Technology

After researchers exposed how hackable mobile point of sale systems are, vendors quickly shored up their defenses — while also blaming some vulnerabilities on payment methods they characterize as outdated.

Due to all the data breaches and privacy mishaps, there is now a strong demand for a better, more secure solution for digital transactions, writes Mick Hagen, CEO of Mainframe.

After the 2008 banking crisis, centralized payment systems and financial services don’t have as much appeal to the younger set as a more transparent decentralized system, argues Csaba Csabai, founder and CEO of Inlock.

Despite recent scrutiny of mobile point of sale devices, the mobile payments category as a whole has generally carried a promise of initiating a safer transaction through the use of biometrics, device ID, geolocation and other factors.

Debit push payments proved an essential component of the ride-sharing boom, with many drivers opting to pay a fee for immediate funds throughout the day to cover fuel and other expenses. And the technology is finding fans in other niches as well.

BNY Mellon, JPMorgan and Bank of America are recruiting interns from Year Up, many of whom lack college degrees but are trained in high-demand fields such as cybersecurity and anti-money-laundering.

The 100 dismissals in asset management follow job cuts in other divisions; the agency cites the lack of protections against fraud and market manipulation.

The best thing a banker can do today is regard the U.K. as a real-world fintech laboratory, track developments closely and seek opportunities to capitalize on change, writes Naomi Bowman, managing director for Berkeley Research Group in London.

As the digital rent market attracts new entrants like Zillow, mainstays like Cozy and YapStone are pressured to diversify and seek new audiences for their digital payments technologies.

A more open approach to banking will bring major changes, with quality data on banking services and IT security now becoming a significant factor for consumers in selecting a provider.