Tue.Oct 15, 2019

article thumbnail

4 ways banks and credit unions can stay ahead of fintech startups

Payments Dive

With the intensifying competition from fintech startups, financial institutions need to step up their game, especially when it comes to digital, or they risk losing ground to these newcomers.

Fintech 300
article thumbnail

Google’s payday loan app ban adds pressure on high-interest lenders

Bank Innovation

Google Play is banning digital lenders whose products have APRs of 36% or higher, per a Wall Street Journal report Sunday. While the move may be seen as pro-consumer, it’s a sign lenders have more than just regulatory compliance to consider in the evolution of their product strategies. According to the report, the ban affects […].

Google 236
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

App security an issue when banks partner with fintechs

Payments Dive

As banks strive to offer customers good online experiences, they often partner with a variety of fintechs. But how do they ensure that their apps are secure?

Security 246
article thumbnail

Mister Bó Jangles: the story of yet another new UK challenger bank

Chris Skinner

Like quite a few big banks, the Royal Bank of Scotland (RBS) has been messing about with doing digital by launching a number of new initiatives. The two of most note are Bó, a new retail bank, and Mettle, a service for small to medium enterprises (SMEs).* What fascinates me … The post Mister Bó Jangles: the story of yet another new UK challenger bank appeared first on Chris Skinner's blog.

Retail 218
article thumbnail

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

article thumbnail

4 keys to a successful retail digital engagement strategy

Payments Dive

As digital channel growth shows no sign of slowing down, it represents a significant revenue opportunity for brands, retailers and other consumer-facing businesses. But what does an effective strategy look like and how can businesses successfully create and execute against it?

Strategy 207

More Trending

article thumbnail

Things worth reading: 16th October 2019

Chris Skinner

Things we’re reading today include … The Fed has lightened the load on America’s banks A Nobel economics prize goes to pioneers in understanding poverty Third of biggest banks fail to sign up to climate initiative Bank of England boss says global finance is funding 4C temperature rise JPMorgan earnings … The post Things worth reading: 16th October 2019 appeared first on Chris Skinner's blog.

193
193
article thumbnail

Mobile users drive deposit growth at Bank of America

Bank Innovation

For Bank of America, mobile and digital channels are sustaining its retail business. In a third-quarter earnings call Wednesday, CEO Brian Moynihan stressed the importance of digital banking offerings that are complemented by human support. “Customers continue to transact and interact with us in person, as well as through the digital channel,” he said.

America 186
article thumbnail

Avoiding the Suspicious Activity Monitoring Rabbit Hole

Abrigo

SAMS | 4 minute read Key Takeaways Staff your BSA department for success with more senior employees on alert triage. Document all decisions and clearly state why the activity is (or is not) deemed suspicious. Optimize your transaction monitoring system regularly. It has happened to all financial crimes investigators, the desire to keep digging until they get that last valuable piece of information before dispositioning an alert.

System 150
article thumbnail

Digital-only bank partnerships reap benefits for retailers

Bank Innovation

Challenger banks are on the rise for attracting modern consumers who seek banking alternatives that are convenient and more affordable. In order for traditional banks and credit unions to compete, launching a digital-only bank has quickly become a survival strategy. Speed of launch is a critical factor when considering a digital-only experience, which has encouraged […].

Retail 186
article thumbnail

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

article thumbnail

White-Hat Hacker Swipes 26M Stolen Credit Cards From Dark Web

PYMNTS

Data from more than 26 million credit and debit cards was stolen from BriansClub, an underground marketplace for stolen credit card information, KrebsOnSecurity reported Tuesday (Oct. 15). The hacked records were lifted from online portals as well as brick-and-mortar retailers over the past four years. The hacked info includes almost 8 million records added to BriansClub in 2019 alone.

Cards 122
article thumbnail

Wells Fargo sees modest growth in ‘digital active’ customers

Bank Innovation

Wells Fargo’s digital strategy is showing results. In an earnings report Tuesday, the bank confirmed it had 13.2 million “digital active” customers in the third quarter of 2019, up 4% year over year. The bank also saw a 7% increase in mobile-first customers. Wells Fargo’s digital push coincides with efforts to rationalize its branch footprint. […].

article thumbnail

Coinbase CEO Calls Senators’ Libra Opposition ‘Un-American’

PYMNTS

The CEO of San Francisco-based Coinbase , Brian Armstrong , had some strong words for U.S. senators he accused of intimidating other companies to drop out of the Libra project, Facebook ’s proposed cryptocurrency. The Express reported that Armstrong called the senators “un-American” for their tactics. Libra has been in the news a lot lately over not only speculation from governments and regulators alike, but the fact that several high-profile companies have dropped out of the Libra Association i

article thumbnail

Amex links to Venmo, PayPal for splitting the bill, paying with points

Payments Source

American Express is adding a new dimension to its year-old partnership with PayPal by giving credit card customers more options for splitting a restaurant check and paying with loyalty points.

Cards 109
article thumbnail

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.

article thumbnail

Walmart Takes Part In $71M Funding Of Smart Lock Firm

PYMNTS

Smart lock startup Level Home has raised over $71 million in funding from Walmart, Hut 8 Ventures, and home construction and real estate company Lennar. Founded in 2016 by Apple vets John Martin and Ken Goto, Level Lock: Bolt Edition claims that it can transform any deadbolt into a connected lock. “With every product we create, we start at square zero so we can strike the perfect balance between today’s cutting edge technology and the practicality of our everyday living experience,” CEO John Mar

Apple 116
article thumbnail

SnapPay pushes 'facial payments' for its North American expansion

Payments Source

The facial recognition development trail is dotted with starts and stops in its search for consumer adoption, from Mastercard's "selfie pay" to Apple's 3-D facial scan tests and the Federal Trade Commission's approval of biometric authorization.

Apple 96
article thumbnail

Top News In Payments: Contactless Payments Rise In UK; Libra’s Initial Members Sign Charter

PYMNTS

Today in the payments news roundup, UK Finance data indicates that contactless payments in the country continue to grow. Also, the 21 initial members of the Libra Association formally signed the organization’s charter. And AMC Theaters , the largest movie theater chain in the U.S., is rolling out an on-demand video service. AMC Theaters Gets Into Streaming With On-Demand Movies.

Payments 116
article thumbnail

Why 21 companies are staying committed to Libra

Payments Source

Facebook’s controversial Libra cryptocurrency project is moving ahead, undaunted by the rapid departure of five high-profile companies. The Libra Association confirmed 21 members have formally signed on and formed the association’s council.

Company 86
article thumbnail

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.

article thumbnail

Deutsche Investigated For Five-Year Delay In Reporting Suspicious Transfers

PYMNTS

Despite breaking off its relationship with Danske Bank in 2015, Deutsche Bank didn’t report more than a million suspect bank transfers until February of this year. The transfers weren’t reported until five years after they were flagged as suspicious by a whistleblower, Reuters reported, citing an unidentified person familiar with the matter. Investigators in Germany are now trying to figure out whether the transactions were covered up for a reason, and who’s responsible for doing so.

Report 110
article thumbnail

Earlier launch of FedNow possible if foundation is set

Payments Source

The FedNow real-time payments settlement network through the Federal Reserve could launch prior to its estimated 2024 time frame, but a lot of pieces have to fall into place to make that happen.

article thumbnail

New Facebook Portal Offers Enhanced Camera Privacy Options

PYMNTS

Facebook ’s latest Portal has placed a bigger emphasis on privacy as the company looks to reassure users their information is safe in its hands. Launched in 2018, the original Portal featured only a small piece of plastic that clipped over the camera. The new version comes with a three-position physical button that can open the camera and mic, cover the camera but keep the mic on, or disconnect both the camera and the mic.

Google 109
article thumbnail

FASTag – All You Need To Know

BankBazaar

As the Government gears up to make FASTag mandatory by December 1, 2019, here’s your chance to fuel up on all things FASTag so you can get a headstart. Ever wanted to make those winding toll booth queues vanish in thin air while you were cruising on a highway? Well, it looks like the Government has heard you – here’s FASTag to the rescue. FASTag – you’ve probably seen its stickers or banners on a toll plaza somewhere while you were waiting in line to pay your toll charge as tim

Cards 74
article thumbnail

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.

article thumbnail

Citi’s ‘Unpredictable Q3’ Sees Growth In Treasury Unit

PYMNTS

Citigroup had a flat third quarter but reported year-over-year gains in treasury and trade solutions services for that period. The financial institution, however, beat analysts earnings expectations — just barely — in what CEO Michael Corbat called an “unpredictable quarter.”. Citi’s latest financial report comes as the bank is engaged in various hot areas of payments, not the least of which is dealing with — and trying to get ahead of — ongoing shifts in payments, commerce, security and transp

America 109
article thumbnail

For payment crooks, bots are the master key

Payments Source

Detecting virtual bad actors means paying more careful attention to the digital interactions and touch points within your business, and how users interact with you through apps, websites or customer service centers, writes Accertify's Andrew Mortland.

article thumbnail

IMF: World Economy Will Grow Only 3 Pct In 2019

PYMNTS

As the self-inflicted wounds of the trade war between the U.S. and China have made for a “precarious” economic state, the International Monetary Fund (IMF) said worldwide growth is slated to drop to its slowest rate since the global recession in 2009. Tariffs have cooled investment and business confidence, which has forced central banks to reduce interest rates and left the worldwide trade in goods nearly stagnant, the Financial Times reported.

Policies 108
article thumbnail

South Africa’s digital payments plan takes a page from India’s UPI

Payments Source

South Africa’s payments industry wants to displace cash by enhancing its B2B-focused digital payment system to add instant low-value mobile P2P transactions.

article thumbnail

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.