Don’t Ditch SMS, But Change the Way You Use It | American Banker


Common ways for a criminal to compromise an SMS authenticator include remotely hacking a phone and having the texts forward to a different phone, or to a computer via voice over internet protocol, Rezek said. In that scenario, the bank could utilize technology behind the scenes that observes how users behave and interact with the…

UK Banks given two-year deadline to embrace fintech » PaymentEye


There’s good news for fintech challengers trying to compete with established retail bank products like current accounts this morning. New regulation means UK retail banks have two years to “fully exploit” the potential of technology including making it easier for customers to control their own financial data. Source: UK Banks given two-year deadline to embrace fintech…

Payment companies fear to lose business to fintech: PwC survey – EconoTimes


The survey also revealed that with an influence of mobile apps outside financial services, consumers continue to demand faster and easier payments. 74% of payment companies, being the highest of all financial sector institutions, see this as a threat. 61% of respondents say that customer churn is also a serious concern for the industry and…

IBM’s Watson won Jeopardy, but can it win business from banks? | Reuters


For IBM the irony lies in the fact that senior bank executives say they believe its artificial intelligence software could help them achieve cost-cutting goals in coming years, but are not ready to pay for Watson today. Several technology executives from large banks told Reuters that while the software may have enormous potential, they would…