Bank Innovation
FEBRUARY 19, 2020
In Silicon Valley, entrepreneurs and venture capitalists are making big bets that the future of banking is digital, doesn’t have fees, offers a high savings rate—and might not technically be a bank at all. Chime Inc. is part of a fast-growing class of well-funded financial technology startups offering debit cards, checking accounts and other financial […].
Chris Skinner
FEBRUARY 19, 2020
We had our first 2020 meetings of Nordic Finance Innovation last week. The theme was digital transformation and its implementation, and was co-hosted by our partner Swedbank. One of the slides struck me as particularly noteworthy. It came from a presentation by Stephan Erne, Chief Digital Officer at Handelsbanken, in … The post AI Resistance is Futile!
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Bank Innovation
FEBRUARY 19, 2020
LendingClub, the publicly traded digital-lending marketplace, announced Tuesday that it is acquiring Boston-based Radius Bank, which has $1.4 billion in assets and is partnered with several fintech companies. LendingClub will pay $185 million for the acquisition, which the company expects to pay for itself in less than two years. The move offers a stable source […].
Chris Skinner
FEBRUARY 19, 2020
Things we’re reading today include … Don’t use natwest.co.uk for online banking, Natwest bank tells baffled customer LendingClub stock down after buying a bank The Bank for International Settlements (BIS) appoints FinTech Heads in Singapore and Switzerland. Digital currency offers nothing new to banks, says Bank of Finland economist New … The post Things worth reading: 20th February 2020 appeared first on Chris Skinner's blog.
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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
FEBRUARY 19, 2020
Level, a digital banking startup based in San Francisco Calif., is trying to hook customers with a 2.1% savings account annual percentage yield. The company, which launched its products nationally Wednesday, is coming into the market as fintech startups like Wealthfront, Betterment and Varo are touting high-yield savings accounts to vie for market share.
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Bank Innovation
FEBRUARY 19, 2020
LendingClub Corp. got its start replacing old-school bankers with machines that match borrowers and investors. Almost 15 years later, it’s planning to become a bank itself. The online credit marketplace is buying Radius Bancorp in a cash-and-stock transaction valued at $185 million, according to a statement Tuesday. The acquisition of Radius, which has $1.4 billion […].
PYMNTS
FEBRUARY 19, 2020
As it faces a competitive retail market, Groupon Inc. intends to discontinue its sale of merchandise by the close of 2020. The firm plans to move from its current deal-focused approach to concentrate on local experiences, such as local painting classes or wine-tasting dinners, as The Wall Street Journal reported. At the conclusion of last year, Groupon said its customer base (excluding goods-only shoppers) was 35 million.
Payments Dive
FEBRUARY 19, 2020
In 2020 and beyond, it will critical for banks and credit unions to reevaluate their digital strategies.
Bank Innovation
FEBRUARY 19, 2020
Global investment banks are making major digital investments to keep pace with fintechs, Moody’s Investors Service reported in a research note this week. The research study noted that global investment banks are focusing on enhancing their digital platforms, spending an average of $72 billion annually on IT. While they are increasingly partnering with fintechs, the […].
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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
PYMNTS
FEBRUARY 19, 2020
The Silicon Valley cryptocurrency exchange Coinbase has become the first pure-play crypto startup to earn approval as a Visa principal member, the company said in a blog post on Wednesday (Feb. 19). Membership in Visa gives Coinbase the ability to offer the Coinbase Card , which enables its customers to spend cryptocurrency as easily as using cash from their bank account.
South State Correspondent
FEBRUARY 19, 2020
In our last blog, we reviewed ZIRP (zero interest rate policy) strategies deployed by various central banks. We discussed how ZIRP strategies had been deemed by many economists to be ineffective over the long-term to stimulate economic growth and stoke inflation.
PYMNTS
FEBRUARY 19, 2020
Business-to-business (B2B) transactions are often painfully slow for both buyers and sellers. Corporate buyers are forced to undergo many steps, such as placing orders by phone or from paper catalogues, then waiting for invoices in the mail. Sellers suffer, too, frequently undergoing long waits to receive compensation. For example, original equipment manufacturers (OEMs) spend an average of 57 days waiting.
Gonzobanker
FEBRUARY 19, 2020
Fintechs can provide better design capabilities, improved customer experience, research states. Financial institutions are making fintech partnerships a key priority in 2020, according to a new study from Cornerstone Advisors. In What’s Going On In Banking 2020: Outlook for a New Decade , 65% of banks and 76% of credit unions say these partnerships will be an important part of their business strategies this year.
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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.
PYMNTS
FEBRUARY 19, 2020
Legacy brands like Clorox and General Mills are facing increased competition due to store placement by retailers using their own data gathering practices to see what customers prefer to shop for and how they behave in stores, according to a report by The Wall Street Journal. The change comes from grocers deciding to use their own research, as opposed to allowing the brands to dictate what they think is best in terms of shelf space.
Payments Source
FEBRUARY 19, 2020
When established card networks such as Visa, American Express and Mastercard start investing in fintech lending platforms such as Divido and ChargeAfter — as well as in the fintech lenders themselves such as Klarna and Vyze — it’s a clear signal that the future of unsecured personal loans may not be delivered by banks.
PYMNTS
FEBRUARY 19, 2020
Walmart is still seeking the right combination of fashion and home, while its online shopping initiatives have been rewarded with an eCommerce grocery purchase boon. Marc Lore, who is Walmart’s U.S. eCommerce business president and chief executive officer, said the merchant is dedicated to providing shoppers with an attractive assortment of online goods, and, for that reason, it bought brands such as Bonobos, CNBC reported.
Payments Source
FEBRUARY 19, 2020
The U.K.’s departure from the European Union is still causing lots of headaches for financial technology companies, but there’s now enough clarity to work with. And that often means operating from a new address.
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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.
PYMNTS
FEBRUARY 19, 2020
Those looking to insure against some of the globe’s largest corporate borrowers are in luck: The debt protection cost has dropped to its lowest point since 2007, according to index provider IHS Markit. Investors are betting that strong continued support from central banks will make sure that credit markets keep ticking over. The Markit’s North American Investment Grade CDX Index, “which reflects the cost of [debt] protection on bonds issued by 125 U.S. companies, fell to [43.81
Jack Henry
FEBRUARY 19, 2020
“We’re here to help with your car loan process.” – my auto loan provider. I joined a local credit union to get an auto loan. My auto lease was nearing its maturity. Since I like my car and drove less mileage than expected during my lease term, I decided to convert my lease to a purchase. I worked with my auto dealer who presented me with a great auto loan rate from a leading local credit union.
PYMNTS
FEBRUARY 19, 2020
Not so long ago, payments cyber fraud was done primarily by brute force, through guessing passwords and usernames — a scattershot approach akin to trial and error, conducted by lone individuals or small groups. However, that’s changing. In an interview with PYMNTS, Jim Lerdal — executive vice president of operations at PULSE , a Discover Financial Services company focused on transaction routing and settlement services — said that kind of fraud is becoming institutionalized and smarter.
Payments Source
FEBRUARY 19, 2020
The International growth of the gig economy requires hyper-local solutions, a challenge many fail to appreciate. This isn’t just in how a company articulates its value proposition locally.
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Get ready for the wave of $1.2 trillion in commercial debt maturing in the next 24 months with GoDocs' ModDocs® platform. Traditional loan modifications are slow, expensive, and prone to errors, which put lenders at risk. But with ModDocs®, you can enjoy an innovative solution that eliminates attorney fees, allows on-the-fly loan modifications, and ensures compliance.
PYMNTS
FEBRUARY 19, 2020
The IRS has invited cryptocurrency groups to meet for a regulatory summit March 3 to discuss how the two can work together going forward, published reports said Tuesday (Feb. 18). The overall theme will be balancing taxpayer services with the IRS’ regulatory needs. The summit, according to BloombergTax, will include four 90-minute panels on technology updates, problems with cryptocurrency exchanges, tax return preparation and regulatory guidance and compliance.
Payments Source
FEBRUARY 19, 2020
The move comes as the fintech tries to shake off criticism that its main products are payday loans by another name.
PYMNTS
FEBRUARY 19, 2020
Banks across the U.S. are closing branches, but the New York area is seeing more closures than most, Bloomberg reported on Wednesday (Feb. 19). The area encompasses New York City, its suburbs and parts of New Jersey, “a very dense urban market in most instances, so there’s a lot of potential duplication of bank branches,” said Walter Bialas, director of research at Jones Lang LaSalle , the world’s second-largest commercial real estate services firm.
Payments Source
FEBRUARY 19, 2020
Achieving the myriad business cash flow benefits from RTP is easier said than done, as global standards can conflict with local laws, rules, regulations and organizational culture, says Santander's Chris Bozek.
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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.
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