White Papers
The following "white papers" cover a range of topics on technologies, applications, trends and business ideas of relevance to the banking and payments community. |
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Driven by remarkable advances in technology, we are in an era of outstanding business opportunities (but also threats) for banking and payments. Activities such as on-line banking and e-commerce are now commonplace. The important new EMV chip infrastructure has now reached critical mass in most of the developed world. And a new world of social media, mobile communications and Web 2.0 is just emerging. The future is bright for those who correctly interpret the present.
EMV Chip in the US
In 2012 I worked with partners Savantor and Auriemma Consulting Group on an informal survey of EMV chip in the US. We interviewed senior officers at US banks, retailers and processors to get their views on the US migration to chip, how it was likely to proceed, and the opportunities and challenges involved - I included some initial impressions in an Opinion article. We published a white paper with key findings and a commentary. Although migration is probably inevitable, there are formidable challenges ahead and a need for more central coordination and leadership.
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Technology Innovation
Models of technology innovation illustrated by EMV chip developments. Click below for a presentation covering Hinzmann's golden rules of technology development, including a model of technology innovation in terms of applications and infrastructures, and an illustration in terms of EMV added value applications.
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EMV Chip Added-Value Applications
The global migration to EMV chip cards and terminals is finally complete in several countries, including the UK. There is now an outstanding opportunity for banks to leverage their investment in this new infrastructure with added value applications.
Remote Chip Authentication
Online card payment authentication using the card schemes' 3D Secure protocol (SecureCode and VbV) is gaining traction and is helping to make online shopping more secure. But this still only represents single-factor authentication. Meanwhile an increasing number of banks are using Remote Chip Authentication (RCA - also known as CAP or DPA) for secure online banking. The next logical development is to combine these two approaches by using RCA to generate 3D Secure one-time-passcodes for strong, two-factor authentication of all remote banking and payment transactions.
The Post-SEPA Payments Landscape
The European payments processing landscape is changing rapidly. Which organisations will emerge as winners as the industry converges in the context of SEPA? Collin Consulting Ltd carried out an informal survey to find out.
Virtual Value Chains
The Virtual Value Chain is a useful model for understanding information-based industries, and banking and financial services are increasingly information-based. By analysing a retail financial operation in terms of the three components of the value chain - Content, Infrastructure, and Context - we can gain valuable insights into the strategies open to such operations, and how best to organise and manage for success.
E-Trust
By leveraging trusted relationships with their customers and with each other, banks could create a whole new "e-trust" industry by providing a trusted environment for secure trading over the internet. Every bank should include e-trust services as part of its virtual world strategy.
Speech Recognition
Speaker-independent speech recognition over the telephone is now a commercially viable solution for automating routine call centre transactions. This technology can result in significant cost savings while also improving service levels, and can be used by anyone with access to a telephone, anywhere, without any special training or equipment.
Voice Verification
The technology now exists to authenticate customers over the phone using the unique physical characteristics of their voice, cheaply, easily and securely. When combined with automated speech recognition, this could be a "killer application".
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