Financial services

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The negative effect of cyber security on client trust

Business email compromise attacks, also known as masquerading or invoice scams, are, according to bankinfosecurity.co.uk, becoming more “sophisticated and pervasive”.

The attacks use a range of techniques such as scheduling fraudulent wire transfers or diverting funds scheduled to be sent from one account to another, for example house purchase funds from a lawyer’s escrow account to the scammer’s own account.

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The big question for 2016.

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How do you allow your people to use instant messaging compliantly?

From 20 days to seven minutes is the time saving in small business loan approval times that fintech start up Kabbage has pulled off according to McKinsey’s article on breakthrough customer experiences published this month.  Wealth managers used to a rather more leisurely pace – partly hindered by legacy systems and slow information retrieval – should take note.

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How’s the portal going?

By Douglas Orr, CEO of Novastone Media –

I admit I enjoy asking this question of CEOs and COOs at the private banks and wealth managers that I meet.

Only a few years ago online portals were seen as the great leap forward for the wealth management industry seeking to provide their clients with an improved experience online. But that was then and this is now, and the truth is that portals have not really engaged clients.

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“Wealth managers need to embrace the hard things such as Cyber Security and realise there is no manual or business book to give them the answers”

Novastone CEO and Founder Douglas Orr took to the podium at this year’s  Annual PAM Operations Dinner to discuss the risks of cyber security in the wealth management sector.

 “Wealth managers need to embrace the hard things such as Cyber Security and realise there is no manual or business book to give them the answers”

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Slack Security

Your inbox may not be bloated, but your security is confirmed as compromised.

All to often we hear about personal pictures being hacked into and shared from cloud solutions, online (banking, communication, storage) systems being compromised, Slack is the latest company to fall victim to a security failure.

Receiving a message from companies like the below makes us sceptical about using new communication solutions.

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The Impact of Budget 2015 on Fintech

Computer Weekly has a great summary of Budget 2015, which includes a range of measures to help support the growth of technology and digital government across the UK.

As company operating within the fintech industry we are particularly interested in items that aim to have a positive impact on digital innovation, business development and attracting funding.

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Innovate Finance Global Summit 2015

As an Innovate Finance member alongside other leading financial service technology-led innovators, we aim to promote the fintech industry in the UK and overseas, and hope that a ‘power in numbers’ voice can influence policy makers, and attract investment.

Yesterday novastone showcased WealthChat at Innovate Finance Global Summit 15. The Watch Innovate Finance’s highlights of event.

We look forward to updating you on our journey, here and on twitter.

in the press: thewealthnet features WealthChat

Has a solution to wealth managers’ email cybercrime fears been found?
By Tristan Blythe, Group Editor
Read the article online at thewealthnet

Cybersecurity has been front page news recently, thanks to the hacking of Sony Pictures Entertainment.

The hack meant many private emails from executives at the firm were made public. This highlighted the need for organisations and individuals to take the issue seriously and demonstrated the vulnerability of email.

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