Chris Skinner
MARCH 11, 2019
I got a large number of pings over the weekend to read and comment on an article on Medium by Lance Ng headlined: Facebook Plans to Become World’s Biggest Central Bank? It is a conjectured article that takes the story from The New York Times discussing Facebook creating its own … The post Will Facebook become the world’s central bank? appeared first on Chris Skinner's blog.
Bank Innovation
MARCH 11, 2019
Fintech funding is significantly on the rise. CB Insights' 2018 Q4 report showed a $21 billion, or 120% total increase in fintech funding from 2017 to 2018. And already this year, there have been several notable funding rounds. Here are three noteworthy investments from the past week that caught Bank Innovation’s attention: 1: Chime Raises $200 […].
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PYMNTS
MARCH 11, 2019
In the age of digital payments, mobile point of sale systems (POS) are making inroads with the promise of time-saving conveniences for merchants. These systems can provide restaurants with the ability to check their inventories or update their menus, for example. But interest in this technology is not limited to the food and beverage space, and is gaining traction in many different verticals.
Bank Innovation
MARCH 11, 2019
By all accounts, the non-qualified mortgage (non-QM) market is booming. In 2018 alone, $11.38 billion of expanding-credit MBS, including non-QMs, was issued, and analysts expect a 60% increase in these products in 2019. Despite this sudden rise in popularity, many mortgage professionals still have concerns about non-QMs, fearing increased risk after the mortgage market finally […].
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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
MARCH 11, 2019
CULedger , a credit union, has inked a partnership with IBM to create blockchain services geared toward credit unions. According to a report in Fintech Futures , the idea behind the project is to use permission-based blockchain technology so credit unions can reach more members that don’t have access to financial services. With a permissioned blockchain network , services can be shared between credit unions, which could improve identification authentication and compliance surrounding regul
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
MARCH 11, 2019
In the wake of a slew of European money laundering scandals, deposits in the euro zone region from foreign countries dropped significantly in the latter half of 2018. Reuters reported that money laundering cases are often associated with large amounts of foreign deposits and uneven capital flowing between borders. For example, the now shuttered ABLV bank in Latvia, along with the Estonian branches of Danske Bank and Swedbank, have all been implicated with Russian money that could have dubious or
Insights on Business
MARCH 11, 2019
In my travels to clients, I hear many war stories. Recently, these have come from new clients with recent wounds. These wounds often go deep – there are tales of long days, lost weekends, and swaths of frustrated team members. I am reminded of the Greek fable of Sisyphus , who discovered and shared the secrets of the gods with others, punished by being chained to a giant bolder, forced to push it up a hill each day, only to roll down, and start back over.
PYMNTS
MARCH 11, 2019
Raki Phillips was tired of cupcakes. There are many reasons to found a business — to save the world, to make one’s fortune — but the most common story we hear about here at PYMNTS is the one about the founder who discovers a pain point in his or her own life. Realizing the market has not yet come up with a good method to fix the problem, they decide to build their own solution and solve the problem for everyone.
Ron Shevelin
MARCH 11, 2019
Criticism of the big banks closing branches in lower-income areas is misguided. They should actually be closing more of their branches.
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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
MARCH 11, 2019
Digital platforms are connecting landowners with outdoor enthusiasts who want to use their land in the age of Airbnb. PrivateAcre is “a way for a new generation to access the outdoors,” Erik Johnson, the company’s co-founder and president, told PYMNTS in an interview. With the sharing and gig economies, Johnson said, enabling outdoor access for the younger generation is not the same as it once was.
Bobsguide
MARCH 11, 2019
While integrating data has long presented challenges for firms, the significant rise in alternative credit data has led to an even greater need for fast, effective, data management and amalgamation, according to Michael Shurley, global director of industry solutions at Provenir.
PYMNTS
MARCH 11, 2019
In the land of tech-heavy IPOs and newly minted Silicon Valley millionaires, might the stars align for a marquee name in … jeans? As reported Monday (March 11), Levi Strauss & Co. has said it seeks to raise roughly $587 million through an upcoming initial public offering. That tally would value the company at up to $6.2 billion. The IPO would also, as Reuters said Monday, mark a return to the public market after a three-decade absence.
Payments Source
MARCH 11, 2019
For crypto adoption and investment to go mainstream, people have to be sure it has staying power and utility, writes Bruce Elliott, president of ICOx Innovations.
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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
MARCH 11, 2019
The last mile can be vexing for firms aiming to get their products in the hands of consumers. For food companies, the logistics of the last 10 feet can prove a challenge as well. The Wall Street Journal reported Monday (March 11) that a number of firms have moved to embrace autonomous delivery, where efforts are largely in test phases, and focused largely on door-to-door drop-offs done through vehicular means.
Matt Wilcox Pro
MARCH 11, 2019
Innovation doesn’t always move forward. Sometimes it circles back. For instance, Amazon saved you from having to travel to physical stores, and then circled back and opened physical stores. Starbucks made it so you’d never again have to brew supermarket coffee at home, and then circled back and placed its products in supermarkets so [.
PYMNTS
MARCH 11, 2019
While it is easy to imagine the path of progress is ever forward, often in the innovation game it is a bit more like the Paula Abdul hit song from the late ’80s — two steps forward, one step back. That was on display this week in payments and commerce, as cashless jumped forward in Atlanta with a big partnership, only to get the cold shoulder in Philadelphia where it is now banned by law.
Payments Source
MARCH 11, 2019
Cybersecurity is about protecting the house, the corporation, the people, process, technology and the data, writes Harley Lippman, founder and CEO of Genesis10.
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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
MARCH 11, 2019
NatWest , the U.K. bank, is kicking off a test in which customers can use biometric fingerprint technology for card payments. According to a report in CNBC , citing NatWest, about 200 customers will participate in the pilot, with each of them able to use a fingerprint to make payments of more than £30 ($39.11). NatWest said the technology is aimed at increasing security and making it easier for customers to pay for items.
Payments Source
MARCH 11, 2019
Barclays is partnering with digital rewards companies as part of its focus on investing in fintech and developing new business models. Its recent investment in Bink, a U.K.-based loyalty platform provider, marks the fourth company in this field that Barclays has partnered with.
PYMNTS
MARCH 11, 2019
With a rise in discretionary spending and building materials purchasing, retail sales in the U.S. increased by 0.2 percent in January. At the same time, however, it was noted that retail sales fell by 1.6 percent in December compared to the 1.2 percent that was previously reported, Reuters reported. During the month, mail-order and online retail sales notched their largest gain as of December 2017 at 2.6 percent.
Payments Source
MARCH 11, 2019
Meituan Dianping is reaping the benefits of scale in its core food delivery division as it feels the pain of competition from arch-foe Alibaba Group Holding Ltd. in smaller businesses such as hotel bookings.
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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
MARCH 11, 2019
European Union Competition Commissioner Margrethe Vestager said that breaking up big tech companies like Facebook and Google should be seen as a last resort, and that the better idea might be to find a way to regulate data usage. Vestager was speaking at SXSW , according to reports. “To break up a company, to break up private property would be very far-reaching, and you would need to have a very strong case that it would produce better results for consumers in the marketplace than what you could
CFPB Monitor
MARCH 11, 2019
The Federal Financial Institutions Examination Council (FFIEC)—the interagency body tasked with setting uniform principles and standards for the examination of financial institutions by federal regulators, including the Consumer Financial Protection Bureau—has adopted a Policy Statement designed to streamline the information presented in examination reports (“ROE”).
PYMNTS
MARCH 11, 2019
Welcome to The Axis, your late look at payments news from around the world. Coverage includes India ’s Financial Software and Systems (FSS) investment in South African payment processor Ecentric Payment Systems. In addition, African challenger bank Vista Group has selected banking software company Temenos to help with its digital transformation, and Australia FinTech firm PayRight has notched more than $30 million in financing.
CFPB Monitor
MARCH 11, 2019
The FTC and CFPB have reauthorized their memorandum of understanding. According to the FTC’s press release , “the agreement reflects the ongoing coordination between the two agencies under the terms of the Consumer Financial Protection Act, and is designed to coordinate efforts to protect consumers and avoid duplication of federal law enforcement and regulatory efforts.”.
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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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