Chris Skinner
MAY 31, 2018
I’ve got caught in a few discussions recently with people who tell me Ant Financial are Chinese. They’re not. Neither is Alibaba and, if you think they’re just Chinese, you’re going to miss a huge change in the next decade. Ant Financial is an open marketplace of apps, APIs and … The post So you think Alipay is just for the Chinese? appeared first on Chris Skinner's blog.
Bank Innovation
MAY 31, 2018
New entrants in the lending field are using alternative means -- cryptocurrency-backed loans to "social credit," a measure of the strength of your social connections -- to offer credit to the underbanked. Cryptocurrency HODLers and miners will soon be able to use their assets as collateral for fiat currency loans with Cereal, a Moscow-based lending platform […].
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Payments Dive
JUNE 1, 2018
New technology and innovation is changing the way consumers want to pay, but the increasingly rapid pace of change also creates challenges and vulnerabilities for self-service equipment providers.
PYMNTS
MAY 28, 2018
Apple is reportedly gearing up to allow third-party developers to get full access to the Near-Field Communications (NFC) chip in the iPhone with iOS 12. Citing The Information, 9to5Mac reported that Apple is aiming for the iPhone to be used for more digital payments and other interactions, such as opening hotel room doors or as a virtual transit card for easier access to transportation.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
Chris Skinner
MAY 29, 2018
I was invited to address a commercial bank this week, and they wanted me to make it specific to their strategy. In reading their strategy, I saw something that jumped off the page: new branches. Why, in the digital age, would any bank be opening more branches? I asked them … The post When an app replaces 1200 bank branches … appeared first on Chris Skinner's blog.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
MAY 29, 2018
New foodservice technologies — including self-order kiosks, mobile ordering and EMV-enabled payment systems — are being introduced at a rapid pace. Operators with existing POS investments need to be able to integrate new capabilities into their existing systems.
PYMNTS
MAY 29, 2018
U.S. software company Verint Systems, Inc. is looking to buy NSO Group, an Israeli company that sells military-grade technology, for around $1 billion. The Wall Street Journal reported that Verint has offered to pay NSO’s controlling shareholder, San Francisco-based private-equity firm Francisco Partners , with its own stock and assumed debt. If the deal is completed, Francisco Partners would become the largest Verint shareholder.
Chris Skinner
MAY 30, 2018
For those who know me they know that I travel a lot and, in those travels, it is fairly obvious that the world is not homogenous. Whilst the Chinese leapfrog the West and move to mobile banking, Europeans are seeing a surge of new banks trying to challenge the old, … The post Digital isn’t built in a day appeared first on Chris Skinner's blog.
Bank Innovation
MAY 29, 2018
General data protection regulations (GDPR), an EU privacy and data protection law, went live last week. The regulation seeks to give citizens control over their own data and unify laws within Europe, although provisions also apply to how personal data is exported outside of Europe. These new laws will impact how banks interact with consumers […].
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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
Payments Dive
MAY 31, 2018
Blogger Bryan Pearson got the scoop on Kohl's new loyalty initiative that trades points for cash and combines elements of its credit card, sales events and Yes2You Rewards.
PYMNTS
MAY 30, 2018
It’s not easy being a bank these days, and it’s often easy to overlook how many challenges traditional banking players face, on many fronts. “Banks are burdened with a lot of challenges that are not of their own making or design,” Gerhard Oosthuizen, CTO at Entersekt , said in a recent conversation. Banks, he noted, have to be compliant with a host of extremely stringent regulations, and often across multiple jurisdictions – all with different rules.
Chris Skinner
MAY 27, 2018
I’ve used a statement for a while now about the competitive landscape of finance in the future. It goes something like: Banks have millions of customers, billions of capital and centuries of history, but are hampered by heritage; Start-ups have no customers, little capital and no history, but are driven … The post The long-term banking future: who are the winners?
Bank Innovation
MAY 30, 2018
Location matters. Even in fintech. It turns out nations beyond America today are increasingly generating more significant financial technology innovation, especially in artificial intelligence. Canada is an example. “Smart, early-stage investment in AI and fintech have helped Canada become a research leader in machine learning and deep learning setting the stage for industry 4.0,” said […].
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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
Bobsguide
JUNE 1, 2018
Earlier this month, France and Germany teamed up to demand an EU-wide initiative designed to fund innovation and research in tech start-up projects to compete against China and the US fintech markets. But Spiros Margaris, venture capitalist and senior advisor at Arbidex, suggests it is too.
PYMNTS
JUNE 1, 2018
To help retain drivers on its platform, Uber is raising its fares in cities such as Washington, D.C., San Francisco and Los Angeles. The increases have come to both “time and distance” rates as well as “booking fees,” Financial Times reported. “We have to make [being an Uber driver] more attractive because the alternatives are becoming more attractive,” Uber CEO Dara Khosrowshahi told FT.
Chris Skinner
MAY 29, 2018
A month ago, I blogged about the problems at TSB when implementing the change-over of their core systems. Yes, core systems replacements are challenging, but they’re not risky when done right. Unfortunately, TSB’s change-over shows all the marks of how to get it wrong. Not only has it been highly … The post What cost a system outage? appeared first on Chris Skinner's blog.
Bank Innovation
MAY 30, 2018
Citigroup has a digital-heavy, branch-light business approach that extends beyond its National Digital Bank platform (announced in March and currently in testing phase), according to Stephen Bird, CEO of Citi’s Global Consumer Banking. For starters, Citigroup doesn’t have many physical branches, and it has no plans of changing that, according to Bird, who spoke yesterday […].
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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.
Payments Source
MAY 31, 2018
Virtual reality is seeing significant leaps in technology, with immediate applications to gaming and entertainment that foreshadow richer applications for VR in commerce.
PYMNTS
MAY 29, 2018
In the early 1950s, an engineer named William Fair encountered a mathematician Earl Isaac who together decided to work out an automated credit scoring system for banks. In 1954, they came-up with the first version of the Fair Isaac credit score — or the FICO. It was a huge flop. Banks didn’t trust that an automated system could do nearly as good a job as personal bankers when it came to evaluating customers and their likelihood to repay.
Chris Skinner
MAY 27, 2018
Things we’re reading today include … Chinese bank chief found dead inside his office Bank of England open to idea of central bank issued digital currency Busking goes cashless with ‘a world first’ for London RBS told to scrap branch closures to help vulnerable customers RBS’s profits offer the boss … The post Things worth reading: 28th May 2018 appeared first on Chris Skinner's blog.
Bank Innovation
MAY 29, 2018
A lot happened in the digital banking world this month, from major events in the payments worlds like PayPal acquiring iZettle for $2.2 billion only days before its IPO to major regulations such as GDPR going live last week. Here are some of the important trends that Bank Innovation pulled out of the fintech chatter […].
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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.
Disruptive Finance
MAY 26, 2018
A few years ago, I wrote about the inexorable rise of Google and Amazon in finance. The conclusion from the piece was “if you prefer fast action and major Fintech disruption from tech powerhouses, then forget Amazon, Google or Apple, and watch Alibaba or Tencent… Ant Financial, the finance arm of Alibaba, is valued $50bn.” This was 2.5 years ago, and(.).
PYMNTS
MAY 28, 2018
It was a long time coming, but it’s here. As the world knows by now, the European Union’s General Data Protection Regulation (GDPR) took effect on May 25. The mechanics of what firms have to do when it comes to collecting, managing and processing data has been well-publicized. Equally well-publicized has been the readiness — or lack of readiness — of firms to bring data under the control of the consumer.
Chris Skinner
MAY 28, 2018
Things we’re reading today include … Canadian Banks: Cyber Thieves Claim They Have Stolen 40,000 Clients’ Data China $10 Trillion Shadow Bank Crackdown Has Long Way to Go Blockchain Will Be Adopted by Every Bank More of UK stake in RBS could be sold off this week Graduate applications flood … The post Things worth reading: 29th May 2018 appeared first on Chris Skinner's blog.
Bank Innovation
JUNE 1, 2018
Innovation for the sake of problem-solving (rather than for its own sake) is the way U.S. Bank’s Dominic Venturo approaches his role of chief innovation officer. The bank has a comprehensive outlook on investing and researching emerging technology trends through its innovation team, Venturo said. The bank approaches its innovation plan by looking for "interesting […].
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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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