Living in a post digital revolution world, most would agree that we have sacrificed much of our privacy for the sake of convenience. Unfortunately, sacrificing privacy can also mean sacrificing security and that presents a serious challenge for banks who are in the industry of security.
The service digitisation process which may be observed for more than a dozen (if not more than twenty) years does not skirt the financial sector. What should the wealth management service look like in the digital transformation era and what strategies can be adopted by the institutions offering them?
Money laundering is in the news all too often and, based on the pervasiveness of this charge, it is safe to say a lot more illicit cash is slipping under the radar of unwitting banks and regulators.
Determining the level of customer reliability with regard to the timely loan repayment is one of the key elements of credit risk assessment. This is done on the basis of a credit history analysis and scoring, based on the customer's characteristics.
It is based on attributing points to customer characteristics reflecting both quantitative (mainly financial data) and qualitative elements (e.g. marital status, education level, etc.). It applies both to individual customers and enterprises (especially in the micro and SME segments).
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