Sat.Sep 10, 2016 - Fri.Sep 16, 2016

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Bankers should not be retailers [Wells Fargo]

Chris Skinner

5,300 Wells Fargo employees have been caught faking customer account openings in order to hit their sales targets. That sounds pretty disgusting doesn’t it, but it’s nothing new. In fact, we here in old America or, as some call it, Britain, have been living with this for half a decade. During the 2000s, leading up … The post Bankers should not be retailers [Wells Fargo] appeared first on Chris Skinner's blog.

Retail 388
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Bots Are Everywhere, But Are They Ready for Banking?

Bank Innovation

The latest technology to entice bankers is the chatbot — that talky little application that can tell you how much you spent at Starbucks or guide you through your account setup. But a report from Forrester’s Peter Wannemacher, released last week, suggests that chatbots are not ready to handle the high-stakes Read More.

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Recent POS malware attacks signal a need for app security for mobile payments

Payments Dive

Thorston Held, co-founder and managing director of whiteCryption, examines the recent POS security attacks and what they mean for mobile payments.

Security 304
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Exploring the new money mindsets

Accenture

Things are changing for banks. People are moving on. They are making their own financial arrangements and leaving the banks to deal with their outdated demographic models. Banks need to look at people—their current and prospective customers—with fresh eyes, understanding. Read more.

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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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What is a bank?

Chris Skinner

I was at a conference the other day when the presenter showed this quote from the Wall Street Journal: The question is so simple it seems silly: What is a bank? Of course you know the answer. A bank pools savings and then allocates that capital. Simple, right? But that’s just the start. In 2016 a … The post What is a bank? appeared first on Chris Skinner's blog.

More Trending

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Cashless and confident: Growing the proximity payment market

Payments Dive

Thomas Rosteck from Infineon discusses the challenges preventing the growth of mobile payments at the physical point of sale.

Marketing 325
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Mastercard Says Fraud Costs Dropped 54% Since (EMV) October 2015

PYMNTS

One year into the shift to chip-enabled cards — for the U.S., that is — Mastercard said on Monday (Sept. 12) that data shows a “ positive impact ” through the technology across stakeholders, including issuing banks, consumers and merchants. In reference to fraud — the very activity that the cards are designed to thwart — Mastercard stated that fraud data shows a 54 percent decrease in counterfeit fraud costs at retailers who have either completed or are close to completing EMV transitions, as me

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The future CIO is not a CIO

Chris Skinner

As mentioned last week, the CIO’s role is changing from running an empire of maintenance engineers to organising a distributed development organisation. The change in the role is one from a hierarchical control structure, where everything is proprietary and internal, to a flattened organisation that is open and broad. Much of the developments will come … The post The future CIO is not a CIO appeared first on Chris Skinner's blog.

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Bank of the West Gets Serious About Digital Engagement

Bank Innovation

It’s become a truism that digital banking customers are your best customers, but Bank of the West and Fiserv have the data to back up that assumption — and to do something about it. Digital banking features cost money — your vendor may charge a per-user fee to institute the latest Read More.

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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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Where mobile can achieve fastest growth

Payments Dive

Sam Cinquegrani, founder and CEO of ObjectWave Corp, writes about how marketers can leverage mobile devices in a contributed article to Mobile Payments Today.

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Alipay To Start Charging A Withdrawal Fee

PYMNTS

Alipay , a mobile payment company in China, said on Monday (Sept. 12) that it will beginning charging a withdrawal fee due to rising costs. According to a report covering the announcement, the withdrawal fee will kick in on Oct. 12. Alipay users will have a withdrawal quota of 20,000 yuan (around $3,000). When the customer reaches that quota, they will be charged a fee of 0.1 percent for each withdrawal.

Payments 180
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The Banking Bazaar and the Bizarre Banker

Chris Skinner

I’ve spent a lot of this week talking about marketplaces. We have a growing number of financial marketplaces appearing. Lending marketplaces, credit marketplaces, payments marketplaces and more. A marketplace is the bazaar. Market stall holders gather to meet with prospective clients, and the digital version of the marketplace is the focal point for many FinTech … The post The Banking Bazaar and the Bizarre Banker appeared first on Chris Skinner's blog.

Lending 302
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Is the Future of Finance Biometrics? Ant Financial Pays $70M to Find Out

Bank Innovation

Financial technology may be evolving at a rapid pace, but well, so is financial crime — meaning that the security of online and mobile payments is a constantly developing area and nowhere more so than biometrics. This is obviously of interest to financial institutions across the globe, like the company Read More.

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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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Accepting Nominations for Model Bank 2017

Celent Banking

It is my pleasure to announce that we are now accepting nominations for Model Bank 2017. The nominations window will be open until November 30. Our regular readers should be familiar with Model Bank. We began the program in 2007 and are celebrating its 10th anniversary this year. Celent Model Bank is awarded for best practices of technology usage in different areas critical to success in banking, and is the main award that a financial institution (FI) can win from Celent.

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Apple To Face Opposition From Seoul Firms Over Closed NFC

PYMNTS

Apple is about to face opposition from a group of Seoul-based financial technology firms that are gearing up to file a complaint with the Korean Fair Trade Commission. According to a report , the financial technology firms are upset about Apple’s closed policy for the near-field communication functions of its iPhones. The financial technology firms in Korea , which include Hankook NFC, Kona I and Cashbee, and law firm Tech&Law reportedly held a meeting last week to hash out how to respond to

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An overdraft … is that someone who checks your first draft?

Chris Skinner

I got into a conference this week (for a change) where the presenter of a roboadvising wealth manager got into a bit of a Q&A scuffle with an audience member. Felix Niederer, founder and CEO of Zurich-based start-up True Wealth showed the stats for their customers. Most of them are over 30, and the real … The post An overdraft … is that someone who checks your first draft?

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Blockchain Catastrophe Swaps and the Unbundling of Insurance

Bank Innovation

Image source I struggled with the headline for this post because the news connects to so many different themes we cover on Daily Fintech: Real use cases for Blockchain. Catastrophe Insurance and Climate Change. Financial Inclusion. Innovation by Incumbent Financial Services. The new global back office. The unbundling of vertically Read More.

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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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An Open Letter to Wells Fargo Senior Management

Gonzobanker

To the senior team at Wells Fargo: We write to you today on behalf of the GonzoBanker team. By way of introduction, you probably don’t know us and we have never worked for you. We consult to the mid-size and community banking space. Like you, we make our livelihood from this industry and have deep respect for the banking business and the people in it.

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Building An IoT Health Care Ecosystem

PYMNTS

The Internet of Things (IoT) has its sights set on changing the health care industry as we know it. Figures from PricewaterhouseCoopers estimate that the connected health care market could grow to $61 billion by 2020 — that’s a growth rate of 33 percent annually from current levels. The market for IoT health devices is also expected to see a surge to $14 billion by 2020.

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Things worth reading: 16th September 2016

Chris Skinner

Things we’re reading today include … Bonuses are back! Payouts hit £44bn, but it isn’t the City boys who are cashing in Deutsche Bank says U.S. DoJ asks it to pay $14 billion to settle mortgages case US bankers: ‘Brexit impact global’ Phoenix confirms ‘advanced discussions’ to buy Deutsche’s Abbey Life Bank bosses warn that … The post Things worth reading: 16th September 2016 appeared first on Chris Skinner's blog.

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A Simple Way to Profit from the InsurTech Boom

Bank Innovation

Image source InsurTech is booming. Or at least a lot of investors think it will boom soon as demonstrated by how much money they are investing – hitting US$1bn across 47 deals in H12016 according to the latest quarterly fintech venture capital report from KPMG and CB Insights. How can Read More.

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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

Commercial lending is on the verge of a resurgence, but traditional processes are an obstacle. Explore the top 3 reasons for resistance to digital transformation and how overcoming them can pave the way for growth and efficiency. Discover why embracing automation and digital solutions is crucial for success in today's competitive landscape. Discover how GoDocs helps commercial lenders in the digital era with seamless integration and a borrower-focused approach.

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A new phenomenon - the underbanked FinTech

Bobsguide

Accelerator programmes, sandboxes and tech labs. These are all some of the latest buzzwords in banking and FinTech. And they present some really exciting opportunities. FinTech accelerators are popping up across the world, from The Bank of England to Nordea in Helsinki and.

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Picking Up Where Omnichannel Leaves Off

PYMNTS

At this point, omnichannel isn’t anything new. Omnichannel is supporting payments across multiple channels, we got it. Though many merchants aren’t there yet (even though consumers are demanding they should be), the concept has become commonplace in today’s digital landscape. But ensuring that consumers are able to pay when they want, how they want and where they want requires more than making sure a transaction goes through.

Retail 169
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Fraudster's Best Friend: Businesses That Ignore Security Testing

Payments Source

Even with advanced technology, fraudsters need a lot of help to get their hands on secure payment or personal data. One in five businesses apparently are unwittingly providing that help by not performing any security testing, according to new research.

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Chatbots Take One Small Step Forward to True AI with Personetics, Clinc

Bank Innovation

Take a moment and imagine the future of banking: chances are your vision contains a lot more automation than we have now, whether you’re imagining a simple predictive algorithm for investments or a fully-fledged personal finance ‘bot with Skynet level AI—in terms of cognitive reasoning, not thirst for world domination. Read More.

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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.