Latest reports and research: Finextra Research

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Fraud Trends in Banking, Insurance, and Beyond" href="/researcharticle/321/2024-fraud-trends-in-banking-insurance-and-beyond">2024 Fraud Trends in Banking, Insurance, and Beyond</a> </h3> <p class="card-text"> How generative AI is boosting fraud protection in an increasingly complex environment. As technology progresses, so do the capabilities of institutions to secure data and systems. Over 2024, the fraud landscape has been complex, and organisations must push the boundaries of innovation while maintaining a high security bar as the availability and democratisation of AI increases as we're going into 2025. The tidal wave of incoming regulation in the financial sector is an aspect that will help banking and insurance companies to safeguard their customers and data in the best way possible. Yet regulation alone does not address fraud – it’s up to individual organisations to leverage the potential of technology, and review their solutions, processes, and thus ensure compliance and safety. As fraud and regulation increase in the space, technology is one of the key factors that will help banks and insurance companies to address these increased fraud risks. Generative AI enables organisations to deliver hyper-personalised customer experiences, and combining these capabilities with carrier network insights can not only help them significantly reduce authentication fraud, but also ensure regulatory compliance. This impact study, produced in association with AWS and Vonage, examines the current fraud landscape across financial services, banking, and insurance, highlighting how generative AI and network APIs can help prevent fraud while enhancing the customer experience. Explore: Fraud trends in 2024 The impact of regulation Why data is the new gold How organisations can innovate with generative AI Best practices </p> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-10-31 00:00:00Z">31 October 2024</time> <span class="card-icon download">206 downloads</span> </p> </div> </div> </div> </div>   <div class="card card--research card-fullWidth"> <div class="row"> <div class="col-12 card-img-container"> <a href="/researcharticle/318/managing-fraud-risks-with-synthetic-data" arial-label="Download report: Managing Fraud Risks with Synthetic Data" > <img src="/finextra-images/top_pics/xl/red-hat-paper-22102024-hp.jpg" loading="lazy" class="card-img" alt="Managing Fraud Risks with Synthetic Data" /> </a> </div> <div class="col-12 card-body-container"> <div class="card-body"> <p class="card-tag card-tag-light card-tag-report-type">Event Report</p> <h3 class="card-title h4"> <a id="ctl00_body_Listing_rItems_ctl01_hypHeadline" rel="nofollow" aria-label="Read article: Managing Fraud Risks with Synthetic Data" href="/researcharticle/318/managing-fraud-risks-with-synthetic-data">Managing Fraud Risks with Synthetic Data</a> </h3> <p class="card-text"> A Practical Approach for Businesses Services Industry The financial services sector is in a constant state of evolution, and so too are the challenges it faces, particularly in the realm of financial crime. This mounting issue has become a significant concern for institutions, customers and regulators alike. The key to addressing this lies in our approach to data - its quality, management, and applications. Harnessing the power of synthetic data and AI tools has become a pivotal factor in business transformation, particularly in addressing the issue of financial crime. The ability to streamline operations and enhance efficiency is a major challenge businesses face, but the introduction of synthetic data offers promising solutions. Synthetic data provides a comprehensive view of all types of crime, a feature that is crucial for global banks often grappling with segmented fraud activity. This broader perspective enhances the institutions’ capability to effectively fight financial crime. This report summarises the discussion had during a Finextra webinar, hosted in association with Red Hat, and explores: The role of synthetic data in combatting financial crime Implications of new regulation How synthetic data enhances crime detection A practical apprach for managing fraud risk   </p> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-10-22 00:00:00Z">22 October 2024</time> <span class="card-icon download">212 downloads</span> </p> </div> </div> </div> </div>   <div class="card card--research card-fullWidth"> <div class="row"> <div class="col-12 card-img-container"> <a href="/researcharticle/317/the-future-of-payments-2025--digital-instant-profitable" arial-label="Download report: The Future of Payments 2025 – Digital, Instant, Profitable?" > <img src="/finextra-images/top_pics/xl/finextra-paper-17102024-hp.jpg" loading="lazy" class="card-img" alt="The Future of Payments 2025 – Digital, Instant, Profitable?" /> </a> </div> <div class="col-12 card-body-container"> <div class="card-body"> <p class="card-tag card-tag-light card-tag-report-type">Future of Report</p> <h3 class="card-title h4"> <a id="ctl00_body_Listing_rItems_ctl02_hypHeadline" rel="nofollow" aria-label="Read article: The Future of Payments 2025 – Digital, Instant, Profitable?" href="/researcharticle/317/the-future-of-payments-2025--digital-instant-profitable">The Future of Payments 2025 – Digital, Instant, Profitable?</a> </h3> <p class="card-text"> A Sibos Special Edition The global payments landscape is in a period of rapid transition, with technologies and regulations making a serious impact. Yet looking to the future of the payments industry, how can we ensure that it is digital, instant, and profitable? While consumer behaviours continue to evolve in tandem with this. Artificial intelligence (AI), tokenised assets, Central Bank Digital Currencies (CBDC), Blockchain, and even more pioneering technologies are shaking up the payments systems all in their own way. Adding to this atmosphere of flux, is an developing regulatory framework which promises to alter this situation further. Regulators are facing an uphill battle attempting to legislate on emerging technologies while keeping consumers safe, and providing the best outcome for payment service providers (PSPs). As we move towards milestones like open finance and more rapid payments, there is a chance the payment ecosystem could look quite different within the next few years. Under these growing pressures, global payments organisations will need to ensure that they are able to bend and adapt to the circumstance, or risk snapping. Never has it been more important for PSPs to collaborate with each other, and regulators, to ensure the best outcomes. This Sibos 2024 special edition report, was produced with contributions from Accenture, Deloitte, EBA CLEARING, Finastra, FIS Global, Investec, J.P. Morgan, Oesterreichische Nationalbank, PPI AG, Swift, and Wise. It explores: The evolution of instant payments in 2025; The modernisation correspondent banking and cross border payments; Preparing the upcoming EU payments legislation; The key to successful digitalisation; The technology innovations reshaping the payments sector. </p> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-10-17 00:00:00Z">17 October 2024</time> <span class="card-icon download">756 downloads</span> </p> </div> </div> </div> </div>  <div id="ctl00_body_Listing_rItems_ctl02_dDivider" class="row-divider"></div>  <div class="card card--research card-fullWidth"> <div class="row"> <div class="col-12 card-img-container"> <a href="/researcharticle/316/the-future-of-embedded-finance-in-africa-2025" arial-label="Download report: The Future of Embedded Finance in Africa 2025" > <img src="/finextra-images/top_pics/xl/finextra-paper-10102024-hp.jpg" loading="lazy" class="card-img" alt="The Future of Embedded Finance in Africa 2025" /> </a> </div> <div class="col-12 card-body-container"> <div class="card-body"> <p class="card-tag card-tag-light card-tag-report-type">Future of Report</p> <h3 class="card-title h4"> <a id="ctl00_body_Listing_rItems_ctl03_hypHeadline" rel="nofollow" aria-label="Read article: The Future of Embedded Finance in Africa 2025" href="/researcharticle/316/the-future-of-embedded-finance-in-africa-2025">The Future of Embedded Finance in Africa 2025</a> </h3> <p class="card-text"> Embedded finance is changing the payment landscape in Africa. The question now is: what will it take for embedded finance to truly scale across Africa? The global embedded finance market is set to grow beyond $228 billion by 2028 according to Juniper Research. As this market matures and consumer confidence in the technology grows, this will likely prove to be a significant chunk of global financial services. In Africa, this emerging trend has the potential to unlock new economic opportunities. As a less mature market, it is not as hindered by legacy payments systems, making it ripe for payment innovation from embedded finance. It has the potential to reshape the continent’s current payments landscape, broaden innovation opportunities, and drive financial inclusion. As a market Africa is very adaptable to different technologies, and embracing of newer, more agile services. A lot of the population to the majority of their banking through their mobile phones, making embedded finance fit seamlessly into financial worlds of the populace. Yet there are many factors which will alter and develop the ability for embedded finance to take hold. This Finextra report, sponsored by Kora, received contributions from Binance, Indelible Inc., Mojaloop Foundation, and Nikulipe. It explores:  Making embedded cross-border payments work in Africa; Unlocking the opportunities of embedded e-commerce in the African market; Embedded finance: Encouraging African financial inclusion; Why personalisation in embedded finance is the next step for African fintech; Regulating Africa to encourage embedded finance innovation. </p> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-10-10 00:00:00Z">10 October 2024</time> <span class="card-icon download">264 downloads</span> </p> </div> </div> </div> </div>   <div class="card card--research card-fullWidth"> <div class="row"> <div class="col-12 card-img-container"> <a href="/researcharticle/315/adding-genai-to-your-fraud-prevention-strategy" arial-label="Download report: Adding GenAI To Your Fraud Prevention Strategy" > <img src="/finextra-images/top_pics/xl/outseer-paper-27092024-hp.jpg" loading="lazy" class="card-img" alt="Adding GenAI To Your Fraud Prevention Strategy" /> </a> </div> <div class="col-12 card-body-container"> <div class="card-body"> <p class="card-tag card-tag-light card-tag-report-type">Impact Study</p> <h3 class="card-title h4"> <a id="ctl00_body_Listing_rItems_ctl04_hypHeadline" rel="nofollow" aria-label="Read article: Adding GenAI To Your Fraud Prevention Strategy" href="/researcharticle/315/adding-genai-to-your-fraud-prevention-strategy">Adding GenAI To Your Fraud Prevention Strategy</a> </h3> <p class="card-text"> We explore the numerous benefits of generative AI for fighting fraud.  In an instant payment, cross-border world, fraud is more nefarious and prevalent than ever. Recent research shows that worldwide, APP (Authorised Push Payment) fraud now represents 75% of all digital banking fraud on a dollar-value basis. By 2026, losses are expected to reach $5.25 billion – revealing that APP fraud is one of the biggest threats to financial institutions (FIs) globally.  The next pre-emptive step in the fight against fraud is generative AI (GenAI), which uses Large Language Models (LLMs) to generate new content like text, audio, video and even new computer code. While GenAI is still in the fledgling stages of adoption within fraud prevention, it will soon become a true differentiator.  But how exactly are scammers deploying AI to their advantage? What are the best ways to incorporate GenAI into a fraud prevention strategy? How should consumer privacy be managed? This impact study answers these questions and casts an eye over the current fraud landscape, the regulatory implications, and the vital role of innovation.  This Finextra impact study, produced in association with Outseer, explores:  The evolution of scams;  The role of AI;  Technology and the impact of generative AI;  How to embed AI in the best way possible;  Addressing regulatory challenges and concerns;  And more.  </p> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-09-27 00:00:00Z">27 September 2024</time> <span class="card-icon download">393 downloads</span> </p> </div> </div> </div> </div>   <div class="card card--research card-fullWidth"> <div class="row"> <div class="col-12 card-img-container"> <a href="/researcharticle/314/the-global-fight-against-trade-based-financial-crime" arial-label="Download report: The Global Fight Against Trade-Based Financial Crime" > <img src="/finextra-images/top_pics/xl/eastnets-paper-25092024-hp.jpg" loading="lazy" class="card-img" alt="The Global Fight Against Trade-Based Financial Crime" /> </a> </div> <div class="col-12 card-body-container"> <div class="card-body"> <p class="card-tag card-tag-light card-tag-report-type">Survey</p> <h3 class="card-title h4"> <a id="ctl00_body_Listing_rItems_ctl05_hypHeadline" rel="nofollow" aria-label="Read article: The Global Fight Against Trade-Based Financial Crime" href="/researcharticle/314/the-global-fight-against-trade-based-financial-crime">The Global Fight Against Trade-Based Financial Crime</a> </h3> <p class="card-text"> Broken inside, broken outside: Uncovering the internal weaknesses and external pressures fuelling a $1.6 trillion challenge.  Trade-Based Financial Crime (TBFC) is a global issue, draining $1.6 trillion annually from economies—funds that could otherwise fuel development, build infrastructure, and stabilise financial systems. Instead, these resources are diverted into criminal networks that operate across borders, exploiting the very institutions meant to protect global finance. This is a crisis that goes beyond numbers; it strikes at the core of trust and stability in the financial world.  This global survey, conducted in the summer of 2024, revealed the alarming extent to which financial institutions remain unprepared in the face of the growing threat of TBFC and sheds light on the significant challenges, technology gaps, and fragmented risk management strategies that enable significant financial crime.  Input from leaders at ING and ITFA reinforces the critical role of technology in combating TBFC, while also acknowledging the operational challenges that remain. Implementing AI-driven solutions at scale is proving to be a significant obstacle for many institutions, with the timeline for action growing ever tighter.  Download this Finextra survey, produced in association with Eastnets, to explore:  Why TBFC is a growing global crisis What internal roadblocks institutions are facing An investigation into the external challenges of combatting TBFC Recommendations for what risk leaders should do next And more Click here to join us for the Finextra webinar, Global Trade Based Financial Crime: Where Trade and Payments Meet, and hear from our panel of industry experts discuss the finding from this survey and the current state of trade-based financial crime globally.  </p> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-09-25 00:00:00Z">25 September 2024</time> <span class="card-icon download">288 downloads</span> </p> </div> </div> </div> </div>  <div id="ctl00_body_Listing_rItems_ctl05_dDivider" class="row-divider"></div>  <div class="card card--research card-fullWidth"> <div class="row"> <div class="col-12 card-img-container"> <a href="/researcharticle/313/mastering-the-transition-to-iso-20022" arial-label="Download report: Mastering the Transition to ISO 20022" > <img src="/finextra-images/top_pics/xl/unifits-paper-16092024-hp.png" loading="lazy" class="card-img" alt="Mastering the Transition to ISO 20022" /> </a> </div> <div class="col-12 card-body-container"> <div class="card-body"> <p class="card-tag card-tag-light card-tag-report-type">Impact Study</p> <h3 class="card-title h4"> <a id="ctl00_body_Listing_rItems_ctl06_hypHeadline" rel="nofollow" aria-label="Read article: Mastering the Transition to ISO 20022" href="/researcharticle/313/mastering-the-transition-to-iso-20022">Mastering the Transition to ISO 20022</a> </h3> <p class="card-text"> Strategies for Compliance and Automated Testing in Financial Services With a regulatory storm incoming, the need for testing solutions – whether they be generic or tailored – is greater than ever before. As the financial services industry undergoes a vast amount change, particularly around the introduction of new rails on the ISO 20022 framework, these tests are proving vital for international banks and other institutions in the chain.  Yet, for this sector change is not a binary phase; it is almost always underway. To tackle this challenge in a sustainable way, automation is key – giving institutions the confidence to weather the storm of regulation with ease.  With the ISO 20022 standard now a prerequisite, organisations must convince their business leaders that the migration mandated for November is not just an IT project – it is fundamental to company-wide strategy.  This impact study, produced in association with Unifits and featuring expert commentary from BearingPoint and Accenture, explores how institutions can master the transition to ISO 20022 and streamline compliance through automated testing.  Discover:  The impact and evolution of testing  The benefits of testing automation  The strategic role of technology and compliance  Trends to watch: New rails and regulations  Real-world case studies  And more.  </p> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-09-16 00:00:00Z">16 September 2024</time> <span class="card-icon download">480 downloads</span> </p> </div> </div> </div> </div>   <div class="card card--research card-fullWidth"> <div class="row"> <div class="col-12 card-img-container"> <a href="/researcharticle/312/beyond-tomorrow-in-the-capital-markets" arial-label="Download report: Beyond Tomorrow In The Capital Markets" > <img src="/finextra-images/top_pics/xl/cjc-paper-09092024-hp.jpg" loading="lazy" class="card-img" alt="Beyond Tomorrow In The Capital Markets" /> </a> </div> <div class="col-12 card-body-container"> <div class="card-body"> <p class="card-tag card-tag-light card-tag-report-type">White Paper</p> <h3 class="card-title h4"> <a id="ctl00_body_Listing_rItems_ctl07_hypHeadline" rel="nofollow" aria-label="Read article: Beyond Tomorrow In The Capital Markets" href="/researcharticle/312/beyond-tomorrow-in-the-capital-markets">Beyond Tomorrow In The Capital Markets</a> </h3> <p class="card-text"> Technology has long been transforming the capital markets industry, but the tides are changing for what is considered success. Now more than ever, firms need to prioritise operational resilience.  Technological advances are indisputably reshaping how firms in the capital markets operate, however, as the reliance on technology grows, so does the impact of glitches and outages when they occur. Take the CrowdStrike global outage, for example, which caused an estimated $1.15BN and $140M in financial losses for the banking and financial sectors respectively.  The consecutive outages expose the fragility of technical infrastructure and underscore a need for better operational resilience across the capital markets. It also reiterates the importance of preparing for the EU’s Digital Operational Resilience Act (DORA), implementing uniform operational resilience rules for financial entities throughout Europe, and its equivalents elsewhere.  This Finextra whitepaper, produced in association with CJC, explores:  The challenges in the capital markets industry;  How institutions can address these challenges;  Ensuring future resilience by bridging the skills gap;  Real-world case studies;  And more.  </p> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-09-09 00:00:00Z">09 September 2024</time> <span class="card-icon download">203 downloads</span> </p> </div> </div> </div> </div>   <div class="card card--research card-fullWidth"> <div class="row"> <div class="col-12 card-img-container"> <a href="/researcharticle/311/microservices-architecture-future-proofing-payments-technology" arial-label="Download report: Microservices Architecture: Future-Proofing Payments Technology" > <img src="/finextra-images/top_pics/xl/diebold-nixdorfimpact-study-august2024-homepage.jpg" loading="lazy" class="card-img" alt="Microservices Architecture: Future-Proofing Payments Technology" /> </a> </div> <div class="col-12 card-body-container"> <div class="card-body"> <p class="card-tag card-tag-light card-tag-report-type">Impact Study</p> <h3 class="card-title h4"> <a id="ctl00_body_Listing_rItems_ctl08_hypHeadline" rel="nofollow" aria-label="Read article: Microservices Architecture: Future-Proofing Payments Technology" href="/researcharticle/311/microservices-architecture-future-proofing-payments-technology">Microservices Architecture: Future-Proofing Payments Technology</a> </h3> <p class="card-text"> It is high time for banks to move away from legacy thinking and embrace modernisation to remain competitive in the industry.  Financial institutions have long been threatened by innovative, tech-savvy fintech firms that do not have to maintain decades-old back-office systems. Core banking systems within banks have evolved, but with additional pressure from incoming regulation and subsequent reporting, progression and modernisation has not kept pace with industry developments.  In the US alone, the real-time payments market is expected to grow at a compound annual growth rate of 31% until 2030. An institution’s success in scaling their payment processing in response to this shift will rest heavily on how their systems are set up.  Cloud-native payments processing is the most viable option to keep pace with innovation demand and competition; enabling banks to build upon flexibility, at low cost and risk. These enablers also make cloud infrastructure – both public and private – attractive for banks that have struggled to streamline, maintain and upgrade their legacy infrastructures.  This Finextra research paper, produced in association with Diebold Nixdorf, explores the opportunities of microservices architecture. It discusses:  Then & Now: Monolithic vs. microservices architecture  Overcoming microservice challenges  The benefits of a micro-approach  Real-world examples and cases studies  And more.    Click here to join the Finextra webinar, hosted in association with Diebold Nixdorf, to watch as our panel of iindustry experts explore the benefits of microservices architecture, and what needs to be done to ensure migrations are streamlined. </p> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-08-27 00:00:00Z">27 August 2024</time> <span class="card-icon download">408 downloads</span> </p> </div> </div> </div> </div>  <div id="ctl00_body_Listing_rItems_ctl08_dDivider" class="row-divider"></div>  <div class="card card--research card-fullWidth"> <div class="row"> <div class="col-12 card-img-container"> <a href="/researcharticle/310/apis-automation-and-ai" arial-label="Download report: APIs, Automation, and AI" > <img src="/finextra-images/top_pics/xl/mastercard-paper-12082024-hp.jpg" loading="lazy" class="card-img" alt="APIs, Automation, and AI" /> </a> </div> <div class="col-12 card-body-container"> <div class="card-body"> <p class="card-tag card-tag-light card-tag-report-type">White Paper</p> <h3 class="card-title h4"> <a id="ctl00_body_Listing_rItems_ctl09_hypHeadline" rel="nofollow" aria-label="Read article: APIs, Automation, and AI" href="/researcharticle/310/apis-automation-and-ai">APIs, Automation, and AI</a> </h3> <p class="card-text"> An Arsenal to Defend Against Card Transaction Fraud Fraudsters are no longer individuals who are looking to infiltrate gaps or weaknesses in how our businesses are set up. They are expert technologists and strategists that steal customer data, take over accounts and break into tough security measures. Between 2023 and 2027, merchants are expected to lose a total of $343 billion to online payment fraud, driving home the point that the time is now for technology to be leveraged to reduce card transaction fraud, which is growing in numbers and complexity. APIs, automation, and AI are all integral to an effective fraud mitigation strategy in 2024. This Finextra whitepaper, produced in association with Mastercard, discusses how these technologies – if used in the right way – can support financial institutions evolve to emerging threats with increased speed and accuracy. </p> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-08-12 00:00:00Z">12 August 2024</time> <span class="card-icon download">346 downloads</span> </p> </div> </div> </div> </div>   <div class="card card--research card-fullWidth"> <div class="row"> <div class="col-12 card-img-container"> <a href="/researcharticle/304/payment-fraud-in-2024-who-is-liable" arial-label="Download report: Payment Fraud in 2024: Who is Liable?" > <img src="/finextra-images/top_pics/xl/nice-actimize-paper-08072024-hp.jpg" loading="lazy" class="card-img" alt="Payment Fraud in 2024: Who is Liable?" /> </a> </div> <div class="col-12 card-body-container"> <div class="card-body"> <p class="card-tag card-tag-light card-tag-report-type">Impact Study</p> <h3 class="card-title h4"> <a id="ctl00_body_Listing_rItems_ctl10_hypHeadline" rel="nofollow" aria-label="Read article: Payment Fraud in 2024: Who is Liable?" href="/researcharticle/304/payment-fraud-in-2024-who-is-liable">Payment Fraud in 2024: Who is Liable?</a> </h3> <p class="card-text"> Fraud is a billion-dollar business in the Instant Payments era. Statistics show that ecommerce fraud is predicted to exceed $48 billion globally by the end of 2023 alone and could exceed $362 billion between 2023 and 2028.  In 2024, banks will not only contend with the changing liability landscape, but the upcoming adoption of ISO 20022 as well. Both represent a historical shift in the financial services industry. To prepare for a higher degree of liability in a data-rich environment, banks need to address the holistic landscape of fraud mitigation.  This Finextra impact study, produced in association with NICE Actimize, addresses the changing liability landscape and what banks need to do to prepare for regulatory changes and increased fraud protection.  We cover:  Shifting liability and the impact of new PSR regulation  ISO 20022’s impact on the financial industry  Financial industry priorities in 2024  And more.  </p> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-07-08 00:00:00Z">08 July 2024</time> <span class="card-icon download">630 downloads</span> </p> </div> </div> </div> </div>   <div class="card card--research card-fullWidth"> <div class="row"> <div class="col-12 card-img-container"> <a href="/researcharticle/309/payments-modernisation-the-big-survey-2024" arial-label="Download report: Payments Modernisation: The Big Survey 2024" > <img src="/finextra-images/top_pics/xl/volante-paper-13062024-hp.jpg" loading="lazy" class="card-img" alt="Payments Modernisation: The Big Survey 2024" /> </a> </div> <div class="col-12 card-body-container"> <div class="card-body"> <p class="card-tag card-tag-light card-tag-report-type">Survey</p> <h3 class="card-title h4"> <a id="ctl00_body_Listing_rItems_ctl11_hypHeadline" rel="nofollow" aria-label="Read article: Payments Modernisation: The Big Survey 2024" href="/researcharticle/309/payments-modernisation-the-big-survey-2024">Payments Modernisation: The Big Survey 2024</a> </h3> <p class="card-text"> Welcome to the fourth edition of The Big Survey. Our annual report, surveying 350 senior bankers across the globe, offers a unique vantage point on the ever-evolving landscape of payments modernisation. Over the years, we’ve uncovered fresh developments and enduring challenges alike, painting a detailed picture of the industry’s trajectory. As we navigate 2024, the financial services sector is in the midst of profound transformation. Our latest insights highlight the critical need to modernise payment systems swiftly and effectively, driven by rising customer expectations and stringent regulatory demands.  Download our 2024 survey, produced in association with Volante, to learn about:  The current state of capabilities  Why payments architecture is more flexible than ever before  Financial institutions’ budgets and spending priorities  The global drive towards real-time and cross-border  And much more.  </p> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-06-13 00:00:00Z">13 June 2024</time> <span class="card-icon download">1151 downloads</span> </p> </div> </div> </div> </div>  <div id="ctl00_body_Listing_rItems_ctl11_dDivider" class="row-divider"></div>  <div class="card card--research card-fullWidth"> <div class="row"> <div class="col-12 card-img-container"> <a href="/researcharticle/307/the-future-of-digital-banking-in-europe-2024" arial-label="Download report: The Future of Digital Banking in Europe 2024" > <img src="/finextra-images/top_pics/xl/finextra-paper-04062024-homepage.png" loading="lazy" class="card-img" alt="The Future of Digital Banking in Europe 2024" /> </a> </div> <div class="col-12 card-body-container"> <div class="card-body"> <p class="card-tag card-tag-light card-tag-report-type">Future of Report</p> <h3 class="card-title h4"> <a id="ctl00_body_Listing_rItems_ctl12_hypHeadline" rel="nofollow" aria-label="Read article: The Future of Digital Banking in Europe 2024" href="/researcharticle/307/the-future-of-digital-banking-in-europe-2024">The Future of Digital Banking in Europe 2024</a> </h3> <p class="card-text"> A Money20/20 Special Edition. In 2023, fintech investment in the EMEA region dropped to $24.5 billion, down from $49.6 billion in 2022 – a seven year low.  Macroeconomic and global political conditions are creating challenges for growth, with upcoming general elections around the world adding to the uncertainties in financial ecosystems. Despite these challenges, the outlook for European digital banking remains positive.  The region continues to lead in innovation within the financial sector. This Finextra report, a Special Edition for Money20/20 Europe, features interviews with key players in the European financial services and fintech industries. It includes insights from Vodeno, EY, J.P. Morgan, Swift, Tink, and TrueLayer, and explores the following topics that will be addressed in Amsterdam: Hyper-personalisation: Moving towards super apps  Embedded payments driving the Banking-as-a-Service revolution  Variable recurring payments: The next step in European open banking  Is Europe ready for MiCA? From Web1 to Web3, or Markets1 to Markets3  How European fintech is facing macro challenges  </p> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-06-04 00:00:00Z">04 June 2024</time> <span class="card-icon download">968 downloads</span> </p> </div> </div> </div> </div>   <div class="card card--research card-fullWidth"> <div class="row"> <div class="col-12 card-img-container"> <a href="/researcharticle/305/fraud-and-aml-case-management-how-to-operate-at-the-speed-of-risk" arial-label="Download report: Fraud and AML Case Management: How to Operate at the Speed of Risk" > <img src="/finextra-images/top_pics/xl/nice-actimize-paper-16052024-homepage.png" loading="lazy" class="card-img" alt="Fraud and AML Case Management: How to Operate at the Speed of Risk" /> </a> </div> <div class="col-12 card-body-container"> <div class="card-body"> <p class="card-tag card-tag-light card-tag-report-type">Impact Study</p> <h3 class="card-title h4"> <a id="ctl00_body_Listing_rItems_ctl13_hypHeadline" rel="nofollow" aria-label="Read article: Fraud and AML Case Management: How to Operate at the Speed of Risk" href="/researcharticle/305/fraud-and-aml-case-management-how-to-operate-at-the-speed-of-risk">Fraud and AML Case Management: How to Operate at the Speed of Risk</a> </h3> <p class="card-text"> The digital revolution has fuelled a surge in transactions, while economic turmoil, geopolitical tensions and shifting regulations have emboldened sophisticated financial criminals. As a result, fraud is costing financial institutions more than ever before.  Traditional siloed systems and manual process have left financial institutions vulnerable by drowning investigators and analysts in data, while starving them of actionable insights to stay ahead of risk.  This Finextra impact study, produced in association with NICE Actimize, explore how institutions can bolster their fraud management and anti-money laundering (AML) prevention systems to stay ahead of risk, reduce operational costs and investigations time, and meet changing business and regulatory requirements.  We cover:  How to resolve siloed case management  How to fix fractured data  How to create a faster, more intelligent workflow  And more.  </p> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-05-16 00:00:00Z">16 May 2024</time> <span class="card-icon download">389 downloads</span> </p> </div> </div> </div> </div>   <div class="card card--research card-fullWidth"> <div class="row"> <div class="col-12 card-img-container"> <a href="/researcharticle/306/the-future-of-uk-fintech---2015-2035" arial-label="Download report: The Future of UK Fintech - 2015-2035" > <img src="/finextra-images/top_pics/xl/homepage-800x450px.jpg" loading="lazy" class="card-img" alt="The Future of UK Fintech - 2015-2035" /> </a> </div> <div class="col-12 card-body-container"> <div class="card-body"> <p class="card-tag card-tag-light card-tag-report-type">Future of Report</p> <h3 class="card-title h4"> <a id="ctl00_body_Listing_rItems_ctl14_hypHeadline" rel="nofollow" aria-label="Read article: The Future of UK Fintech - 2015-2035" href="/researcharticle/306/the-future-of-uk-fintech---2015-2035">The Future of UK Fintech - 2015-2035</a> </h3> <p class="card-text"> An IFGS Special Edition UK Fintech Week 2024 With UK Fintech Week's flagship event - Innovate Finance Global Summit (IFGS) - returning for its 10th anniversary, Finextra and Innovate Finance have partnered to publish this report, which acts as your go-to-guide to everything you need to know about financial services and technology in the UK. ‘The Future of UK Fintech: 2015 – 2035: An IFGS Special Edition’ includes commentary from the brightest and best across the fintech ecosystem, discussing and debating the crucial issues facing the sector now and in years to come. This includes key insights from industry experts from Cogo, EY, Konsentus, Marqeta, Standard Chartered Ventures, and Zopa Bank. Scoping out the next decade to come, this report explores the agenda topics below and more: The Next Decade of FS and Innovation: What Lies Ahead Fintech Beyond FS Borders: How Fintech is Impacting other Industries and Sectors UK and the World: Keeping our Crown while Learning from Others Transformative Technologies: Opportunities and Risks Users of Tomorrow: The Next Generation of Consumers The Shifting Ecosystem: Who Will Lead? </p> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-04-15 00:00:00Z">15 April 2024</time> <span class="card-icon download">680 downloads</span> </p> </div> </div> </div> </div>  <div id="ctl00_body_Listing_rItems_ctl14_dDivider" class="row-divider"></div>  </div> <div class="pagination--row"> <div class="col-12"> <div id="ctl00_body_Listing_pagination" class="pagination"> <nav role="navigation" aria-label="Pagination Navigation" class="pagination-navigation "><ul class="pagination-menu"><li class="select active"> <div class="page"> <select class="page-select" onchange="location.href = this.options[this.selectedIndex].value;" > <option value="/research?page=1" selected="selected">1</option> <option value="/research?page=2" >2</option> <option value="/research?page=3" >3</option> <option value="/research?page=4" >4</option> <option value="/research?page=5" >5</option> <option value="/research?page=6" >6</option> <option value="/research?page=7" >7</option> <option value="/research?page=8" >8</option> <option value="/research?page=9" >9</option> <option value="/research?page=10" >10</option> <option value="/research?page=11" >11</option> <option value="/research?page=12" >12</option> <option value="/research?page=13" >13</option> <option value="/research?page=14" >14</option> </select> <div class="page-select-icon"> <span class="page-select-icon-image" style="-webkit-mask-image: url('/app_themes/earlgrey/images/icons/arrows/arrowDown.svg'); 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