Bank Innovation
NOVEMBER 4, 2019
Personal finance, banking and investment platform MoneyLion is moving its monthly subscription fee to a rate similar to Netflix and Spotify starting next year. The company currently offers a free checking account and a $19.99 per month “Plus” membership, which includes access to 5.99% APR credit-builder loans, cash advances and loyalty perks.
Chris Skinner
NOVEMBER 4, 2019
We hear a lot about how crypto and bitcoin encourages illegal activity, drugs, money laundering and such like. The reality is that such activity today is tiny when compared with the amount of illegal activity, drugs and money laundering goes through the banking system. As of 2019, $829 million in … The post Criminals in the financial system appeared first on Chris Skinner's blog.
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Payments Dive
NOVEMBER 4, 2019
A House of Commons subcommittee is reviewing whether PayPal can be used to make small, online contributions to political parties that would make it difficult to trace the origins of the payments. PayPal allows users to make secure, online payments using a mobile number or email.
Bank Innovation
NOVEMBER 4, 2019
INV Fintech’s new class, announced today, solidifies the accelerator’s pivot to greater bank enablement. INV has refocused its operations within the last year on FI enablement, and the new class – INV’s eighth – is the first solely curated for this directive. The new cohort includes seven startups that are seeking to partner with financial […].
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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
Chris Skinner
NOVEMBER 4, 2019
Things we’re reading today include … Goldman Sachs offers would-be parents on staff $20,000 to buy eggs OneCoin lawyer on trial for role in ‘crypto-scam’ Regulators press Deutsche boss to drop dual roles Santander buys majority stake in fintech Ebury for £350m Edmond de Rothschild chief warns private banks face … The post Things worth reading: 5th November 2019 appeared first on Chris Skinner's blog.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Source
NOVEMBER 4, 2019
The Salvation Army is rolling out contactless payments technology at its 25,000 red kettles nationwide to combat the declining amounts of cash in donors’ pockets.
PYMNTS
NOVEMBER 4, 2019
It has happened to almost everyone. The bill comes in the mail — or maybe via email reminder — and the customer says, “Oh, I have to pay this,” then puts the bill down on their kitchen table or desk. Days pass, stuff piles up and, before the customer knows it, the due date has come and gone. Now, they owe the original bill, plus the late fee. Amazon Pay Vice President Patrick Gauthier told Karen Webster in a recent interview that billing is one of those areas in which, once the company put a lit
Payments Source
NOVEMBER 4, 2019
Cash access has grown tighter in the U.K. as more consumers adopt digital payments and banks shrink their fleets of branches and ATMs. Could the U.S. could see a similar phenomenon?
PYMNTS
NOVEMBER 4, 2019
In today’s top payments news, Banco Santander is acquiring just over 50 percent of the U.K. payments platform Ebury for $453 million. Also, Goldman Sachs has doled out approximately $10 billion in credit lines for the Apple -branded credit card. And Capital One is back online after a major outage. Goldman Extends $10B In Apple Card Credit In First Month.
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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
Payments Source
NOVEMBER 4, 2019
Mobile bank Zero expands; Japan's Paidy raises funds; mobile wallet growth in China; and other information you need to start your day, from PaymentsSource and around the web.
PYMNTS
NOVEMBER 4, 2019
Lenders need to meet borrowers’ needs before any of their competitors swoop in, which means application processes must be as quick and seamless as possible. That need for speed is also critical when it comes to loan disbursements , according to Paul Gu, co-founder and head of product for personal lending provider Upstart , as slow payouts can create frictions and frustrate customers.
Qudos Bank
NOVEMBER 4, 2019
Keeping your personal information and banking details safe is our top priority. With the recent introduction of a host of new banking services, including Apple Pay, Google Pay and real-time payments, we want to take this opportunity to provide you with a few tips on how you can stay safe when using your mobile and Online Banking services.
PYMNTS
NOVEMBER 4, 2019
Pair Eyewear Co-Founder and CEO Nathan Kondamuri started wearing glasses when he was 8 years old, around second or third grade. He told PYMNTS in an interview that he remembers “how daunting” and uncomfortable “of an experience it was getting glasses for the first time.” It’s the first time that kids start to look different from others in their class — and, beyond that, he noted that the actual “buying process of glasses doesn’t really help the situation at all.
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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.
CFPB Monitor
NOVEMBER 4, 2019
The CFPB, joined by the Minnesota Attorney General’s Office, North Carolina Department of Justice, and the Los Angeles City Attorney, filed a lawsuit in the U.S. District Court for the Central District of California against two companies involved in the marketing and sale of student-loan debt-relief services as well as individual owners and managers of the companies alleging violations of the CFPA, the Telemarketing Sales Rule (TSR), and various state laws.
PYMNTS
NOVEMBER 4, 2019
Competitive forces in the payments and financial services sector have driven two key trends in the U.S.: the acceleration of payments, and the adoption of open banking frameworks. Both are key to addressing the modern demands of end-users. Use-cases for real-time payment capabilities continue to grow for consumers, small businesses and corporates, while the open banking business model is proliferating beyond the ability for FinTechs to loop into their customers’ bank account data, and into new o
Matt Wilcox Pro
NOVEMBER 4, 2019
It is a defining moment in the life of a jumble of letters when the jumble attains real-word status. While most people understand acronyms like laser, sonar, and snafu, few can identify their component words. (Light Amplification by Stimulated Emission of Radiation, SOund NAvigation Ranging, and it’s just as well that not too many people [.
PYMNTS
NOVEMBER 4, 2019
Consumers have a bad case of app fatigue. There was a time when consumers were eager to download and experiment with apps that could offer new, unique connected shopping experiences, but that time seems to have come to an end. Their interest in downloading and using new apps is down across the board. It is not difficult to understand why. Not only are 2 million apps available on the App Store that consumers can download and use via smartphone, but voice assistants like Alexa can now be equipped
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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.
Qudos Bank
NOVEMBER 4, 2019
If you’re currently looking into home loans, you may be weighing up whether a fixed rate or a variable rate is right for you. Fixed rate loans can give you a measure of certainty while variable loans are more flexible. Making a choice between the two can be daunting, especially as signing up one way or the other can lock you in for a period of several years.
PYMNTS
NOVEMBER 4, 2019
U.S. lawmakers proposed new legislation last week that would require internet platforms to more or less lay bare the intellectual property that drives their business model – their algorithms. The Filter Bubble Transparency Act targets “large-scale internet platforms” and the so-called “filter bubbles” they create when their “secret algorithms” are used to curate and personalize search returns.
William Mills
NOVEMBER 4, 2019
William Mills Agency had the pleasure of attending Money 20/20 in Las Vegas last week. Heather Sugg, William Mills and Amber Bush heard from the industry's best and brightest about the latest trends and changes in payments. The theme this year was "Journey to the Future of Money," which was reflected in the forward-thinking speakers and sessions. Experts from companies like eBay, Uber, Amazon and Mastercard shared their predictions and advice.
PYMNTS
NOVEMBER 4, 2019
Online small business lending platform Kabbage is teaming up with small business website development firm GoDaddy. Together, the companies are expanding access to financing for GoDaddy entrepreneur users, the firms announced in a press release on Monday (Nov. 4). Their strategic partnership allows GoDaddy users in the U.S. to access Kabbage’s business line of credit offering of up to $250,000, which businesses can obtain in a few minutes.
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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.
Payments Source
NOVEMBER 4, 2019
Regulators globally are using "tech sprints" to test new anti-money-laundering solutions. More can be done, but it's a good start.
PYMNTS
NOVEMBER 4, 2019
Baltimore-based Under Armour is being probed over its accounting practices by the U.S. Securities and Exchange Commission (SEC) and the U.S. Department of Justice, The Wall Street Journal (WSJ) reported on Sunday (Nov. 3). Justice Department prosecutors are conducting a criminal inquiry into the matter while the SEC supervises a civil probe, a source told the WSJ.
Payments Source
NOVEMBER 4, 2019
By using host card emulation, issuers can gain more control over their own mobile payment apps, says FIME's Christian Damour.
PYMNTS
NOVEMBER 4, 2019
Gig workers are disrupting Instacart’s delivery business Nov.3-5 to demand an increase in default tips and overall pay, Fast Company reported on Sunday (Nov. 3). . Open letters to Instacart CEO and founder Apoorva Mehta were signed by 212 workers who want the company to overhaul its tipping structure and increase default tips from 5 percent to 10 percent. .
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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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