Mon.Jun 10, 2019

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Challenger banks don’t matter as they’re not a primary account

Chris Skinner

During Money 2020 Europe, I bumped into a chap from Monzo. No names mentioned, but he was buzzing and no wonder. The start-up has just boomed through two million users and is growing at over 60,000 account openings a week or 10,000 per day. Some think that number seems high, … The post Challenger banks don’t matter as they’re not a primary account appeared first on Chris Skinner's blog.

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The Price For Attention in Bank Marketing

South State Correspondent

BANK MARKETING If you are still spending money on print and direct mail, we ask you why? Not only is it hard to track, but it is likely the least effective form of marketing that you can do. While building a brand is good, generating an emotional connection is better. Banks that do a great job at marketing such as Umpqua, Citizens Bank of Edmonds, Bank of Ann Arbor, and many others know that it is all about gaining some level of engagement.

Marketing 343
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How KeyPoint uses location-based alerts to target inactive app users

Bank Innovation

Silicon Valley-based KeyPoint Credit Union is seeing a lift in user numbers resulting from targeted push notifications. The push notifications target members who haven’t used the app in three weeks, alerting them to the app’s features. They remind members they can send peer-to-peer payments, deposit checks and verify their balances through the app. The notifications feature […].

Payments 276
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How Understanding Loan Demand and Credit Quality Will Make You A Better Banker

South State Correspondent

A common line of thinking in the banking industry, especially regulators, is that recessions are driven by, or at least exacerbated by, the supply of credit. Banks, in an effort to stay competitive, tend to drop their lending standards to hit their loan growth targets. In doing so, these banks take on more and more risk. This occurs until the credit cycle turns, and then banks run into credit problems.

Lending 296
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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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Digital-only First Internet Bank retains 90% of its original customers

Bank Innovation

As upstart digital-only banks face increasing pressure to acquire and retain customers, a 20-year-old online-only bank has managed to hold on to most of its original customer base. David Becker, CEO of Fishers, Indiana-based First Internet Bank, told Bank Innovation that it has kept 90% of its original customer base as a result of its niche […].

Indiana 267

More Trending

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Amazon launches secured card for underbanked customers

Bank Innovation

Amazon has added a secured credit card to its suite of financial services offerings today, the latest effort to entice underbanked and low-income customers to shop with the e-tailing giant. The credit card, known as Amazon Credit Builder, is the result of a partnership with Synchrony Financial and functions like a store card that can […].

Cards 210
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Amazon Launches Card For Prime Users With Bad Credit

PYMNTS

Amazon is linking with Synchrony Financial to offer a new credit card for Amazon Prime members who have bad credit. As reported Monday (June 10), the card, known as “Amazon Credit Builder” will let users build up their credit profiles through the use of a secured card, and the firms also will offer budgeting tools. Upon establishing credit, those users can obtain other Amazon cards, which may be unsecured cards.

Cards 190
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World Elder Abuse Awareness Day: What Can Financial Institutions Do to Become More Aware?

Abrigo

Every year, it is estimated elder adults are exploited for up to $36 billion. World Elder Abuse Awareness Day aims to bring worldwide awareness to this under-reported problem. It is an international United Nations observance day that is commemorated by most countries around the globe on June 15. Elder abuse and elder financial exploitation (EFE) specifically is a growing concern in our families and communities as the baby boomer generation hits their senior years and is the most common form of r

Fraud 150
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Airbnb Is Cooperating With A Subpoena From NYC

PYMNTS

Airbnb is reportedly complying with a New York City subpoena that wants information about some of its listings, according to reports. The online housing marketplace is giving anonymized data on hosts and listings from the start of last year through Feb. 18 of this year. The data has listings that lasted less than 30 days that offered customers the whole home, multiple rooms or shared rooms in the same residence.

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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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'Banks no longer cut it': Why a young VC firm is fueling open-banking startups

Payments Source

Digital payments are creating a wealth of data that can be used to inform other types of financial services for managing debt or promoting financial inclusion — and these services are, in turn, attracting the interest of venture capitalists.

Data 116
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Visa’s Shrauger On What’s Next (And Why Now) For Visa Next

PYMNTS

A bit more than a month ago, Visa debuted Visa Next, a platform that offers a growing menu of beta application programming interfaces (APIs) that can be (and are being) used by issuers and issuer processors to build and test new digital-first products. The platform also serves as a “new destination” for viewing new and upcoming solutions in Visa’s pipeline.

Cards 175
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Will the titans of payments clash over open banking?

Payments Source

PayPal and Mastercard are independently making high-profile moves to shore up gaps in open banking and data compliance, and both companies are downplaying any competitiveness.

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Will The 2020s Be The Digital Trust Decade?

PYMNTS

With summer upon us, it might have escaped notice that the decade of the 2010s is about to end. We don’t mean to get nostalgic or weepy-eyed (not just yet), but it’s worth noting that the past 10 years or so have brought significant, even historic, innovation and disruption to the world of payments — trends that promise to build and converge in the 2020s.

Data 167
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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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Mobile Payments: Comparison of Two Powerhouses of the World

Let's Talk Payments

China and the USA are the largest economies of the world, and one of the most important criteria for being a large economy is having an evolved financial infrastructure. A well-advanced financial infrastructure has helped in the financial inclusion of both countries which have in-turn helped in the growth of the economies. The financial infrastructure of both the countries have been heavily dependent on the advanced technologies to provide convenience to the user so far, but in the next stage, t

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Business Writing Gets A Boost From Big Data

PYMNTS

The digital age is nothing if not an ongoing revolution in communication – which, of course, powers innovation in payments, commerce and business operations. Virtual mountains of data are accumulated and analyzed via web-enabled and mobile devices, with the speed of that process getting faster and faster (and faster still with new 5G mobile network technology deployments).

Big Data 159
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The Fintech Fast-Follower Fallacy

Ron Shevelin

A lot of financial institutions think they're "fast followers" when it comes to fintech. Most are just deceiving themselves.

Fintech 114
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The Public Sector Takes The Lead On eProcurement

PYMNTS

Government procurement moved to the spotlight last week when New York City Comptroller Scott Stringer announced he is closely monitoring the state’s eProcurement project following reports of surging costs. The New York Daily News reported last week that the city’s contract with source-to-pay technology firm Ivalua has seen its price tag increase from $30.5 million in 2016 to $47 million today, according to a report by the Checks and Balances Project, which concluded “New York C

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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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European wallets, Alipay partner to standardize QR code payments for travelers

Payments Source

European mobile wallet providers Bluecode, ePassi, Momo pocket, Pagaqui, Pivo, and Vipps are working together with China's Alipay for the first time to promote a unified, interoperable QR code that would connect Europe's current fragmented mobile payment landscape.

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P2P Lenders Look To New Regs To Purge Competitors

PYMNTS

The U.K.’s peer-to-peer (P2P) lenders are hoping that tighter regulations by the Financial Conduct Authority (FCA) can help restore the sector’s damaged reputation. Despite lending £6.7 billion (more than $8.5 billion USD) over the past 12 months, the country’s P2P sector has been hit with a number of issues, including the collapse of Lendy and the withdrawal of BondMason.

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Dumping New York MetroCards will end the U.S. contactless pay slump

Payments Source

Transit has pushed contactless payments in the U.K., and it will happen in the U.S. too, according to Daniel Kornitzer, chief business development officer for Paysafe Group.

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Deutsche Bank Auditors Found AML Process Weaknesses

PYMNTS

Internal auditors at Deutsche Bank found weaknesses in anti-money laundering processes resulted in checks and high-value electronic payments being processed without undergoing the proper vetting. The Financial Times , citing people familiar with the review, reported the lax anti-money laundering and sanctions controls were in place for years. The paper reported that one of the six weaknesses was called a filtering gap that impacted checks written by corporate clients to foreign recipients.

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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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6.10.19 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: Walmart boosts delivery technology; MoneyGram partners with Canada's post office; More automation for Singapore's transit; Vancouver cracks down on bitcoin ATMs.

ATM 73
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Why Robotization Is Critical To Amazon’s One-Day Shipping Vision

PYMNTS

Cathryn Kachura is a a “flow control specialist” at Amazon’s Denver, Colorado sortation center, an extra-large warehouse that is informally known as the “robot highway.” Flow control specialists are the traffic agents on the highway, and their job is to keep real-time track of the volume of packages moving across the massive warehouse and Kachura’s job is to make sure the machines don’t end up locked in a traffic jam or malfunctioning.

Las Vegas 136
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Facebook's coin contradicts the crypto model

Payments Source

The social network's GlobalCoin has the audience to be a huge currency but it may not deliver on the concept of decentralization that underpins the cryptocurrency industry, contends Richard Dennis, founder and CEO of tentum.

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Smart Glasses Firm Vuzix Launches AI-Powered Facial Recognition

PYMNTS

Smart glasses company Vuzix has developed eyewear with artificial intelligence (AI)-powered technology that can recognize faces in a crowd, according to a report by TechCrunch. The technology was developed in partnership with software developer NNTC, and it will work with the company’s Blade smart glasses, which were introduced earlier this year at CES.

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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.