This is a roundup of industry news and links for the week of July 31st that have informed, entertained, and inspired us.
Here’s our weekly roundup of industry news:
Will Fintech Investment Funding Reach an All-Time High in 2017? – This year could be the year that VC- backed fintech investment deals and funding reach an all-time high.
According to a report by CB Insights, released earlier this week, venture capital-backed fintech companies across the globe raised a total of $5.2 Billion across 251 deals in the second quarter of this year. This number reflects a 19% increase from last year.
If this pace keeps for the rest of the year, then funding will be on track to reach that all-time high.
The Future of Digital Banking is About Great Conversations – Advanced technology that includes digital engagement does not eliminate the need for great human interactions, especially for more complex banking solutions. The key is to make any channel transitions seamless for the consumer.
This Is Why Everyone Is Talking About Machine Learning – The cost of fraud is rising. According to CNBC.com, fraud and identify theft cost consumers more than $16 billion in 2016 – nearly $1 billion more than in 2015.
LexisNexis research cited on chargebacks911.com finds that for each dollar lost to fraud, “online merchants can ultimately expect to lose $2.40 in revenue due to the associated fees, lost merchandise, sales potential, and more.”
Machine learning promises to become our best weapon in the war on fraud. But, why, all of a sudden, is it the panacea to the world’s fraud epidemic, and just how will machine learning affect your own security strategy?