Connect with us

News

SAS RATED A CHARTIS CREDIT RISK 2.0 CATEGORY LEADER

SAS

Per Chartis, SAS’ overall strength in analytics underpins its credit risk solutions.

 

At the forefront of advanced analytics risk technologies, analytics giant SAS has been named a category leader in the Chartis RiskTech Quadrant® for Credit Risk Solutions (Banking Book).

 

SAS’ risk management solutions help banks cover all the bases – from comprehensively and securely viewing risk at all levels, to model risk management, to summarising and visualising tangible results for key stakeholder decisioning. Chartis highlights SAS’ integrated approach to regulatory and accounting reporting requirements such as CECL and IFRS 9, concluding in the report that “SAS supports every step of the credit risk model lifecycle in a holistic and interconnected way – through SAS® Risk Modelling, covering development, deployment and decisioning, and SAS Model Risk Management, a model governance platform, to manage, analyse and report on the model lifecycle.”

 

“SAS has helped modernise a changing financial services industry, offering solutions and features that boost efficiency and help solve credit risk challenges,” said Sidhartha Dash, Research Director at Chartis. “A long-time analytics pioneer, SAS’ core capabilities are a solid attribute to its credit risk components. SAS’ established, risk technology solutions demonstrate its maturity in analytics and attest to its dedication to innovation in the space.”

 

Chartis evaluated risktech vendors’ completeness of offering in analytics, data management, risk data aggregation and allocation, enterprise stress testing and scenario management, and reporting and visualisation.

 

“With credit risk functions being the gate-keeper of lending from both a prudential and conduct perspective, effective credit risk management continues to be at the heart of modern-day banking,” said Miles Elliott, Head of Risk, SAS UK & Ireland. “Before, during and after the global financial crisis, SAS has been a critical enabler for risk functions to devise, develop, deploy, visualise and govern best in class risk management practices.  It’s therefore great to see that this depth of capability continues to receive market wide recognition.”

 

Beyond being rated a credit risk 2.0 category leader, SAS was also named a category leader in the Chartis RiskTech Quadrant® for Model Risk Governance Solutions, 2019.

 

News

ERSTE BANK HUNGARY IMPROVES AND SECURES THE REMOTE BANKING EXPERIENCE WITH ONESPAN MOBILE SECURITY

ONESPAN

Leading Hungarian bank deploys OneSpan’s Mobile Security Suite to one million customers to make mobile banking convenient while fighting fraud and meeting PSD2 requirements

 

OneSpan™ (NASDAQ: OSPN), the global leader in securing remote banking transactions, today announced that Erste Bank Hungary, a subsidiary of Erste Group Bank AG, one of the leading banks in Central and Eastern Europe, has integrated OneSpan’s Mobile Security Suite into its banking app MobilBank. Erste Bank Hungary selected Mobile Security Suite to enable and protect online and mobile transactions and to comply with PSD2 requirements for authentication and dynamic linking.

The European Payment Council has stated that social engineering attacks continue to increase and remain instrumental in fraud schemes, often in combination with malware.[1] Erste Bank Hungary chose to implement OneSpan’s Mobile Security Suite to protect against potential social engineering and malware attacks directed at its customers. OneSpan’s technology enables banks to integrate application shielding, biometric authentication and transaction signing.

Erste Bank Hungary added Mobile Security Suite’s Cronto visual transaction signing to replace the bank’s SMS authentication with push authentication for login and transaction signing. This new process improves security and eliminates significant costs related to SMS delivery. OneSpan’s Cronto technology also helps fight social engineering attacks like phishing, while enhancing the customer experience by  enabling transaction signing using a color QR code.

“OneSpan’s proven technology will help us maintain our leading position in the market without compromising on security or the customer experience,” said Erste Bank Head of Digital Services, Akos Andras Molnar. “As part of this roll-out, our customers can also make online purchases using push notification with any retailer connecting to Erste Bank via the 3-D Secure protocol.”

“Criminal hackers continue to target banking customers as social engineering remains a preferred technique,” said OneSpan CEO, Scott Clements. “In their search for security solutions, banks need to consider cost, convenience and regulatory compliance. OneSpan’s technologies address these concerns so that banks can focus on providing a secure and convenient customer experience.”

Continue Reading

News

HOW WILL LENDERS TREAT THE FINANCIAL SYMPTOMS OF COVID19?

FINANCIAL

COULD the coronavirus pandemic spark a financial crisis similar to that which was seen in 2008? Tim Kirby, Group Commercial Director of the global fintech Monevo, a personal lending marketplace and platform, discusses how Covid-19 could play out for lenders.

The 2008 financial crisis, explains Kirby, was about credit over-exposure. While strains are apparent in the money markets today, it is not 2008, when risky mortgage investments in the US banking sector and into the UK caused everything to collapse.

Kirby said: “The financial crash was self-inflicted for many reasons, including poor income verification, poor credit quality assessment and poor employment verification (self-certification). It was asset-backed predominantly as it was led by sub-prime mortgage lending.

“My thoughts are that once the virus is contained, the economy will most likely turn back on within a few months, however recovery to current levels will be somewhat longer.”

Kirby predicts that it is very possible this downturn will be shorter than the 2008 financial crisis based on a number of factors.

He said: “The financial crash was either at a house purchase level or encouraging debt consolidation through re-mortgaging that placed unsecured debt into secured debt over a longer term. The consumer then ramped up unsecured debt again with the same poor assessment applied and eventually ran out of headroom.

“This was propped up by the capital markets and warehouse funding lines being supported through securitisation models that rated the loans held in the bonds as AAA.”

Kirby adds that the coronavirus outbreak is more micro and consumer-led than the recession was.

“There is still a great deal of uncertainty, but consumers are certainly going to experience affordability difficulties in the short-term, perhaps three to six months,” Kirby explains. “Lenders are already tightening their criteria and that could lead to more tactical initiatives being introduced.”

Kirby points to the potential introduction of black-listing certain occupation types most affected, and reducing opening balances to applicants that they are most prepared to lend to.

He said: “At Monevo, we have been speaking to lenders who are predicting a 50% slow down, with some pausing to assess short-term strategies, as clearly there are aspects of credit / risk scorecards that aren’t working at the moment.”

Kirby also adds that access to capital markets will be a challenge in the short term: “Lenders who don’t lend off balance sheet may become constrained and you would have to question the Peer-to-Peer lender impact as the returns and appetite of investors could be under threat.”

“Additionally, those lenders nervous about funding certain cohorts of consumers, now have those very same consumers currently in their loan books.

“So, for lenders, focussing on forbearance and other support activity to protect these consumers in the short term of 3-6 months, will be a priority.

Kirby takes the view that it is important lenders relieve some repayment pressure from consumers in the short term, so they can rehabilitate when the new normal arrives.

“Lender feedback in the last week is that they haven’t seen a massive increase in defaults, it’s very early days though. Anecdotal feedback from lenders that are strong and well-funded is that they expect strong growth when the market returns, and that those who are optimised and agile will see an upswing.

“What I am hearing, is that consumers will remedially seek liquidity through debt, as the world normalises to address the short-term pain being experienced at present.”

Kirby adds that lenders who look at credit risk closely when the upturn comes in three to six months could see dramatic growth, albeit from a reduced base.

He added: “From Monevo’s perspective, day trading is difficult to predict and lenders are re-assessing short-term strategies.  We are using the time at present to apply additional focus on our internal tech pipeline in driving the product development roadmap forward to continue to deliver great solutions for our partners.

“We want to ensure when normality returns and the upswing in both demand and supply inevitably happens, that we are supporting our origination partners and the lenders on our panel as effectively as possible.”

 

Continue Reading

Magazine

Partner Events

Trending

Top Stories3 hours ago

ENTERPRISE BLOCKCHAIN: DRAGGING INSURANCE OUT OF THE DARK AGES

Ryan Rugg, Global Head of The Industry Business Unit at R3   The history of insurance traces back to the development...

Technology3 hours ago

DISPELLING BIOMETRIC MYTHS AND MISCONCEPTIONS

By Lina Andolf-Orup, Head of Marketing at Fingerprints Gangsters cutting off enemies’ fingers to access secret locations and spies lifting...

Videos9 hours ago

FUTURE FX PROMO

Videos9 hours ago

FutureFX Profile

BANKING BANKING
Banking3 days ago

FOUR WAYS OPEN BANKING AND AI WILL REVOLUTIONISE ACCOUNTANCY

Ed Molyneux, CEO and co-founder of cloud accounting software company, FreeAgent   It’s been just over two years since the...

FINANCIAL SERVICES FINANCIAL SERVICES
Finance3 days ago

HOW FINANCIAL SERVICES CAN GET TO GRIPS WITH RISING SUPPLY CHAIN RISK

By Alex Saric, smart procurement expert, Ivalua   UK businesses have never been more dependent on their suppliers to help...

MARKET DATA MARKET DATA
Wealth Management4 days ago

TWO TO TANGO? MARKET DATA AND OPINIONS IN INVESTMENT MANAGEMENT

Sebastien Lleo is Associate Professor of Finance at NEOMA Business School (France)   Analyst views and expert opinions matter. They...

EARLY RETIREMENT EARLY RETIREMENT
Wealth Management5 days ago

AN ULTIMATE GUIDE TO TURNING YOUR EARLY RETIREMENT DREAM INTO A REALITY

Rick Pendykoski is the owner of Self Directed Retirement Plans LLC, a retirement planning firm based in Goodyear, AZ.  ...

FINANCIAL SERVICES FINANCIAL SERVICES
Technology5 days ago

WHAT EVOLUTIONARY AI MEANS FOR FINANCIAL SERVICES

by Babak Hodjat, VP of Evolutionary AI at Cognizant   Many banks and other financial services institutions (FIs) are beginning...

ANALYTICS ANALYTICS
Business5 days ago

HARNESSING ANALYTICS IN THE FIGHT AGAINST FRAUD

By Anna Lykourina, EMEA Fraud Analytics Expert at SAS   In the past, the fight against fraud has been a...

ONESPAN ONESPAN
News5 days ago

ERSTE BANK HUNGARY IMPROVES AND SECURES THE REMOTE BANKING EXPERIENCE WITH ONESPAN MOBILE SECURITY

Leading Hungarian bank deploys OneSpan’s Mobile Security Suite to one million customers to make mobile banking convenient while fighting fraud...

FINANCIAL FINANCIAL
News5 days ago

HOW WILL LENDERS TREAT THE FINANCIAL SYMPTOMS OF COVID19?

COULD the coronavirus pandemic spark a financial crisis similar to that which was seen in 2008? Tim Kirby, Group Commercial...

PAYMENTS PAYMENTS
Finance6 days ago

ISO 20022 – THE BEDROCK FOR PAYMENTS TRANSFORMATION

Lauren Jones, Global Payments Ambassador, Icon Solutions   The financial services industry has seen ISO 20022 grow firmly over the...

STRUCTURED DATA STRUCTURED DATA
Business6 days ago

2020 VISION: TRANSFORMING THE LEGAL DOCUMENTATION LANDSCAPE THROUGH STRUCTURED DATA

Jason Pugh, Managing Director, D2 Legal Technology   The derivatives industry has been transformed by the proactive engagement of its...

LANDLORDS LANDLORDS
Wealth Management6 days ago

WHY LANDLORDS SHOULD MAKE THE MOVE TO THE ALTERNATIVE PROPERTY INVESTMENT SECTOR IN 2020

Reece Mennie, CEO of leading UK investment introducing firm, Hunter Jones    The new decade is expected to bring with...

Loss Loss
News6 days ago

PROTECTING YOURSELF AGAINST LOSS OF FUTURE INCOME IN A RECESSION

By Gerard Visser, Financial Planning Consultant at Alexander Forbes Financial Planning Consultants.   With low GDP growth, credit ratings downgrades and the COVID-19 pandemic,...

MOBEY FORUM MOBEY FORUM
News6 days ago

MOBEY FORUM TO ADDRESS DATA PRIVACY AND INNOVATION IN THE AGE OF AI WITH NEW EXPERT GROUP

Mobey Forum, the global industry association empowering banks and financial institutions (FIs) to shape the future of digital financial services, today announces...

SMALL BUSINESS SMALL BUSINESS
Business1 week ago

HOW TO MANAGE YOUR SMALL BUSINESS’S FINANCES

There are a lot of fantastic business ideas that end up failing during the early years. Why? A lack of...

CFO CFO
Top Stories1 week ago

THE EVOLUTION OF THE TECH CFO

Gavin Fallon,General Manager, UK, Nordics & South Africa Board International   Chief Financial Officers (CFOs) have traditionally been seen as...

FRAUD FRAUD
Business1 week ago

IS FRAUD PREVENTION CONVERGING WITH REGULATORY COMPLIANCE?

By Manuel Rodriguez, Fraud Solutions Manager at SAS   Several relevant reports show how the world of fraud and financial crimes is mutable...

Trending