Wed.Sep 21, 2016

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RegTech: Brother in Arms with FinTech

Chris Skinner

During recent months, I’ve enjoyed a real ding-dong of conversations between Europeans, Asians, Americans and Brits about FinTech and, to be more specific, RegTech. RegTech is a couple of years in catch-up with FinTech, and is all about how to use technologies to make regulations more efficient and effective. The claim is that the UK … The post RegTech: Brother in Arms with FinTech appeared first on Chris Skinner's blog.

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Finance Brands Will Beat Fintechs by 2021, Roubini Says

Bank Innovation

A new report released today by Roubini ThoughtLab holds quite a few insights about the future of wealth management, the future of fintech, and the future of technology, most notably the conclusion that financial institutions with strong brand awareness will be the last ones standing by 2021–not fintechs. According to Read More.

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Things worth reading: 22nd September 2016

Chris Skinner

Things we’re reading today include … SEC charges fund manager Cooperman with insider trading Want to be fabulously wealthy? Here’s the degree you’ll need Facebook founder Mark Zuckerberg pledges $3bn to rid the world of all disease Brexit provides an obvious solution to the Royal Bank of Scotland’s Williams & Glyn headache Wall Street executives … The post Things worth reading: 22nd September 2016 appeared first on Chris Skinner's blog.

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Bitcoin Is Currency Now. Or Not. Or Yes?

Bank Innovation

Yes, I am using this meme, moving on: yesterday CoinDesk reported that New York Federal Judge Alison Nathan ruled that “bitcoins are funds within the plain meaning of that term.” In other words, bitcoin is currency. Before you celebrate (or cry), other U.S. judges this year have also ruled that Read More.

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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 India 2016 Market Report

Payments Dive

This market report gives an overview of the carrier billing ecosystem in India. India is home to the world’s second largest smartphone user base after China, having overtaken the US in the beginning of 2016.

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What We Learned From Live Oak Bank [Podcast]

South State Correspondent

Of all the top performing banks, the one that we are most envious of and follow the most closely is Live Oak Bank. Chip Mahan and his team of high performers have reverse engineered the best parts of banking. The result is a radically altered business model that achieves performance through its simplicity – profitable products to profitable customers.

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Secco Bank and the Future World of MyDigitalAssets

Bank Innovation

During a webinar focused on Digital Wealth Management for one of our clients, I thought that I would poke the audience by discussing a Future World in which we all create wealth by investing in our Digital Assets. I started by referring to MyCreditScore, as a Digital asset, only because Read More.

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What is keeping your financial institution from growing?

Abrigo

A common problem impacting productivity and the ability to serve customers is inefficient processes. Many of these are inherited and accepted as “just the way we do things.” But in order to work smarter, not harder, and provide a good experience for customers, inefficiencies should be challenged in favor of fresh ideas and processes. Across the banking industry a current strategic focus is loan growth – increasing the portfolio by both acquiring new customers and expanding services offered to ex

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Surviving And Thriving Off Of Data In The Omni Era

PYMNTS

With big-box retailers, like Walmart, expected to spend more than $1 billion on eCommerce this year, merchants are making a concerted effort to bolster their omnichannel strategies. But significant investments aren’t just made on a whim, as retailers rely heavily on analytics to craft winning omnicommerce strategies. Interpreting data correctly, however, can make all the difference between success and failure in the retail industry.

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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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Visa's Password Rule Is a Small Stab at a Big Problem

Payments Source

Verified by Visa — which typically functioned as a way to improve security by adding a password to the online payment process — is phasing out the use of static passwords. Visa's plan is a chance to improve the standard for authenticating online commerce.

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B2B Check Use Rising Despite Approach Of Same Day ACH

PYMNTS

Same Day ACH is ready for its debut at the end of the week, and for some, its launch signals the next step for the payments industry to become faster and more digital. In B2B payments, those characteristics could have a significant impact on supplier payments and other B2B payment habits. But a new report finds that, even as Same Day ACH is fast-approaching, businesses are actually increasing their use of paper checks.

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51% of B2B payments still made by cheque

Bobsguide

The digitalisation of finance has never been more advanced, yet the number of B2B payments made by paper cheque actually increased in the US last year. According to new research from the Association for Finance Professionals (AFP), cheque payments increased by one percentage point since 2013.

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Breaking Down The Faster Payments Construct

PYMNTS

[link]. In just a matter of days, the payments industry will see a significant — and ubiquitous — change in the way payments are sent and received. Same Day ACH will create a new option for faster payments for all the banks and credit unions across the U.S. Two new same-day settlement windows will be added to the ACH Network, which will increase the actual movement of funds between all those financial institutions from once a day (at the beginning of the day) to three times a day.

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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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Fighting Cybercrime with data analytics

Bobsguide

Today’s consumers and businesses require payment methods that are fast and convenient, no matter what channel they are using. However, as domestic and international payment networks evolve and payment channels progress to meet these growing demands, Financial Initiations (FIs) face an.

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Have Consumer Privacy And Matchmakers Reached A Crossroads?

PYMNTS

[link]. Friction, and the elimination of it, is what successful matchmakers solve — and solve for successfully. Sometimes, those frictions are how hard it is to find suppliers to meet a demand or finding an easy way to make a payment inside of a marketplace. Other times, it is how much control consumers have over their personal information and whether that lack of control keeps them from getting on board.

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Top FinTech Influencers in the United States of America

Let's Talk Payments

These are exciting times for financial services. On one hand, several FinTech startups are providing solutions for specific problems and on the other, incumbents are bringing more digitization and tech-enabled.

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USAA, Banking On A Digital Future?

PYMNTS

As active members of the military and military families, USAA Bank members are especially dependent on digital and mobile services. But these digital and mobile solutions are not popular just among those deployed overseas. According to recently released research from the American Bankers Association, mobile banking is becoming increasingly popular among consumers of young ages.

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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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Pay-By-Selfie as an E-Commerce Catalyst

Let's Talk Payments

Biometrics (behavioral, in particular) are increasingly gaining popularity in the financial services industry worldwide. The technology is claimed to be the most convenient method as users don’t have to remember.

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Voice-Activated Banking: Mobile Vs. Smart Home Devices

PYMNTS

The use of devices supporting hands-free banking is on the rise. But which devices are consumers actually using — smartphones or smart home devices? According to a recent blog post from Nadia Benaissa, a marketing manager at CR2, smart home devices seem to be taking the lead in the battle for attention in the voice-activated banking space. “The campaign to establish a market leader in the smart home device market really began when Amazon launched its Echo smart home device two years ago,” Benais

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Linked2pay Adds Automatic ACH Approval for Merchant Accounts

Payments Source

As the payments industry prepares to lay the foundation for same-day Automated Clearing House payments this week, technology provider linked2pay is combining merchant onboarding for acquirers with real-time acceptance of ACH and other payment services.

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Blockchain Tracker: Edits, Approvals, Music & Bono

PYMNTS

Bono once said, “ Music can change the world because it can change people.” Blockchain proponents would argue in favor of that concept, especially after this week’s announcement from Ujo Music. The startup has its eyes — or, in this case, ears — on disrupting the $15 billion music industry , which Forbes said could stand to benefit from blockchain. Artists tend to lose up to 86 percent of the proceeds they arguably should be getting from their music.

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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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How the Payments Industry Failed a Major Arizona Grocery Chain

Payments Source

Bashas' Inc., Arizona's largest independent grocery chain, was certain it was prepared for the October 2015 EMV liability shift. After all, it had begun purchasing terminals for all of its 1,400 checkout lanes a year in advance.

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Samsung Pay Will Let Galaxy Note 7 Users Pay With Their Eyes

PYMNTS

Samsung Pay is getting even more tech-savvy with a new feature that lets you make a payment with your eyes. According to a report , with the feature, which is part of Samsung Pay version 2.3, consumers can do a bunch of new things, including using their retina to buy things. The feature, however, only works with the Galaxy Note 7, which is in the midst of a massive recall after reports that the batteries can catch fire or explode.

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TALKINGTECH launch frictionless payments service and dive deep into regulation and KYC

Bobsguide

We’ve heard the saying “the customer is always right” over and over again, but are companies actually providing products and services that really put the customer first?

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Investment Tracker: Bringing Auto Trading To The Digital Age

PYMNTS

Auto dealers don’t get to pick their inventory from a catalog or from snazzy marketing materials delivered personally from a sales representative. Building and maintaining inventory for an auto dealership requires travel to a remote location, partaking in chaotic and competitive auctions and significant logistics expenses. But that is changing in the digital age: enter ACV.

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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.