17 Results from 2024
Nick Green Director at Purple Patch Broking Ltd
When is the best time to renegotiate a credit bureau contract? With costs, data quality, and your organisation's changing needs on the line, the timing of renegotiation can make all the difference in maximising contract value and ensuring your contract stays aligned with your business goals. Acting too late can leave you stuck overpaying or ope
12 December 2024 /regulation /retail Banking
Many financial institutions shy away from multi-bureau strategies, fearing complexity and cost. What if we told you that not only is a multi-bureau approach achievable, but it can also significantly enhance your AI model performance while potentially reducing costs? In this post, we'll show you how to maximise your AI's potential with multi-bur
26 September 2024 /ai /retail Banking and Lending Solutions
Just because your firm can use your existing data for AI risk modelling doesn’t mean you should. There’s a perception that AI can create accurate predictions based on any data set. That’s not always the case. AI models are only as good as the data they're fed. Quality data is key to effective AI risk modelling. Without it, even the most sophistic
24 September 2024 /ai /retail Banking
Imagine losing $136 million in a single day. That's the harsh reality Citi faced recently, courtesy of US regulators. Why? A key reason was due to poor data and risk management. This eye-watering fine isn't just a Citi problem. It's a wake-up call for the entire financial services industry. This hefty penalty stems from Citi's failure to address lo...
22 August 2024 /regulation /retail Banking
No longer operating in isolation, the UK credit market is now impacted by global risk management trends. In recent years, global impacts have changed how credit risk is assessed, managed, and regulated in the UK. It’s affecting credit providers of all sizes, from traditional banks to innovative fintech startups. While this may pose challenges, it ...
20 August 2024 /regulation /retail Banking
The Economic Crime and Corporate Transparency Act (ECCTA) introduces key changes to Companies House, aiming to enhance the accuracy and reliability of business information. Designed to enhance transparency and combat economic crime, here’s how it will help: Reforms to Companies House: The ECCTA mandates that companies must have an ‘appropriate ad...
23 July 2024 /retail /crime Banking
The fintech industry has faced major hurdles due to economic ups and downs and changing regulations. This has forced fintechs to rethink their rapid growth plans. Unbridled expansion is no longer viable. Now, fintechs must prioritise sustainable and profitable growth over the long term. As a major contributor to the economy, the UK fintech sector ...
20 June 2024 /retail /crime Fintech
Fraudsters are getting bolder and more sophisticated in their attacks on the financial sector. Their increasingly complex schemes are breaching institutional security and eroding the very foundation of customer trust that banks have worked so hard to build. The challenge is: There’s no silver bullet solution. Given the diversity of fraudulent activ...
23 May 2024 /retail /crime Banking
APP fraud is on the rise. According to Finextra, the total number of APP fraud cases was up 22% in 2023 compared to 2022. In fact, APP fraud is now the number one payments threat and are expected to reach $5.25 billion by 2026. In the UK, consumers lost over half a billion pounds to scams in the first half of 2023 alone. What’s more, the PSR has ...
21 May 2024 /retail /crime Banking
Economic crime costs have escalated to an estimated £290* billion annually. Compounding this issue, billions are believed to be laundered through the UK finance system every week. And that’s why there’s a renewed focus on Know Your Customer (KYC)—specifically continuously monitoring it. Knowing your customers is crucial for financial institutions ...
25 April 2024 /retail /crime Financial Risk Management
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.