Mon.May 13, 2019

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Does your bank look like this?

Chris Skinner

Henry Ford famously stated: “If I had asked people what they wanted, they would have said faster horses.” Of course they would, as they had no idea what anything else was. In fact, I use this story often as a Victorian vision of the future was a steam-powered robot horse. … The post Does your bank look like this? appeared first on Chris Skinner's blog.

Course 408
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Visa: US Starting To Close The Contactless Gap

PYMNTS

Globally, tapping to pay with contactless cards has taken off remarkably, and the U.S., after years of lagging behind, is starting to catch up, according to a new blog post from Visa. “We’re excited to share that tapping to pay is becoming a reality across the U.S., and continues to gain momentum globally,” Dan Sanford, global head of contactless payments, Visa wrote in the May 13 post.

US 216
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FIs Have Big Plans for AI. Supporting Networks? Not so Much

Bank Innovation

Despite the investment that financial institutions already are making or planning to make in emerging technologies like artificial intelligence, 46% of IT leaders in the industry have yet to develop a clear strategy to modernize their network, a new AT&T survey found. In fact, just 12% of the 350 senior IT executives could state categorically […].

Survey 170
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As P2P Payments Spreads Its Wings, Challenges Loom

PYMNTS

The spotlight burned brighter for peer-to-peer (P2P) payment services in the first quarter of 2019, with those payment methods finding popularity among more consumers. However, P2P’s future growth will depend on solving problems related to data privacy and other issues — at least, according to some observers. Perhaps the biggest story in P2P, though, is the ongoing battle between P2P providers Zelle (operated by Early Warning Services ) and Venmo (owned by PayPal ).

Payments 198
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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

Now is the time for lenders to prioritize their digital transformation initiatives in preparation for the lending rebound. Rising competition and ever-increasing customer demands for speed and efficiency are forcing financial institutions to embrace digital transformation. This shift can feel overwhelming—where do you begin? This infographic illustrates automation demands and shows you how loan document automation serves as an essential step to increase profits and provide the best lending exper

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InComm, Mastercard Partner for Wearable Devices

Bank Innovation

InComm, a payment technology company, and Mastercard are trying to make brick-and-mortar store payments seamless and secure. Last week, InComm announced that its prepaid MyVanilla Mastercard now works on certain FitBit and Garmin devices. By partnering with the payment processor and the banks issuing the cards, InComm believes it can boost consumer security.

Security 170

More Trending

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SoftBank Makes $800 Million Bet on U.K. Financier Greensill

Bank Innovation

SoftBank Group Corp.’s Vision Fund is betting $800 million on Greensill in its second big investment in a U.K. financial services firm this year. The investment values privately held Greensill at about $3.5 billion, founder Lex Greensill said in an interview on Bloomberg Television on Monday. That’s more than double the valuation the firm fetched […].

Groups 170
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How Retailers Could Turn Smart Vending Into A $15B Market By 2025

PYMNTS

As technology reshapes the way buyers access goods and services, consumer expectations are moving targets, and merchants that hope to survive can’t afford to fall behind. In the unattended retail space, vending operators are also becoming more aware of the shifting behaviors of their shoppers and the need for swift and digital payment options.

Retail 177
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Deloitte Report Identifies Unmet Cybersecurity Risks

Bank Innovation

In an age of technological advancement, banks are striving to keep up with the risks that are inherent to innovation. For consumers, it raises important questions of how financial institutions are fighting these risks. A recent survey by Deloitte Insights on cybersecurity maturity at financial institutions illustrates exactly what the issues surrounding cybersecurity are.

Report 170
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Packing Robots Coming To Amazon Warehouses

PYMNTS

Amazon, which has been adding automation to its shipping and delivery services, is mulling deploying packaging machines at warehouses, which would scan packages as they come off the conveyor belt and place them in custom boxes. Citing two people who worked on the project, Reuters reported on Monday (May 13) that the technology is installed at some of its warehouses.

Training 174
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The State of Automation in Financial Services 2024 Report

In this report, you’ll find a comprehensive analysis of survey responses from executives at banks, credit unions, and insurance companies concerning their organization’s current and future use of automation. The report’s key insights include: Which types of automation are saving organizations the most time and money How to overcome the biggest barriers to automation implementation and adoption Why automation investments will continue to grow over the next few years How much you could save in 202

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Americans Don't Want A 'Digital' Bank

Ron Shevelin

Just 3% of Millennials have their primary checking account at a digital bank like Simple, Chime, or Moven, according to a new study from Cornerstone Advisors. And not surprisingly, that percentage drops to 1.5% of Gen Xers, and 0.8% of Baby Boomers.

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Impossible Foods Notches $300M Investment

PYMNTS

Ahead of a potential initial public offering (IPO), meatless burger maker Impossible Foods said it has notched a $300 million investment in its newest funding round. The raise by the firm, which is backed by celebrities like Katy Perry and Serena Williams, shows the increasing appeal in plant-based foods that aim to have a meat-like taste, Reuters reported.

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Objections to 3-D Secure are shortsighted

Payments Source

The short-term disruption is worth the benefits of improved security and user experience, writes IIya Dubinsky, head of the CTO office at Credorax.

Security 122
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Mastercard, Kisio Team To Streamline Transport Payments

PYMNTS

Mastercard and Kisio, a unit of Keolis, are joining forces to make it easier for people to pay for transportation around a city. In a press release , the companies announced at Smart Cities New York (SCNY) that Mastercard and Kisio will transform how millions of people get around cities by embedding Mastercard’s payment technology into Kisio’s trip planning and ticketing capabilities.

Payments 166
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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

Commercial lending is on the verge of a resurgence, but traditional processes are an obstacle. Explore the top 3 reasons for resistance to digital transformation and how overcoming them can pave the way for growth and efficiency. Discover why embracing automation and digital solutions is crucial for success in today's competitive landscape. Discover how GoDocs helps commercial lenders in the digital era with seamless integration and a borrower-focused approach.

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Why creditors and servicers should care about the CFPB’s proposed debt collection rules

CFPB Monitor

The Bureau’s proposed debt collection rules , released last week, only apply to debt collectors, as defined under the Fair Debt Collection Practices Act. So, why should creditors and servicers be interested in them? Lots of reasons. First, a number of provisions call for creditors (or by extension, servicers) to take action before a debt is assigned to a collection agency in order to facilitate the collection agency’s use of electronic communications with the consumer.

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The Fearlessly Weird Approach To QSR Dining

PYMNTS

Most businesses, particularly new businesses, advertise their intention to be “different,” unique” or to “stand out from the crowd.” That is more or less to be expected, and those phrases come pre-loaded into the new business starter kit. But few go with the term “fearlessly weird” as &pizza (pronounced “and pizza”) Co-Founder and CEO Michael Lastoria has done with his business — a term he first coined in an interview with QSR Magazine.

Branding 164
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Algo-assistance: The compliance vs profit margin battle | AssetManTech Series

Bobsguide

Caught between the rock of regulation and the hard place of fee reduction, it's currently a difficult climate for banks and asset managers.

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Popular Millennial Site Bleacher Report Dives Deep Into Sports Betting

PYMNTS

Bleacher Report, a millennial-focused sports website, has been steadily expanding into the sports betting space, attracting a new generation of gamblers who don’t consider sports gambling a bad thing, according to a report by CNBC. About a year ago, the Supreme Court changed the laws on sports betting, and many companies are now integrating odds into their sports coverage.

Las Vegas 161
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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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The intel to thwart new cyberattacks already exists

Payments Source

There are almost no vulnerabilities that aren't covered by some sort of intelligence or data, says Steven Rogers, president and CEO of Centripetal.

Data 103
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SMB Accountants Pull Data Integration To The Top Of Their Priority Lists

PYMNTS

The rise of small business (SMB) accountants as financial advisors to their clients has emerged in parallel with a surge of back-office software solutions. In part, these FinTech platforms have challenged accountants to remain relevant by acting as strategic advisors, and the technology has empowered accountants to do just that by automating tedious, time-consuming tasks and freeing up assets for accountants to take on that elevated role.

Data 153
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Seven signs youâ??ve outgrown your treasury management system â?? revisited

Bobsguide

We first published this piece in 2015 as a kind of checklist for those bank treasuries trying to achieve everything demanded of them but struggling to do so efficiently. The ‘seven signs’ were indicators of where fragmented, legacy treasury management systems may be letting them down as.

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Boost Mobile Notifies Customers Of Hacking Attack

PYMNTS

Boost Mobile, a network owned by Sprint, has notified customers of a hacker attack that accessed an unknown number of accounts, according to a report. The company sent out a notification to its customers about the incident. “On March 14, 2019, Boost.com experienced unauthorized online account activity in which an unauthorized person accessed your account through your Boost phone number and Boost.com PIN code,” the company said.

Mobile 145
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Top 10 Benefits of Automating Loan Modifications for Commercial Lenders

Get ready for the wave of $1.2 trillion in commercial debt maturing in the next 24 months with GoDocs' ModDocs® platform. Traditional loan modifications are slow, expensive, and prone to errors, which put lenders at risk. But with ModDocs®, you can enjoy an innovative solution that eliminates attorney fees, allows on-the-fly loan modifications, and ensures compliance.

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Visa tightens fraud caps as merchants face new digital scams

Payments Source

Restaurants, electronics sellers and digital-goods merchants are seeing sharp spikes in fraud as criminals find creative new ways to interfere in online and mobile commerce.

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Uber Stock Ends Day Two Down 10.7 Pct. At $37.10

PYMNTS

Day two, strike two, and more of the same for Uber. Monday’s trading marked the second session of the ride-hailing giant’s tenure on the public markets following its initial public offering (IPO), and there was no respite to the selling. Shares of the company finished the session down 10.7 percent, to $37.10. Busted IPO , indeed, considering the Thursday pricing was $45, itself at the low end of the range that had been expected by Wall Street coming into the end of last week.

Marketing 140
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OakNorth AIâ??s Hunter: Banks making loan origination data mistakes

Bobsguide

Banks are making fundamental mistakes by not utilising the reams of data they receive during the loan origination process for small and medium enterprises (SMEs), according to Sean Hunter, CIO of OakNorth Analytical Intelligence (ONAI). “They silo this data away and it could often be.

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Getting Everyone Into The Innovation Fast Lane

PYMNTS

With Uber and Lyft IPOs now solidly in the rearview mirror, the question for many watching the market is what’s next – and what will the the next round of innovations in retail and payments look like? And how inclusive will they be? As commerce goes increasingly online, and becomes digital and automated, will there be enough on-ramps for the millions of Americans whose payments are still largely paper-based?

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.