Chris Skinner
NOVEMBER 8, 2018
I often talk about teaching children to learn what machines cannot learn. Our system of education was created in the Industrial Revolution, and is based upon kids being stuffed with facts, stats and dates. They learn to parrot-fashion repeat things, and are tested to see if they can remember. It’s … The post Teach children the things that machines cannot learn appeared first on Chris Skinner's blog.
Payments Dive
NOVEMBER 29, 2018
Veteran payments executive Jason Bohrer says several key consumer trends are pushing us closer to a cashless society, and the financial services industry needs to consider these developments in order to bridge the gap.
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Bank Innovation
NOVEMBER 12, 2018
INV Fintech, Bank Innovation’s sister accelerator, has announced its sixth accelerator class, which begins this week with six unique startups seeking to revolutionize financial services. The six startups were selected for participation after a rigorous review process by INV Fintech and its partners, which include Fiserv, TIAA, BB&T, Standard Bank of Africa, and Texas Capital Bank. […].
PYMNTS
NOVEMBER 6, 2018
Before Michael Krakaris co-founded an online fulfillment platform for eCommerce merchants, he learned firsthand how companies could reinvent messy spaces with software. One of his first jobs was working for a company that created an application programming interface (API) to help businesses send text messages to their customers. That business solved a major pain point, he says, as companies used to have to make deals with the wireless carriers themselves to have that capability.
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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
NOVEMBER 19, 2018
Artificial intelligence is changing the game. According to Stanford professor Andrew Ng , AI is the “new electricity,” already generating billions in value as it transforms industries such as IT, health care — and now financial services. Both fintech firms and traditional enterprises are on the brink of significant disruption as companies leverage the rapid insights generated by AI in banking to drive demonstrable outcomes in customer experience, risk management and cost efficiency.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Chris Skinner
NOVEMBER 13, 2018
There’s nothing like a true story to bring a point home, so here’s my latest one. I’m starting a new venture. It’s a philanthropic thing, thing to do with banking, but because we are seeking sponsorship, we need to open a bank account. I choose to open an account with … The post Account opening? Oh, 1-2-3. Easy as A-B-C. Not! appeared first on Chris Skinner's blog.
Payments Dive
NOVEMBER 20, 2018
As cyber attackers develop more sophisticated methods of attacking online sites, security experts and retailers are increasingly focused on protecting mobile shopping and payment platforms to ensure a safe holiday season.
Bobsguide
NOVEMBER 30, 2018
The price of bitcoin plunged in late November, dropping from $5,500 to a low of $3,604 over the Thanksgiving weekend. At the time of writing it stands at $4,175, which marks a drop of nearly 80% from the cryptocurrency’s all-time high $19,703 in December 2017. The crash also signifies the.
PYMNTS
NOVEMBER 25, 2018
Venmo , the digital money transfer service owned by PayPal , suffered payments fraud earlier in 2018 that played a role in the company posting losses that were higher than forecasted for the first quarter of this year. The Wall Street Journal , citing internal documents it reviewed, reported that for the first three months of 2018 Venmo had operating losses of around $40 million, which was close to 40 percent bigger than what the company had planned for.
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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
Insights on Business
NOVEMBER 21, 2018
In today’s financial services industry, issues ranging from new regulations to unforeseen competitive pressures are placing ever-growing pressure on traditional banking institutions to move toward open banking models. To address this need, IBM introduced the IBM Open Banking Platform. The IBM Open Banking Platform is a software suite that helps accelerate a financial institution’s digital transformation through modular tools based on industry standards, is built on Kubernetes, and guided by Bank
Payments Source
NOVEMBER 30, 2018
The concept of Smart Cities — which use mobile payments, global positioning and related technology to streamline parking, transit, building access and traffic — is deeply intertwined with the development of payments technology and regulation.
Chris Skinner
NOVEMBER 14, 2018
Twenty years ago, I worked on a strategy for the future of banking. My conclusion was that banks would merge with telecommunications firms and become hybrid institutions. Twenty years later, it hasn’t happened. But will it? It was interesting because way back then I worked for NCR which was owned … The post Banks and Telcos? Two become one! appeared first on Chris Skinner's blog.
Payments Dive
NOVEMBER 9, 2018
A session at the recent Money20/20 conference in Las Vegas attempted to clarify the roles that technology companies are playing in financial services and how traditional financial institutions are working with them.
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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.
Bobsguide
NOVEMBER 26, 2018
When thinking of robotics and artificial intelligence (AI), many of us will automatically conjure up images of futuristic robots and applications from sci-fi films. However, the reality is very different. In fact, Robotic Process Automation (RPA) and AI are integral to many businesses, allowing for.
PYMNTS
NOVEMBER 28, 2018
InComm , a global prepaid product and payment technology company, has announced a partnership with Welcia , Japan’s leading pharmacy chain, to launch four mobile barcode payment solutions in its stores. InComm will be integrating its point-of-sale payment technology directly with Welcia. “Simultaneously connecting these major mobile barcode payments with the largest pharmacy chain in Japan is an exciting opportunity for InComm and Welcia’s customers,” Takumaro Arai, vice president and general ma
Insights on Business
NOVEMBER 8, 2018
At last month’s Money20/20 conference, the event brought over 10,000 people together and hosted speakers from start-up disruptors to incumbent financial institutions, and everything in between. IBM was there in full force. And I had the pleasure of hosting a panel of CEOs three mornings in a row. I thought one panel participant explained eloquently where the financial services industry is in the digital transformation journey when he put it in terms of the incumbent bank’s relationship with fint
Payments Source
NOVEMBER 19, 2018
Earlier this year Ripple announced that it has dedicated $50 million toward the University Blockchain Research Initiative, partnering Ripple with 17 universities around the globe from the U.K. to Brazil, with the aim of accelerating new innovations in blockchain and cryptocurrencies.
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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
NOVEMBER 2, 2018
I was talking with some friends at the most innovative bank in Europe that has stopped getting on my radar for the past few years. I first blogged about them back in 2012, when I met the founder at an event. That bank is called Fidor. Following that first meeting, we became friends, … The post Clash of clans … or new bank versus old bank (Fidor, BPCE) appeared first on Chris Skinner's blog.
Payments Dive
NOVEMBER 30, 2018
Consumer demand for smarter wearables is leading watch makers and others to explore new approaches to embedded payment technologies.
Bobsguide
NOVEMBER 1, 2018
Thousands of UK businesses were unable to process payments because of a network outage at the beginning of the week, with reports suggesting Worldpay encountered a temporary fault.
PYMNTS
NOVEMBER 15, 2018
The Internal Revenue Service (IRS) is paying $1.7 million to a Virginia company to handle “large cash payments for processing cannabis federal taxes.”. According to Quartz , the U.S. government collected approximately $4.7 billion in taxes last year on nearly $13 billion in revenue from legal cannabis companies. Most of these companies were forced to pay their federal taxes in cash because about 70 percent of all legal cannabis businesses are unbanked.
Advertiser: Data Robot
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.
Insights on Business
NOVEMBER 29, 2018
Now, more than ever, banks must be smarter and faster. Operational innovation is vital in a highly competitive financial services sector, with a new community of digital banks and other firms vying for market share. CFOs in financial organizations are not taking this challenge lightly. In 2016, the IBM Institute for Business Value teamed up with the Economist Intelligence Unit to interview global bankers.
Payments Source
NOVEMBER 28, 2018
Blockchain may have received its most exposure as the distributed ledger technology at the foundation of cryptocurrency exchanges, but its use cases are advancing into other data-driven or supply-chain industries pursuing the Internet of Things.
Chris Skinner
NOVEMBER 29, 2018
In a final write-up on leadership, there was a fantastic presentation about the lessons DNB had learned in trying to make digital change happen. Solveig Hellebust, Group Executive Vice President for People & Operations at DNB or, as she called it, POP, talked about the five things that make the … The post Five digital transformation lessons appeared first on Chris Skinner's blog.
Payments Dive
NOVEMBER 15, 2018
Sir Richard Branson, the British billionaire entrepreneur, philanthropist and visionary, never outgrew his passion to change the world.
Advertiser: Trellis
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