Today In Data: Digital Banking Cybersecurity

PYMNTS

With new risks come new solutions, and banks are taking this approach to data security: They are adopting technologies such as biometric authentication to protect sensitive information. billion: The projected size of the global banking cybersecurity market by 2026.

Citizens Debuts Digital Bank

PYMNTS

Citizens Financial Group announced the launch of its nationwide, direct-to-consumer digital bank. Over the last several years, direct bank deposits have grown six times faster than deposits at traditional banks as consumers have sought innovative new ways to save money,” said John Rosenfeld, president of Citizens Access. “To Citizens Access’ customers can open and fund a new account on a mobile device or computer in fewer than five minutes.

Hollywood’s Newest Special Effect, Digital Banking?

PYMNTS

From phone support and mobile apps to ATMs and chatbots — when it comes to customer service, banking automation has come a long way. However, the one missing piece that these automated banking features lack is a real human being to interact with during a transaction.

The growing interest in digital banks

Insights on Business

With few exceptions, “banking hours” are becoming 24/7/365, or whenever and wherever a customer wants to do banking. Traditionally, banking was a conservative industry with relatively high barriers to entry. Banking products and services were defined and controlled by the bank.

Citigroup Eyes Creation Of National Digital Bank

PYMNTS

Citigroup is gearing up to launch a digital consumer bank that will be national in scope and will arrive within the next three years. Citing Citigroup Chief Financial Officer (CFO) John Gerspach, Reuters reported the executive said at an investor conference that the financial company is “laying the groundwork for having a national digital bank. Digital Banking Citigroup consumer banking Merchant Innovation News Technology What's Hot

Turning To AI To Reduce Digital Banking Risks

PYMNTS

Banks of all sizes are now looking to reduce the risks they face when doing business, increasingly turning to new and emerging technologies like artificial intelligence (AI) and machine learning (ML) to reduce risk and combat fraudsters. According to a survey conducted last year by the Global Association of Risk Professionals (GARP), 88 percent of bank executives believe AI and ML adoption could provide “a foundational change” for risk management.

Digital Bank Tandem Buys British Fintech Pariti

Bank Innovation

based digital bank Tandem closed a deal to acquire fellow British fintech Pariti, a personal money management app in the country with about 95,000 registered users. Exclusive Mobile Payments acquisitions Harrods Bank neobanks Pariti Tandem UK fintech

U.S. Bank Looks to Expand, But Not with a Digital Bank

Bank Innovation

Digital banks may be sprouting up all over the banking world, but don’t look for one from U.S. The bank is national in terms of […]. Exclusive Features Mobile Online Operations Premium Retail digital banking Finn JPMorgan Chase PNC u.

Fidor to Launch Third Digital Bank in Less Than a Year

Bank Innovation

It’s been quite a busy year for Germany’s first digital-only challenger bank Fidor. The bank launched two more digital banks this year, and Fidor Chief Commercial Officer Ge Drossaert told Bank Innovation there is yet another bank in the works.

Digital Banking Startup Loot Raises $2.9M Series A

Bank Innovation

Another digital banking startup has raised funding this week, this time to expand a current account offering aimed at students and millennials. Capital Exclusive Mobile capital digital banking mobile app neobanks startups

The 411 On The Digital Banking Evolution

PYMNTS

As the banking shift brought about by the rise of FinTech startups continues to disrupt the traditional brick-and-mortar banking experience to make it seamless, convenient and richer, we’re seeing all sorts of interesting partnerships and technological adoption.

Look Beyond Technology for Better Digital Banking, Fiserv Says

Bank Innovation

EXCLUSIVE—With mobile banking services offered at the majority of financial institutions, innovating the digital space is becoming more important in the fintech ecosystem, especially for smaller players like regional banks or credit unions.

Consumers Have High Expectations from Their Digital Banking Apps

Bank Innovation

Consumers want banks to do more than just hold their money, they want their banks to help them meet their financial goals. DataBank Exclusive Mobile Online Payments PFM Premium Security Bank of America BBVA Compass Capital One Clarity Money Eno Erica Goldman Sachs Marcus

For Challenger Digital Banks, It’s Game On

PYMNTS

New players on the digital banking scene are hoping to change the game by looking to industries that are categorically unlike banks for inspiration. The digital-first approach appears to be resonating well with consumers. Gaming The Banking System.

Building A Digital Bank — From Scratch

PYMNTS

“The real ‘move the needle’ opportunity in banking is to build a bank from scratch.”. That’s according to financial services vet and Varo Money CEO and Cofounder Colin Walsh, who told Karen Webster recently that the future of banking, for millennials in particular, lies not in branches but in bots who become money coaches. Millennials, Walsh went on to say, get very, very little, if any, advice at all from their bank about what to do with their money.

How Facebook Became Fast Friends with Digital Banks

Bank Innovation

EXCLUSIVE - Before social media platform Facebook became a popular channel for digital banks to offer banking features to its customers, let’s not forget that FB was first and foremost an important advertising tool for banks to reach a younger audience.

Digital banks are 35+ times more productive than traditional banks

Chris Skinner

I’m launching the new book Digital Human in New York on the evening of April 12. BTW, I’ve also heard a lot of people have been frustrated that Amazon cancelled their pre-orders of the new … The post Digital banks are 35+ times more productive than traditional banks appeared first on Chris Skinner's blog. Blog Index Case Studies Chris Skinner Digital Bank Fintech Future Grid Inclusion Innovation Mobile Numbers Opinion Payments Technology

Finding Value In The Digital Banking Lifestyle

PYMNTS

Consumers have come to expect the ability to bank digitally, but is there a way to make the experience more than just a transaction? PYMNTS: What’s the biggest impact mobile is having on payments and commerce that you’ve experienced?

Digital Banking Transformation: Where Should I Start?

The Financial Brand

To become a stronger digital bank, organizations need to take small steps that have a large impact on revenue, costs and customer satisfaction. The post Digital Banking Transformation: Where Should I Start?

Is Stand-Alone The Future Of Digital Banking?

PYMNTS

As the world goes increasingly digital, banks are struggling to decide how they should package their digital service offerings. They don’t make any sense to a customer – they’re just bank constructs.”. . What’s a traditional bank to do?

Paytm Says On Track To Be World’s Biggest Digital Bank

PYMNTS

India-based Paytm Payments Bank not only wants to become the world’s largest digital bank , but also to evolve into a financial services company providing a slew of services like wealth management and trading. 28), Paytm founder Vijay Shekhar Sharma said the company is aiming to have 500 million bank accounts. “We Digital payments was our entry point, we want to become a vertically-integrated financial services company.”.

As digital banks proliferate, so do risks

BankThink

Banks looking to build online-only affiliates to turbocharge deposit-gathering can expect intense competition and heightened regulatory scrutiny. Digital banking Consumer banking Deposits Mobile banking JPMorgan Chase PNC Financial Services Group Ally Financial Goldman Sachs

In Digital Banking Age, Personal Touch Still Matters

PYMNTS

Technology has brought transparency and speed to financial interactions, including those between banks and their customers. But must everything be at arm’s length, a technology-enabled hit-and-run where banking is ruled by apps and apps alone? Human interaction still matters and, for some smaller players in the banking realm, can make all the difference in providing a positive experience that will keep customers in the fold.

Union Bank’s New Head of Digital Banking, Julie Demarigny, Talks Innovation

Bank Innovation

Not even a month has passed since Julie Demarigny, a veteran in digital entertainment industry having served Warner Bros. and Sony Music, has joined West Coast focused Union Bank as its head of digital banking. In her new role, Demarigny will lead all digital strategy for the bank and its savings-only platform PurePoint Financial as […].

Most U.K. Customers Would Not Choose a Digital Bank Over a Traditional One

Bank Innovation

Long before PSD2 arrived ( the European regulation that requires banks to open their platforms to fintechs), the U.K. had already established itself as a hub in Europe for digital banks like Revolut, Monzo etc.

Digital Banking Startup Alkami Secures Series D Funding

PYMNTS

Alkami Technology , a startup providing banks and credit unions with digital banking technologies, has announced new funding. In an era of digital transformation , our clients, who consist of credit unions and banks in the U.S., count on Alkami to inspire and power their digital strategies through enhancing value, growth, service, efficiency and relationships,” said Alkami CEO Mike Hansen in a statement.

What's Missing in Digital Banking? Empathy

American Banker

Increasingly, our conversations about digital banking are only about technology. We must expand our dialogue to include ways to make digital banking empathetic. digital-banking mobile bank-technology

Bank Of America Posts Zelle, Mobile And Revenue Gains For Q3

PYMNTS

It’s the start of the new earnings season, and Bank of America , among the first companies out of the gate, set a positive tone Monday (October 15) when it released its third-quarter financials — a report that showed mobile banking growth, along with other gains.

As Digital Banking Advances, Denmark Sees 60% Jump in Card Fraud

Bank Innovation

As online banking becomes more popular, countries are grappling with cybersecurity. In Denmark, the advent of digital banking also saw almost a 60% jump in card fraud, Bloomberg reported yesterday.

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Digital Bank or FinTech? You’re not a digital bank…

Banking 4 Tomorrow

If you listen to the Breaking Banks AM Radio Show today (also available via stream and podcast) you’ll hear a spirited rematch of the Great Digital Banking Debate that Michal Panowicz and I had on Twitter a few weeks ago. Mobile Banking Payments Retail Banking Strategy Technology Innovation Twitter Bruce Lee chris skinner digital bank Financial Brand Jim Marous mBank Michal Panowicz Moven

Qonto Opens Digital Banking Doors To Corporates

PYMNTS

French startup Qonto has officially launched its corporate digital banking solution. The company said this week that businesses can now open a bank account on its website, with customers able to access digital and mobile banking services for a monthly fee. Reports said Qonto wants to be the N26 of business banking.

New Tracker: Business Banking’s Mobile Momentum Mounts

PYMNTS

American consumers have fallen for mobile banking apps, but up to now, most businesses were not seemingly showing apps the same love. Despite that, the vast majority of American companies, particularly small businesses, have yet to adopt mobile financial management apps.

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Barclays on quest to gamify digital banking

BankNXT

Collaboration between fintech specialists and banks is set to become the primary engine of innovation (and gamification), says Daoud Fakhri. Barclays on quest to gamify digital banking on BankNXT.

4 Keys To Building a Future-Proof Digital Bank

The Financial Brand

The four pillars of a digital-first platform strategy will help banks and credit unions compete more effectively with big tech and fintech organizations. The post 4 Keys To Building a Future-Proof Digital Bank appeared first on The Financial Brand.

4 winners and losers from the American Banker Digital Banking 2018 Conference

Gonzobanker

Attendance at American Banker’s Digital Banking conference has grown significantly since I was here in 2016, reflecting the obvious interest levels in digital, yet the vibe remained largely the same as two years ago…. Is voice banking even a blip on your digital roadmap?

How digital banking is changing customer behavior

BankThink

Here are some major ways that mobile banking, P-to-P payments and fintech are changing banking. Mobile banking Mobile payments Mobile wallets Digital banking Millennials Generation Z Bank technology

HDFC Loops India SMEs Into Digital Banking

PYMNTS

HDFC wants to connect small businesses in India into digital banking, and has launched a new unit as part of the initiative. Reports Thursday (June 30) said HDFC has launched SM@Bank , what it says is a full-fledged digital banking service for SMEs in the country that enables 24×7 access via mobile device or computer to financial services. B2B Payments B2B eBanking HDFC mobile banking small business banking SME banking What's Hot In B2B

Digital banking's key trends: Demand, competition, mobile on the rise

BankThink

Consumers around the world are increasingly accessing banking solely through digital means, according to new global studies by Oracle and the World Bank. Bank technology International banking Digital banking Fintech Mobile banking PFM Digital payments

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Digital banking priority: Make it personal

BankThink

Banks such as Citigroup, Regions and TD have decided they need to offer mobile customers truly customized experiences. Digital banking Mobile banking Customer experience Customer-centricity PFM Machine learning Artificial intelligence Analytics Bank technology Consumer banking Citigroup Regions Bank TD BankThey are experimenting with different ways of doing so that come across as helpful without being intrusive.

Mobilizing Student Loan Disbursements

PYMNTS

Modern college students are typically connected and digitally savvy. Digital banking platform BankMobile , a subsidiary of Customers Bank , has announced a new partnership with 36 U.S. It is now offering more than 500,000 student loan customers access to its BankMobile Disbursements tools and Vibe checking accounts, and nearly 90 percent of its customers at the University of Texas, the University of Arkansas and 34 others have elected to receive mobile disbursements.

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The New Face of Digital Banking

Celent Banking

I’m just back from a very interesting week in London at the Marketforce-sponsored “The Future of Digital Banking” forum. The theme of the conference was that customer-centricity and innovation need to be the guideposts to a bank’s transformation from a bricks-and-mortar operation into a digital enterprise. It was also announced that FIS was selected as Atom Bank’s IT outsourcing partner. Banking Retail Banking

Biometrics: The Next Generation of Corporate Digital Banking Authentication

Celent Banking

Because of the dollar value of these transactions, banks were early adopters of enhanced authentication for corporate online banking applications. Many banks continue to offer one-time-password authentication (on top of traditional username and password) using RSA SecurID or Vasco DIGIPASS hardware tokens at both login and payment initiation. Barclays Bank’s offering combines biometric and digital signature technology in an offering called “Barclays Biometric Reader.”

Consumers Are Getting More Comfortable With Mobile Loans (But Not That Comfortable)

Bank Innovation

Customers are growing more comfortable completing (at least parts of) the loan process over online or mobile mediums, a study released today by Fiserv found. DataBank Lending Mobile digital banking digital lending Firserv lending Mobile banking smartphone loans

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