Tue.May 14, 2019

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Banking for Humanity?

Chris Skinner

I was asked to speak to the theme of Banking for Humanity at a conference the other day, and it made me realise that the five areas I’ve recently been blogging about came together nicely. First, there’s financial inclusion which is the theme of Digital Human. The fact that anyone … The post Banking for Humanity? appeared first on Chris Skinner's blog.

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Apple's Supreme Court defeat could signal significant changes in mobile app sales

Payments Dive

Apple's defeat in a high-profile Supreme Court case could open competition in the mobile app consumer market.

Apple 279
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Things worth reading: 15th May 2019

Chris Skinner

Things we’re reading today include … A WhatsApp Rumor Challenges Metro Bank Bank of England warned criminal charge could destabilise Barclays Fraud complaints hit record high as banks’ new anti-scam measures delayed Bank of France is Closely Watching Stablecoin Developments Bank of England calls for ‘super shield’ against cyber attacks … The post Things worth reading: 15th May 2019 appeared first on Chris Skinner's blog.

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A WhatsApp Rumor Challenges a Challenger Bank

Bank Innovation

It was only a matter of time before confidence in the financial system would be tested by false information on social media. Britain may be getting a glimpse of what could spark the next run on a bank. A dozen years after client withdrawals brought Northern Rock to its knees, photos of customers — admittedly […].

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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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Carrier billing in Latin America - 2019 market report by Fortumo

Payments Dive

Fortumo's latest market report gives an overview of the mobile payments landscape in Latin America: Brazil, Mexico, Argentina, Colombia, Peru, Chile and Ecuador.

America 170

More Trending

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Japan’s Uniqlo Hacked; 460K Accounts Compromised

PYMNTS

Japan’s Fast Retailing, the company that owns the Uniqlo retail chain, said that data from upwards of 460,000 customer accounts was compromised by hackers from April 23 to May 10, according to a report by CNBC. The company said: “It was confirmed on May 10, 2019 that an unauthorized login by a third party other than the customer occurred on the online store site operated by our company.”.

Retail 164
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BankMobile’s White Label Strategy Takes Form with T-Mobile Partnership

Bank Innovation

Digital-only bank BankMobile is offering its technology and services to other companies to maximize reach, a 'white-label' strategy that offers access to millions more users. In just over four years, BankMobile, a division of Customers Bank, has sported impressive growth, with 2 million checking account customers currently. Its latest white-label partnership: a tie-up with T-Mobile […].

Strategy 170
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Business Expense Card Company Pleo Raises $56M In Funding Round

PYMNTS

Danish FinTech company Pleo, which touts a “business spending platform” that simplifies the expense management process for employees, has raised $56 million in a series B funding round, according to a report by TechCrunch. New York-based growth fund Stripes led the funding round, and Founders, Creandum and Kinnevik also participated. The new round brings the company’s valuation to slightly under $500 million, and the total amount raised so far to $79 million.

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A ‘Dead Branch’ Contingency Plan for the New Digital Reality

Gonzobanker

What would financial institutions do if, in the next three years, 80% of servicing transactions and half of all new deposit/loan sales still being done in branches moved to digital channels? Banks have contingency plans for extreme occurrences like interest rate shock, credit turn-downs and all sorts of natural disasters. But what’s the plan in the event of a massive shift to digital?

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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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Bitcoin Gets Second (Or Third, Or Fourth) Wind

PYMNTS

Fundamentals? Or merely a blip? A 60 percent surge in a month – for anything, really, be it stock or bond or digital currency – is nothing to sneeze at, but it could be something to see with wonder. Or to make one wonder why. Bitcoin, that marquee name in cryptocurrency, has seen its price swell by roughly that 60 percent number through the last few weeks, to about $8,000.

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Unintentional bias drives the gender gap in fintech

Payments Source

We must challenge ourselves with transparency by neutralizing gender-specific language in company job advertisements to reach a more diverse pool of candidates and drive responses, writes Nicole Baxby, an account director at Featurespace.

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Amadeus Teams With Elavon, Mastercard To Facilitate Flight Payments

PYMNTS

Amadeus, the travel technology solutions company, announced on Tuesday (May 14) that it has teamed up with Elavon and Mastercard to facilitate payments for Thai Airways. In a corporate blog post , the company said that despite the fact that travel agencies made $236 billion in payments to airlines in 2017, making and receiving those payments is still complex and expensive.

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You can’t manage what you don’t measure

Insights on Business

“I don’t have enough data,” is something that I have never heard from a client. The real challenge today is finding the right data. Fundamental to sales performance management (SPM) is what we call Sales Performance Measurement. Peter Drucker, inventor of management by objective, or MBO’s, is attributed to this “You can’t manage what you can’t measure” concept.

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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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JD.com Continues To Automate Logistics With $55M Stake

PYMNTS

JD.Com, the Chinese Amazon-like online marketplace, has invested further into its logistics network with a 376 million yuan (about $55 million) investment in Jiangsu Xinning Modern Logistics for a 10 percent stake, according to a report by TechCrunch. The China-listed logistics company offers supply chain services for consumer electronics. Xinning said it also has a strategic partnership with JD Logistics to create a big data system to boost efficiency and cut costs.

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Digital stored-value cards are stuck in the past

Payments Source

It’s no overstatement to suggest that stored value plays a role in nearly all of our daily lives. This suggests that the digital transformation of these instruments should be life-changing. But that hasn’t happened—yet, writes Chris Demetree, CEO of Lazlo 326.

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Danish Prosecutors Charge Another Former Danske Banker, Bringing Total To Nine

PYMNTS

Prosecutors in Denmark have filed preliminary charges against another former executive of Danske Bank in relation to one of the biggest money-laundering scandals in the world, according to a report by Reuters. Ex-executive Lars Morch, who was responsible for business banking, was charged and brings the total number of bank managers facing charges in the scandal to nine.

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ETFsâ?? liquidity under question

Bobsguide

Despite disagreement over the liquidity level of exchange traded funds (ETFs) thanks to the volume number of funds that are traded off-exchange, ETFs remain liquid, said Deborah Fuhr founder of ETFGI at a conference in London this week. However, not everyone agrees. Europe’s Market in.

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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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Sweden’s Anyfin Notches €8M; Oman Arab Bank Debuts NFC Rewards

PYMNTS

Welcome to The Axis, your late look at payments news from around the world. Coverage includes Sweden -based Anyfin ’s €8 million extended Series A funding round. Denmark’s Pleo has announced a $56 million Series B financing round led by Stripes, the number of merchants that accept Alipay in Japan has jumped and Oman Arab Bank (OAB) has rolled out an instant rewards system for near-field communication (NFC) cards.

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JPMorgan solves a fintech's pain point with Real Time Payments

Payments Source

The Clearing House's Real-Time Payments Network has been slow out of the gate, but it's getting some much needed adoption via a collaboration between personal financial management fintech Digit and JPMorgan Chase.

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SoftBank Shares Slide Along With Ride-hailing Stocks

PYMNTS

Shares in Japan’s SoftBank Group have been sliding for three straight days, and closed 5.4 percent lower on Tuesday (May 14), according to a report from Bloomberg. The company had made it a point to illustrate that it was the world’s largest investor in ridesharing companies, but after disappointing IPOs for both Uber and Lyft , the distinction may have turned into a liability.

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Finding a FIX for electronic FINRA TRACE reporting as the CTCI cut-off looms

Bobsguide

The capital markets regulatory environment can seem as volatile as everyday trading conditions. Even regulatory reporting vehicles can’t be counted on to remain constant. From February next year, the legacy CTCI tool commonly used for electronic FINRA TRACE and ORF reporting will no longer be.

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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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Petal's rewards use AI to fill gaps in credit data

Payments Source

Petal's getting aggressive with its incentive marketing by approaching consumers with limited credit histories, and it's betting artificial intelligence can handle the higher risk.

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A taller ladder: Secrets to thwarting ATM attacks

ATM Marketplace

As the ATM industry focuses on mitigating risks against black box and malware-based cyberattacks, criminals have reverted back to more low-tech attack methods to access cash — the latest being transaction reversal fraud.

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How Sainsbury's cashier-free store differs from Amazon Go

Payments Source

Sainsbury’s has launched the U.K.’s first mobile-only checkout-free grocery store, inviting comparisons to what Amazon Go is doing in the U.S. But their models are far from identical.

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This week’s podcast: The Restatement of the Law, Consumer Contracts: What is it and why you should be concerned about it

CFPB Monitor

In this podcast, Alan Kaplinsky, who leads our Consumer Financial Services Group, interviews Professor Adam Levitin of Georgetown University Law School about why businesses and consumer advocates are both opposed to the proposed Restatement, which would change the law in ways that will harm businesses and consumers. Click here to listen to the podcast.

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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.