Chris Skinner
NOVEMBER 3, 2019
I’ve blogged for a while now about the different approaches to Big Tech in China and America. In China, Big Tech is pretty much working hand-in-hand with government to solve society’s issues and police them. People in the West may not like it or understand it, but Big Brotherly Love … The post Big Banks versus Big Tech … it’s all about the money appeared first on Chris Skinner's blog.
Payments Dive
NOVEMBER 7, 2019
Mastercard last month challenged the industry on adoping a set of new standards on data privacy and security. Computop's founding director Ralf Gladis says the industry should take up the challenge and collectively move in a similar direction.
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Bank Innovation
NOVEMBER 4, 2019
Personal finance, banking and investment platform MoneyLion is moving its monthly subscription fee to a rate similar to Netflix and Spotify starting next year. The company currently offers a free checking account and a $19.99 per month “Plus” membership, which includes access to 5.99% APR credit-builder loans, cash advances and loyalty perks.
PYMNTS
NOVEMBER 6, 2019
Amazon is planning to build a $40 million state-of-the-art robotics innovation hub near Boston that will result in the creation of 200 tech and manufacturing jobs, Amazon announced in a press release Wednesday (Nov. 6). Tye Brady, chief technologist at Amazon Robotics, said the new hub will speed-up innovation and will be a “world-class facility, where our teams can design, build, program, and ship our robots, all under the same roof.”.
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
NOVEMBER 5, 2019
I attended the New Stateman’s FinTech Summit yesterday. I gave the opening speech and was followed by the indomitable Anne Boden, CEO and Founder of Starling Bank, who talked about the path to profitability. She asserts the bank will deliver profitability next year, but her presentation focused upon a number … The post Seven Fin and Tech truisms we wish were myths (with thanks to Anne Boden) 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 6, 2019
Last week’s Money 20/20 in Las Vegas showcased numerous innovations in financial services, ranging from the launch of Uber Money to Facebook’s continued push for Libra, and the growth of Amazon Pay. But perhaps more interesting was what the conference lacked: fresh ideas and product propositions from incumbents. Financial institutions’ long-held fears of increasing competition […].
PYMNTS
NOVEMBER 5, 2019
A relentless focus on customer experience and simplifying complexity are the defining characteristics of the most valuable companies in the world today. It’s a concept Rob Orgel, now the new president and chief operating officer at Flywire , told Karen Webster was foundational to his decade-long career at Apple — where he was part of the leadership team that developed, rolled out and grew the Apple Pay business.
Chris Skinner
NOVEMBER 4, 2019
We hear a lot about how crypto and bitcoin encourages illegal activity, drugs, money laundering and such like. The reality is that such activity today is tiny when compared with the amount of illegal activity, drugs and money laundering goes through the banking system. As of 2019, $829 million in … The post Criminals in the financial system appeared first on Chris Skinner's blog.
Payments Dive
NOVEMBER 4, 2019
A House of Commons subcommittee is reviewing whether PayPal can be used to make small, online contributions to political parties that would make it difficult to trace the origins of the payments. PayPal allows users to make secure, online payments using a mobile number or email.
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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
Bank Innovation
NOVEMBER 4, 2019
INV Fintech’s new class, announced today, solidifies the accelerator’s pivot to greater bank enablement. INV has refocused its operations within the last year on FI enablement, and the new class – INV’s eighth – is the first solely curated for this directive. The new cohort includes seven startups that are seeking to partner with financial […].
PYMNTS
NOVEMBER 3, 2019
U.S. homeowners’ decision to stay in their homes longer is keeping much-needed inventory off the real estate market, causing a slip in home sales. New analysis by Redfin found that homeowners around the country are typically staying in their homes for 13 years, five years longer than they did in 2010. “If people aren’t moving on, there just are fewer and fewer homes available for new home buyers,” said Daryl Fairweather, Redfin’s chief economist.
Chris Skinner
NOVEMBER 7, 2019
I got a tweet the other day pointing me to a report from the Financial Stability Board about the use of decentralised technologies for financial services. Excellent report from the Financial Stability Board @fsb about the impact of decentralized #fintech#finserv #DeFi #DLT #payments #lending ??[link] pic.twitter.com/LUfGxn9akl — Sebastien Meunier (@sbmeunier) November … The post What do banks think about decentralised finance appeared first on Chris Skinner's blog.
Payments Dive
NOVEMBER 5, 2019
Leslie Martinez-Moreno, senior manager of user experience and design at CIBC, sat down with Tim Tang of Hughes, to discuss the role of design and user experience in the transformation to digital banking.
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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 8, 2019
Beyond technical debt, talent is the biggest obstacle to bank modernization, executives said at Bank Innovation Build. On a panel about designing the bank of the future, participants discussed how banks can keep up with consumer-facing tech companies like Amazon and Shopify. Jamie Warder, head of digital at KeyBank, said the competencies needed at big banks […].
PYMNTS
NOVEMBER 5, 2019
Visa has released a statement saying Tencent’s announcement that it will support international card schemes in its mobile wallet is “a great step forward” for the payments industry. “Visa believes this is a great step forward, both for consumers travelling to China and the overall payments industry. In a truly global commerce environment, collaboration is essential to provide consumers with a seamless payments experience,” Visa said in a release. .
Chris Skinner
NOVEMBER 6, 2019
I got an email the other day from TransferWise, a service I use frequently. Why do I use it? Because I moved to Poland. Poland’s currency is the Zloty and paying everything on my card in British Pounds with conversion rates seemed stupid. It really struck home when I was … The post FX transfers that are wise appeared first on Chris Skinner's blog.
Payments Source
NOVEMBER 5, 2019
While American Express initially lost customers after JPMorgan Chase introduced the popular Sapphire Reserve premium card in 2016, the firm said it's seen a 60% increase in growth in Platinum accounts.
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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.
Bank Innovation
NOVEMBER 8, 2019
GoCardless is continuing its international push through new partnerships. This week, the company confirmed tie-ups with subscription billing platform Recurly and cross-border payments company TransferWise in an effort to take market share away from banks. With TransferWise, GoCardless is allowing merchants to accept international payments on its direct debit payment platform.
PYMNTS
NOVEMBER 5, 2019
Coca-Cola’s supply chain operations are run by an IT firm called Coke One North America (CONA), and the company recently had such a successful run with blockchain software provider SAP that it’s going to expand the program from two to 70 manufacturers, according to reports. . Those manufacturers deliver about 160,000 bottles a day. The purpose of the blockchain push was to help improve distribution and allow the manufacturers access to others’ orders and specifications. .
Chris Skinner
NOVEMBER 4, 2019
Things we’re reading today include … Goldman Sachs offers would-be parents on staff $20,000 to buy eggs OneCoin lawyer on trial for role in ‘crypto-scam’ Regulators press Deutsche boss to drop dual roles Santander buys majority stake in fintech Ebury for £350m Edmond de Rothschild chief warns private banks face … The post Things worth reading: 5th November 2019 appeared first on Chris Skinner's blog.
Payments Source
NOVEMBER 8, 2019
UPI surpasses cards in India; Rapyd finds partners in Singapore; and other information you need to start your day, from PaymentsSource and around the web.
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.
Bank Innovation
NOVEMBER 5, 2019
TD Bank is testing new AI-based personalization capabilities within its mobile app, thanks to technology from Layer 6, an AI company it acquired in 2018. According to Imran Khan, TD’s vice president of digital customer experience, a new tool called MyTD is using “subtle AI” to comb through customers’ transaction history and offer personalized recommendations […].
PYMNTS
NOVEMBER 3, 2019
The VP of Google Health has revealed that his focus for the division is on its search capabilities. Speaking at HLTH, a health care conference in Las Vegas, David Feinberg said that Google Health wants to make it easier for doctors to search medical records, as well as boost the quality of health-related search results across Google and YouTube. In 2018, Google hired Feinberg to lead the company’s expansion into the healthcare space.
Chris Skinner
NOVEMBER 3, 2019
The main blog headlines are … McKinsey reckon banks are in a ‘do-or-die’ moment … really? A few talking points last week, but two hit me in particular. The first is a McKinsey report that reckons half of the world’s banks are not viable. Their cost of equity is higher … The post The Finanser’s Week: 28th October – 3rd November 2019 appeared first on Chris Skinner's blog.
Jack Henry
NOVEMBER 6, 2019
Risk – the possibility that something undesirable will occur – is always around us. And we make decisions based around risk every day, from the moment we take our first step, ride our first bike, drive our first car, or buy our first home. These types of risks are usually common and easily understood. As such, we have health insurance in case we get sick or injured, wear helmets on our bikes, wear seatbelts in our cars, and install alarm systems in our homes, all to reduce the risks around us.
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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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