An Interview With Sergey Khotimskiy, First Deputy Chairman of the Management Board, Sovcombank.

Financial IT: Please tell us a little about Sovcombank’s history. Please also explain what is its current business (retail banking, corporate banking, investment banking etc.) and what is its key competitive advantage?

As the global economy starts to re-open, crucial sectors such as retail and hospitality are showing positive signs of growth. The travel industry has yet to get back on its feet, however, hampered by changing restrictions and concerns over emergent COVID strains. As mass immunisation and vaccine passports kickstart consumers’ holiday plans, it’s imperative that banks and FS providers understand how the pandemic has accelerated shifts in the ways people manage and spend their money to prepare for a cashless travel sector in the future. 

Leading AI-powered credit decision platform provider, Scienaptic, announced that American Cycle Finance (ACF) has successfully deployed its platform. The implementation empowers ACF to assist its partner motorcycle dealers in selling more vehicles to customers with limited or no credit history through sharper, AI-driven credit decisions.

 TIBCO Software Inc., a global leader in enterprise data, empowers its customers to connect, unify, and confidently predict business outcomes, solving the world’s most complex data-driven challenges. Today, TIBCO announced its recognition as an overall Leader in Vendor Credibility in Dresner Advisory Service’s 2021 Wisdom of Crowds® Business Intelligence Market Study, making this the fifth consecutive report naming TIBCO a Leader.

Leading UK RegTech specialist SmartSearch has warned the UK could be left behind in the fight against money laundering and financial fraud, if it fails to coordinate with the new agency being formed by the EU.

It has emerged that the European Commission will launch the Anti-Money Laundering Authority (AMLA) as part of a raft of measures contained in its action plan, set to be revealed on July 20.

Finzly, a fintech provider of modern banking applications for payments, foreign exchange, trade finance and digital account opening, today announced a new partnership with ICBA Bancard, the payments services subsidiary of The Independent Community Bankers of America (ICBA), to facilitate instant payments via Finzly’s Payment Galaxy, a payment hub for improved convenience, cash flow and efficiency for community banks and their customers. Finzly was a fintech participant in ICBA’s 2020 ThinkTECH Accelerator program.

he National Association of Minority Mortgage Bankers of America (NAMMBA) and Finastra have partnered to bring about positive change in the mortgage industry, meeting the needs of underserved communities and developing a more diverse mortgage workforce. As a Diamond Plus Partner to NAMMBA, Finastra will support the purpose-driven organization’s efforts to enrich and improve the situations of women and minorities who work in the real estate finance industry.

The financial services sector has faced huge crises – everything from the 2008 financial crisis to natural disasters. But while these upheavals presented significant challenges in the short-term, they taught valuable lessons on how to better cope with future uncertainty and prepare for the unknown.

According to the ICO’s most recent security incidents report, the financial services sector has the second highest number of cybersecurity incidents of any industry – with only the retail sector faring worse.  

The high volumes of extremely valuable personal and financial data processed by financial firms is a major draw for cybercriminals. However, a recent study identified that 30 major banking applications had a known security risk.