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 15, 2018
Sir Richard Branson, the British billionaire entrepreneur, philanthropist and visionary, never outgrew his passion to change the world.
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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 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.
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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
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.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
NOVEMBER 16, 2018
We’ve all been there. It’s midday, you’re in between meetings, you’re craving a bag of candy or a shot of one of those super-charged, "coffee-based" energy drinks to push through the afternoon, but you’re caught in traffic in your rideshare and short on time. Or perhaps not. But when you need that quick fix on […].
PYMNTS
NOVEMBER 15, 2018
Contactless payment company Mobeewave announced the closing of a $16.5 million Series B funding round, led by NewAlpha Asset Management, Mastercard and Forestay Capital. The investment funds will enable the Montreal-based startup to continue to deploy its patented solution in markets around the world, develop new product offerings and expand the company’s head count.
Chris Skinner
NOVEMBER 15, 2018
It’s a big week of FinTech in Asia with Money 2020 China and the Singapore FinTech Festival (SFF) all taking place in the same week. One of the headlines emerging from SFF was an interview with Brad Garlinghouse, CEO of Ripple. The headline is from a Bloomberg interview and reads: … The post Will Ripple replace SWIFT? appeared first on Chris Skinner's blog.
Payments Dive
NOVEMBER 13, 2018
While the emergence of fintechs has challenged established financial service institutions, the collaboration taking place has blurred the some of the distinctions between the two.
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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
Bank Innovation
NOVEMBER 16, 2018
It’s opportunity time for fintech startups. On March 12, 2019, Bank Innovation will host its ninth DEMOvation Challenge, in which fintech startups demo before a crowd of conference attendees in the hopes of earning their vote and walking away with fabulous prizes. The competiton is part of the wider Bank Innovation Ignite conference, which returns […].
PYMNTS
NOVEMBER 15, 2018
Opus, the provider of global compliance and risk management solutions, announced Thursday (Nov. 15) the results of the third annual Ponemon Institute’s “Data Risk in the Third-Party Ecosystem” study, which found that 59 percent of companies surveyed said they have experienced a data breach caused by their vendors or third parties. In a press release announcing the results of the survey of more than 1,000 CISOs and other security and risk professionals across the U.S. and U.K., Opus said th
Chris Skinner
NOVEMBER 11, 2018
At the conference I attended the other day, one speaker highlighted some InsurTech I’d not seen before but thought pretty cool. It’s a prototype service from Direct Line called Fleetlights. Fleetlights is an army of drones that light up the night skies and are designed to help people in difficult … The post Direct Line: innovating InsurTech appeared first on Chris Skinner's blog.
Payments Dive
NOVEMBER 16, 2018
African banking customers are among the most enthusiastic adopters of mobile and digital channels. They prefer digital channels for transactions, servicing and sales.
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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
NOVEMBER 15, 2018
Alexa is listening. Capital One was famously the first major bank to integrate with Alexa, Amazon's virtual assistant that lives in Echo smart speakers as well as a growing array of other devices. Voice banking -- operating your bank account by voice -- is a hot topic in the industry today, but many questions remain. One problem is […].
PYMNTS
NOVEMBER 15, 2018
Western Union and FLEETCOR are nearing an agreement to sell WU’s business payments operations to the fleet payments firm, according to reports in PE Hub on Wednesday (Nov. 15). Citing three unnamed sources, reports said Citi is advising on the deal, which could fetch $600 million for the B2B payments operations. Though unconfirmed, the deal would not come entirely as a surprise.
Chris Skinner
NOVEMBER 13, 2018
I often find myself in weird or frustrating situations that I don’t know how to break. For example, dealing with clients who require a Government Tax Residency Letter and multiple hurdles to be cleared before they can make payment; or dealing with American clients who want to pay me by cheque; or, worst of … The post Legacy vendors are more of an issue than legacy systems appeared first on Chris Skinner's blog.
Payments Dive
NOVEMBER 16, 2018
In the Middle East, the POS is fast-evolving from a mere transaction acceptance device to an integral component of the customer's omni-channel journey.
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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.
Bobsguide
NOVEMBER 13, 2018
In today’s challenging financial market businesses need to utilize every available resource and technology to reduce risk when processing payments and credit applications. One area in particular that is often talked about, but still either under or incorrectly utilized, is data science.
PYMNTS
NOVEMBER 12, 2018
As the U.K. continues its move to adopt the ISO 20022 payments messaging standard, the Bank of England is reportedly planning to create a panel aimed at streamlining the adoption of the standard for more efficient payments in the country. In a press release issued last week, the Bank of England said that it, along with Pay.UK, is inviting interested parties to join its Standard Advisory Panel to help guide adoption of the payments messaging standard across the New Payments Architecture (NPA).
Chris Skinner
NOVEMBER 11, 2018
The main blog headlines are … Teach children the things that machines cannot learn 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 … The post The Finanser’s Week: 5th November – 11th November appeared first on Chris Skinner's blog.
Payments Source
NOVEMBER 13, 2018
Ripple Labs Inc., the blockchain startup whose digital money is often used as a proxy for other cryptocurrency payments, is gaining new customers because financial firms are seeking faster, more up-to-date technology than the Swift banking network, Chief Executive Officer Brad Garlinghouse said.
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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.
Insights on Business
NOVEMBER 12, 2018
Today, governance, risk and compliance (GRC) is being transformed by not only rapidly-evolving regulatory standards and growing costs of non-compliance, but also by the clear and present need for greater GRC adoption/engagement – by the first line of defense – while delivering added value by empowering business users. A new IBM white paper – Transforming Governance, Risk and Compliance: Empowering the first line of defense with cognitive capabilities and enhanced user experience – reveals not on
PYMNTS
NOVEMBER 16, 2018
In a week of multiple nine-figure venture capital funding rounds, B2B FinTech has proved it plans to end the year on a high note. The star of this week’s roundup is undoubtedly data: Two Robotics Process Automation (RPA) companies focusing on enterprise data analytics and automation landed a combined $565 million, while other high-value rounds were closed in the workspace sharing and asset-based lending markets.
Bobsguide
NOVEMBER 13, 2018
You may feel you’ve heard the term ‘digital transformation’ discussed a lot. Maybe too much, and you couldn’t be blamed for feeling a little IT industry hype fatigue. But while you may feel slightly jaundiced about the term, the trend it describes – and the dynamic.
Payments Source
NOVEMBER 14, 2018
As an industry, we need to take the risks of poor AI design and algorithmic bias seriously, says Ralf Ohlhausen, business development director at PPRO Group.
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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.
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