Weekly Ledger 10: Top Stories in Accounting and Finance

September 6, 2016 Ralph Perdomo

 

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HSBC allows customers to use selfies to open new bank accountsThe Independent

Imagine a world where passwords are passé. Will Worley (@willrworley) of The Independent shares how biometrics like fingerprint, voice, and facial recognition technologies are making it easy for HSBC customers to open a checking account with a selfie. HSBC’s Head of Global propositions for commercial banking, Richard Davies, says that the move is to “[...] save our business customers time and open accounts quicker.” Using biometrics could also be a rising trend as cyber-security attacks are posing a prominent risk to more banks and financial institutions.

 

How Bots Can Connect Banks and MillennialsAmerican Banker

The coming-of-age of chat bots and the budgets of millennials are all items up for discussion in Mary Wisniewski (@MaryMWisniewski) article on how artificial intelligence is interacting with the next generation. While virtual assistants like Google Now and Apple’s Siri are now widely used by consumers, there’s still a lot to consider before good customer service is replaced with a bot. Millennials want to ask bots nuanced questions like “Can I afford to buy a house?” and “Is going out for dinner tonight in my budget?” While artificial intelligence isn’t quite there yet, financial institutions continue to experiment with ways to improve algorithms for more effective communication.

 

A Closer Look at R3′s ConcordWall Street Journal

How far have banks come in their acceptance of bitcoin technology? If R3’s Concord platform is any indication, they’ve accepted this technology with open arms. Paul Vigna (@paulvigna), blogging for The Wall Street Journal, delves into the subtle difference between R3’s platform and bitcoin’s distributed ledger is how “[transactions] are recorded only on an individual level, not a global level.” This difference underscores both the fruits of the consortium’s labor and bank’s enthusiasm to cutting-edge fintech products.

 

Cyber threat grows for bitcoin exchangesReuters

Gertrude Chavez-Dreyfuss (@gcdreyfuss) of Reuters, reports that about 33 percent of all bitcoin trading platforms have been hacked. A startling number compared to traditional banks’ publicly-disclosed figure of 1 percent. By contrast, however, over half of all stock exchanges experienced some form of cyber attack. Regardless of how you liken bitcoin trading platforms—analogous to a bank or a stock exchange—the currency has a long way to go if it expects to achieve the same level of success as traditional currencies.

 

Digital banking services key in countries highly ranked for financial inclusionMobile Business Insights

Money makes the world go ‘round. Or is that mobile? Turns out those two are intrinsically linked. Jonathan Hassell (@jghassell ) of Mobile Business Insights, breaks down the recent Brookings digital inclusion report. The findings: “A country’s mobile capacity and its financial institutions’ overall mobile strategy are key factors in how available and accessible digital banking services are.” Kenya and Colombia take the gold and silver medal—Brazil shares a bronze with South Africa and Uganda.

 

About the Author

Ralph Perdomo

Ralph is a Research Analyst at Nvoicepay. He's passionate about marketing technology and creating engaging content that delivers value to the consumer.

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