Open Finance Faces Legislative Hurdles, Behavioral Biometrics

Engendering an open finance system in Mexico is obstructed by unclear regulatory restrictions. Meanwhile, finance sector security leaders weigh the potential of behavioral biometrics as a tool of buttressing security around end users for an added layer of security. Intel and Jalisco’s government announce a tech training program focused on developing specialized talent for the country’s emerging semiconductor industry.

In other news, Cluvi aims to transform dining profitability by streamlining food ordering through digital systems powered by menu engineering. 

This is the week in Tech:

Disruptive Technology

How Menu Iterations Are Transforming Dining Profitability 

Before the pandemic, restaurants relied on physical menus that required frequent reprints to accommodate changing needs and circumstances. However, the onset of digitization accelerated by the pandemic, presented Cluvi with a unique business opportunity to streamline food ordering through digital systems, powered and inspired by menu engineering. Whether you are seated at your favorite restaurant, a stadium or a cinema, Cluvi's services expedite and simplify the payment process.

Open Finance Lags in Mexico

Open finance and open banking are revolutionizing the way institutions harness user data. However, while these models promise to streamline data sharing, in Mexico, their potential remains blocked by unclear regulations. Deputy Minister Gabriel Yoiro urged commissions to streamline regulations that would allow fintechs and other companies to engage in open finance and open banking, alleging it will boost competition and innovation. 

Industry Trends 

Behavioral Biometrics as a Security Solution in Finance

The onslaught of sophisticated cyberattacks poses significant security challenges for financial organizations, as their digital perimeter continues to expand to end users. Managing critical infrastructure, these institutions have swiftly adopted advanced security methods and tools, with a primary focus on detection and response capabilities. However, through behavioral biometrics, companies have the opportunity to be proactive by fortifying the security perimeter right from the end user's side. 

Intel and Jalisco’s Government Announce Tech Training Program

Intel and the SICyT announced a strategic alliance focused on the development of specialized talent for the country’s emerging semiconductor industry. This initiative, bolstered by the support of the State Council of Science and Technology of Jalisco, is meant to address the pressing need for skilled professionals in the semiconductor sector within the country. Trained at the Guadalajara Design Center GDC, beneficiaries will be granted exclusive access to cutting-edge equipment presently employed in the technological design and validation of semiconductors.

Executive Perspective 

The Crucial Role of Financial Education for Employees 

In the context of a volatile and ever-evolving economic landscape, the significance of financial education for employees cannot be overstated. This education empowers individuals to navigate complex financial instruments and investment opportunities, reducing the risk of detrimental consequences from uninformed decisions. Conversely, employees lacking financial literacy may struggle with debt and financial emergencies, leading to reduced workplace productivity. "By equipping employees with the knowledge and skills to navigate the intricacies of personal finance, organizations and societies can pave the way for a more financially secure future," says Carlos Ramírez, CEO and Founder, Pulpi.

Garbage In, Garbage Out: The Importance of Data

Data is the most valuable asset across industries, fueling decision-making, strategy development and overall business prosperity. Yet, data disorganization remains a pervasive issue, hampering efficiency in both personal and professional spheres. The sheer volume of data compounds the challenge of ensuring data quality, which, when lacking, can lead to misguided decisions and wasted resources. However, "by addressing poor data quality proactively, businesses can enhance their decision-making processes and gain a competitive advantage in their respective industries," says Miguel Villalpando, Vice President of Sales and Marketing, VIAS3D.