Wed.Feb 19, 2020

AI Resistance is Futile!

Chris Skinner

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.

Four digital banking trends to watch in 2020

Mobile Payments Today

In 2020 and beyond, it will critical for banks and credit unions to reevaluate their digital strategies

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Things worth reading: 20th February 2020

Chris Skinner

Things we’re reading today include … Don’t use 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.

LendingClub breaks ground with Radius Bank acquisition 

Bank Innovation

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.

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Mastercard: Collaboration Is Key To Scaling Real-Time Payments


With speed being the most obvious value proposition of real-time payments capabilities, it’s not difficult to imagine that corporate payers would be eager to embrace faster payments functionality in their accounts payable (AP) departments.

Moody’s: I-Banks spend $72B annually to fend off fintechs

Bank Innovation

Global investment banks are making major digital investments to keep pace with fintechs, Moody’s Investors Service reported in a research note this week.

Study 153

More Trending

Banking startup Level enters the high-yield savings race

Bank Innovation

Level, a digital banking startup based in San Francisco Calif., is trying to hook customers with a 2.1% savings account annual percentage yield.

POS Financing: There’s A Lending Marketplace For That


In the roughly six decades the card networks have been powering payments at the physical and digital points of sale, it’s hard to imagine that their ubiquity wasn’t always a given. The 1.0

LendingClub plans to become a bank with $185M Radius buy

Bank Innovation

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.

Online 146

How Ghost Kitchens Keep Digital Ordering Alive


Speedy delivery wowed hungry consumers in the 2010s, but diners have since adjusted their desires and expectations for the coming decade.

Banking startup Chime reports it has 8 million customers

Bank Innovation

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.

Report 138

New York Sees Most Bank Branch Closures In US


Banks across the U.S. are closing branches, but the New York area is seeing more closures than most, Bloomberg reported on Wednesday (Feb.

Using Floors On Commercial Loans

Banker to Banker

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

MUFG Invests $700M In Ride-Hailing Grab To Create Super-App


The largest bank in Japan, Mitsubishi UFJ Financial Group (MUFG), has invested over $700 million in Grab , a ride-hailing company in Southeast Asia that also provides food delivery and other services for its customers, according to a report by Bloomberg.

Regulators extend CRA comment period, bowing to congressional pressure

American Banker

In a sudden reversal, the OCC and FDIC said they would push back the deadline to April for groups to weigh in on the proposal to modernize the Community Reinvestment Act. FDIC OCC Maxine Waters CRA Regulatory reform Regulatory relief Joseph Otting

Coronavirus Fear Infects NYC Ridesharing


The emergence of a novel threat — particularly one like the COVID-19 coronavirus that originated in Wuhan, China — has a way of bringing out some of the best and most inventive traits in people.

LendingClub deal could spur more fintech-bank mergers

American Banker

The challenge for other fintechs will be to find banks that are as compatible as Radius Bank, an online-only lender, is for LendingClub. Fintech Community banking M&A

Legacy Brands’ Retail Shelf Space Is Shrinking


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.

Banks urged to follow Goldman’s lead on fossil fuel

American Banker

Goldman Sachs pledged in late 2019 to stop financing projects in coal and Arctic oil exploration. Activist groups and Democratic senators say other large institutions should do the same given the economic and environmental risks from climate change.

Bitcoin Daily: IRS To Meet With Crypto Groups; Thieves Take $630,000 In Ether From Lender bZx


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. The overall theme will be balancing taxpayer services with the IRS’ regulatory needs.

Testing Essentials for a Successful Upgrade Project

ATM Marketplace

Learn how virtualization, automation, and collaboration helps your organization test Windows 10 changes more effectively using an approach that will continue to improve your test accuracy, efficiency, and coverage during future changes


EU Shakes Up Digital Policy To Get Competitive In Tech


The European Commission is planning a single European market for data, in hopes that by pooling talent, the region can compete with Big Tech in Silicon Valley and China, Reuters reported on Tuesday (Feb.

HSBC plan sidesteps CEO question; Bloomberg would toughen bank regulations

American Banker

The overhaul calls for massive job cuts but leaves interim CEO Noel Quinn’s permanent role in limbo; the program would throw out most of Trump’s Dodd-Frank rollbacks. Volcker Rule Goldman Sachs Layoffs Election 2020 Digital payments JPMorgan Chase Succession planning HSBC

Amazon Is Building A Traditional Supermarket In LA


The normally staid and stable supermarket business is suddenly a hotbed of activity. And the antagonist, per usual, is Amazon. Reports from Seattle and California say the company is adding a new format and expanding beyond its Amazon Go and Whole Foods brands.

Small Business Fintech is levelling the playing field with big business over cost of capital

Daily Fintech

Today, Jessica is taking a break. This post is by Bernard Lunn , CEO of Daily Fintech and author of The Blockchain Economy.

Tipalti FinTech Exceeds $10B In Yearly Transaction Volume


Global payables automation platform Tipalti has exceeded $10 billion in yearly transactions, according to a release on Wednesday (Feb. The company has also passed the threshold of 900 customers and booked double the number of new customers last year from the year before.

Client Note: Toast Reaches A $4.9B Valuation, Google’s Cloud Storage Partnership Program, Bombardier Sells Its Train Business, And More

CB Insights

Fintech. SoftBank earmarks $1B for LatAm e-commerce, healthcare, and fintech. Want the full post? Become a CB Insights customer. If you’re already a customer, log in here. The post Client Note: Toast Reaches A $4.9B

Why VC Firms See An Opportunity In AR Automation


FinTech companies are keeping an eye on investment trends as they aim to serve the needs of the marketplace. Venture capital (VC) and private equity firms, in general, have been investing in FinTech companies for years, and each firm has different specializations.

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After Brexit, fintechs find new homes

Payments Source

The U.K.’s 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. Compliance European Union Cross border payments Brexit Ireland Lithuania

Groupon To Stop Merchandise Sales And Concentrate On Experiences


As it faces a competitive retail market, Groupon Inc. intends to discontinue its sale of merchandise by the close of 2020.