Gartner forecasts that by 2020 there will be 21 billion connected “things” in the world. In the coming years, financial institutions will not be able to avoid wondering how this multitude of IoT devices can help their business. Let’s touch upon some IoT use cases in financial services.

How the Internet of Things Changes the Banking and Finance Industry

The UK's Co-operative Bank has launched a loans marketplace, enabling users to sift through a panel of alternative lenders to find the best deals.

South Korea's Upbit, which styles itself as 'the most-trusted crypto-asset exchange', has temporarily frozen withdrawals and deposits after losing $49 million worth of ether in a single transaction.

FinTech start-up BetterTradeOff (BTO) announced today the launch of a revolutionary online solution that allows people to take control of their future and unleash new possibilities through better financial decisions.

Fintech company RiskFirst (A Moody’s Analytics Company) has won the Asset-Liability Management (ALM) product of the year award for its market-leading risk management platform, PFaroe, in the Risk Markets Technology Awards.

The 2020 awards, which recognise global best practice in risk management and technology excellence, drew 180 pitches across nearly 30 categories, with the winners decided by a panel of nine industry experts and two members of the Risk.net editorial team.

Although we are moving towards a cashless society, and card spending is overtaking cash spending, a rapid move towards digital banking risks leaving people behind. The latest report from Which? highlights this problem, and it’s now businesses’ and financial institutions’ turn to work together to ensure millions of people are not left struggling to access everyday banking tasks.

Riskified, the payments and fraud-prevention solution provider announced today that Air Europa, the airline division of Globalia, has chosen Riskified PSD2 Optimization to allow the airline to maintain a frictionless booking experience and maximize revenue under the EU’s new PSD2 regulation. Riskified data shows that European merchants could miss out on up to 15 percent of their revenue if they do not proactively address the regulation. 

The world of public transport is preparing to face a new challenge. Thanks to the agreement signed between SIA and the Unicocampania Consortium, trials will start in the second half of 2020 in Naples, Salerno, Avellino and their respective provinces for payment of tickets for local public transport using contactless credit and debit cards.

The rise of ‘tap-to-pay’ payments made using smartphones is showing no signs of slowing down. It is estimated that mobile payments will amount to $14 trillion by 2022. To keep up with this trend, banks and issuers must be proactive in offering solutions that suit the evolving needs of their customers.

Onfido announced a partnership with b-sharpe, a leading Swiss company in online currency exchange, to provide a better sign up experience to its users when verifying  identities on their platform. Onfido’s AI-powered identity verification technology allows b-sharpe to drastically accelerate its customer onboarding while remaining financially compliant.