Chris Skinner
JULY 8, 2019
The next day, the grandson came to visit his grandfather again, and immediately returned to the conversation of yesterday. Grandson: Granddad, you know you were talking about how money and banking used to be. Well, I think it’s a lot better today. Granddad: How so, lad? Grandson: Well, a good … The post A mortgage in an app? appeared first on Chris Skinner's blog.
Payments Dive
JULY 8, 2019
Efforts by European regulators to provide stronger authentication could serve as a model for payments in the U.S.
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Chris Skinner
JULY 8, 2019
Things we’re reading today include … Big ax falls as Deutsche Bank to lay off 18,000 in $8.3 billion ‘reinvention’ What went wrong at Deutsche Bank? Deutsche Bank shares rise as 18,000 global job cuts begin One-fifth of sole traders close down within a year – study Half of UK … The post Things worth reading: 9th July 2019 appeared first on Chris Skinner's blog.
Bank Innovation
JULY 8, 2019
Survey after survey tells us that customers continue to value their experience at the branch. Perhaps it is because humans reassure them. A handshake, a frank conversation about the future, the eye contact, a personal story – these are exchanges that build trust and relationships. However, people aren’t visiting branches very often. According to some […].
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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
PYMNTS
JULY 8, 2019
The good old days of a two-year product development cycle are pretty much over. These days, no matter how creative, innovative and disruptive an idea a financial services player may have, the reality is they don’t have a lot of time to sit around developing it. “Speed to market is critical, more so today than it has ever been in history. In a couple of months, your great idea will have two or three competitors,” Joseph DeRosa, executive vice president of global sales at i2c , told PYMNTS in a re
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
JULY 8, 2019
Many traditional banking institutions and governments have shown skepticism, silence and resistance to Facebook’s proposed cryptocurrency Libra, according to reports. . Though the currency could potentially alter the financial landscape for good, many banks have simply not responded to the issue. “We’re still learning what it is and trying to work out where we stand on it — are we an opponent, partner or do we ignore?
Bank Innovation
JULY 8, 2019
At Bank of America’s auto division, preserving a personal touch is key to engaging with both consumers, according to Duane Freeman, the bank’s senior vice president of consumer vehicle lending and national sales executive. “In our client direct auto product, 55% [of loans] are digitally originated, but only 8% of those transactions are unassisted where the […].
PYMNTS
JULY 8, 2019
In the pre-digital age of financial services, AML/KYC was a very slow process. The government would put out their lists of sanctioned entities – hostile governments, drug kingpins, organized crime organizations and affiliates, etc. – and compliance teams would manually check onboarding customers to make sure their records were clear. The system has always had its flaws, noted Alain Meier, CEO of Cognito – but in a pre-digital banking world where onboarding was a multi-day process, it wasn’t comp
Accenture
JULY 8, 2019
As personal banking experiences continue to drive up the expectations of small- and medium-sized (SME) banking customers, many questions are arising for banks in this marketplace. Some of the most pressing are around the technology, tools and data needed across the front, middle and back office to help relationship managers (RMs) meet SMEs’ rising expectations.
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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
PYMNTS
JULY 8, 2019
When Facebook’s Libra news broke like a tidal wave on the payments and commerce ecosystem a few weeks ago, there was no shortage of opinions about what it meant and whether or not it would take the world by storm. For Prajit Nanu, CEO at InstaReM , it was a singular experience – not because of what was said about the Libra platform itself, but because of something he learned about the world through watching its reactions.
Accenture
JULY 8, 2019
In our previous blog , we talked about the future of mid-size banks and evaluated strategic options including partnerships, the creation of bank utilities (or outsourcing to existing utilities) or leveraging the Banking-as-a-Service model. The traditional merger and acquisition (M&A) route is still a strategy for growth and there are new approaches to M&A that merit examination.
PYMNTS
JULY 8, 2019
A KeyBanc analyst says Shopify could eventually rival Amazon in gross merchandise volume, according to a report by Bloomberg. . Josh Beck wrote in a note to investors that the online marketplace has received “overwhelmingly positive” feedback from developers, partners and merchants at three recent conferences. He also raised his 2020 revenue price target from $300 to $350.
Bank Innovation
JULY 8, 2019
Japanese mobile payments app Kyash is making a play for consumer wallets with a Venmo-style digital and physical debit card that handles merchant paym.
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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.
PYMNTS
JULY 8, 2019
Payments technology company InComm has acquired Meridian Loyalty, a business incentives company that works to build loyalty as well as engagement opportunities for corporations, according to a release. . InComm acquired Meridian to help strengthen its incentive initiatives with the creation of rewards and membership-type programs and management tools for employee, B2B and B2C platforms.
Bank Innovation
JULY 8, 2019
At Bank of America’s auto division, preserving a personal touch is key to engaging with consumers, according to Duane Freeman, the bank’s senior.
PYMNTS
JULY 8, 2019
Can cameras replace cashers in retail? The grocery industry is making a go of it. The latest effort comes from the U.K. According to a recent Wall Street Journal report, British grocer Tesco plans to open a “pick and go” or “frictionless shopping” store to the public next year, following testing the store technologies with employees. “Eventually it wants to use the technology, developed by Israeli startup Trigo Vision , in more of its smaller grocery stores,” the report said.
Bank Innovation
JULY 8, 2019
Survey after survey tells us that customers continue to value their experience at the branch. Perhaps it is because humans reassure them.
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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.
PYMNTS
JULY 8, 2019
Australian small business cloud accounting company MYOB was managing a system glitch last week after it confirmed hundreds of payroll reports known as group certificates or payment summaries were sent to the wrong recipients. The Sydney Morning Herald reported Thursday (July 4) that MYOB confirmed a technical glitch had forced the company to shutter some of its systems the week prior.
Ron Shevelin
JULY 8, 2019
When will the Amazon invasion in banking arrive? As Mark Twain said, "First slowly, then all at once." Look for a small acquisition by Amazon of some fintech-related provider as the first signal. But when the invasion comes full force, it won't look like a lot of people think it will.
PYMNTS
JULY 8, 2019
In a move that extends payroll card portfolios to serve small and medium-sized businesses (SMBs), global business payments company FLEETCOR Technologies, Inc. has acquired payroll card provider SOLE Financial. The move is said to bring SOLE together with FLEETCOR’s existing digital paycard business and grow the company’s overall addressable market, according to an announcement.
Payments Source
JULY 8, 2019
Installment payments are catching on quickly with merchants and their customers, creating a fierce competition among rivals who are building competing technology and business models to approach the new market.
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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.
PYMNTS
JULY 8, 2019
Google has suspended a fraudulent mobile app that claimed to offer system-level Android updates to smartphones. While the app on the Google Play Store , called “Updates for Samsung,” did indeed redistribute Samsung’s software, it was also a scam to get users to pay money for the updates. As a result, Google told The Verge that the app violated its policies and has been “suspended.”.
Payments Source
JULY 8, 2019
Amazon is moving into new markets armed with local storage lockers and partnerships, while many traditional retailers still lack the proper online capabilities, claims Arik Shtilman, CEO and co-founder of Rapyd.
PYMNTS
JULY 8, 2019
The debt balances climb ever higher. In the latest data reported by the Federal Reserve, total credit was up $17.1 billion in May as measured month over month. Drilling down a bit, the numbers show that revolving debt was up at the fastest pace since October of last year and Bloomberg reported that credit card and other revolving debt posted gains that outpaced non-revolving debt.
Insights on Business
JULY 8, 2019
Organizations are fast realizing the value sales performance management (SPM) solutions are bringing to the table in terms of increased sales performance and operational efficiencies. However, today’s SPM software should not only improve sales performance and operational efficiencies with better incentive compensation plans, but should also help align sales with corporate goals.
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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.
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