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EASY, FAST AND IN TUNE WITH THE TIMES: WITHDRAWING CASH FROM A SMART ATM VIA MOBILE PHONE

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Mobile POS

Mobile phone instead of bank card: the first banks are planning pilot installations of automated teller machines that allow customers to withdraw cash using a smart phone. At Wincor World 2014, Wincor Nixdorf will present this type of system – a “Smart ATM” – in a design that is scheduled for live testing by a German and a Swiss bank in the near future.

Mobile POS

Mobile POS

Banks are integrating mobile technologies in all their customer channels. By enabling customers to withdraw cash via smart phone, they present themselves as innovative institutions in tune with the times. Mobile banking options allow banks to optimize the loyalty they build among young people and students and address new customer segments, and Wincor Nixdorf is supporting this trend by launching the Smart ATM with its appealing, high-value design.

The Smart ATM is operated via a mobile banking app that the customer uses to choose the account and the amount to be dispensed. The app transfers this information to the bank’s central host system, which sends a barcode back to the mobile phone. The customer uses the ATM’s QR code scanner to scan this barcode for the purpose of identification, and the cash is then dispensed immediately. NFC technology is also available for authentication as an alternative to the QR code.

Smart ATM via mobile phone

Smart ATM via mobile phone

Beyond its modern operating concept, the speed with which the Smart ATM processes transactions is a sizeable advantage. And since the system no longer requires a card reader or a card to process cash withdrawals, it provides protection against skimming attacks.

The Smart ATM is part of Wincor Nixdorf’s CINEO system generation, which offers banks new options in cash handling. The core of the CINEO concept is an innovative banknote storage system: intelligent end-to-end cassettes enable cash to be exchanged between individual cash points in the branch (ATMs, cash recycling systems and automated teller safes) within a closed cash cycle, enhancing both cash security and traceability.

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Technology: the saving grace of the month-end headache in financial reporting

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Technology: the saving grace of the month-end headache in financial reporting 1

By Tiffany Newkirk, Financial Solutions Manager at SplashBI 

The end of the month is a challenging time for many accountants and financial analysts as they race to close their books and complete their reporting on time. Whether they are using Oracle Cloud or on premise solutions, the final hurdle has its highs and lows. With accounts to reconcile and financial statements to analyse, accountants and financial analysts are left with little time before the crucial deadlines are in front of them. As a result, time needs to be maximised so that they have all the answers at their fingertips when presenting to the business, board members and executives. These are the aspects of the role that financial analysts adore – and manual intervention shouldn’t be the blocking stone of success.

Preparation for month-end reporting involves financial analysts spending long periods of time focused on analysing spreadsheet after spreadsheet. Tiffany Newkirk, Financial Solutions Manager at SplashBI, explains that month-end reporting shouldn’t be as problematic and frustrating as it is. To move forward, financial analysts need to incorporate technology to provide a visual representation of the data so their role becomes as efficient and sustainable as possible.

A new beginning

Overtime and stress are two common issues that accountants and financial analysts experience when completing month-end close reporting. As many as one in four financial analysts describe the pressure of financial reporting being overwhelming, resulting in employees leaving the job they love; a situation that no senior management team wants to occur.

According to a recent survey, as many as 73% of accountants and financial analysts are still operating in a manually intensive, spreadsheet-driven system that limits or removes any time for analysis. In the same survey, 84% said they would prefer the financial close process to take up less time, that could in turn be devoted to more strategic financial projects. From a health and wellbeing perspective, the drive to utilise technology will help improve the efficiency and accuracy, especially at this turbulent time, and allow more time to be spent exploring the results and having the answers readily available for senior-level discussions.

A long-awaited transition

Companies of all shapes and sizes have long sought ways to streamline their processes so that accountants can spend less time collecting numbers and more time analysing the impact and results with senior stakeholders. Finding the right equilibrium between speed, accuracy and employees’ needs is key, and financial experts need to embrace technology and its visual qualities in order to achieve this.

While spreadsheets are a useful tool, they can be prone to errors, especially if formulas are entered incorrectly. Management teams want to understand the implications of the data in front of them, and with the aid of financial experts, bring the data to life in a much more visual and empowering way, ready to spot the next business opportunity. Working solely in a spreadsheet rarely allows this to happen.

Instead, technology can help drive smarter decisions, by making the data come to life and presented in a variety of visual formats. By combining the numerous, disparate systems required to achieve a successful month end close, financial analysts and CMOs can view real time data at a click of a button to make informed decisions in the future.

Conclusion

In an increasingly digitised world, real time financial reporting and accurate forecasting are more vital than ever to achieve a sustainable and efficient business model. Given the circumstances faced throughout 2020, effective financial management provides businesses with a competitive advantage and greater insights to drive profitability and efficiency.

Letting go of tired and archaic practices will drive financial roles forward and open the door for a myriad of opportunities when accountants and financial analysts expand their reliance on technology and move away from traditional methods. Moving forward, organisations that don’t incorporate technology into their month end reporting will be left behind, and not reap the rewards. It’s time for the face of financial reporting and analytics to change to become a seamless, stress-free and data-driven process.

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Entersekt provides clarity on Secure Remote Commerce authentication techniques for financial institutions

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Entersekt provides clarity on Secure Remote Commerce authentication techniques for financial institutions 2

New whitepaper from Mercator available: Revisiting Authentication in the Age of SRC and EMV 3-D Secure

Is it time for a new authentication strategy in light of international mandates for Secure Remote Commerce (SRC) and EMV 3-D Secure? This is the question posed to financial institutions (FIs) in a new Mercator Advisory Group whitepaper entitled Revisiting Authentication in the Age of SRC and EMV 3-D Secure.

The paper, licensed by Entersekt for public distribution, delves into the role SRC and EMV 3-D Secure will play in the European Union’s Strong Customer Authentication (SCA) requirements under the revised Payment Services Directive (PSD2). It finds that now would be the ideal time for FIs to rethink customer authentication strategies, particularly with the deadline for full SCA compliance approaching on the 1st of January 2021.

“Consumers face an increasingly complex authentication landscape, which can vary greatly depending on the communication channels they use,” said Frans Labuschagne, UK&I country manager at Entersekt. “Multiple authentication techniques create unwanted friction and uncertainty. This paper gives actionable advice to FIs that need to keep security top of mind while also providing a good user experience.”

All card issuers competing for top of wallet will find useful insights in this whitepaper, which states that, “Since it is well recognised that convenience is critical to consumer adoption, it is time for financial institutions to rein in the multiplicity of authentication methods they use to identify account holders and even employees.”

Some of the key findings include:

  • The lack of an integrated solution results in an inconsistent user interface.
  • Inconsistency not only detracts from a customer’s experience but is likely to disrupt any cross-channel implementation plans an organisation might have.
  • A customer who is presented with the same authentication technique for every interaction becomes more familiar with that technique.
  • The authentication technique should be implemented on a smartphone, which 89% of UK residents between 16 and 75 already have.
  • Consumers increasingly trust smartphone-based biometrics and are growing accustomed to using smart speakers for a range of use cases.

 

To download the whitepaper in full, please visit: https://www.entersekt.com/resources/white-papers/revisiting-authentication-src-3ds

 

This is a Sponsored Feature

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Using AI to identify public sector fraud

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Using AI to identify public sector fraud 3

When it comes to audits in the public sector, both accountability and transparency are essential. Not only is the public sector under increasing scrutiny to provide assurance that finances are being managed appropriately, but it is also vital to be able to give early warnings of financial pressures or failures. Right now, given the huge value of funds flowing from the public purse into the hands of individuals and companies due to COVID measures, renewed focus on audit is essential to ensure that these funds are used for the purposes intended by parliament.

As Rachel Kirkham, former Head of Data Analytics Research at the UK National Audit Office and now Director of AI Solutions at MindBridge, discusses, introducing AI to identify and rectify potential problems before they become an issue is a key way for public sector organisations and bodies to ensure public funds are being administered efficiently, effectively and economically.

Crime Wave

The National Crime Agency has warned repeatedly that criminals are seeking to capitalise on the Covid crisis and the latest warnings suggest that coronavirus-related fraud could end up costing the taxpayer £4bn. From the rise in company registrations associated with Bounce Back loan fraud, to job retention scheme (furlough) misuse, what plans are in place for government departments to identify the scale of fraud and error and then recoup lost funds?

There is no doubt that the speed with which these schemes were deployed, when the public sector was also dealing with a fundamental shift in service delivery, created both opportunities for fraud and risk of systematic error. But six months on, while the pandemic is still creating economic challenges, the peak of the financial crisis has passed. Ongoing financial support for businesses and individuals remains important and it is now essential to learn lessons in order to both target fraudulent activity and, critically, minimise the potential loss of public funds in the future.

Timing is everything. Government has an opportunity to review the last 6 months’ performance and strengthen internal controls to ensure that further use of public funds is appropriate. Technology should play a critical role in detecting and preventing future fraud and error.

Intelligence-Led Audit

If the public sector is to move beyond the current estimates of fraudulent activity and gain real insight into both the true level of fraud and the primary areas to address, an intelligent, data-led approach will be critical. The use of Artificial Intelligence (AI) in public sector IT systems can be used to detect errors, fraud or mismanagement of funds, and enable the process changes required to prevent further issues.

HMRC is leading the way, using its extensive experience in identifying and tackling tax fraud to address the misuse of furlough – an approach that has led to many companies making use of the amnesty to repay erroneous claims. Other public sector bodies, especially smaller local authorities, are less likely to have the skills or resources in place to undertake the required analysis. If public money is to be both recouped and safeguarded in the future, it is likely that a central government initiative will be required.

Data resources are key; the government holds a vast amount of data that could be used, although this will require cross-government collaboration and co-operation. It is possible that the delivery speed of COVID-19 responses will have led to data collection gaps – an issue that will need rapid exploration and resolution. It should be a priority to take stock of existing data holdings to identify any gaps and, at the same time, use Machine Learning to identify anomalies that could reveal either fraud or systematic error.

Taking Control

In addition to identifying fraud, this insight can also feed back into claims processes providing public sector bodies with a chance to move away from retrospective review towards the use of predictive analytics to improve control. With an understanding of the key indicators of fraud, the application process can automatically raise an alert when a claim looks unusual, minimising the risk of such claims being processed.

While many public sector bodies may still feel overwhelmed, it is essential to take these steps quickly. Even at a time of crisis, good processes are important – failing to learn from the mistakes of the past few months will simply compound the problem and lead to greater misuse of public funds. The public sector, businesses, and individuals need to learn how to operate in this environment, and that requires the right people to spend time looking at the data, identifying problems and putting in place new controls. With an AI-led approach, these individuals will learn lessons about what worked and what didn’t work in this unprecedented release of public funds. And they will gain invaluable insight into the identification of fraud – something that will provide on-going benefit for all public sector bodies.

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