While many financial institutions have invested in modernizing their front-end digital interfaces and some of their payment capabilities, the true competitive advantage lies in modernizing the back-end systems that power growth, efficiency and customer-centric experiences at every touchpoint in the digital banking journey.

Cyberbank Digital enables banks to create digital ecosystems and build exceptional, responsive digital experiences with natural language processing.

Read the case study to learn more about how Galileo helped SoFi optimize customer support by leveraging state-of-the-art conversational AI technology.

Consumer demand for Buy Now, Pay Later (BNPL), the consumer credit tool that allows people to split retail transactions into smaller, often interest-free payments over time, continues to surge, even outpacing credit card payment growth.

With consumer demand on the rise for digital-centric financial services, established banks risk losing ground to fintechs and other digital-native competitors. For these financial institutions, offering increasingly popular buy now, pay later (BNPL) services could be a prime path to maintaining market share. What’s more, established FIs can leverage some powerful inherent advantages to stay ahead of the BNPL competition.

Pay over time options – often referred to as Buy-Now-Pay-Later (BNPL) – are creating behavioral shifts that change how consumers and businesses engage with financial providers and retailers.

Built to help fintechs, banks and other businesses address the needs of underbanked and underserved customers, Galileo Secured Credit with Dynamic Funding simplifies the secured credit process, making it easier for consumers to manage their debit and credit accounts. This streamlined solution also reduces the risk for lenders by backing credit with secured deposits.

The next generation of secured credit offers a transformative approach that addresses the pain points associated with traditional models, offering enhanced flexibility that drastically improves functionality and user experience for cardholders and significantly reduces barriers to adoption by potential customers.

This streamlined approach means that companies only need to check the credit limit of the central account to ascertain available credit but can still have access to transaction records for each individual card.

3D Secure, a security protocol developed by the card networks, provides an added layer of security to authenticate online credit and debit card transactions. On 3DS-enabled e-commerce sites, the cardholder must verify their identity, often done through an additional password or a one-time code.

When combating the threat of digital banking and payments fraud, financial institutions (FIs) face a difficult balancing act; they must ensure their customers’ funds and data are protected while preserving the fast, seamless digital financial experiences that today’s consumers demand.

Fraudsters increasingly are leveraging artificial intelligence to commit crimes, with AI-powered fraud projected to reach $10.5 trillion by 2025. But the good news is that AI also is arming banks and fintechs with powerful new tools to combat fraud, reducing risk and minimizing losses, while also maintaining streamlined, user-friendly experiences for customers.

Embedded finance represents a major opportunity for consumer-focused brands to boost revenue, enhance customer engagement and shore up long-term business resiliency.

The rise of e-commerce, embedded finance and Banking as a Service (BaaS) has enabled non-financial consumer brands to begin delivering financial services to their customers within their platforms and branded environments.

The rise of embedded finance is one of the biggest factors reshaping the financial services landscape. By enabling the delivery of highly relevant financial tools within the context of the customer journeys occurring over brand-owned digital channels, this model offers powerful benefits for brands and banks alike.