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Gareth Lodge, senior analyst at Celent, discusses the meaning of real-time and its challenges, trends emerging in transaction banking and the meaning of innovation in the payments industry.
Gareth, I loved the line of Debit Cards are the greatest innovation in the last 20 years, that took 10 years for it to become an over night success.
An interesting discussion and points well made by Gareth. I would agree that real-time is the future of transactions and that it would certainly affect everything touching these systems. I would add that, if a business is seriously considering real-time
in order to improve the customer experience, it has to be accompanied by real-time fraud defences, even during peak periods.
Firstly, when you allow for payment transfers out of your organisation in real-time, you must at the same time be able to put suspicious transactions temporarily on hold to avoid serious fraud losses. The UK learned this lesson the hard way when introducing
Faster Payments (as a near real-time offering), and for card based payments transaction monitoring in real-time is state of the art.
That said, a key challenge is that too many of the current fraud prevention techniques don’t take the consumer experience into consideration, often making the shopping experience difficult and long-winded. As we all know, most fraud prevention systems wait
until check-out, focusing on the payment transaction to try and determine if a particular transaction is fraudulent. With new threats emerging all the time, the responsibility of ensuring consumer confidence in payment products falls directly on the payment
infrastructure providers, and therefore on the robustness and flexibility of their systems. Real-time monitoring is crucial – you must be able to react automatically and “in-flight” at the point when the fraudsters launch their attack.
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Richard Peers, Founder of ResponsibleRisk sets the scene for Sustainable Finance. Live, the first in a series of events that sets out to provide actionable strategies, debunk the myth that value cannot be created by meeting sustainability goals and show how revenue can be generated through trustworthy implementation of ESG (environmental, social and governance) measures.
Mohit Joshi, President, Infosys, speaks at Scale Digital in Dubai about how companies have embraced digital and now looking to scale up in order to be closer to their customers, changes in the customer journey, the importance of data and how this effects revenue.
Sanat Rao, Chief Business Officer and Global Head, Infosys Finacle, speaks at their event in Dubai about the theme, Scale Digital and the thought behind it. We ask what banks need to consider as they scale digital, the challenges changing expectations present, the transition pains banks endure and where Infosys Finacle fits in.
Rhys Sharp, Solution Director, Solution Director, Rackspace, speaks about technology transformation, how banks are adapting both established and challenger, challenges along the way, how banks can keep the right balance between regulation, security and innovation and how this changing the culture within organisations.
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