Safeguarding Finance: The Crucial Role of Sanction Screening
Bankloch
by Joris Lochy
1w ago
Financial crime continues to be a major issue, undermining the trust and safety of global financial systems. The United Nations estimates that a staggering 2 to 5% of global GDP, or between EUR 715 billion and 1.87 trillion, is laundered each year. Moreover, about 50% of companies worldwide have experienced fraud in the last two years, underscoring the urgent need for effective measures against financial wrongdoing. Financial crimes fall into three main categories: money laundering, financial fraud, and sanctions evasion, each with its own implications. However, sanctions evasion ..read more
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The Fraud Puzzle: Assembling the Pieces of Payment Security
Bankloch
by Joris Lochy
3w ago
Following our previous blog 'Rethinking AML: A Call for Innovation and Efficiency' ("https://bankloch.blogspot.com/2024/02/rethinking-aml-call-for-innovation-and.html"), where we navigated the complex world of AML and pinpointed three primary categories of malicious financial activities: Money laundering: Transforming proceeds from illicit activities into seemingly legitimate funds. Sanction bypassing: Circumventing governmental sanctions. Payment Fraud: Exploiting stolen or fake payment details to illicitly acquire goods or funds. Focusing on Payment Fraud, we discern two pr ..read more
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Rethinking AML: A Call for Innovation and Efficiency
Bankloch
by Joris Lochy
1M ago
In the financial services sector, Anti-Money Laundering (AML) continues to be a topic of intense debate. Discussions oscillate between advocating for stricter regulations and questioning the extent of banks' responsibilities in overseeing (policing) financial transactions. AML regulations are pivotal in preventing the use of financial institutions for facilitating crimes such as money laundering and terrorist financing. However, the effectiveness of these measures is often under scrutiny, especially considering their impact on legitimate customers and banks' financial models. Desp ..read more
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Rethinking Refunds: Leveraging Technology for Enhanced Efficiency
Bankloch
by Joris Lochy
1M ago
Just over a year ago, I wrote a blog describing how merchants struggle with an efficient refund process (cfr. "Refunds - A bigger problem than you would imagine" - https://bankloch.blogspot.com/2022/07/refunds-bigger-problem-than-you-would.html). The traditional method of refunding is by sending funds back to the original payment method, but this method is not just costly and complex; at times, it is downright impossible. This issue was also identified by Jeremy Balkin, a former executive of JP Morgan and now founder and CEO of TodayPay, which offers “Refunds as a Service”, enabling me ..read more
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Meeting Overload: Balancing Quantity with Quality
Bankloch
by Joris Lochy
2M ago
The phrase "too many meetings" resonates widely among employees in the corporate sphere. This pervasive sentiment clashes with the pressing need for executives to boost productivity, prompting a reevaluation of the meeting culture in many organizations. Consider these startling statistics: Organizations devote an estimated 15% of their time to meetings. A staggering 71% of these meetings are deemed unproductive by participants. The average employee spends around 4.5 hours in meetings weekly, with 30% of employees reporting over 5 hours. The higher one climbs the corporate ladder ..read more
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The Art of Checkout: Digital and Physical Shopping Experiences
Bankloch
by Joris Lochy
2M ago
Every business inevitably engages in a checkout journey. In B2B contexts with low-volume but high-value transactions, this can be a lengthy, manual process. Nevertheless, the same three key steps can always be identified: Finding and Selecting a Product or Service Collecting and Delivering the Product or Service Paying for the Product or Service These 3 steps can always be identified, but they may vary in sequence depending on the specific use case. Optimizing each step to be as frictionless as possible for the customer is a crucial aspect of conducting business. Let’s delv ..read more
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The Shift to Trust-Based Partnerships in Financial Services: Aligning the objectives
Bankloch
by Joris Lochy
3M ago
In the dynamic world of financial services, rapid innovation, rising customer expectations, and increasing complexity are the norm. This reality necessitates a shift from traditional in-house operations to more specialized, external partnerships. Historically, these relationships have predominantly followed a customer-supplier model, focusing mainly on financial negotiations. However, there’s a growing trend towards* long-term strategic partnerships*. Financial considerations remain crucial, but there’s an increasing awareness that squeezing partners for short-term gains is unsust ..read more
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The Unseen Backbone of Banking: A Deep Dive into Matching and Reconciliation
Bankloch
by Joris Lochy
4M ago
Last year I celebrated two decades of immersion in IT, specifically within the Financial Services sector. During this period I have been a witness to remarkable transformations in banking and technology. The emergence of Fintech companies and their customer-centric approach, along with significant advancements in software engineering like Agile methodologies, microservices, and cloud computing, have reshaped the landscape. Yet, intriguingly, the back-office operations of many financial service companies have remained relatively static over these years, still grappling with manual encodi ..read more
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Beyond Imagination: The Rise and Evolution of Generative AI Tools
Bankloch
by Joris Lochy
4M ago
Generative AI has revolutionized the way we create and interact with digital content. Since the launch of Dall-E in July 2022 and ChatGPT in November 2022, the field has seen unprecedented growth. This technology, initially popularized by OpenAI’s ChatGPT, has now been embraced by major tech players like Microsoft and Google, as well as a plethora of innovative startups. These advancements offer solutions for generating a diverse range of outputs including text, images, video, audio, and other media from simple prompts. The consumer now has a vast array of options based on their specif ..read more
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Unlocking the Power of AI: Reshaping Financial Services
Bankloch
by Joris Lochy
4M ago
AI is a hot topic and numerous articles are published stating that financial service companies not adopting AI today risk becoming obsolete tomorrow. However, as with many hypes, the industry’s adoption of AI may not proceed as rapidly as commonly predicted. Just as an example, for the past two decades, experts have been forecasting the obsolescence of banks using old legacy mainframe systems. Yet, even after 20 years, many banks still rely on critical core banking applications built on legacy mainframe technologies, and these banks remain as strong (if not stronger) as they were t ..read more
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