Bank Innovation
JUNE 15, 2018
Emerging markets payments platform PayU is building an in-house data science team. The company’s latest rounds of investment and acquisitions pointed to something big, and this seems to be part of it. For instance, late last year PayU’S parent company Naspers invested $115 million in remittance startup Remitly. This was preceded by a €110 million ($127.8 […].
Chris Skinner
JUNE 14, 2018
I was listening to a group of CIOs talking about legacy systems change the other day. One said that it doesn’t matter how old the systems are; it’s all about whether they are maintainable and fit-for purpose. I kind of agreed with that, although I cannot think of any silo-based, … The post Why banks fear core systems change appeared first on Chris Skinner's blog.
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Payments Dive
JUNE 15, 2018
Sweden's apparent move toward becoming the planet's first cashless state is clearly neither accidental nor simply the outcome of choices made by the Swedish public.
PYMNTS
JUNE 11, 2018
In the pharmacy business, convenience is often seen as the key to success. Industry giants like CVS Health, Walgreens and Express Scripts, Inc. have become household names, enabling more than 50 percent of prescription drug sales in the U.S. by giving customers what they want most: a smooth, simple experience. Consumers want to refill prescriptions online or on their mobile phones, and they also want to be able to chat with their pharmacists.
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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
JUNE 15, 2018
PREMIUM — APIs -- application programming interfaces -- are still in their early days in banking, but are starting to show their promise. Data is flowing from your account to third party service providers in your mobile device and beyond, so you are never far away from knowing how much money you don't have. APIs […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
JUNE 12, 2018
With robotics and artificial intelligence (AI) technology advancing, many industries are now addressing the opportunities and challenges presented by increased automation. Retail is no different. In particular, the emergence of checkout-free retail has excited consumers tired of waiting in line.
PYMNTS
JUNE 14, 2018
The Securities and Exchange Commission’s (SEC) leading authority on bitcoin, cryptocurrency and initial coin offerings (ICOs) has ruled that some well-known cryptocurrencies like bitcoin and Ethereum are not securities. However, the coins offered during initial coin offerings very likely are entirely — or mostly — securities, according to news from CNBC.
Bank Innovation
JUNE 13, 2018
Within the fintech landscape, is insuretech becoming the popular choice for investors? According to a Medici report, investment in insuretech, which it recognizes as a subcategory of fintech, was higher than investment in blockchain and B2B during the month of May. Fintech investment trends broken down by industry indicate a clear surge in insuretech investment. […].
Chris Skinner
JUNE 12, 2018
I just found a really interesting analysis of the state of mobile banking in the UK which, if you bear in mind has lots of new challenger banks, makes for interesting reading about features and functionality of Monzo versus N26 versus Starling versus Atom and so on. It’s almost as … The post Who has the best digital offer in the UK: challenger or big banks?
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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
JUNE 14, 2018
Mobile Payments Today Editor Will Hernandez previews the latest guide from Networld Media Group.
PYMNTS
JUNE 12, 2018
Federal authorities including the Department of Justice and the FBI announced Monday (June 11) that law enforcement arrested 74 people in the U.S. and overseas for engaging in international business email compromise schemes aimed at intercepting and stealing wire transfers from individuals and businesses. In a press release , the federal law enforcement agencies said the effort, dubbed Operation Wire Wire, also included the Department of Homeland Security, the Department of the Treasury and the
Bank Innovation
JUNE 11, 2018
PREMIUM - Financial institutions and fintech startups have realized the potential in working with the enormous and previously untapped market of underbanked consumers. The means of assessing creditworthiness are as varied as the alternative data points companies are starting to use. From psychometrics to gauge the propensity to pay back, to the blockchain and geolocation […].
Chris Skinner
JUNE 10, 2018
I met a Washington insider this week. During the banter, I mentioned how much better the European authorities are at beating up the US tech giants than the Americans. This is illustrated well by the recent New York Times feature on Margrethe Vestager, Europe’s competition commissioner. Ms. Vestager, 50 and … The post America versus Europe and the fight for truth in data appeared first on Chris Skinner's blog.
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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.
Payments Source
JUNE 11, 2018
Since addresses are recorded in the blockchain, it is possible to trace each transaction where the address was used, which aids in AML, according to Ron Teicher, CEO of EverCompliant.
PYMNTS
JUNE 11, 2018
Loyalty programs can come with two challenges for retailers: getting consumers to sign up, and then making them feel like the rewards are worth the program. Some merchants are quick to think big to tackle these issues, offering hundreds to thousands of rewards points for the simplest of acts, such as downloading a merchant’s app. All those points come at a marketing cost and liabilities on the balance sheet, but still don’t guarantee loyal customers.
Bank Innovation
JUNE 14, 2018
PREMIUM - Add another challenger bank to the mix, this time in Eastern Europe. Polish bank Alior is working on launching a digital-first bank later this year, Bank Innovation has learned. Alior Bank, headquartered in Warsaw, was founded in 2008 and has more than 3 million customers, 216 branches, 219 high-tech mini branches that it […].
Chris Skinner
JUNE 14, 2018
It’s interesting to hear bank CEOs talking about the threat of technology to their business, and the fact that more and more CEOs are talking about it. Jamie Dimon and Francisco Gonzalez of JPMorgan and BBVA were the first to start the call to action five years ago. Jamie talked … The post (Some) Big Bank CEOs believe that banks must reincarnate or die appeared first on Chris Skinner's blog.
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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.
Insights on Business
JUNE 14, 2018
Today’s banking systems evolved from the first merchants bartering and carrying goods between early villages and towns. From there, banking expanded across the world in the form of lenders supporting trade across the Silk Road in ancient Greece, the Roman Empire, and the Han Dynasty. Our most closely related banking systems evolved in medieval and Renaissance Italy where banking branches were established throughout Europe.
PYMNTS
JUNE 13, 2018
Shares of the Dutch payment processing firm Adyen debuted Wednesday (June 13) at €400, or about $470, which stood at 67 percent higher than the company’s IPO pricing. Share were selling at more than €500 ($589). Trading of Adyen shares took place on Amsterdam’s Euronext exchange. The company had raised €947 million ($1.1 billion) for its investors in the biggest technology IPO in Europe so far this year.
Bank Innovation
JUNE 12, 2018
The Department of Housing and Urban Development’s investigation into data usage at Facebook related to housing and financial services advertising appears to continue, despite signs that it had been halted earlier this year. That according to new documents released yesterday by Congress that contain written responses from the social media company on its data and privacy […].
Chris Skinner
JUNE 11, 2018
Things we’re reading today include … Indian billionaire ‘on the run over a alleged bank fraud’ seeks asylum in Britain Bank of Chile trading down after hackers rob millions in cyberattack Blockchain Cannot Yet Support Financial Market Infrastructure Fintech threatens to eclipse banks that do not adapt digitally HSBC’s new … The post Things worth reading: 12th June 2018 appeared first on Chris Skinner's blog.
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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.
Bobsguide
JUNE 14, 2018
The Chinese government has been promising to open up its financial markets ever since Bill Clinton was in the White House. Yet over the course of the past two decades, foreign investors and corporate entities looking to enter China’s thriving finance sector have been continually met with.
PYMNTS
JUNE 13, 2018
In the age of Big Data, global supply chains quickly flocked to analytics solutions that offered predictability and agility in a market swayed by geopolitical shifts, regulatory risks and even the weather. Initially, the enterprise struggled to be able to collect the data they needed, and to ensure that the data was of a high enough quality to make use of that information.
Bank Innovation
JUNE 14, 2018
PREMIUM — What do Under Armour and Apple’s Beats by Dre have in common? Talent has been recruited from both companies to kick-start a bank that’s a non-bank. “We don’t want to call ourselves a 'bank'; we want to be called Cogni,” said Archie Ravishankar CEO of Cogni. “Cogni meaning cognizance, intelligence, smart and relieving […].
Chris Skinner
JUNE 10, 2018
Things we’re reading today include … Swiss Reject Plan That Would Have Revolutionized Banking Standard Chartered says it will apply to operate a virtual bank in Hong Kong Small US banks are winners from deregulation, now they want more NatWest tests cardless online paying Top investment bank profits at pre-crisis … The post Things worth reading: 11th June 2018 appeared first on Chris Skinner's blog.
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.
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