October, 2018

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Gartner: you’re better than this

Chris Skinner

I got this headline today: Most banks will be made irrelevant by 2030 – Gartner Within 12 years time, 80% of financial firms will either go out of business or be rendered irrelevant by new competition, changing customer behaviour and advancements in technology, according to forecasts by Gartner. And it … The post Gartner: you’re better than this appeared first on Chris Skinner's blog.

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Mobile Payments 101: Retail

Payments Dive

The world of mobile payments has changed significantly over the past decade – and particularly over the past few years as smartphones and other mobile devices have become ubiquitous. In this report, we will review some of the main themes and trends in the mobile payments market.

Mobile 359
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FICO To Debut New Credit Scoring System In 2019

PYMNTS

Fair Isaac, creator of the FICO credit score, will be rolling out a new scoring system in early 2019. According to the Wall Street Journal , the UltraFICO Score should help many consumers get approved for loans because it factors in how consumers manage the cash in their checking, savings and money-market accounts, which could serve as an indication of how likely they are to repay their debts.

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Capitalizing on Open Banking as a catalyst for digital transformation

Insights on Business

There’s a new normal in financial services. Regulations such as the second payment services directive (PSD2) and the Open Banking project spearheaded by the UK’s Competition and Market Authority (CMA) are driving disruption in the banking value chain. Customer behaviors are changing, making it necessary to find new ways of interacting and creating engagement.

Capital 157
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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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Insurtech report: The starting and stalling of a sector

Bobsguide

Insurtech entered common vernacular in the market towards the end of 2015, but it’s been slow to take off compared to disruption in other areas. A report last year by the European Insurance and Occupational Authority (EIOPA) said that digitisation had not yet reached the point of truly.

Report 160

More Trending

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From sandbox to sandcastle

Chris Skinner

Another lively discussion followed my meeting with the FinTech communities in Asia. It was interesting as we had a chat about all aspects of what was happening in South-East Asia, and the overwhelming message that came back to me was that the regulatory sandboxes had become sandcastles. What I mean … The post From sandbox to sandcastle appeared first on Chris Skinner's blog.

Community 401
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Keeping it personal in a digital banking world

Payments Dive

Digital channels are being widely accepted by today's consumers, but with this adoption comes the increase in impersonal transactions through online and mobile banking, drastically impacting the traditional model of building relationships

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Mastercard Will No Longer Require Signatures On Cards, Receipts

PYMNTS

Mastercard, the payments company, announced on Thursday (Oct. 18) that cardholder signatures will now be optional for the back of credit cards and receipts. In a press release , Mastercard said it is making the changes due to advancements in technology and security. “With modern, advanced forms of authentication now available, removing the requirement for signature capture at the point of sale and now signature panels on Mastercard cards is an important step in support of our digital evolution,”

Cards 218
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Advancing Innovation in the Global Financial Services Industry

Insights on Business

IBM RegTech Innovations. Advances in artificial intelligence (AI), blockchain, and cybersecurity are poised to transform the financial services industries. These technologies bring capabilities that speed risk modeling, automate fraud detection, ensure regulatory compliance, enable distributed trust, and protect sensitive financial information. Mounting pressures on financial institutions to drive out costs, improve customer experience, complete with emerging players, and comply with new regulat

Industry 155
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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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Marcus Treacher: Ripple open to collaboration with big fintechs

Bobsguide

Nearly a year has passed since Ripple spoke to bobsguide in late 2017, and 2018 has proven to be a big year for the blockchain cross-border payments startup. At Swift's flagship Sibos conference in Sydney, Australia, Ripple's head of strategic accounts, Marcus Treacher, discussed.

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How Lithuania is becoming Europe's new fintech capital

Payments Source

The Bank of Lithuania is positioning the country’s capital Vilnius as a hub for payments-related fintechs wanting to enter the European market — a move that's timed to take advantage of the uncertainty Brexit has cast over London's claim to the title.

Capital 145
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The digital divide: inclusion must not create exclusion

Chris Skinner

I have one slight concern as we go cashless, having experienced it myself. You cannot go cashless if it does not include everyone. I had this experience in China. Arriving on a Sunday lunchtime at the Holiday Inn Express hotel, I successfully checked in and had a nice room with … The post The digital divide: inclusion must not create exclusion appeared first on Chris Skinner's blog.

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Global Carrier Billing Summit: Round Up

Payments Dive

Carriers, payment integrators and merchants from around the world met up in London last week at the Global Carrier Billing Summit to share their progress and provide updates.

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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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Visa Accelerates Tokenization Of Credentials On File For Digital Payments

PYMNTS

Visa announced today the commercial expansion of its Visa Token Service for “credential-on-file token requestors.” This expansion involves adding 20 acquirer gateway and technology partners as token requestors — including the likes of PayPal, Worldpay and Adyen — who can now, or soon will be able to, tokenize credential-on-file digital payments for their merchant and payment clients.

Payments 217
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DTCC Shows Private Blockchain Can Handle US Equity Trade Volumes

Tom Groenfeldt

Blockchain capacity has been measured in public blockchains, where transaction rates have been very slow. DTCC showed that a private permissioned distributed ledger can handle high volumes.

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Blockchain in capital markets: benefits and challenges

Bobsguide

Blockchain, or Distributed Ledger Technology (DLT), is one of the most hyped new branches of digital tech in recent history. Invented as the underlying framework to power Bitcoin, it is now being applied in some way to every industry, including capital markets. The potential applications of.

Capital 150
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Data: Reinventing the gift card

Payments Source

As the gift card market grows and becomes increasingly digital, so has the product's utility.Thus, many consumers are shifting their habits and buying gift cards for themselves either due to an incentive program or to help with budgeting.

Cards 139
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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.

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What is digital transformation?

Chris Skinner

We talk about platform companies, and many use the famous TechCrunch quote to illustrate this: Uber, the world’s largest taxi company, owns no vehicles. Facebook, the world’s most popular media owner, creates no content. Alibaba, the most valuable retailer, has no inventory. And Airbnb, the world’s largest accommodation provider, owns no real estate. … The post What is digital transformation?

Retail 370
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Restaurant and retail executives share their insights about mobile trends

Payments Dive

Restaurant and retail executives that gathered in Chicago this past summer for the Networld Media Group's annual CONNECT: The Mobile CX Summit shared their thoughts with us about the hottest trends in mobile technology in this exclusive video.

Trends 350
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A Look Inside Switzerland’s Plans To Bank Crypto Businesses

PYMNTS

The global regulatory framework of cryptocurrencies and blockchain remains either fragmented, vague or simply nonexistent. However, Swiss officials recently took steps to get ahead of the regulatory uncertainty surrounding the world of blockchain, focusing on a particularly large hurdle for companies in the industry. In July, reports in the Financial Times said Switzerland is working to open the nation’s traditional corporate banking market to cryptocurrency companies finding it difficult

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The Basics of Artificial Intelligence and How it will Change Banking

ABA Community Banking

Of the most influential sectors are customer service, financial services, and fraud detection Technology Feature3 Fintech Bank Performance Management Financial Trends Customers Cyberfraud/ID Theft.

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Addressing Top Enterprise Challenges in Generative AI with DataRobot

The buzz around generative AI shows no sign of abating in the foreseeable future. Enterprise interest in the technology is high, and the market is expected to gain momentum as organizations move from prototypes to actual project deployments. Ultimately, the market will demand an extensive ecosystem, and tools will need to streamline data and model utilization and management across multiple environments.

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Ripple chairman: Washington lobbying has led to poor crypto judgements

Bobsguide

Chris Larson, executive chairman and co-founder of Ripple, said mistakes have been made in the ways in which regulators have dealt with cryptocurrencies. “Washington is in a learning phase,” he told an audience at Money20/20. “I have to say there was a debacle with the industry.

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Data: Do consumers trust chatbots?

Payments Source

Banks and merchants are rapidly deploying chatbots for answering basic account questions, shopping and accessing the internet of things. But new data suggests consumers don’t fully trust chatbots yet with payment account details and personal information. Here’s a look at what consumers think of chatbots and why it matters.

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Why P2P lending works in some markets and not in others

Chris Skinner

Someone asked me about getting return on investment in fintech. The discussion is about how many firms are actually delivering on their promise. So many unicorns are loss-making firms, and billion-dollar valuations on million-dollar revenues seems like a lot of hype. One article typified this feeling: High-society fintech under pressure … The post Why P2P lending works in some markets and not in others appeared first on Chris Skinner's blog.

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Bankers debate today's trends at Bank Customer Experience Summit

Payments Dive

Executives from MB Financial Bank, Wells Fargo and USAA gathered in Chicago for a rapid-fire round table discussion on a variety of topics in the banking industry.

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Need Curated Pre-foreclosure Lists to Generate New Real Estate Leads? Trellis Has the Data!

Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.