Chris Skinner
MARCH 13, 2019
Being British with a British accent, everyone asks me about what life will be like with Brexit … and my answer is that I have no idea. I can see that the country is divided, and we have real issues, but then don’t most countries? I can also see that … The post What does the #Brexit vote mean for banking and fintech? appeared first on Chris Skinner's blog.
PYMNTS
MARCH 13, 2019
NACHA, national administrator of the ACH network, said a third processing window for same-day transactions will be postponed for six months until the Federal Reserve Board of Governors (Fed Board) approves the initiative. In September of 2018, NACHA said it would expand same day ACH transactions and establish a “new window” that would “allow Same Day ACH files to be submitted until 4:45 p.m.
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Chris Skinner
MARCH 13, 2019
There are five camps out there. The first is the FinTech camp. This camp sit around the campfire and go “down with banks, down with banks”. They believe banks are out-dated legacy firms who have no idea about the modern age of technology. They believe banks are money-grabbing Shylocks, purely … The post Which camp are you in? appeared first on Chris Skinner's blog.
PYMNTS
MARCH 13, 2019
In eCommerce, friction is a four-letter word. However, friction done right — for the right consumer, for the right transaction, at just the right moment — can actually enhance the consumer experience. In other words, friction with a dash of intelligence mixed into the process can cut down on fraud, which helps, well, everybody in the commerce ecosystem — from consumers to issuers to merchants.
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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
MARCH 13, 2019
Things we’re reading today include … For all their high hopes, the challenger banks have finished up on the ropes Why are Banks reluctant to Bank Crypto? Bank of England ‘must practice what it preaches’ Monzo pips First Direct to top our customer service poll Wonga compensation claims rise fourfold … The post Things worth reading: 13th March 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.
PYMNTS
MARCH 13, 2019
As the financial services space focuses on digitizing offerings for their small business customers, much of these efforts are targeting online banking portals accessed via desktop. But mobile devices are an increasingly important part of a small business’ financial management strategy, adding another channel on which banks and FinTechs must innovate to disrupt and improve SMB finances.
Ron Shevelin
MARCH 13, 2019
Banks and credit unions are concerned about staying (or becoming) relevant to young consumers. Offering non-financial products--bundled with or without checking accounts--in a step in that direction.
PYMNTS
MARCH 13, 2019
A subway operator in Shenzhen, China is testing facial recognition software, powered by a 5G network, to pay for entry, according to reports. The face would be linked to a payment account, although whether the technology will work for similar faces or twins is not known. Right now the experiment is being limited to one station, and people will be able to scan faces at the same place they enter subway cards or tap their phones.
Payments Source
MARCH 13, 2019
The days of odd emails are gone. Phishing has become a complex big business for crooks, according to Rafael Lourenco, an executive vice president at ClearSale.
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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 13, 2019
Let’s a take a moment to celebrate the paper boys and girls who — showing early commitment to initiative, hard work and entrepreneurship — handled a task that now vexes so many consumers and B2B operations in the digital world. They managed subscription billing for multiple accounts in particular neighborhoods, as James Messer, CEO and founder of online billing platform Gotransverse , pointed out in a recent PYMNTS interview with Karen Webster.
Bobsguide
MARCH 13, 2019
Banks must get their technology platforms and processes in place before the end of 2019 in order to allow two years for data management testing and model approval prior to the Fundamental Review of the Trading Book (FRTB) implementation deadline, according to Eugene Stern, Bloomberg’s head of.
PYMNTS
MARCH 13, 2019
Open banking is a bit more than a year old in the United Kingdom, and is viewed positively by a majority of financial institutions. A vast majority of firms in that sector surveyed by Forrester (and commissioned by TransUnion) – 99 percent of them, in fact – view open banking as beneficial to financial services, as reported by Enterprise Innovation.
Bobsguide
MARCH 13, 2019
Incumbent banks have neglected corporate SMEs opening the door for fintechs to move into the market, according to Sean Hunter, CIO of OakNorth Analytical Intelligence. “The real thing for an SME is providing lots of choice,” said Hunter on the sidelines of the RFi Group’s.
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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 13, 2019
Entrepreneurs are creating platforms for beverage discovery after becoming inspired by personal experiences. When LocalBrews Founder Drew Harrilchak turned 21, he realized he didn’t know much about the beverage scene. “There are so many different breweries out there, and I had no idea about any of them,” he said. At the same time, he met a couple of brewers and started to learn about them.
Payments Source
MARCH 13, 2019
After more than two years of successful operation in delivering Same-Day ACH payments, Nacha's request to add a third processing window has been denied by the Federal Reserve, which says it has to obtain public comment on the concept.
PYMNTS
MARCH 13, 2019
Chase has announced it is expanding its retail footprint into nine of the top American markets, as well as opening dozens of new locations in the greater Washington, D.C area, Philadelphia and Boston. Chase plans to open 90 new branches and hire 700 employees by the end of 2018. Over the next five years, the bank plans to open 400 new locations, which will need about 3,000 employees.
Payments Source
MARCH 13, 2019
Jack Henry & Associates has overcome an obstacle that delayed banks and credit union integration with Zelle, with a hub to streamline the onboarding process. But the new system’s first bank doesn’t go live until May, and the hub won’t hit full stride until next year.
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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 13, 2019
In a change of pace from recent years, Apple continues to push its services with the launch of Apple Music on Amazon Fire TV, according to a report from CNBC. The service, which debuted on Wednesday (March 13), shows Apple’s commitment to its music offering and the desire to get it out to as many people as possible. Late last year, the company also launched Apple Music on Amazon Echo speakers.
Payments Source
MARCH 13, 2019
Digital payment processing software provider OpenWay has integrated its platform with a Gemalto hardware security module to make it easier for clients to migrate to multi-channel payment services.
PYMNTS
MARCH 13, 2019
The New York Times newspaper posted a job called “Lead, Blockchain Exploration” on Wednesday (March 13), and later took it down, according to reports. The posting said the organization was looking for someone to “design a blockchain-based proof of concept for news publishers.”. The company said it was searching for a “forward-looking leader” who would work in the company’s research and development division.
Payments Source
MARCH 13, 2019
The information you need to start your day, from PaymentsSource and around the Web: Chipotle's recipe for Venmo; PayPal's investment; new ATM scam; and more.
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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 13, 2019
DICK’S Sporting Goods revealed that its net income in the fourth quarter and for the year fell short, despite the fact that its eCommerce sales grew. Net income for Q4 was $102.6 million, compared to $116 million in the previous year, while net income for the year was $319.9 million, down from $323.4 million in 2017. “We are pleased with our fourth quarter results.
FICO
MARCH 13, 2019
Given new and disruptive innovations in the auto industry such as driverless cars, collaborative economy models with companies like Uber and Lyft entering the mainstream, new subscription ownership models, and the overall shift to digital experiences, it’s clear that the vehicle industry is experiencing tremendous change. Does this extend to conumser experiences and perceptions around vehicle finacing?
PYMNTS
MARCH 13, 2019
Whether its receiving loans from their financial institutions (FIs), getting rebates from merchants or receiving on-demand payments, consumers want more options in how they receive their disbursements. A growing share now prefer push payments into their bank accounts, and more direct-to-bank payments, according to the findings of the latest Disbursement Satisfaction Index , which surveyed 2,000 American consumers.
Payments Source
MARCH 13, 2019
Tech giants have been experimenting with blockchain technologies for years, and while they haven’t displaced banks, there’s still cause for concern.
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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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