BaaS crisis intensifies, Brazil tops Fintech investments in Latam and more AI

Edition 3 | October 12, 2023

I trust that the past two weeks have been very productive for everyone.? This is the third edition of the newsletter. ?Let’s get right into the topics.

CYBERSECURITY NEWS

Cybersecurity Toolkit for Boards by NCSC via David das Neves

Introducing NCSC’s Cyber Security Board Toolkit: Elevate cyber resilience by embedding it across an org's structure – from systems & processes to people & tech. A board’s role is crucial: from strategic cyber decisions to trust-building with stakeholders. For all boards, from directors to trustees, it's about marrying security with business goals. Cyber isn't just IT; it's your business's future. Dive in: #CyberSecurity #BoardToolkit #NCSC #DigitalTrust ???????

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Microsoft latest Digital Defense Report by Microsoft via Tony Moroney

In Microsoft's latest Digital Defense Report, cyber resilience emerges as today's definitive challenge. From the increasing sophistication of nation-state actors like Russia and China to cybercriminal syndicates evolving via ransomware-as-a-service, the threat landscape demands a united, innovative defense. Key takeaway: collaboration across public and private sectors is pivotal for fostering trust, innovation, and global cybersecurity. AI's dual role—as a weapon and shield—underpins our digital future. ???? #CyberResilience #MicrosoftDDR #DigitalDefense

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Microsoft Defender now auto-isolates compromised accounts

?? 微软 Defender for Endpoint steps up its defense game! Introducing auto-isolation for compromised accounts to halt lateral attacks in real-time. This proactive approach has shielded over 6,500 devices from ransomware since August '23, combatting threats from BlackByte, Akira, and more.????? #MicrosoftDefender #Cybersecurity #RansomwareProtection

ARTICIFIAL INTELLIGENCE

Global Ratings Report: Future of Banking: AI Will Be An Incremental Game Changer via Richard Turrin

Insightful piece by S&P Global Ratings on #AI in banking. Key takeaways:

?? AI's impact will be gradual, not a sudden boom.

?? It's uncertain how fast and to what extent banks will adopt transformative AI.

?? Immediate changes from generative AI aren't likely.

?? Banks might achieve small efficiency gains in the short term.

?? Tech investments need to be weighed against potential staff reductions.

#fintech #banking #innovation

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Embrace Holistic Strategies, Huge Announcements from Canva, Google, Apple, OpenAI, LinkedIn, Adobe, Meta, Anthropic! by Steve Nouri

In a rapidly advancing tech world, holistic AI strategies emerge as transformative tools. From enhanced payments to recruiting, giants like LinkedIn and Canva are leveraging AI for dynamic innovations. Meanwhile, the emphasis shifts to AI's seamless integration into business, with a focus on human-centric transformation and ethical governance. For engaging interactions with AI-powered platforms, prioritizing recent information and maintaining a professional tone is key. ???? #AIInnovation #TechInsights.

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AI Here Now | Gartner Business Quarterly | Third Quarter 2023 via Richard Turrin

?? Dive into Gartner’s “AI Here & Now”: a pragmatic guide for the future of #GenerativeAI. Key areas include crafting sound policies, prepping for regulations, and merging AI with payments for game-changing possibilities. With AI shaping our future, don't be left behind. Master it NOW, or risk playing catch-up. ???? #AIInsights #BusinessStrategy

BANK TECHNOLOGY NEWS

$13M in Missing User Funds: Evolve, Synapse Play Blame Game as BaaS Crisis Intensifies by Jason Mikula

?? BaaS Turmoil: Synapse & Evolve's $13M "deficit" crisis unravels as they point fingers over who's responsible. Mercury moves away from Synapse to partner directly with Evolve. Meanwhile, Solid faces a lawsuit from investor FTV, alleging deceit in revenue & customer data. The BaaS sector is at a critical crossroads with major implications for fintech ecosystems & their users. Navigate the complexities with insights from Jason Mikula. ???? #fintech #banking #BaaSChaos ??

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The evolution of #AlternativePaymentMethods (APMs) in the online payment landscape via Oliver Turn ?? Step up your Career

Paul van Alfen dives into the rise of #AlternativePaymentMethods in the digital payment realm. APMs, from eWallets to crypto, are tailored to global demographics and businesses. EY reports 85%+ merchants are eyeing new APMs in 1-3 years. Strategies to thrive? ??:

1. Segment & Target - Think Gen Z & verticals like e-learning & online retail.
2. Emphasize Risk & Compliance - Strengthen operations & tackle changing regulations.
3. Forge Strategic Partnerships - Collaborate for faster market entry & optimized investments.

Let's evolve in the #APM era! ??????

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??Brazil continues to top FinTech investment in Latin America via Marcel van Oost

?? Q3 2023: Brazil dominates the Latin American #fintech landscape with 48% of all transactions. However, the region witnessed a sharp YoY decline: 69% fewer deals and a 66% drop in raised capital. Dive into the dynamics of the LA fintech scene. ????????

Source: FinTech Global

#FinancialTechnology #Brazil #LATAMFintech #investmenttrends

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Microservices-based architecture: Foundation for platform banking ????? by Nickolas B.

?? Microservices: More than a tech trend—it's banking's future. Legacy banks need mindset shifts; modern ones juggle rapid changes. Open vs. Platform banking? The distinction matters. Tomorrow's banks? Tech powerhouses. Dive deeper with #FinTechInsights for industry leadership.?? #Deloitte #BankingEvolution

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?? NEW October issue of #BankingTechnology Magazine is out now!

Dive into venture capital insights for start-ups, a deep exploration of AI's role by Leda Glyptis PhD , and a look at the transformative Economic Crime & Corporate Transparency Bill. Don't miss out! ?? https://lnkd.in/eZFNSNQ4 ?#FinTech #AI #RegTech

Essential Features for Building a Digital Bank via Nickolas B.

?? Building a resilient and customer-centric #DigitalBank? Here are the 8 MUST-HAVE features:

1?? Banking Channels - Ensure seamless connections with APIs like Open Bank Project & Plaid .

2?? ??? Fraud Prevention - Machine learning with Featurespace's ARIC Risk Hub is a game-changer.

3?? ?? Product Engine - Use Bankable & Mambu APIs for distinctive financial products.

4?? ?? Ledger - Temenos & Finastra are top choices for comprehensive ledgers.

5?? ?? API Aggregator - Yapily & Tink simplify integrations for fluid data flow.

6?? ?? Wealth Management - Elevate experiences with Wealthfront & Betterment.

7?? ?? Regtech - Navigate regulations effortlessly with ComplyAdvantage & Trulioo .

8?? ?? KYC - Fast-track onboarding & compliance with Jumio Corporation & Onfido .

Success lies in implementing these pillars effectively! Dive deep into the world of #fintech APIs and build a bank that stands out. Inspired by insights from Mikhail Sadovskiy , Oliver Turn, and Giorgio Giuliani . #neobanking #APIrevolution ????

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State of FinTech Q2 2023 via Sam Boboev

In the turbulent landscape of #FinTech in '23H1, investments are at their scarcest since 2017, influenced by macro volatility & elusive profitability paths. Mid-late stage funding takes the hardest hit, down ~66% YoY globally. However, silver linings emerge: investment sees a gentle uptick in Q2'23, select sectors like digital payments show promise, and public market performance rebounds. Still, M&A activity lags, and valuations undergo notable correction. Insightful analysis by BCG paints a picture of caution & opportunity. ???? #payments #report

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The Strategic Importance of Payments in the US via Checkout.com ?? via Sanjeev Kumar

In today's digital era, payments aren't just a necessity; they're a strategic asset. Modernizing payments infrastructure can transform them from mere cost centers to potent revenue drivers. Recent data from Checkout.com reveals 64% of merchants saw revenue boosts from optimized payment strategies, while 36% could cut manual tasks with better systems. Leaders in the C-suite can glean benefits ranging from enhanced CX to data-driven campaigns & cost efficiencies. Time to rethink & reinvest in your payment strategies for growth. #fintech #USPaymentsRevolution ??????

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Vertical SaaS + Fintech via Sam Boboev

?? Vertical SaaS meets Fintech: Platforms like Toast & Shopify garner huge revenue from fintech integrations. As we look ahead, lending, insurance, & payroll integration amplifies their roles as all-in-one solutions. This synergy promises greater customer retention, efficient underwriting & diverse revenue streams. Dive into the transformative power of #VerticalSaaS in the #fintech era via Sam Boboev & Upper90 insights. ????? #TechTrends

GOVERNANCE, RISK AND COMPLIANCE NEWS

Do you know what the FDIC’s proposed rule on corporate governance and risk management would mean for your bank? via Konrad Alt

Attention #Fintech partner bank directors! ?? FDIC's new proposal on corporate governance & risk management could impact not just banks with $10B+ assets but smaller institutions deemed "highly complex" or "heightened risk". This places most fintech banks under scrutiny. Many will need significant overhauls - from tech integration to governance improvements. While some have made strides, partial compliance won't suffice. The upgrade demands time, talent & potentially millions in costs. Is the banking-as-a-service model worth it in this new landscape? Weigh the risks vs. rewards. ???? #Banking #Regulations

PRODUCT NEWS

???? Embracing Change in Mobile Banking: Focusing on User Experience via Rahul Kanotra

Mobile banking's future is centered on YOU. With enhanced UX/UI, instant transactions, and AI-guidance, enjoy secure and intuitive banking anytime, anywhere. Dive into a revolution where biometrics, contactless payments, and open banking converge for an empowered financial journey. ???? #MobileBanking #UserFirst #FinTechEvolution #DigitalBankingRevolution

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What are Feature Factories? via Dr Milan Milanovi?

?? 'Feature Factories' prioritize feature output over genuine user impact. Dr. Milanovi? and expert Maarten Dalmijn unpack the dangers of valuing quantity over quality. By clarifying vision and fostering true user engagement, we can steer away from this productivity pitfall. Quality > Quantity. Dive deeper into the October issue of Banking Tech Mag for insights. ??????? #BankingTech #FeatureFactory #Scrum #ProductManagement

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Sam Boboev is in search of his next adventure

?? Sam Boboev is on the move! Leveraging expertise in #fintech, payments, & embedded finance, he's exploring new opportunities in product management & strategy. Your leads & advice can guide his next big step. He has contributed greatly to the LinkedIn community. Join his journey & let's show support!? ???? #CareerTransition #JobHunt

?RESOURCES AND TOOLS

Top 10 FREE courses from Harvard University you dont want to miss by Steve Nouri

[No application or tuition fees required]

?? Dive into Harvard's top 10 FREE courses! From AI with Python to Entrepreneurship in Emerging Economies, there's knowledge for everyone. Elevate your skills with these handpicked gems by Steve Nouri. Enroll now! ????? #HarvardFreeCourses #TechEducation

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?? Awesome ChatGPT Prompts via Rene A. Velez

?? Dive into the "Awesome ChatGPT Prompts" repository for a curated collection of prompts perfect for OpenAI's ChatGPT! Unlock the full potential of human-like text generation. Clone, explore, and even contribute your own! ????

#OpenAI #ChatGPT #TextGeneration #AIConversations

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This article or newsletter is intended for informational and entertainment purposes only and does not constitute legal or financial advice. Consult your own counsel for advice relating to your individual circumstances.

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