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?
Payments Dive
OCTOBER 1, 2019
The changing nature of consumers in recent years is raising major questions regarding privacy, loyalty and perceived value in the banking industry, according to a panel of experts at the 2019 Bank Customer Experience Summit.
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Bank Innovation
OCTOBER 29, 2019
Digital banking brand Varo has 1 million customers, and is pushing ahead with plans to become a nationally-chartered bank early next year, CEO Colin Walsh told Bank Innovation Tuesday. The four-year-old company received conditional approval for a national bank charter from the Office of the Comptroller of the Currency in August, a process it initiated in […].
PYMNTS
OCTOBER 1, 2019
In the next 10 years, as robots and other tech bring about the “greatest transfer from labour to capital” the industry has witnessed, per a report by Wells Fargo analysts, U.S. banks will slash over 200,000 jobs. Veteran Wall Street Analyst Mike Mayo noted that cuts of such magnitude would comprise over 10 percent of total bank jobs, and pave the way for a “golden age of banking efficiency,” the Financial Times reported.
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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
Insights on Business
OCTOBER 23, 2019
This is a great moment for IBM. IBM OpenPages with Watson has been named one of the 2019 Gartner Peer Insights Customers’ Choice for Integrated Risk Management Solutions. We are incredibly proud of our customers continued input into our offering, especially in our most current release of OpenPages with Watson v8.1 as discussed in my previous blog. Their contribution in our “innovating in the open” approach is part of the reason we received this honor.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Chris Skinner
OCTOBER 6, 2019
It’s been interesting to watch the development of Facebook’s Libra project. As I expected, regulators hate it and are asking lots of questions about it. Most seem to want to ban it. And now PayPal has dropped out of the original founding team, with Visa and MasterCard rumoured to follow. … The post Facebook has forced the world’s banks to innovate appeared first on Chris Skinner's blog.
Payments Dive
OCTOBER 4, 2019
The successful transition to mobile banking requires a seamless, intuitive user experience built into a mobile app. But the evolution from bricks-and-mortar to digital requires so much more in terms of how you deal with legacy systems, how you listen to customers and how you deal with the challenges of modern day neobanks.
Bank Innovation
OCTOBER 2, 2019
To Varo, a digital-only banking startup which has more than 750,000 users, an inclusive user experience is its passport to growth. Varo is looking to other digital-only financial players along with big-tech platforms like Google and Amazon for inspiration. The company’s chief design officer, August de los Reyes, was pulled from that ecosystem, with prior […].
PYMNTS
OCTOBER 10, 2019
With real-time payments spreading throughout the world (perhaps more slowly than expected, but still spreading), the characteristics of pull payments mean they are likely to play only a marginal role. That’s the view shared by Trevor LaFleche, director of product management and marketing for Enterprise Payments Solutions at Fiserv , during a recent PYMNTS discussion that centered around the spread of real-time payments, and their global prospects going into 2020.
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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
BankBazaar
OCTOBER 9, 2019
People are losing sleep over their debts! But you don’t need to. Here are a few simple ways to attain freedom from all your financial woes. In this day and age, stressing over the state of one’s finances has become so commonplace, to the point of almost turning into a well-worn conversational cliché. While we may nervously joke about it from time to time, the impact of financial stress on one’s physical and mental health is pretty alarming.
Payments Source
OCTOBER 1, 2019
Mastercard has developed a service called Threat Scan to help card issuers get ahead of fraudsters by running scans on their card authorization systems based on the latest evolving global card scams.
Chris Skinner
OCTOBER 13, 2019
Now that’s a contentious title for a blog, but purposefully so. Old banks can compete in the new world if they’re smart … it’s just that so many of them are dumb. Dumb with data, as I’ve blogged before. To illustrate this, I have three examples. The first is that … The post Why dumb old banks can’t compete appeared first on Chris Skinner's blog.
Payments Dive
OCTOBER 18, 2019
Traditional banks in the U.S. and Europe are picking up the transition to digital banking as they face heightened competition from fintech startups and consumers become more and more comfortable with mobile apps and online sites for routine functions.
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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.
Bank Innovation
OCTOBER 4, 2019
Credit Karma has joined the high-yield savings race. The 12-year-old personal finance company, which is now worth $4 billion, announced the savings account product this week, which will roll out to U.S. customers on Oct. 28. The FDIC-insured savings account is offered through custodian MVB Bank. The company, however, is partnering with a network of […].
PYMNTS
OCTOBER 4, 2019
Vista Equity Partners is reportedly thinking about selling a stake in London-based FinTech Finastra. Bloomberg is reporting that the sale could value Finastra at $10 billion with debt included. Vista is collaborating with Goldman Sachs to look for companies that might be interested in buying. Vista could be looking to sell as much as 50 percent of the company.
BankBazaar
OCTOBER 8, 2019
Planning to buy a car soon? Before you take the plunge, learn how you can save on your purchase by following these pointers. Tired of haggling with auto rickshaw drivers over fares and shelling out a bomb as surge fees during traffic hours and inclement weather? Buying a car may help you get out of this rut, but you should consider several things before you take the plunge.
Payments Source
OCTOBER 4, 2019
Retailers are decelerating data security spending, even as attacks become more sophisticated and merchants emphasize the types of multi-channel shopping that draws attackers.
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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.
Chris Skinner
OCTOBER 3, 2019
In case you missed it 11FS, as well as doing podcasts, have made a movie. The movie is all about the 11 years since the financial crisis hit and how the conditions led to the rise of FinTech and, specifically, UK FinTech. It’s an hour long, so set aside some … The post How UK FinTech took over the world appeared first on Chris Skinner's blog.
Payments Dive
OCTOBER 15, 2019
With the intensifying competition from fintech startups, financial institutions need to step up their game, especially when it comes to digital, or they risk losing ground to these newcomers.
Bank Innovation
OCTOBER 4, 2019
Credit Karma has joined the high-yield savings race. The 12-year-old personal finance company, which is now worth $4 billion, announced the savings account product this week, which will roll out to U.S. customers on Oct. 28. The FDIC-insured savings account is offered through custodian MVB Bank. The company, however, is partnering with a network of […].
PYMNTS
OCTOBER 7, 2019
The new 5G mobile network technology has started to make its initial foray into healthcare, and at a time when issues of cost, efficiency and accessibility are gaining even more focus than was the case before. As all that happens, potential use cases for 5G in the healthcare space are taking at least rough shape. Various deployments might take years to play out, given the bureaucracy and legacy inertia common in the massive healthcare industry.
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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.
Payments Source
OCTOBER 2, 2019
The key is that FedNow will provide speed, equal access and an infrastructure that enables the private sector to build cross-platform solutions, says BillGo's Kelly Seidl.
Chris Skinner
OCTOBER 1, 2019
I don’t get The Financial Times editorials these days. Last month, they published a ridiculous article about challenger banks eating the banker’s lunch – which I covered here as being the crumbs off the table of the banker’s lunch – and this month, they publish a totally contrary view that the … The post Are challenger banks winning or losing?
Payments Dive
OCTOBER 3, 2019
Legacy banks are struggling to transform their brick-and-mortar ecosystems to fit into an increasingly digital world. How do they do it? And more importantly, how do they do it without alienating customers who are used to one-on-one interactions?
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