Topic: Financial Services
Document Skills and the Future of Trade Finance
Despite the fact that global trade finance revenues decreased by 8 percent from 2019 to 2020, according to S&P Global Revenue Pool, the COVID pandemic disruption led to an escalation of fraud and loan impairments. This caused some major banks to withdraw completely from the sector, such as in Asia. The global Trade Finance market size is projected to reach $10,987,510 USD by 2027, from $7,616,520 in 2020, at a CAGR of 5.4% during 2021-2027.
Surprising Resilience: The Financial Services Industry’s Digital Response to Employee Challenges
Almost overnight, millions of financial services employees, from traders to bankers to support personnel, transitioned to working remotely. While there has been historical hesitancy to adopt this operational approach, the virtualization of the financial services workforce and remote ways of working are here to stay.
How Digital Intelligence Drives Compliance Resiliency
Regulators and auditors are feeling the seismic impact from COVID-19. Rising unemployment, small business failures, and widening economic disparity has brought significant operational constraints to the financial services industry. All this makes one thing certain: that the use of digital technologies is not going to return to pre-COVID use, for businesses and consumers alike.
Thrive in a Post-COVID World: The Future of Financial Institutions and Insurance Organizations
The pandemic forced financial institutions and insurance organizations to make overnight changes in how they operated, and for two industries not known for speed in adapting to change—or changing processes on the fly—this proved that they can be nimble when they need to be.
Reimagine Your KYC Strategy in 2021
Fraudsters spent much of 2020 focused on intercepting government stimulus programs and upping their game to make illicit gains from enhanced unemployment benefits. There was also an increased focus on phishing attacks targeting “digital newbies,those who were previously inexperienced with online digital services and who were compelled to go online for services that were previously carried out in person.
How the COVID Era Makes KYC/AML Interesting
By now it is accepted as given that banking interactions and the processes and technology enabling them have become normalized around social distancing. The accelerated adoption of Hyperautomation, originally conceived for making operations more efficient with AI and bots, now is a strategic element of making contactless business for both customers and employees work.
Do You Need Process Intelligence for Successful Digital Transformation Outcomes?
While 80% of the companies surveyed by McKinsey consider digital transformation a top corporate priority, nearly 70% fail to meet expectations. ABBYY Process Intelligence is designed to help organizations discover and measure how current processes work, identify process bottlenecks, and surface areas for process optimization based on four foundational pillars.
Financial Industry Becoming Leaner through Digital Intelligence
It’s no secret that digital transformation has become a necessity for businesses to gain a competitive edge. With increasing customer expectations, the ability to get processes done faster and more efficiently has never been more important.
Why AI Matters in LIBOR Transition
On July 27, 2017, the UK’s Financial Conduct Authority announced that the London Interbank Offered Rate (LIBOR), one of the world's most widely used interest rate benchmarks, will be phased out by the end of 2021. While officially a UK protocol, LIBOR is used as a reference rate by financial institutions around the world, including the United States, and its impending demise has generated calls to action across the global banking and finance industry.