Fri.Oct 04, 2019

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How to go beyond the mobile app during the transition to digital banking

Payments Dive

The successful transition to mobile banking requires a seamless, intuitive user experience built into a mobile app. But the evolution from bricks-and-mortar to digital requires so much more in terms of how you deal with legacy systems, how you listen to customers and how you deal with the challenges of modern day neobanks.

Mobile 330
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Credit Karma expands personal finance hub with high-yield savings accounts

Bank Innovation

Credit Karma has joined the high-yield savings race. The 12-year-old personal finance company, which is now worth $4 billion, announced the savings account product this week, which will roll out to U.S. customers on Oct. 28. The FDIC-insured savings account is offered through custodian MVB Bank. The company, however, is partnering with a network of […].

FDIC 268
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Vista Looks To Sell Huge Stake In Finastra FinTech

PYMNTS

Vista Equity Partners is reportedly thinking about selling a stake in London-based FinTech Finastra. Bloomberg is reporting that the sale could value Finastra at $10 billion with debt included. Vista is collaborating with Goldman Sachs to look for companies that might be interested in buying. Vista could be looking to sell as much as 50 percent of the company.

Fintech 197
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Credit Karma expands personal finance hub with high-yield savings accounts

Bank Innovation

Credit Karma has joined the high-yield savings race. The 12-year-old personal finance company, which is now worth $4 billion, announced the savings account product this week, which will roll out to U.S. customers on Oct. 28. The FDIC-insured savings account is offered through custodian MVB Bank. The company, however, is partnering with a network of […].

FDIC 267
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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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What’s The Best Way To Navigate The New World Of Payments?

PYMNTS

These are indeed the days for mergers and acquisitions (M&A) in the world of payments, and that trend looks likely to hold into the 2020s. That raises several questions for financial institutions (FIs), FinTech firms and payment service providers as they figure out how to best navigate this changing world. It can be confusing to figure out what to do.

Payments 176

More Trending

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Another Disappointing Monthly Jobs Report for September

Abrigo

This morning’s Employment Situation report from the Bureau of Labor Statistics for the month of September came in weaker than expected. There were 136,000 jobs added in September, falling short of the expectation of an added 145,000 jobs. The one bright spot was the headline unemployment rate (U3) which fell to 3.5% from 3.7%. The broadest measure of labor underutilization (U6) also fell from 7.2% to 6.9%.

Report 150
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Samsung Pay launches in-app international money transfers

Bank Innovation

In an effort to grow adoption, Samsung Pay is rolling out international money transfers to accounts in 47 countries, the company said this week. Called Samsung Pay Cash, the capability lets customers send money via direct deposit or arrangements to pick up funds in person. According to Sang Ahn, Samsung Electronics America’s vice president for […].

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Payoneer Broadens X-Border Services To SMBs, Partners With Brex

PYMNTS

Payments technology firm Payoneer has introduced a new cross-border service that includes functionality for small and medium-sized businesses (SMBs), the company announced Thursday (Oct. 3). In a press release , Payoneer said its cross-border payment services, which initially rolled out with a focus on large, multinational conglomerates, are now available to SMBs, enabling U.S. companies of all sizes to send payments to their vendors and contractors across borders.

Capital 152
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Weekly Wrap: PayPal guns for China, as Movencorp patents its personal finance tools

Bank Innovation

Welcome to the latest episode of our weekly wrap video series, for the week ending Friday, October 4, 2019. In this episode, Angely Mercado, associate editor, discusses the following news developments: How Bank of China and IBM are using an innovation lab in their efforts to revamp the Bank of China mobile app; How PayPal’s newfound […].

Tools 150
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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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How Small FIs’ SMB Lending Journeys Nudge The US Toward Open Banking

PYMNTS

To service Main Street businesses, it’s an obvious advantage for a financial institution to actually be on Main Street. For community banks and credit unions, their physical proximity to the small businesses they’re servicing is often pointed out as a major advantage these smaller players hold over the big banks, enabling these FIs to develop deeper relationships with their small to medium-size business (SMB) clients, anticipate their needs and establish trust.

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TD Bank’s Fowler to speak at Bank Innovation Build

Bank Innovation

As vice president of enterprise machine learning at TD Bank, Matt Fowler faces the difficult task of overseeing the bank’s efforts to ensure its algorithms are free of bias. Fowler will talk about his work on a panel discussing bank-fintech collaborations at Bank Innovation Build, which runs from November 6-7. According to Fowler, keeping bias […].

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Does KBA Have A Place In Online SMB Credit Checks?

PYMNTS

As digital identities fast become a part of everyday life, the identity verification market is expected to reach $12.8 billion by 2024. Technology providers are exploring a range of solutions to seamlessly verify customers’ identities, with the biometrics market projected to reach more than $59 billion by 2025. That does not mean older verification methods are obsolete, however: Many companies still rely on knowledge-based authentication (KBA) methods like passwords or security questions, even i

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Merchants are slowing data security funding as threats accelerate

Payments Source

Retailers are decelerating data security spending, even as attacks become more sophisticated and merchants emphasize the types of multi-channel shopping that draws attackers.

Security 111
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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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How FinTechs Help Companies Tap Into Emerging Technologies

PYMNTS

Businesses are becoming more aware of tech-enabled solutions and prioritizing tools that can help them work smarter — and not harder. As part of that awareness, companies across all industries are realizing the strategic value of accounts payable (AP) automation and developing an understanding of emerging technology like artificial intelligence (AI) that plays a critical role in AP automation solutions.

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5G and Wi-Fi 6 will bring waves of change to banking

Cisco

The next generation of cellular and wireless technologies is right around the corner, and in some places, it’s already here. As cities and companies begin to roll them out, 5G and Wi-Fi 6 will start transforming the way we live and work—and they’ll wave their magic wand upon retail banking, too. As the fifth generation of wireless, 5G is the latest cellular technology, designed to increase the speed and capacity of our wireless networks.

Retail 93
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Credit Karma Now Offers A High-Yield Savings Account

PYMNTS

Credit Karma , a company that enables people to gain access to their credit scores, is launching a high-yield savings account that customers can use through an app and online. CNBC reports that the savings account won’t have any fees and will not require a minimum balance to open. It offers a savings rate of 2.03 percent APY, which is about 22 times higher than the average of national accounts.

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Embracing Receivables for Deeper Client Relationships

Jack Henry

Every financial institution (FI) has good customers and prospects who don’t quite qualify for a commercial line of credit. Reasons abound: they haven’t been in business long enough, their concentration ratio has changed since their last review, they’ve been downgraded, etc. They aren’t necessarily a failing business ? in fact they may even be growing ?

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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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Taco Bell’s Strategy To Help Customers Own Their Ordering Experiences

PYMNTS

Digital self-service kiosks and delivery options could help restaurants provide the seamless ordering experiences customers expect from their favorite brands. Several major quick-service restaurant (QSR) chains — such as McDonald’s, Panera Bread, Subway and Wendy’s — have recently stepped up their investments in self-service kiosks at their brick-and-mortar locations and have partnered with delivery platforms like DoorDash, Postmates and Uber Eats to increase their order volumes.

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What it means for Facebook's Libra to lose PayPal

Payments Source

Facebook's Libra cryptocurrency project has lost its first major ally. PayPal — where the head of Facebook's Libra project once served as president — has cut its ties. As a founding member, PayPal was expected to drive the payment-specific part of the cryptocurrency initiative.

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How New Tech Is Changing Furniture Shopping

PYMNTS

Look to furniture and home furnishings to drive more retail innovation. That includes robots. The era of robotic furniture is upon us – or it will be in 2020, if IKEA’s partnership with Ori to bring robotic furniture to the market pans out as planned. Hong Kong and Japan’s tiny apartment spaces will be the first intended targets for pieces that can convert from storage and seating areas into beds and closets (and back again) – though the ultimate goal is to see the furniture go around the world.

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Xoom's bank-direct remittance network reaches South Korea

Payments Source

PayPal’s cross-border remittance unit Xoom is hoping to build a faster payments market in South Korean by enabling direct delivery into bank accounts, a channel that tends to be more expensive than other options.

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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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B2B eCommerce Tips The VC Scales

PYMNTS

More than $874 million in fresh funding landed at B2B startups this week across a range of market segments and geographies. An Egyptian firm landed the MENA region’s largest-ever seed round, a California company proved U.S.-based alternative small business lending isn’t dead with investors and an India startup landed more than half a billion dollars.

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Wirecard links to Viber to address the IM payments trend

Payments Source

German payments processor and technology provider Wirecard is launching new money transfer capabilities for users of the Viber instant messaging application.

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SoftBank Struggles To Raise Vision Funds

PYMNTS

Following WeWork ’s botched initial public offering, Japan’s SoftBank is seeking money for another big tech investment despite the falling valuations of its other big holdings, Reuters reported on Thursday (Oct. 3). Softbank’s founder and CEO Masayoshi Son wants to push forward with Vision Fund 2 despite calls for a postponement, sources told Reuters.

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Morning Brief 10.4.19: Barclaycard opens a hub to attract supply chain clients

Payments Source

The information you need to start your day, from PaymentsSource and around the web. Today: Barclaycard's supply chain; Libra partners hedge on participation; Lyft tries to hold onto drivers; Curve adds former Samsung exec; Fiserv adds school donation support to Clover.

Samsung 68
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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.