October, 2017

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Banks Need to Increase Focus on APIs if They Want to Match Fintechs, Verizon Says

Bank Innovation

EXCLUSIVE— It’s no secret that banks don’t move all that fast when it comes to new innovations, but most are starting to match fintechs at the customer experience level, according to Verizon, which provides software and internet connectivity to much of the industry. But the internal systems of traditional financial institutions are a different story. […].

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Why bankers only see horses and technologists are creating cars

Chris Skinner

I was at a large bank’s wealth management conference recently, where the CEO was being quizzed about various areas including a lot about technology and FinTech. He made several statements that I noted with interest: “Roboadvisory services improves our speed-to-market and human productivity, but does not replace humans. In particular, … The post Why bankers only see horses and technologists are creating cars appeared first on Chris Skinner's blog.

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Playing with the 'Pays': The bank approach to mobile payments

Payments Dive

While there are pros and cons to a bank forging its own way with mobile payments outside the Pays, industry executives on a panel last month at the Bank Customer Experience in Chicago agreed financial institutions should be aware of, and explore, all developments in the industry.

Mobile 310
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Setting goals for exiting your business: Why it’s important

Abrigo

By John Brown, Founder of Business Enterprise Institute, Inc. Setting goals is critically important when you approach the inevitable exit from your business. Without goals, even the strongest systems fail, as they have no purpose to work toward. Your goals are what guide your process toward a successful exit, and without them, you will find wheels spinning in the mud of indecision.

Tools 255
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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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Chase Acquires WePay Payments Platform

PYMNTS

Can big banks be nimble of foot when it comes to FinTech? One giant — JPMorgan Chase & Co. — is taking some definitive steps on that stage. JPMorgan announced today (Oct. 17) it is acquiring payments platform WePay. The combination will create an ecosystem of platform developers and small businesses, powered by WePay’s ability to integrate payments functionality into software and fueled by Chase’s global reach, small business product portfolio and network of 4 million small businesses.

Payments 217

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Oracle Opens API Framework for Open Banking

Bank Innovation

Technology provider Oracle is moving forward with its “open banking initiative,” a project that includes an open API framework to better allow banks and fintechs to work together on innovation. The company announced the platform yesterday during its “Oracle Open World” conference. The platform is a “platform as a service” initiative aimed at creating greater […].

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Five FinTech Themes from 2017

Chris Skinner

Following on from talking around the big ten tech themes last Friday, I thought I would follow up with five FinTech themes for right now. This came out of a keynote speech I gave at Celero’s 9th annual technology conference in Canada last week. It was fun with the CEO, Bob … The post Five FinTech Themes from 2017 appeared first on Chris Skinner's blog.

Fintech 359
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Contextual commerce still finding its way

Payments Dive

Contextual commerce is an emerging trend in the payments and retail industries that executives are still trying to figure out due to some confusion over the concept.

Trends 277
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Does your digital lending go beyond mobile?

Bobsguide

Digitization is very topical at the moment, it has triggered many conversations and its impact in banking has been hotly debated. Financial services seem to be ripe for disruption by the new breed fintech companies for a number of reasons including rapidly evolving customer preferences, declining.

Lending 115
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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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Mastercard Begins Offering B2B Blockchain Tech

PYMNTS

On Friday (Oct. 20), Mastercard announced news that it will be opening up access to its blockchain technology through its developer’s API. Initially, the technology will be made available for B2B transactions, specifically to address the demands of cross-border payments. Mastercard is not the only firm delving into blockchain. The company joins Google, Overstock, Citi and Goldman Sachs in embracing the distributed ledger technology.

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Branch transformation? Wait…why even have branches?

Insights on Business

Well… They are both wanted by customers and needed by banks. Most customers (even those who don’t visit branches) still want to see a branch of their bank in the neighborhood. One may use mobile for daily cash and payment transactions, but one’s financial needs are much more than the routine transactions. To most customers, branch is where they get services when things go wrong or are too complicated to resolve remotely.

Apple 115
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Can APIs Help Banks Avoid Becoming Simple ‘Deposit-Holders?’

Bank Innovation

EXCLUSIVE—If banks want to remain a large, foundational part of the future financial system, they’re going to have to start working a bit harder on the open banking ecosystem, Marten Nelson, co-founder and VP of marketing for Token, told Bank Innovation. “Banks have to play on both sides as well, they do need to develop […].

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A global currency is coming, whether you like it or not

Chris Skinner

Continuing yesterday’s discussions about a big bank’s conference, I was intrigued at how often the subject of cryptocurrencies and bitcoin came up. But there again, it’s a topical thing at the moment with the price of bitcoins surging past the $4,000 mark and Goldman Sachs going against JP Morgan, and saying that … The post A global currency is coming, whether you like it or not appeared first on Chris Skinner's blog.

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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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Mobile payments success can take different forms in the US

Payments Dive

The payments industry needs a better barometer for how it measures success with mobile payments in the U.S. as the calendar approaches a new year.

Mobile 296
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IT infrastructure on the trading floor: Future trends

Bobsguide

Trends in the trader workplace. Business and IT managers making decisions about trading floor design and infrastructure face three major trends which are impacting needs assessment and resource allocation: stricter regulation, the evolution of the role of the human trader, and cost pressures.

Trends 112
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The Secret World Of APIs

PYMNTS

From an acronym known mostly by programmers in the early 2000s to something thousands of innovators have embraced to ignite numerous innovative solutions, it’s been an electric journey for the application program interface (API). According to David Koch, chief commercial officer at financial services provider FI.SPAN — a company that build an API-based platform to connect FinTechs and corporate customers to financial institutions (FIs) — APIs have unleashed an incredible number of opportunities

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A Shift in the Vendor Landscape

Gonzobanker

The card processing landscape experienced significant changes in 2017, and this shift in players will impact financial institutions well into the future. What follows is a list of the vendors Cornerstone sees in 85% of our card selection projects. PSCU and Jack Henry Card Processing Solutions (JHA CPS). JHA had been searching for a processing partner for over a year because its platform was lacking in product innovation.

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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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Monetizing Venmo Could Lead to Millennial Trouble for Zelle (and Banks)

Bank Innovation

EXCLUSIVE— Is Zelle in trouble? PayPal’s third quarter earnings, specifically the quarterly results of its popular P2P app Venmo, seem to suggest that the answer is yes. The banks’ Venmo challenger is growing quite well, reporting just over $30 billion in transactions for the first half of 2017, but the app in question had a […].

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Do you really think that Google or Amazon want to be a bank?

Chris Skinner

I’ve said continually that firms like Google and Amazon will never open a bank. I still believe that this will be the case – Facebook and Apple also fall into this view – and mainly hold this view because these companies would find full service banking a difficult and unprofitable … The post Do you really think that Google or Amazon want to be a bank?

Google 327
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How QR codes are changing e-commerce

Payments Dive

The QR code – which has had a wild ride – is going to both speed up the e-commerce payment experience and make it more secure.

Security 305
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Building a blockchain MVP

Bobsguide

At our consultancy, we are seeing more and more big clients looking at using distributed ledger technologies to change and eventually substitute existing business processes with enhanced alternatives, and it clearly shows that the market for distributed ledger technologies grows over time.

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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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Mastercard Introduces Consumer Control API

PYMNTS

On Monday (Oct. 23), Mastercard announced news of the launch of Mastercard Consumer Control, which allows consumers to view where their credit card information is stored online. The program is an API that displays where payment details are kept, allowing cardholders to understand how that information is being used. “As digital payments continue to evolve, cardholders have more and more options to enable new types of devices for payment and to pay in new ways online and in-app,” said Jessica Tur

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45+ Use Cases for Blockchain Technology… Just Because You Can, Doesn’t Mean You Should

Let's Talk Payments

When I was first doing research on the non-financial use cases of blockchain technology with particular examples to continue our diligent following on how it can be applied in FinServ and.

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Banks Need to Focus on Data, Not Technology, RBC Says

Bank Innovation

EXCLUSIVE–Future banking innovations aren’t going to depend on what technology financial institutions are using, but on what data is underlying that technology, according to Dave McKay, president and CEO for the Royal Bank of Canada. If banks want to continue their current innovation progress and more importantly, if they want to elevate that innovation out […].

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Preparing for the Coming Crypto Revolution

Chris Skinner

Today, I received a guest post from David Demar, cryptocurrency disciple, author and a writer for NoStop.net. I really liked what he sent through and thought it worth a share as it complements quite a bit of what I’ve covered in the last week. Enjoy! Preparing for the Coming Crypto Revolution … The post Preparing for the Coming Crypto Revolution appeared first on Chris Skinner's blog.

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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.