December, 2018

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Compliance will kill the bank

Chris Skinner

I was talking with a banker at a recent conference, and was surprised by his attitude. He’s not worried about Amazon, Google or Alibaba; he’s not concerned about FinTech start-ups, Revolut or Monzo; he doesn’t really care about Open Banking and software; as for machine learning, artificial intelligence (AI) and … The post Compliance will kill the bank appeared first on Chris Skinner's blog.

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Public transit systems look to drive down costs, boost ridership with contactless fares

Payments Dive

Public transit systems in New Jersey, New York, Chicago and other major metropolitan areas are converting their systems to accept contactless payments, which experts say will reduce costs and help improve ridership.

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Amex Touts Success In Ripple Cross-Border Payments Pilot

PYMNTS

In a renewed show of support for blockchain technology , American Express General Manager of Corporate Payments Carlos Carriedo has suggested that its pilot tests with partner Ripple to enable real-time cross-border corporate payments have been a success. Reports in Invest In Blockchain on Tuesday (Dec. 11) said Carriedo spoke at the Wings of Change Europe conference and emphasized American Express’ interest in blockchain technology. “Blockchain is absolutely an option we’re

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Platformification â?? the end of banks but the future of banking?

Bobsguide

Niels Bohr, the Danish, Nobel-prize winning physicist once said “prediction is very difficult, especially if it’s about the future” However, there is something about human nature that compels us to make predictions, and there is something else about our nature that seems to.

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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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Artificial Intelligence is a game-changer, but are you AI-ready?

Insights on Business

At the October Money 20/20 in Las Vegas, Yousef Hashimi, Vice President and Partner of IBM Cognitive Big Data and Analytics, and Rob Palacios, Executive Vice President and Director of Texas Capital Bank (TCB) Labs, sat down for a fireside chat about driving value in organizations with artificial intelligence (AI) and what it takes to be AI ready to reap the benefits of building solutions rather than just buying components of AI technology.

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Open Banking: Strategy and Presentation

Chris Skinner

I haven’t given away my slides and presentation for a while, as it’s part of my unique armoury, but I’m bored with my latest slide deck so here it is. ? Open Banking Strategy and Business Model from Chris Skinner And just in case it doesn’t make sense, here’s a … The post Open Banking: Strategy and Presentation appeared first on Chris Skinner's blog.

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Putting modern payment technologies to the test

Payments Dive

Automated testing is an increasingly important consideration as payment providers, retailers and other companies expand the number of options that consumers and merchants can use.

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What An Alleged NSA Hack Reveals About Payments Cybersecurity

PYMNTS

Not to ruin your holiday spirit, but let’s start this story with the cold and brutal truth: One of the largest risks that payments and commerce operators face in 2019 is being called to account by government officials, regulators or media about a failure to secure their organizations from cyberattacks. The past year brought a significantly increased focus on the security and privacy of online data, with not only consumers paying more attention to the issue but (much more importantly) lawmakers h

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Busy year ahead expected for insurtech

Bobsguide

2019 is set to be a year defined by collaboration in the insurance sector. In an October Capgemini survey, 96% of respondents said they were looking to collaborate with insurtech firms in some way. 77% said that “partnering to develop a new solution” was their preferred approach. When.

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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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Kraninger to retain CFPB as agency name

CFPB Monitor

CFPB Director Kathy Kraninger has sent an email to CFPB employees informing them of her decision to halt “all ongoing efforts to make changes to existing products and materials related to the name correction initiative.” That initiative was initiated by former Acting Director Mulvaney. Under his leadership, the Bureau began using “Bureau of Consumer Financial Protection” as its name, together with the acronym “BCFP,” instead of, respectively, “Consumer Financial Protection Bureau”

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7 key payment trends to watch in 2019

Payments Source

Nearly all new payments technologies strive to become as ubiquitous — and as secure — as possible. It's a goal that is harder than ever to achieve.

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Are you pulling my blockchain?

Chris Skinner

I just gave a presentation on blockchain. I haven’t been asked to make a specific presentation on blockchain for over a year, so it meant dusting off some rusty notes and slides and thinking about where we are today. I know that last year, I spent most of the year … The post Are you pulling my blockchain? appeared first on Chris Skinner's blog.

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Kagan: Is Amazon Pay a trojan horse digital wallet to retailers?

Payments Dive

Jeff Kagan explains why he believes Amazon Pay could have a successful future as a payment method in the retail world, even though these retailers are arch competitors with Amazon.com.

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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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2018 Data Breaches: The List No One Wanted To Make

PYMNTS

So far this year (and there’s still one more day), Verizon reported that there have been 2,216 confirmed data breaches across 65 countries. Even more disturbing, perhaps, is that 68 percent of those breaches took months for the breached companies to discover. If that’s not disturbing enough, 28 percent of those incidents were perpetuated by insiders.

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10 insurtech start-ups to watch out for in 2019

Bobsguide

The global insurance market has remained more or less untouched by philosophical shifts for decades. Yet thanks to a flurry of recent tech innovations, an influx of investment from venture capitalists and sky-high demand for bigger, better and faster insurance products, the sector is now.

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Fraud & Payments Predictions 2019: Go Cashless – with Care

FICO

As far as industry predictions go, perhaps surprisingly, one of mine actually came true: “ 2018 will be the beginning of the end for physical credit cards. However, their functionality will become even more omnipresent in our lives as more cards migrate to consumers’ mobile phones.”. It’s true that more and more Americans are adopting mobile payments.

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7 (realistic) predictions about fintech in 2019

Payments Source

Even the best technologies take time, making it necessary to rein in expectations about what will happen and won't happen in the coming year.

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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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When does digitalisation stop?

Chris Skinner

Another day and another discussion about digital transformation with a group of bankers. As the conversation progressed, several of the attendees touched on a subject in different ways but the core of what they were asking was this: when will we know we’ve done digital? I find this question quite … The post When does digitalisation stop? appeared first on Chris Skinner's blog.

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Biometrics to impact future of mobile payment authentication

Payments Dive

Biometrics wlll have a significant impact in driving mobile payment use as facial recognition and fingerprint scanning technologies are incorporated into applications.

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Russian Central Bank Ends FX Competition

PYMNTS

The Central Bank of the Russian Federation (CBR) announced that it has revoked the licenses of five Russian foreign exchange (FX) trading companies. According to a statement on the bank’s website, the decision was made due to “the repeated violations of the requirements of the Russian legislation on securities within one year.”. The five companies — Forex Club, Alpari Forex, Trust Forex, InstaForex and TeleTrade — will see their licenses expire on Jan. 27, and must stop all operat

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Collaboration is Londonâ??s â??secret sauceâ?? for fintech success

Bobsguide

London has a “secret sauce” that keeps it ahead of the US and China. That’s according to Alastair Lukies, non-executive chairman of Innovate Finance and the Prime Minister’s business ambassador for fintech. “There’s a difference between disruptive fintech and.

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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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Consumer Banking Predictions 2019: Four Trends to Watch

FICO

The annual exercise of staring into our crystal balls and making predictions for the coming year has begun. I’ll leave the speculation on the headline-grabbing technologies — your blockchains and your dancing robots — to others. For my predictions, I’ll focus on four areas of tactical concern within consumer banking that I feel confident bank executives will make significant progress addressing 2019.

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Data: The reality of mobile payments

Payments Source

Mobile payments technology has fallen short of expectations in major markets, particularly the U.S., where less than 10 percent of consumers routinely use devices to pay in stores — despite more than four years of aggressive development from large technology companies and banks.

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The untold story of Stripe

Chris Skinner

Wired are really good at writing long, wordy essays on things they find of interest. I enjoy them, but not everyone has half an hour to read their musings. Therefore, as it covers my favourite FinTech firm Stripe, here’s a 1,500 abridged version of their 16 page, 5,000 word original … The post The untold story of Stripe appeared first on Chris Skinner's blog.

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Facebook facing new regulatory scrutiny after data sharing allegations

Payments Dive

Facebook is facing increased calls from privacy advocates, public officials and others for government regulation and investigation following new allegations of unauthorized data sharing.

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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.