June Newsletter
Welcome to the Five Degrees Fintech Newsletter!?????
Join us as we delve into the ever-evolving world of financial technology, including the exciting realm of core banking. Stay informed about the latest trends, insights, and news shaping the fintech and core banking landscape. From disruptive innovations to market analysis and thought leadership, our newsletter is your go-to resource for staying ahead in the dynamic world of fintech and core banking. Let's explore the future of finance together! ????
Challenges Faced by UK Banks in Cloud Migration
A SaaScada report reveals UK banks struggle with cloud migration due to resistance to change and legacy systems. Despite 94% moving to the cloud, 57% faced outages and 51% incurred technical debt. 60% haven't met operational goals, lacking agility and data access. Cultural transformation and the right technology are essential for success. Barriers include rigid policies, skill shortages, and risk-averse procurement processes. Read more.
Mastercard's Plan to Phase Out Manual Card Entry by 2030
Mastercard will phase out manual card entry in e-commerce by 2030, using tokenisation, Click to Pay, and payment passkeys. This initiative aims to enhance safety and accessibility in online shopping. Benefits include faster, safer checkouts, increased sales, and fraud protection for merchants, with secure tokens replacing traditional card numbers. The move is seen as beneficial for shoppers, retailers, and card issuers alike. Read more.?
Apple Launches Tap to Cash Feature in iOS 18
Apple has launched Tap to Cash in iOS 18, enabling users to send and receive Apple Cash by tapping their iPhones. This feature, similar to Tap to Pay for merchants, doesn't require sharing personal details. The update also includes options to redeem rewards and access instalments from eligible cards with Apple Pay. Read more.
Australia's BNPL Legislation Aims for Consumer Protection
Australia plans legislation requiring buy now, pay later (BNPL) providers to perform credit checks on new customers. This change will amend the National Consumer Credit Act, requiring BNPL providers to hold a credit license. A new 'low-cost credit' category will reflect the lower risk of BNPL. This approach differs from the US, where BNPL is treated like credit cards. The aim is to balance consumer protection with BNPL benefits. Read more.
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ING Nederland and Cogo Introduce Footprint Insight in Mobile Banking
ING Nederland and Cogo launched Footprint Insight in their mobile banking app, allowing all private customers to track CO2 emissions from spending. This initiative supports sustainability efforts, providing insights and tips for reducing environmental impact. CEO Emma Kisby emphasizes the role of banks in promoting eco-conscious consumer choices. Read more.
?? Our first platform videos!
Earlier this year, we announced the release of our first three platform videos, highlighting the powerful capabilities of our core lending platform. Watch them here! ??
Stay tuned for more tutorials and updates as we continued to empower financial institutions with innovative solutions!
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