Chris Skinner
OCTOBER 14, 2019
We are regularly being bombarded with unicorn news. Some rise and some fail. We hear about toxic corporate cultures and ousted CEOs on some occasions, with WeWork being the latest to get caught in the pre-IPO crossfire. In case you’re not aware, their CEO and founder has gone and now … The post Is Revolut leading a FinTech revolution … or destroying it?
Bank Innovation
OCTOBER 14, 2019
Franklin Templeton is taking a hands-on approach to cultivating startup talent. The San Mateo, Calif.-based investment company launched a startup incubator on Monday, a program through which companies will be matched with Franklin Templeton mentors and work on business ideas relevant to the objectives of Franklin Templeton and its partners. According to Joe Boerio, Franklin […].
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Chris Skinner
OCTOBER 14, 2019
Things we’re reading today include … Deutsche Bank in strategy shift to address tech woes How Deutsche Bank Hired Its Way to the Top in China Bank/Fintech Partnerships: The Fad Is Over How open banking and bank APIs are boosting fintech growth Britain among most generous nations in the world … The post Things worth reading: 15th October 2019 appeared first on Chris Skinner's blog.
Bank Innovation
OCTOBER 14, 2019
Indian fintech giant Paytm is close to scoring $2 billion of new financing from investors including Jack Ma’s Ant Financial and Japan’s SoftBank Group Corp. to fend off an influx of new rivals, a person familiar with the matter said. The funding will be split evenly between equity and debt and values the country’s top […].
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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
PYMNTS
OCTOBER 14, 2019
Payroll and human resource management solution provider Paychex has unveiled a range of new solutions and services at the 2019 HR Technology Conference & Exposition event late last month. In a press release , Paychex announced support for wearable technology through the planned debut of a smartwatch app that enables employees to automatically track time worked.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
OCTOBER 14, 2019
As the digital economy grows, you can bet that crowdsourcing will become an even bigger part of innovation and disruption, along with hiring and investment — all of which will serve to help build only new companies but vital digital infrastructure. One big recent example in favor of such points comes from Goldman Sachs. A Goldman Sachs program called GS Accelerate enables Goldman employers to pitch their bosses on potential new companies, according to CNBC.
Bank Innovation
OCTOBER 14, 2019
Budapest-based OTP Bank is expanding the scope of its startup development program beyond Hungary to Russia, Ukraine, Croatia, Serbia and Albania and is adding a new opportunity for startups to work closely with practitioners. The startup program, which launched in 2017 through the bank’s in-house innovation group OTP Lab, is currently accepting applications for its […].
PYMNTS
OCTOBER 14, 2019
Renault has started a public trial of its on-demand car service on the Paris-Saclay urban campus, according to a press release on Monday (Oct. 14). A panel of around 100 people will use the service — provided by two electric, autonomous and shared Renault Zoe Cab prototypes — on the campus from Oct. 14 through Nov. 8. . Two cars with different features will be tested, with passengers able to hail them using the mobile app, Marcel Saclay, which was designed specifically for the ZOE Cab experiment
Accenture
OCTOBER 14, 2019
Guest blogger Markus Naumer examines how digital payments technology is enhancing credit lending and showing promise in addressing consumer credit-aversion challenges. Digital credit for consumers is an underpenetrated and underestimated opportunity for banks and retailers alike. In most European countries, for example, unsecured card lending is less than 18 percent of total unsecured consumer lending. ¹ Several factors are influencing this: Cultural aversion to credit, lack of supply to ineffec
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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
OCTOBER 14, 2019
Drivers can’t make ends meet. Given the median income of roughly $25,000 a year and the number of hours required behind the wheel to earn that, drivers’ wages fall well below the federal hourly minimum wage. As independent contractors, drivers also have no benefits. After taking into account expenses like gas and insurance, there’s barely enough left over to meet their daily living expenses.
BankBazaar
OCTOBER 14, 2019
If you think that a budget is only for those with a steady income, think twice. Read on to know why a budget is a must for unpredictable income. If you’re a freelancer, a contractor, or even a self-employed professional, you’re probably aware of what we mean by an unpredictable income. Imagine planning your monthly expenses without having an idea of how much you’ll make this month, when you’ll get paid, and how much you’ll earn the next month.
PYMNTS
OCTOBER 14, 2019
Mastercard is teaming with the taxi ride-hailing app Curb to help the American Cancer Society’s Road to Recovery program, which provides free rides to patients going for cancer treatment, Mastercard announced in a press release on Monday (Oct. 14). “Taxis have long been a primary means of transportation for those unable to drive themselves,” said Amos Tamam, CEO of Curb Mobility.
Banking Exchange
OCTOBER 14, 2019
Traditional statistical models are limited in the number of dimensions they can access Risk Management Technology Feature3 Fintech Feature Financial Research Big Data AML & Fraud Security Cyberfraud/ID Theft Profitability Performance.
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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
OCTOBER 14, 2019
With the unveiling of the first Amazon Go store in Seattle last year, multiple challengers have been inspired to offer new methods for shoppers to grab items from a store and avoid the checkout line. Standard Cognition and Zippin are two firms that are putting forward their apps and systems as alternatives to Amazon’s cashierless technology, The Wall Street Journal reported.
Payments Source
OCTOBER 14, 2019
Banks need to ditch their "wait and see" approach to making real-time payments available to their customers says Vinay Prabhakar, Volante’s vice president of product marketing.
PYMNTS
OCTOBER 14, 2019
British cybersecurity software company Sophos is being acquired for $3.8 billion by U.S. private equity firm Thoma Bravo , Bloomberg reported on Monday (Oct. 14). Sophos’s three biggest shareholders — Apax Partners and founders Jan Hruska and Peter Lammer — agreed to a cash offer of $7.40 per share. The takeover is among the biggest private U.K. tech deals in recent years.
CFPB Monitor
OCTOBER 14, 2019
Last week, California Governor Newsom signed into law AB 539 , which makes significant amendments to the California Financing Law (CFL), and SB 616 , which creates a new exemption from levy for deposit account funds. The Governor signed AB 539 on October 10. Most importantly, the CFL amendments limit the rate of interest that may be imposed on loans of $2,500 – $10,000 to 36% plus the federal funds rate (which is currently hovering around 2%) per annum.
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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
OCTOBER 14, 2019
Everyone loves a good, free introductory offer: the month of free access to a streaming service, the free lift from a ridesharing service, the free meal kit delivered right to the front door. Brands know that customers like these offers, which is, of course, why they offer them. They are a great way to get that foot in the door with a consumer, and give them a chance to consider how much they might like to continue using the service — for a reasonable fee.
Matt Wilcox Pro
OCTOBER 14, 2019
“I’ll take Cyber Stats for 500.” And the answer is: What is the estimated global cost of cybercrime by the end of 2019? (Read on for the answer.) Ah, October! It’s that wonderful time of year when grownups can return to their childhood for a little while by dressing up and wearing masks (except inside [.
PYMNTS
OCTOBER 14, 2019
The trouble with existential threats is they very rarely show up and announce themselves. When Amazon launched in 1995, it looked to most as a one-trick eTailer that sold books online. A quarter-century later, that online bookstore has profoundly changed the retail landscape and every player operating within it. It would take the better part of two decades for most retailers to see Amazon as much more than a niche business responsible for a tiny fraction of all retail sales on a channel they nev
ATM Marketplace
OCTOBER 14, 2019
Banxico recently rolled out CoDi, a smartphone and QR-based payments system. In this blog post, ATM historian Bernardo Batiz-Lazo steps us through how QR codes became so popular and what this means for cash-dependent Mexicans.
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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
OCTOBER 14, 2019
New data from U.K. Finance shows that contactless payments in the country continue to grow. In fact, almost 50 percent of all debit card payments are contactless. In July of this year, cardholders in the U.K. made 1.5 billion transactions with their debit cards, which is a jump of 8.9 percent from the previous year. The total amount of the transactions was £50.7 billion ($63.8 billion), which is an increase of 1.4 percent from a year ago.
Banking Exchange
OCTOBER 14, 2019
Banks should not learn the wrong lessons, however Payments Technology Risk Management Financial Trends Cards Online Mobile Security Checks/Remote Deposit Capture Tech Management Operational Risk Compliance/Regulatory Cyberfraud/ID Theft Blockchain Fintech Feature Feature3.
PYMNTS
OCTOBER 14, 2019
In what is one of retail’s more amusing ironies, the floral industry is not particularly green. The products are, of course, but the industry itself – particularly the segment of the market dedicated to the delivery of fresh-cut flowers – does not have a particularly inspiring environmental record. Flowers are water- and power-intensive to grow – and delivering them on demand can burn a lot of fuel.
CFPB Monitor
OCTOBER 14, 2019
The California Attorney General’s Office released its long-awaited proposed CCPA regulations last week. The proposed regulations are 24 pages long, and address a number of important technical compliance issues including how businesses should: provide just in time notice to consumers of personal information collected; provide notice to consumers of the right to opt out of the sale of personal information; provide notice to consumers of financial incentives; provide a CCPA compliant privacy polic
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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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