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Michael Scheibach

Cybercrime: A Continual Threat

Despite gains, cybersecurity remains critical.

By Michael Scheibach, Contributing Editor

Some 12 billion records are expected to be compromised globally by cybercriminals this year. That’s a pretty incredible number. Now try this: In 2023, just five years away, more than 33 billion records will be stolen — an increase of 175 percent. As if that’s not bad enough, more than 50 percent of data breaches in 2023 will occur in the United States. The reason? Consumer and corporate data are maintained by a wide range of institutions with disparate safeguards and regulations, making it easier for cybercriminals to exploit systemic weaknesses. So says Juniper Research in its new report, “The Future of Cybercrime & Security.”

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Mobile Payments: Are We There Yet?

It’s happening, and banks need to be prepared.

By Michael Scheibach, Contributing Editor 

My apologies if you’ve heard this before. Mobile payments — aka mobile money, mobile commerce, mobile wallet, contactless payments — seem to have finally passed the tipping point, according to Juniper Research. Its report, “Mobile Wallets: Service Provider Analysis, Market Opportunities & Forecasts 2018-2022,” predicts that next year, 2.1 billion consumers worldwide will make a mobile payment or send money. That’s nearly 30 percent more than the 1.6 billion consumers in 2017.

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High-Tech, High-Touch Loans

It’s time to streamline small-business lending.

By Michael Scheibach, Contributing Editor

A small-business owner needs a loan. This requires a visit to the bank during business hours to meet with a loan officer and complete a paper-based loan application form. Before being approved, however, the application must be reviewed, which might take a day or more. Rather than wait, the owner decides to pursue an alternative lender that offers faster loan processing — even though the terms are not as attractive as the bank’s.

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Cashless Society

Is the United States ready?

By Michael Scheibach, Contributing Editor

As we approach the transformational year of 2020, another trend promising to change how all financial transactions are conducted is gaining strength. Very simply, it’s a “cashless society,” defined as a society in which digital cash replaces banknotes and coins. A new study from Juniper Research, in fact, forecasts that consumer spending on digital commerce will reach $14.7 trillion by 2022, up by 60 percent on last year’s figure of $9.2 trillion.

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Banking’s New Ecosystem

The future requires a customer-first approach.

By Michael Scheibach, Contributing Editor

“For financial services organizations, success in the coming decade depends on how well they transform ‘business as usual’ with technology to create new value, becoming indispensible partners in increasingly interdependent networks and complex value chains that cross business and industry boundaries.”

Thus concludes Microsoft’s report, “The Future Banking Ecosystem: Evolution and Innovation in the Digital Era.” At the midway point in 2018 — now just 18 months away from the “Year of Banking Disruption” — the pressure for banks to transform themselves has never been more urgent. Banks must have in place, or have in the final planning phase, a roadmap for the new banking ecosystem.

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