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Tech Talk: A risky crypto warning, BaaS benefits, the SMB market race, and more!

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January 6, 2023

Tech Talk Editor Teri Wesley has compiled a summary of this week's tech and cybersecurity news:

Banks beware: risky crypto business
Bring on BaaS and more deposits!
Banks lagging behind in the SMB banking market
Digital wallets could cost banks revenue
Consumers banking on mobile deposits
Banking for the neuro-challenged

Keeping up with the Gen Zs
Hackers launch fake bank domains
Criminals driven to online heists in Denmark
Spam, Scams & Breaches
Updates, Patches & Alerts
and on the lighter side...

For more information, including a direct link to the source articles, visit the Tech Talk page on BankersOnline.com.

Banks beware: risky crypto business

2022 was not a good year for crypto-asset firms and the crypto industry as a whole. Recent failures of several large crypto-asset companies have drawn the attention of lawmakers and regulators who are warning banks about the risks of crypto-assets. The Federal Reserve, FDIC, and OCC issued a joint statement this week highlighting the growing risks of crypto-asset-related activities and exposures to banks and putting banks on notice that the agencies are assessing how crypto-related activities can be conducted. Get the details at: Tech Talk.

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Bring on BaaS and more deposits!

A growing trend we can expect to see more of in 2023 is Banking-as-a-Service (BaaS), particularly for financial institutions who want in on the small business movement to digital banking. Embedded banking and the rise of BaaS is gaining more traction with firms across all industries, especially the smaller firms that power the U.S. economy that need to run their businesses more efficiently and increase sales. For banks, the advantages of BaaS are access to new markets and an increase in direct deposits. Get the details at: Tech Talk.

Banks lagging behind in the SMB banking market

While the adoption of emerging technologies has accelerated at traditional banks, the banking industry, in general, has been slow to offer digital credit products and other services that cater to the needs of small and medium-sized businesses (SMBs). Taking advantage of the industry's missed opportunities, fintechs and neobanks have been quick to target this segment. A recent study from banking technology provider Amount and Cornerstone Advisors examined how banks are losing ground to fintechs in the SMB market and how they can catch up. Get the details at: Tech Talk.

Digital wallets could cost banks revenue

As we ring in the New Year, the popular idiom "out with the old, in with the new" applies to payments trends we're seeing going into 2023. Next-generation payment methods, i.e., account-to-account transfers and digital wallets, are replacing credit cards and other traditional payments. According to a recent Accenture report, titled "Payments Get Personal," the migration to digital wallets could cost banks up to $31.4 billion in revenue in the next four years. Get the details at: Tech Talk.

Consumers banking on mobile deposits

The pandemic has driven consumers to online and mobile channels to interact with their banks. Experts have predicted that many of those consumers will not go back to in-branch banking. According to a recent report, nearly 88% of Americans accessed their checking accounts using a smartphone or tablet during 2022. The report found that 90% of those consumers trust their financial institution security/fraud capabilities enough to make mobile deposits. The key for banks to keep that trust is providing the latest security technology.
Get the details at: Tech Talk.

Banking for the neuro-challenged

It is estimated that around 15% to 20% of the U.S. population is considered to be autistic or neurodivergent – which means that their brain works differently from the average or "neurotypical" person. Navigating through every day life and community spaces, including banks, can be challenging and overwhelming for these individuals. Huntington National Bank has partnered with Magnusmode on a solution that offers digital step-by-step visual guides to help autistic neurodiverse customers navigate banking apps. Get the details at: Tech Talk.

Keeping up with the Gen Zers

Traditional consumer behavior, spending habits, and banking have evolved exponentially in the past two years – due in part by the pandemic and the resulting economic slump. From "Buy Now Pay Later" options to the use of personal finance apps, today's tech-savvy Generation Zers (who make up 68.6 million of the U.S. population) are looking for different ways to earn, spend, and save money. Banks with legacy systems will need to embrace modern technologies to meet the demands of these younger customers who look to technological innovations that meet their needs. Get the details at: Tech Talk.

Hackers launch fake bank domains

If it looks like a bank website, and acts like a bank website, that doesn't always mean it is a bank website. A North Korean hacking group that has been blamed for numerous cyberattacks targeting banks, cryptocurrency firms, and other financial institutions created roughly 70 fake domains disguised as well-known banks and venture capital firms to launch phishing attacks aimed at startup firms and their employees. Get the details at: Tech Talk.

Criminals driven to online heists in Denmark

Banks in Denmark have found one surefire way to prevent bank robberies. With the exponential rise in Danes choosing cards and smartphones over cash for payments, cash transactions and banks with cash holdings in the country have become virtually obsolete. There was not a single bank robbery reported in Denmark in 2022. This, of course, is driving greedy criminals to online channels to pilfer their illicit gains. Get the details at: Tech Talk.

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On the lighter side...

Criminals can use deepfakes to bypass identity verification services and create accounts in banks and financial institutions. Take a look at just how real these deepfakes can appear.

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First published on 01/06/2023

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