back.

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CORE BANKING

A Guide to Banking in the Metaverse: Part 1

Article | July 13, 2022

The next generation of banking technology is here, and it’s in the metaverse. The metaverse is a virtual space that allows users to go beyond the web browser to engage in or even share experiences. The metaverse is built using technologies like virtual reality (VR), augmented reality (AR), blockchain and more. Consider being able to shop at a store, or play a game, or interact with friends, or meet with your bank representative, all in the 3D and without leaving your home. Now that the future is here, financial institutions will need to prepare to enter the metaverse and reimagine how they cater to their customers online. According to the Financial Brand, more than 47% of bankers believe that by 2030, many customers will use AR/VR as a channel for transactions. The opportunity is now. 1 Benefits of Banking in the Metaverse The most significant opportunity for banks is to capitalize on AR/VR to develop seamless consumer and employee experiences in the real-world. Some of the benefits include: 1.1 For Consumers Providing consumers with the ability to check balances, pay bills, transfer money, and do business utilizing AR and VR channels is known as metaverse banking Personalizing the banking experience by offering white glove service, tailored financial recommendations, investment planning and much more. 1.2 For Employees Providing immersive learning opportunities in the secure, replicated settings of customers or integrating their remote staff in ways that foster engagement, learning, and a sense of belonging. Equipping employees with the ability to underwrite loans using digital twins of a property instead of 2D photos and videos of the building. 2 How the Metaverse Will Impact Consumer Relationships? Banks shouldn't think ofjust enteringthe metaverse, determiningthe conditions of interaction, and capitalizing onit in order to increase trust and foster engagement. Innovative financial institutions will need to establish open communication with their consumers so that they are aware of the goals and intents of the organizational brand. The value transfers between institutions and consumers are no longer viable since the dynamic is one of collaboration and not just a vendor buyer relationship. Banks will need to reorganize how they create value if they want to build and maintain trust. 3 Moving Forward Many prominent financial institutions are riding the wave of metaverse banking. In the next part of this article, we will discuss organizations that are moving fast when it comes to adopting banking on the metaverse and how they are monetizing it.

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NAGA Trader

The Social Network for Traders - offers a unique concept that allows everyone to trade Forex, Indices, Stocks, ETFs, and CFDs by copying other traders. The goal is to modify the way trading is managed today. We connect traders every day through our distinctive cross-broker network approach. Our social network maintains a lean “bottom-line” approach, which passes the knowledge of experienced traders to every new trader globally. NAGA TRADER strongly believes in the potential of crypto currencies to disrupt the world of finance. Our goal is to make trading crypto currencies easy & convenient.

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FINTECH

Global Primex Launches Private, Virtual Payment Platform VLoad with Metropolitan Commercial Bank

Global Primex, Metropolitan Commercial Bank | July 18, 2022

Global Primex, a privacy-first payments company specializing in secure digital payment solutions for merchants and consumers, today announced the launch of its payment platform VLoad in partnership with New York-based Metropolitan Commercial Bank (NYSE: MCB). VLoad is an innovative online payment method that provides industry-leading privacy and security to consumers and empowers merchants in the VLoad Merchant Network with increased revenue resulting from unparalleled fraud prevention, dispute management, and acceptance rates. “Global Primex was founded on the premise of creating anti-fraud solutions for online merchants suffering from excessive chargebacks and low acceptance rates, and for providing consumers with a best-in-class private and secure online payment method." - said Marek Sala, CEO of Global Primex. “Global Primex was founded on the premise of creating anti-fraud solutions for online merchants suffering from excessive chargebacks and low acceptance rates, and for providing consumers with a best-in-class private and secure online payment method. With VLoad, merchants are protected under Global Primex’s PCI DSS Level 1 certified payments platform, benefitting from early fraud detection and dispute resolution, while customers’ identities and data are kept private from third parties,” said Marek Sala, CEO of Global Primex. “VLoad brings tremendous value in industries such as online gaming where we can bring consumers and merchants together in an environment where the risk of fraud on either side of a transaction is significantly diminished.” While VLoad is tailored to the general ecommerce market in the U.S. and is perfect for a wide range of online merchants, Global Primex is targeting such industries as regulated online gaming operators, subscription billing services, entertainment, and the travel industry in the U.S. due to its unique expertise in solving payment problems for traditionally high-risk merchants plagued by excessive chargebacks, low acceptance rates, and fraud. The VLoad Merchant Network connects consumers to merchants who have successfully passed Global Primex’s rigorous merchant due diligence process and (i) whose products and services consumers want, but have challenges accessing with traditional payment methods; (ii) who need a little (or a lot of) help managing their fraud and payment dispute risk; and (iii) who want immediate, low-cost access to an ecosystem of hundreds of thousands of consumers whose identities have been verified and whose collective fraud rate is a mere fraction of the market average. “Our partnership with Global Primex is a natural fit given our shared vision around digital transformation of the payments space,” said Nick Rosenberg, Executive Vice President, Head of Global Payments Group at Metropolitan Commercial Bank. “We look forward to introducing a product that will provide both sides of a purchase with a strong sense of security through VLoad transactions.” All businesses participating in the VLoad Merchant Network have instant access to their customers' full purchasing power in once place. VLoad can be purchased online with debit card, credit card, ACH/open banking and wire. For more information on Global Primex and VLoad, visit globalprimex.com or https://vloadcards.com. About Global Primex Global Primex is a privacy-first payments company specializing in innovative and secure digital payment solutions for merchants and consumers offered through its innovative digital payments platform, VLoad. Headquartered in Miami, FL with an additional office in Chicago, IL, Global Primex is the U.S.-licensed arm of a multinational, award-winning family of FinTech and RegTech companies that have been redefining payments – and finance in general – for more than 15 years. About Metropolitan Commercial Bank Metropolitan Commercial Bank®, The Entrepreneurial Bank, is headquartered in New York City and operates full-service banking centers in Manhattan; Boro Park, Brooklyn; and Great Neck, Long Island. Metropolitan Commercial Bank is also an established leader in digital payments and one of the fastest growing U.S. issuers of virtually every type of debit card. We are a leading issuer of debit cards and an acknowledged innovator in the General Purpose Reloadable (GPR) debit cards, virtual cards, mobile payments, e-wallets, peer to peer and cross-border payments. In addition, Metropolitan Commercial Bank is keeping pace with rapid industry evolution and the trend towards mobile payment apps and all that FinTech has to offer. Metropolitan Commercial Bank has also established an impressive track record of successful collaborations with new category innovators and serves as the e-wallet sponsor bank for a number of global payment programs.

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FINTECH

Conferma Pay Expands Partnership For Corporate Virtual Pay

Conferma Pay, SAP Concur | March 04, 2021

Conferma Pay will currently have an expanded job in the SAP Concur association, which will incorporate giving virtual payment technology across all SAP travel and expense products. The new Conferma Pay with Concur incorporation implies businesses utilizing SAP Concur arrangements will actually want to get to better tools for making and overseeing payments, the release expressed. The coordination will help take care of the issue of onboarding new providers when organizations don't have the correct tools to help control payments made by partners working from home. Presently, organizations will actually want to allow businesses to pay utilizing virtual cards rather than legacy checks or bank transfers, according to the release. As businesses get solicitations from providers, the release expressed, the technology allows organizations to maintain a strategic distance from the typical rigorous payment endorsement measure. Virtual cards are created from the receipt for the particular sum inside Concur Invoice. Pre-authorized payment subtleties are given securely to handling by providers. Then the virtual payment is automatically accommodated against the receipt, which will assist with decreasing manual work. Virtual B2B payments are an augmentation of the advancements encompassing general computerized pay, which can assist with reducing trouble spots like significant expenses and moderate preparing with conventional legacy draws near.

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Galileo Financial Technologies Expands Partnership With U.S. Fintech BluePenguin

Cision PR Newswire | September 30, 2020

BluePenguin Payments, Inc., the fintech company created to automate and monetize the staggering $19 trillion North American business-to-business payments market, announced today an expansion of its partnership with Galileo Financial Technologies, the API-based payments platform that powers world-leading fintechs, financial institutions and commercial businesses. BluePenguin's technology mission is simple to build the next-generation B2B virtual payments platform. The clear choice was to partner with Galileo. Now, with COVID-19 forcing companies of all sizes to make major operating changes, business service providers must flex and adapt to a new normal. Galileo's technology is eminently suited to an environment of rapid change. A modern accounting department with a remote workforce needs virtual payment solutions that quickly adapt and integrate to the new tools and processes the company puts in place, said Steve Boyer, BluePenguin CEO. Fintechs like BluePenguin must be more nimble than ever before. Galileo's robust APIs give us the flexibility and agility to create entirely new solutions that couldn't be contemplated with other issuing processors or B2B virtual card incumbents, with their inflexible legacy systems.

Read More

FINTECH

Global Primex Launches Private, Virtual Payment Platform VLoad with Metropolitan Commercial Bank

Global Primex, Metropolitan Commercial Bank | July 18, 2022

Global Primex, a privacy-first payments company specializing in secure digital payment solutions for merchants and consumers, today announced the launch of its payment platform VLoad in partnership with New York-based Metropolitan Commercial Bank (NYSE: MCB). VLoad is an innovative online payment method that provides industry-leading privacy and security to consumers and empowers merchants in the VLoad Merchant Network with increased revenue resulting from unparalleled fraud prevention, dispute management, and acceptance rates. “Global Primex was founded on the premise of creating anti-fraud solutions for online merchants suffering from excessive chargebacks and low acceptance rates, and for providing consumers with a best-in-class private and secure online payment method." - said Marek Sala, CEO of Global Primex. “Global Primex was founded on the premise of creating anti-fraud solutions for online merchants suffering from excessive chargebacks and low acceptance rates, and for providing consumers with a best-in-class private and secure online payment method. With VLoad, merchants are protected under Global Primex’s PCI DSS Level 1 certified payments platform, benefitting from early fraud detection and dispute resolution, while customers’ identities and data are kept private from third parties,” said Marek Sala, CEO of Global Primex. “VLoad brings tremendous value in industries such as online gaming where we can bring consumers and merchants together in an environment where the risk of fraud on either side of a transaction is significantly diminished.” While VLoad is tailored to the general ecommerce market in the U.S. and is perfect for a wide range of online merchants, Global Primex is targeting such industries as regulated online gaming operators, subscription billing services, entertainment, and the travel industry in the U.S. due to its unique expertise in solving payment problems for traditionally high-risk merchants plagued by excessive chargebacks, low acceptance rates, and fraud. The VLoad Merchant Network connects consumers to merchants who have successfully passed Global Primex’s rigorous merchant due diligence process and (i) whose products and services consumers want, but have challenges accessing with traditional payment methods; (ii) who need a little (or a lot of) help managing their fraud and payment dispute risk; and (iii) who want immediate, low-cost access to an ecosystem of hundreds of thousands of consumers whose identities have been verified and whose collective fraud rate is a mere fraction of the market average. “Our partnership with Global Primex is a natural fit given our shared vision around digital transformation of the payments space,” said Nick Rosenberg, Executive Vice President, Head of Global Payments Group at Metropolitan Commercial Bank. “We look forward to introducing a product that will provide both sides of a purchase with a strong sense of security through VLoad transactions.” All businesses participating in the VLoad Merchant Network have instant access to their customers' full purchasing power in once place. VLoad can be purchased online with debit card, credit card, ACH/open banking and wire. For more information on Global Primex and VLoad, visit globalprimex.com or https://vloadcards.com. About Global Primex Global Primex is a privacy-first payments company specializing in innovative and secure digital payment solutions for merchants and consumers offered through its innovative digital payments platform, VLoad. Headquartered in Miami, FL with an additional office in Chicago, IL, Global Primex is the U.S.-licensed arm of a multinational, award-winning family of FinTech and RegTech companies that have been redefining payments – and finance in general – for more than 15 years. About Metropolitan Commercial Bank Metropolitan Commercial Bank®, The Entrepreneurial Bank, is headquartered in New York City and operates full-service banking centers in Manhattan; Boro Park, Brooklyn; and Great Neck, Long Island. Metropolitan Commercial Bank is also an established leader in digital payments and one of the fastest growing U.S. issuers of virtually every type of debit card. We are a leading issuer of debit cards and an acknowledged innovator in the General Purpose Reloadable (GPR) debit cards, virtual cards, mobile payments, e-wallets, peer to peer and cross-border payments. In addition, Metropolitan Commercial Bank is keeping pace with rapid industry evolution and the trend towards mobile payment apps and all that FinTech has to offer. Metropolitan Commercial Bank has also established an impressive track record of successful collaborations with new category innovators and serves as the e-wallet sponsor bank for a number of global payment programs.

Read More

FINTECH

Conferma Pay Expands Partnership For Corporate Virtual Pay

Conferma Pay, SAP Concur | March 04, 2021

Conferma Pay will currently have an expanded job in the SAP Concur association, which will incorporate giving virtual payment technology across all SAP travel and expense products. The new Conferma Pay with Concur incorporation implies businesses utilizing SAP Concur arrangements will actually want to get to better tools for making and overseeing payments, the release expressed. The coordination will help take care of the issue of onboarding new providers when organizations don't have the correct tools to help control payments made by partners working from home. Presently, organizations will actually want to allow businesses to pay utilizing virtual cards rather than legacy checks or bank transfers, according to the release. As businesses get solicitations from providers, the release expressed, the technology allows organizations to maintain a strategic distance from the typical rigorous payment endorsement measure. Virtual cards are created from the receipt for the particular sum inside Concur Invoice. Pre-authorized payment subtleties are given securely to handling by providers. Then the virtual payment is automatically accommodated against the receipt, which will assist with decreasing manual work. Virtual B2B payments are an augmentation of the advancements encompassing general computerized pay, which can assist with reducing trouble spots like significant expenses and moderate preparing with conventional legacy draws near.

Read More

Galileo Financial Technologies Expands Partnership With U.S. Fintech BluePenguin

Cision PR Newswire | September 30, 2020

BluePenguin Payments, Inc., the fintech company created to automate and monetize the staggering $19 trillion North American business-to-business payments market, announced today an expansion of its partnership with Galileo Financial Technologies, the API-based payments platform that powers world-leading fintechs, financial institutions and commercial businesses. BluePenguin's technology mission is simple to build the next-generation B2B virtual payments platform. The clear choice was to partner with Galileo. Now, with COVID-19 forcing companies of all sizes to make major operating changes, business service providers must flex and adapt to a new normal. Galileo's technology is eminently suited to an environment of rapid change. A modern accounting department with a remote workforce needs virtual payment solutions that quickly adapt and integrate to the new tools and processes the company puts in place, said Steve Boyer, BluePenguin CEO. Fintechs like BluePenguin must be more nimble than ever before. Galileo's robust APIs give us the flexibility and agility to create entirely new solutions that couldn't be contemplated with other issuing processors or B2B virtual card incumbents, with their inflexible legacy systems.

Read More

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