Chris Skinner
FEBRUARY 7, 2017
Banks are scared. They’ve seen the rise of the new world of open APIs, apps and analytics and know that their organisations are not yet ready or fit to change to that world. What to do? Well, the easiest thing to do is to block access to the bank’s data. If third party FinTech firms cannot get access to the customer’s financial data, then you can severely limit what they can do.
Bank Innovation
FEBRUARY 9, 2017
Artificial intelligence is coming to banking — scratch that, it’s already here, but customers may not have noticed. AI is already playing a role in consumers’ lives, whether they know it or not. Talking to Siri, looking at recommendations from Amazon or Netflix, or chatting with Google Home about the Read More.
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Payments Dive
FEBRUARY 10, 2017
Much of the draw of the drive-thru is rooted in speed and convenience; however, recent advancements in technology have created the potential for an even faster, even easier drive-thru transaction.
PYMNTS
FEBRUARY 9, 2017
Consulting firm Capgemini has launched a new platform for banks to provide services compliant with the new Payment Services Directive of the European Union. An announcement Wednesday (Feb. 8) said the company is rolling out its PSD2 Open Banking Solution, aimed at reducing the cost of compliance to PSD2 regulations. Payment service providers and financial institutions, which have until Jan. 2018 to comply with the new rules, are at the same time pressured to promote innovation and enable faster
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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
FEBRUARY 8, 2017
I recently started working with the guys at 11:FS. A great bunch of folks who really understand FinTech and Digital. So they have a podcast, a blog and even do some work sometimes. Anyways, I thought this article was interesting and so, in the spirit of sharing, have scraped over here: Garanti: driving digital at scale As a leading bank in Turkey, Garanti has delivered a consistent and well-placed investment in digital that has helped it create a mobile-savvy customer base.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
FEBRUARY 7, 2017
Facebook's mobile-first mentality has become a rallying cry of sorts for other companies, whether they're in the payments industry, or a retailer such as Starbucks.
PYMNTS
FEBRUARY 6, 2017
Let’s face it. The more interconnected the world gets, the more accustomed everyone has become to minimizing human interaction. While nearly anything can be ordered online, the few times people go into department stores are typically when there’s a need for a very specific item. Customers go in, grab what they want, get out and rarely want to physically speak to anyone.
Chris Skinner
FEBRUARY 6, 2017
The big headline on Friday was Donald Trump has signed an Executive Order to review the Dodd-Frank regulations. He also changed rules relating to brokers, so that they can seek maximised profits rather than being forced to behave in the client’s best interests, as ordered under the Obama Administration. MSN reports: Taken together, the president’s actions constitute a broad effort to loosen regulations on banks and other major financial companies, put into motion by a president who campaigned a
Bank Innovation
FEBRUARY 6, 2017
Companies from a wide range of fintech are finalists in the demo contest at Bank Innovation 2017, the event announced today. The finalists were chosen from applicants from around the world. A total of 12 companies will demo at Bank Innovation. The winning startup will be named Best in Show. Read More.
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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
Payments Dive
FEBRUARY 9, 2017
With the landscape of payments acceptance constantly changing and new disruptive technologies entering the market, a merchant acquirer must be constantly looking at how to adopt these solutions.
PYMNTS
FEBRUARY 6, 2017
The bank is an institution that has survived centuries. But nothing survives that long in immutable form. Consider the musty vaults housing gold and notes, parceled out by appointment, transforming (rather quickly in the here and now) into digital dollars in digital wallets. The branch and teller and service stellar are not enough to keep a steady patter of traffic in to keep the real estate paying for itself.
Chris Skinner
FEBRUARY 9, 2017
I was in a long conversation about machine learning yesterday that will probably inspire a lot of blogging. One of the key parts of the conversation was the integration of robotics and artificial intelligence. When you can make love with a human being that doesn’t talk back, why would you want a real one? Let’s not go there … But the big part of the conversation that caught my ears was around the longer-term implications.
Bank Innovation
FEBRUARY 10, 2017
Banks have been fairly active in tapping into new technologies recently, either through partnerships or with internal innovation groups. But with the rapid acceleration of the fintech space, how should banks decide if a new space or tech is worth pursuing? An old-school cost analysis will do, according to Michael Read More.
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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.
CFPB Monitor
FEBRUARY 9, 2017
Barbara S. Mishkin. The CFPB has issued its January 2017 complaint report that highlights mortgage complaints. The report also highlights complaints from consumers in Tennessee and the Memphis and Nashville metro areas. General findings include the following: As of January 1, 2017, the CFPB handled approximately 1,080,700 complaints nationally, including approximately 22,900 complaints in December 2016.
PYMNTS
FEBRUARY 6, 2017
Is retail just the land where shelves are stocked with goods, where salespeople appear at your elbow to inquire about your quest to buy? Is retail the purview of the buy button, the screen, and should it be defined as tied to the big screen (laptop) or small screen (smartphone)? Consider how retail has evolved over the past 20 years, with bricks and mortar facing an existential crisis in terms of small firms versus big-box stores such as Walmart.
Chris Skinner
FEBRUARY 10, 2017
Building on yesterday’s blog, there was another interesting debate about the risks of humans in the network. Humans screw up. Humans cause problems. Humans have emotions. Humans are not welcome here. A good example of why humans are not welcome is that it is typically human error that causes issue. A self-driving car is likely to drive a million miles without an accident, whilst a human driven car crashes three or four times on average throughout the driver’s lifetime.
Bank Innovation
FEBRUARY 6, 2017
Regulators are waking up to the potential of blockchain, just in time for the rise of smart contracts. Tramonex, a London-based fintech, has announced today that it has been granted a registration as a Small Electronic Money Institution with the Bank of England Financial Services Register, or FCA. The company Read More.
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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
FEBRUARY 7, 2017
Eric Rocks, Vice President and Managing Director of SS&C Technologies. Running a business is a very dynamic operation that requires taking the time to consider not only how things change, but why things change. By mastering this outlook, financial executives will have a greater ability to.
PYMNTS
FEBRUARY 6, 2017
Taking a page from JPMorgan Chase, Wells Fargo has inked a data exchange deal with Intuit in which Intuit customers can import their account data without having to provide their username and password. According to a report , Wells Fargo is using a secure API that communicates between the servers of the two so that Intuit customers don’t have to share their Wells Fargo information to get their data uploaded into Intuit programs, including QuickBooks, Mint and TurboTax.
Chris Skinner
FEBRUARY 8, 2017
I was going to write a blog about this, but after reading the BBC summary felt that they had summarised it as well as, or maybe even better, than I could so … Brexit vote has ‘chilling’ effect on start-up investment By Matthew Wall, Technology of Business editor Investment in UK financial technology (fintech) start-ups has dropped by a third since June’s Brexit decision, a trade body says.
Bank Innovation
FEBRUARY 10, 2017
Chatbots and AI—what makes them so engaging? How can banks and FIs utilize bots to improve the relationship with consumers, while driving engagement? This was the penultimate question during the Bank Innovation Twitter Chat today. We’ve summarized some of the best responses, and most intriguing questions, below. Experts weighed in on what Read More.
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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.
CFPB Monitor
FEBRUARY 7, 2017
Peter N. Cubita. On February 3, 2017, the President issued an Executive Order titled “Core Principles for Regulating the United States Financial System.” The Executive Order is a high-level policy statement consisting of a series of Core Principles that are designed to inform the manner in which the Administration regulates the financial system. On March 6, 2017, Ballard Spahr will hold a webinar: “ Leveling the Playing Field: CFPB Regulations and Guidance Targeted for Review by Treasury
PYMNTS
FEBRUARY 6, 2017
In one of the latest payment card data breaches reported affecting the hotel industry, InterContinental Hotels Group said that 12 hotels in the United States were compromised. The latest disclosure comes about a month, Reuters reported, after the firm said it was investigating data breach claims. The newswire said that malware that hid in servers managed to uncover and capture what is known as “track” data – which includes names, card numbers and codes — over a timeframe ranging from Aug. to Dec
Chris Skinner
FEBRUARY 8, 2017
For ten years, my friends cover at Z/Yen have been producing the Global Financial Centres Index (GFCI), on behalf of the City of London. It’s a research program where people can answer the survey questionnaire and, from those participating, the different cities of the world vying to be financial hubs are ranked. Around 2,500 people respond to the survey and in its first year, March 2007, the winners were: London New York Hong Kong Singapore Zurich Frankfurt Sydney Chicago Tokyo Geneva No Dubai
Bank Innovation
FEBRUARY 7, 2017
Forty fintechs, big and small, demoed at Finovate Europe’s opening day of demos in London this year. From wealth management to chatbots and online ID providers — there are a lot of companies to choose from. Here’s our take on who stood out from the bunch. (The full list of Read More.
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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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