Thu.Jun 06, 2019

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SMEs are the FinTech’s bees knees

Chris Skinner

I write a lot about FinTech payments, lending, roboadvice and such like. But there’s been a strong bubbling trend underneath all this that has not gone unnoticed. I’ve just not blogged about it enough. SMALL BUSINESS FINANCE People talk a lot about finance for SMEs – small to medium enterprises … The post SMEs are the FinTech’s bees knees appeared first on Chris Skinner's blog.

Fintech 332
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Latin America: An ecommerce economy on the rise

Payments Dive

Latin America presents a growing regional economy, however the payments and ecommerce industries present unique challenges.

America 361
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Guaranty Bank uses account-switching tool to promote new branches

Bank Innovation

Guaranty Bank and Trust is using new technology to make it easier for potential new customers to switch bank accounts as it expands its branch network. The Mount Pleasant, Texas-based bank has added eight new locations over the past year in locations like Fort Worth and Dallas. The digital tool, called ClickSwitch, helps Guaranty encourage […].

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The Key To Open Banking? More Bank Participation

PYMNTS

It’s not just technology that moves the world. Culture plays a huge role — as well as the sparks that often come from the tension when cultures clash. That promises to be the case going forward with Open Banking, as financial institutions (FIs) pick partners and proof of concepts. Open Banking is a global effort that resets the relationships FIs have with FinTech firms, payment providers and financial service providers.

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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

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Why Chase decided to drop digital-banking app Finn

Bank Innovation

JPMorgan Chase's millennial-friendly digital banking app Finn is shutting down, just one year after it rolled out nationally. In an email to customers, the bank stated that Finn customers will see their accounts automatically moved to Chase Secure Checking and Chase Savings accounts on August 10, when the app will be permanently shut down. The […].

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U.S. Bank branch restructuring is underway with closures in Chicago area

Bank Innovation

U.S. Bancorp is closing 21 branches in the Chicago area as part of a restructuring plan to expand its physical footprint in some markets while shrinking its presence in others, bank spokesman Evan Lapiska confirmed. The Minneapolis-based regional bank currently has more than 3,000 bank branches in 26 states, but it is looking to reduce […].

Chicago 170
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Study: Hackers Can Steal Passwords By Listening To Typing

PYMNTS

In an academic study , researchers at Cambridge University and Linkoping University in Sweden were able to learn people’s passwords by getting a phone microphone to listen to the sound waves when they typed, according to a report by The Washington Post. “We showed that the attack can successfully recover PIN codes, individual letters and whole words,” the researchers wrote.

Study 174
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Jumioâ??s Pointer: Regulators will kill poor authentication

Bobsguide

Regulatory intervention will spell the doom of static passwords and poor authentication, and death kneel will sound from the UK, according to Philipp Pointer. Speaking on the sidelines at Money 20/20 in Amsterdam this week, Pointer said the only reason outdated security methods exist is because.

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Facebook Preps GlobalCoin Launch

PYMNTS

Facebook is set to announce its cryptocurrency later this month, and will reportedly even allow the project’s employees to get paid in the new currency. The social media giant has been working on the project — code-named Project Libra — for more than a year, centered around the company’s own digital coin that users can send to each other, as well as use to make online purchases.

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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

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Why Did Chase Shut Down Finn?

Ron Shevelin

Finn's failure can be attributed to the combination of three factors: 1) Lack of demand; 2) Wrong audience; and 3 Better choices in the market.

Marketing 140
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Uber To Offer Helicopter Rides On Demand In NYC

PYMNTS

Uber is expanding its transportation services, launching helicopter rides in New York City starting in July. Customers will be able to book on-demand rides in a helicopter from JFK Airport to Lower Manhattan, The New York Times reported, and the eight-minute trip will cost $200 to $225. The ridesharing firm thinks that with Uber Copter it can cut down the time it takes to get from JFK to NYC to as little as 30 minutes.

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How Dunkin and Starbucks apps set the stage for retail's future

Payments Source

Coffee and donut shops such as Starbucks, Dunkin’ Donuts and Krispy Kreme have been at the forefront of mobile payments, and this technology could soon develop into a completely cashierless experience.

Retail 115
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The eCase For Liberating $190B In Rental Security Deposits

PYMNTS

Around the world, banks and FinTech firms are addressing challenges associated with enabling fund disbursements in real time — and some markets are developing real-time networks faster than others. In the latest Disbursements Tracker , PYMNTS explores how banks and card providers are approaching payment innovations to keep pace with consumer demand, and to better protect against fraudsters.

Security 162
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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.

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Criminals sell hacker toolkits for BofA on dark web, study finds

Payments Source

Organized crime groups are selling access to the computer networks of financial firms like Bank of America Corp. and hacking tools targeting these companies, according to a British researcher who posed as a buyer on several dark web marketplaces.

Study 112
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Square For Restaurants Integrates Delivery Services Into One POS

PYMNTS

Square is releasing new order management integrations for Square for Restaurants, which will allow orders from DoorDash, Postmates and management platform Chowly to flow directly into a restaurant’s point of sale (POS), according to a release by the company. “ Square for Restaurants now streamlines the entire process of accepting off-premises orders, like delivery or takeout requests, and enables restaurants to be even more efficient and productive,” the release said.

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PSD2's a tough migration, but it has to happen

Payments Source

Security, operational challenges and new operational requirements all make for a complex, yet necessary, transition to open banking in the age of PSD2, according to Maria Allen, global head of financial services for Unisys.

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Google Pays $2.6B For Data Analytics Software Company

PYMNTS

Google’s parent company Alphabet announced on Thursday (June 6) that it is buying data analytics company Looker for $2.6 billion, according to a report from Reuters. The acquisition will be the first under new Google Cloud Chief Executive Thomas Kurian. The company’s cloud computing sector trails Amazon’s and Microsoft’s when it comes to revenue and methods.

Analytics 155
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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.

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â??Complex problemsâ?? with algo wheels in equities and futures trading

Bobsguide

Issues with algo wheels remain in both the equities and futures space, despite growing popularity of the software, according to market participants on a panel discussion at the FIA’s IDX in London this week. “It is a complex problem,” said Sanji Shivalingam, global head of.

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LINE Pay, Visa Partner To Create New Financial Services

PYMNTS

LINE Pay, the operator of digital wallet and FinTech services on the LINE messaging app, announced on Thursday (June 6) that it has inked a partnership with Visa to create new financial services experiences for consumers and merchants around the globe. In a press release , LINE and Visa said the two companies plan to collaborate in different areas, including giving LINE’s 187 million monthly active users the ability to apply for a digital Visa card, and eventually other Visa cards, within

Branding 148
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â??Radical changeâ?? expected to Esmaâ??s position limits

Bobsguide

The European Securities and Markets Authority (Esma)’s position limits for commodity derivatives could be set to focus purely on benchmark products, according to Laurence Walton, head of regulation and compliance at ICE Futures Europe. “The paper from Esma actually hints at something.

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Marcus Getting ‘No Credit,’ Says Goldman CEO

PYMNTS

Goldman Sachs CEO David Solomon said the firm’s digital Marcus business “getting absolutely no credit from anybody else in the investing community,” according to a report by CNBC. Solomon spoke at an awards ceremony put on by J.D. Power, where the company received an award for customer satisfaction in personal loans. Marcus gets about $1 billion in deposits every month, and there was also a recent announcement about the firm’s partnership with Apple , but Goldman’s stocks are relatively fl

Apple 146
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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.

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Brazil fast-tracks real-time payment in appeal to the underbanked

Payments Source

Brazil is the latest Latin American country to establish plans for a low-cost instant payments network with the aim of increasing financial inclusion and eliminating cash from the economy.

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Retail Waste Backlash Provides eCommerce Opportunity

PYMNTS

Waste is becoming ever more of a vice, especially among younger consumers, and now regulators. And that seems likely to create new opportunities for certain types of online merchants. News this week (June 5) from France supports those points. There, according to The New York Times , authorities plan “to outlaw the destruction of unsold consumer products, a practice that currently results in the disposal of new goods worth 800 million euros, or more than $900 million, in the country each year.

Retail 146
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Sales Performance Management – Who benefits? #(977)

Insights on Business

Question: What types of organization could benefit from an automated sales performance management solution? Answer: More than you would d think. Industry. What industries are using automated solutions these days? Industries such as telecommunications, insurance, banking and pharmaceuticals were amongst the early adopters of this technology ten years ago, but since then the list has expanded significantly.

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Security Experts Warn About New Scam That Bypasses 2FA

PYMNTS

Security experts are warning about a phishing scam that can help hackers bypass two-factor authentication (2FA). The attack was demonstrated for the first time at the Hack in the Box Security Conference in Amsterdam last month, according to Fortune. It showed how the scam uses two new tools, Muraena and NecroBrowser, to potentially trick users into sharing their private credentials.

Security 145
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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.