The top 5 trends in fintech and banking for 2022

Какие бывают карты премиум-класса

Уже не первое десятилетие обычной банковской картой в России никого не удивить, но у большинства клиентов банков карты массового сегмента. Все зависит от типа карты – даже в рамках одной платежной системы они могут быть самыми разными. Например, в линейке Visa карты начинаются от уровня Electron или Debit (которые выдаются всем подряд) и заканчиваются уровнями Signature и Infinite (которые уже доступны лишь «избранным»).

Между ними можно найти карты класса Standard – это классические предложения, и карты классов чуть выше – Gold и Platinum. Но на самом деле есть карты гораздо более высоких уровней. О некоторых из них буквально складывают легенды – ведь клиенты такого уровня не из тех, кто будет хвастаться картой ультравысокого класса.

Известно несколько видов карт, которые выдаются самым «премиальным» клиентам в мире, это:

• «Центурион» от American Express – карта, которая считается самой уникальной и дорогой в мире. Ее оформление стоит 7500 долларов, а ежегодное обслуживание, по разным данным – от 1000 до 2500 долларов. Некоторые считают, что у этой карты вообще нет лимита, но, скорее всего, это заблуждение – в любом случае, карта даже не является кредитной, а весь долг клиент обязан погасить в течение месяца. Карта выдается только тем клиентам, которые тратят по ней минимум 250 тысяч долларов в год, за это они получают круглосуточное обслуживание, доступ к любым залам ожидания в аэропортах, и многие другие привилегии;
• Palladium Card от J.P. Morgan Chase – карта, которую может получить клиент банка, имеющий на своих счетах от 25 миллионов долларов. По этой карте нет ни минимального порога трат, ни кредитного лимита – но все равно многие VIP-клиенты ждут одобрения своих заявок по нескольку лет. Всего в мире насчитывается около 5 тысяч держателей этой карты, они могут получать круглосуточное обслуживание, доступ к залам ожидания в аэропортах и другие привилегии;
• Dubai First Royale MasterCard – карта, которая выдается исключительно по приглашениям, и получили их всего около 200 человек. Карта отделана золотом и бриллиантом, при этом она не имеет кредитного лимита и вообще каких-либо ограничений, а клиент получает целую команду персональных менеджеров;
• Coutts World Silk Card – карта для клиентов Coutts, имеющих от 1 миллиона долларов на своих счетах, но по факту таких карт в мире было выдано около ста (в том числе королеве Елизавете II). Как и всегда, в пакет включено посещение бизнес-залов аэропортов, персональное обслуживание и даже допуск в некоторые магазины, недоступные для всех остальных.

Отметим, что даже у премиальных карт есть две стороны – это платежная система, которая предоставляет основной набор привилегий, а также банк, который определяет финансовые условия по договору. Соответственно, кредитный лимит, проценты, комиссии и другие условия полностью зависят от банка. То есть, карта может иметь кредитный лимит или не иметь его – в зависимости от того, как посчитает нужным сделать банк-эмитент.

Will fintech last?

Fintech is considered the future of banking and financial institutions, which is why it’s not surprising that the top 50 fintech companies in Europe have raised over $16.8B (€14.3B) in venture capital funding and are valued, collectively, at over $92B (€78B).

Traditional banks have evolved drastically in the way they function thanks to new-age technologies including machine learning, AI, and analytics. Banks have also begun to acquire fintech startups to add to their services. In addition, fintech startup accelerator programs are gaining popularity, some of which are managed by banks including ING and JPMorgan.

The competition is intense, so some fintech businesses will thrive while others could struggle to stay afloat. But this presents an opportunity for fintech startups and traditional banks to team up and adapt quickly to the new digital world.

Мой отзыв

Когда больше нигде не открывают счет, Кредо — это настоящее спасение. Но есть ряд минусов и неудобств: мало отделений, «свои» банкоматы без валюты, снятие в кассе с комиссией, не доходят SWIFT из РФ и РБ, сотрудники плохо разбираются и часто не говорят даже на английском (но есть и русскоговорящие). Поэтому, если есть возможность, стоит попробовать открыть счет в Bank of Georgia или TBC.

 Загрузка …

По теме еще можете посмотреть: Форум Винского, тематическая ветка про Кредо: https://forum.awd.ru/viewtopic.php?f=1637&t=410331 и местные каналы и чаты, например этот.

Если есть вопросы или дополнения, пишите в комментарии.

Обнаружили ошибку или устаревшую информацию? Пожалуйста, напишите на почту finbelarus@yandex.by или в комментарии.

Подпишитесь на наш Telegram канал о личных финансах в Беларуси.

No need to travel

Traditionally, opening a bank account would require visiting an actual bank branch or office to engage with any of their services that an ATM cannot provide.

For many, especially due to the impacts of Covid-19, this has posed as a huge barrier, and severely in places where lockdowns force brick and mortar banks to close indefinitely.

Although the technology used in doing so is by no means a breakthrough, digital banks generally only have online applications, meaning that interested clients do not have to schedule a visit to a physical office, but can file an application straight from the comfort of their own couch. 

This is especially advantageous to foreign or multinational businesses. 

From a business standpoint, not requiring an office also drastically reduces costs, which poses an even further advantage to new and smaller fintech, even reducing the barrier to entry of the financial market.

Arguably, however, digital documents are easier to fake than physical documents, meaning that the potential for fraud is more likely to increase, making illegal activities such as money laundering or tax evasion a greater threat. 

Fintechs are most definitely aware of this and have been working on technologies to counteract such threats, utilizing various algorithms to detect money laundering for example.

The Bottom Line

At the very least, a bank is where you stash your cash until you use it to pay the bills or withdraw money. It can also be the place where you get a loan to buy a car or a mortgage to buy a house. If you’re running a small business, it may be where you go to borrow money to expand or improve.

Before choosing a bank, you should make a comparison of the various fees and charges that come with your accounts or any loans you might need. A bit of research and comparison will ensure you find the right fit for safeguarding your money, establishing credit, making payments, applying for loans, receiving funds, and saving money for future needs such as retirement, emergencies, and homebuying.

Какое импортное вино лучше купить

Грузия

• Винели Киндзмараули (500 руб, красное полусладкое).
• Гуремани Алазанская долина (370 руб, белое полусладкое).

Грузинское виноделие насчитывает более 8 тысяч лет истории. Вряд ли я, как администратор сайта в интернете, смогу выбрать из всего этого великолепия пару самых вкусных марок вина

Одних сортов винограда в Грузии насчитывают около 500 вариантов, а про производителей я вообще молчу.
В Грузии издавна повелось, что люди больше уделяют внимание молодому вину, а не старому. «Зачем держать дома старое вино, когда новое уже на подходе?» — говорили грузинские виноделы

Поэтому и я бы порекомендовал вам не смотреть на какие-то дорогие и выдержанные сорта, а отдать предпочтение молодому и недорогому вину. Например, можно попробовать Винели или Гуремани.

Винели Киндзмараули

Италия

• Кьянти Ризерва (600 руб, красное сухое).
• Пино Гриджио Делле Венецие Арнази IGP (850 руб, белое сухое).

Италия традиционно считается страной красного вина. Красные виноградники растут от севера до юга, так как климатические условия это ему позволяют. Белые сорта винограда тоже есть, но расположены они по большей части на южной стороне. Следует учитывать, что, приобретая белое итальянское вино, с большой долей вероятности оно будет кислее, чем напиток из других стран.

Легендой Италии считается Кьянти. Это то самое красное вино, которое подавалось в глиняных кувшинах, увитых лозами винограда. Такую подачу сейчас найти довольно сложно, да это и не нужно. Хорошее Кьянти можно без проблем найти даже в России. Бюджет — от 500 до 3000 рублей за бутылку.

Кьянти Ризерва

Испания

• Барон де Эбро Крианза Риоха DOC (500 руб, красное сухое).
• Финка Вента Дон Кихот (450 руб, белое сухое).

Виноделие в Испании имеет историю около 2 тысяч лет. Это третья страна в мире по производству вина, после Италии и Франции соответственно. На территории страны можно найти около 400 сортов винограда. Самые известные регионы производства — Риоха и Ла-Манча. Именно оттуда рекомендуют попробовать вино туристам.

Барон де Эбро Крианза Риоха DOC

Чили

• Аетос Резерва Привада Карменер (570 руб, красное сухое).
• Резерва Терра Вега Совиньон Блан (600 руб, белое сухое).

Производство вина в Чили, с одной стороны, очень легко и дёшево, с другой стороны, очень рискованно. Дело в том, что в стране прекрасный климат для выращивания виноградников, а также отсутствует главный вредитель — филлоксера (именно поэтому виноград растёт на собственных корнях). Одновременно с этим Чили является сейсмически активным регионам, где периодически происходят землетрясения. За последние 10 лет было несколько случаев, когда из-за подобной активности уничтожалось до 10% всего вина в стране.

Так как в стране не растёт дуб, то вино выдерживают в бочках из бука «раули». Именно по этой причине мы НЕ рекомендуем употреблять выдержанное вино из Чили, так как его качество заметно хуже европейского. Сорт Каменер является самым известным в данной стране, поэтому вино советуем попробовать именно из этого винограда.

Аетос Резерва Привада Карменер

Франция

• Рислинг Эльзас (730 руб, белое полусухое).
• Шато Виллерамбер Жюльен Опера АОС (630 руб, красное сухое).

Среднестатистический француз в 21 веке выпивает 45 литров вина в год. Интересный факт, что всего 200 лет назад французы выпивали почти в три раза больше — до 120 литров вина в год. Больше всего пьют мужчины зрелого возраста, а на молодёжь приходится значительно меньший объём потребления.

Вино во Франции — это как водка в России или текила в Мексике. Говорить можно много, долго и всё окажется правдой. Нужно пробовать. Причём французские марки считаются далеко не самыми дешёвыми. В Россию везут по большей части недорогое вино на экспорт, поэтому за Францию стоит переплатить и взять подороже. Хотя бы в районе 500—1000 рублей, не меньше.

Рислинг Эльзас

Россия (Крым)

• Массандра Кокур (370 руб, белое сухое).
• Массандра Бастардо (400 руб, красное полусладкое).

Я часто езжу отдыхать в Крым и практически всегда пью Массандровские вина. Для себя я чётко решил, что лучшее — это Бастардо и Кокур. Поэтому и вам рекомендую их хотя бы попробовать.

Массандра Кокур

The Central Bank of Russia introduces a temporary procedure for the issuance of cash currency for business

From March 10 to September 10 a temporary procedure for cash currency transactions will be introduced:

• Resident companies during this period can receive cash in U.S. dollars, Japanese yen, pounds and euros in an amount equivalent to 5 thousand U.S. dollars, and only to pay for expenses on foreign business trips.
• Non-resident companies will not be able to receive cash U.S. dollars, Japanese yen, pounds sterling and euros during the interim order period.

All other currencies companies can receive from their accounts in rubles without restrictions, at the market rate on the date of issue.

Source: cbr.ru

What is Fintech?

Fintech is a combination of the words “financial” and “technology”. It’s a term used to describe new technology that aims to automate and improve the use and delivery of financial services and products. 

Fintech is used to help business owners, companies, and consumers easily manage their finances and business processes using software. The technology is usually accessible via their computer or other devices such as a smartphone or tablet. 

Fintech began in the late 1990s when the Internet and e-commerce businesses emerged. By the 21st Century, the technology was used at the backend systems of financial institutions to digitize banking.

Since then, fintech has shifted its focus to consumer-oriented services. It’s now used in various industries including retail banking, investments management, fundraising and nonprofit, education, and financial services for individuals. Cryptocurrencies like bitcoin are also part of fintech development. 

Read also: QR Code Payments: What They Are, How They Work, and How to Accept Them 

In summary

While KYC compliance can increase costs and turnaround time when implemented via legacy systems and manual labor, it’s important to note that KYC innovations such as automation and blockchain technology can help to increase accuracy, efficiency, cycle times, auditability, transparency, centralization, overall compliance, and customer satisfaction. KYC is a vital process for mitigating fraud, money laundering, financial misconduct, and more. However, the time has come to simplify the KYC process with future-proofing technologies.

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Frequently Asked Questions

1. How does Sumsub monitor sanctions lists?

Sumsub conducts AML Screening, which covers watchlists, and ongoing AML monitoring, which updates information about customers—especially high-risk ones—in real-time. We scan thousands of lists on fitness & probity and global/national sanctions including OFAC, HMT, UN. We also utilize a fuzzy-matching algorithm to reduce false positives.
Since the current sanctions situation is rapidly changing, we highly recommend ongoing AML monitoring.

2. The situation is constantly changing. Does your system track all the changes?

We are fully focused on monitoring the developments surrounding the Russia-Ukraine crisis. Our sanction sources are updated as soon as the designations are official and available on the consolidated lists.

3. Do these sanctions mean that it is prohibited to work with businesses and individuals from Russia?

As of right now, sanctions covering a broader range of companies, financial institutions, and individuals (mostly Russia and Belarus elite, and their family members, politicians, and oligarchs) have been added to the SDN list. This does not imply an overall ban on transactions with other Russian individuals and legal entities.
It is worth mentioning that U.S. payment card companies Visa and Mastercard have blocked multiple Russian financial institutions from their network. This means that:

• Visa, Mastercard, and American Express cards issued abroad will no longer work at shops or ATMs in Russia.
• customers will no longer be able to use their Russian Visa/Mastercard cards abroad or for international payments online.

These changes should be taken into account when conducting due diligence procedures.

4. Should we block all users from Russia and Belarus in advance?

It is important to distinguish between prohibited business relationships and those still permissible. To make the right determination, it’s essential to consider the following factors:

• • • the types of goods involved;
    • geographical destinations;
    • specially-designated persons and companies;
    • the resulting risk exposure.

Keep in mind that only some entities and individuals are exposed to sanctions, not entire countries. Companies should rely on the official sanction lists, paying attention to guidelines where available.

5. Our company didn’t use AML Screening before. Are we under the threat?

It would be very challenging for an individual company to conduct its own research all over the globe. You can refer to your AML provider and screen all your current users, but this will take time because of the current increase in demand.

Blacklists and Redlists in the Chinese Social Credit System

So far we have made several references to the ‘blacklists’ and ‘redlists’ associated with the China social credit system. So what exactly is a blacklist?

China currently has a number of national and regional blacklists based on various types of violations. It is expected that over time, the system of blacklists will be fully integrated with the social credit score. 

Businesses can be placed on a blacklist due to a particular violation or because of a poor social credit score. A government notice released in 2016 encourages businesses to consult the blacklist before they hire someone or assign them a contract.

Please note that companies will not be blacklisted automatically for compliance failures.  The corporate social credit system also maintains an irregularity list. This list deals with significant (but not yet ‘blacklist’ level), non-compliance.

Presence on this list means the business is in danger of being blacklisted and should quickly take steps to improve its reputation.

The Chinese government utilizes the blacklist in multiple ways. The list itself is frequently being analyzed, with the available information on both its citizens and companies listed in their Master Database working as a template for assigning each person a score. 

While the China Blacklisting system is still in its early stages, it is already the most prominent system of its kind worldwide. China has already put this system into action, and has barred thousands of Chinese residents’ rights to buy plane tickets and travel either domestically or abroad. However, most of the blacklisting that has occurred to date has been as a result of violations or misbehavior of companies and the individuals working for them. 

In its current iteration, the blacklisting system is highly complex. Instead of having a single blacklist used by the federal government, there are currently hundreds of blacklists being controlled by various state agencies around China. Every agency has its own jurisdiction in which it operates, giving these localized organizations the ability to blacklist individual citizens and companies that operate within their area of authority. 

It’s important to note that being blacklisted under one agency’s jurisdiction may leave the affected party subject to blacklisting from the remaining agencies across the country (the level of integration of blacklists differs across the country and between different government departments).

It typically takes 2 to 5 years to be successfully removed from a blacklist, which often has a negative impact on the privileges afforded to those individuals and businesses in society. Early removal from the list is a possibility for some, depending on the severity of the offense and whether the offending party has done enough to rectify the situation in the eyes of the relevant governing body.

Regulations

Every financial institution is regulated in some way or another to make it safe for people to use. But fintech is generally more lenient and flexible and banks are stricter. 

Fintech

Fintech companies don’t have one particular regulator. This is one reason why so many fintech startups have appeared. Without strict regulation, these companies can make changes to their business and do what they want without strict guidelines. While this makes it easier for fintech startups to work faster and adapt to their users’ needs, some consider it a risky industry. Depending on the country, authorities do regulate fintech businesses. And some companies choose to be more regulated or compliant, so their customers feel safer. 

Traditional banks

Banks are regulated by national or central banks in their country of origin. The regulating bodies require banks to adhere to legal requirements, restrictions, and guidelines that are put in place to safeguard their people’s money. Banking regulations are used to ensure transparency between financial institutions and their customers. 

3. Growth potential 

When comparing two industries, growth is a key factor. Both traditional banks and fintech companies have growth potential depending on different aspects.

Fintech

The pandemic may be a big reason for the digital transformation we saw in 2020, but this trend is here to stay. Fintech Magazine projects that 2021 will be about convenience, inclusion, and sustainability. And this will fuel the growth of financial technologies this year and into the future. 

Traditional banks

This doesn’t mean banks will slip away. Traditional banks have sustained market share, and with fintech on the rise, they are acclimating to changes in consumer needs. This includes adopting fintech features like digital security, mobile payments, and peer-to-peer lending, which lets customers borrow from an individual or group of individuals. 

Traditional banks are highly selective

Most entrepreneurs or business owners require a source of finance to cover operating costs or launch a new product for example. 

Generally, said individuals would attempt to obtain a bank loan from a traditional bank.

Unfortunately, however, a huge number of applications, especially related to SMEs are rejected due as they are deemed high-risk.

In the past, this would have been a huge obstacle for start-ups and other SMEs. 

They would likely have had to find investors, which is generally considered to be a difficult task, leading to the failure of many new and bright ideas.

Currently, however, there is an extensive amount of fintech that exists to cater to this niche, providing not only financing but also bank accounts for SMEs. 

Not only has this led to a large number of successful businesses, but also accelerated economic growth, as SMEs are a huge contributing factor to the GDP of many countries — in the UK alone, SMEs are responsible for nearly 50% of the economy. 

Fintechs, as they do not have to follow static business models, have thus been able to do what traditional banks can’t, leading to many business and economic benefits. 

KYC due diligence checklist

It takes careful planning to implement an effective KYC system. There are a few best practices to follow, including the KYC due diligence checklist below:

Customer Identification Program (CIP): Current U.S. laws require every financial institution to maintain a CIP to prevent money laundering or terrorism funding. A compliant CIP requires a name, date of birth, address, and identification number. Next, the bank must verify this information.

CDD: Deploying CDD effectively means conducting adequate risk assessments and then enhancing the investigation of high-risk customers.

Consistent monitoring: Risk assessment is continuous. You should always monitor for unusual activity. As a result, you can take the right actions before any damage occurs.

Why is fintech growing?

According to McKinsey, during the first few months of COVID-19, the use of mobile banking channels increased by 20-50%, and it’s predicted to remain this way even after the pandemic is over. 

Another study from McKinsey reports that when it comes to digital banking, consumers are demanding a more flexible journey. 71% prefer multi-channel interactions and 25% want a fully digitally-enabled private banking journey with remote human assistance available when needed. Consumer payment trends are also evolving.

To meet customers’ demand for speed, efficiency, and a better user experience, financial providers need to integrate technology into their services. This will enable them to offer the frictionless experience consumers have come to expect. If retail giants like Amazon let customers complete a purchase in seconds, it shouldn’t require a face-to-face meeting to open a new bank account. 

Fintech is bridging the gap between what traditional banks offer and what the modern consumer has grown to expect. The industry has experienced massive growth. In fact, according to The Business Research Company, the global fintech market was valued at about $127.66 billion in 2018 and is expected to grow to $309.98 billion at an annual growth rate of nearly 25% through 2022. 

Image source: Toptal