Fri.Oct 16, 2020

2 tactics fintech need to adopt to overtake banks

Mobile Payments Today

Fintechs have a put a dent into big banks, but they have a long way to go if they want to overtake them. They will need to follow these two tactics to get a fighting chance

Why 2021 Will Be Real-Time Payments Break-Out Year

PYMNTS

It’s been three years since The Clearing House rolled out its Real-Time Payments (RTP) network, but Mark Ranta, payments practice lead at Alacriti, tells PYMNTS that 2021 will be the year FIs migrate to the technology in record numbers.

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7 ways retailers, banks and fintechs are innovating amid the coronavirus pandemic

Payments Source

Amid the disruption of the coronavirus pandemic, many companies are taking a chance on innovative new technologies to keep their customers engaged. Fintech Retailers Digital payments ATMs Coronavirus Mobile wallets

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The Direct-To-Consumer Challenge: Converting One-Time Buyers Into Repeat Customers

PYMNTS

The digital-first shift means there are more options for smaller, direct-to-consumer brands, to find first-time customers from around the country or even the world. But Sticky.io

5 Things a Data Scientist Can Do to Stay Current

DataRobot together with Snowflake – a leading cloud data platform provider — is helping data scientists stay current with the latest technology and data science best practices so that they can excel in an increasingly AI-driven workplace. Five Things a Data Scientist Can Do to Stay Current offers data scientists guidance for thriving in AI-driven enterprises.

Can Brexit save cash in the U.K.?

Payments Source

With the U.K. careening toward a no-deal Brexit in the midst of a health crisis and economic downturn, the government is suggesting a breakup with the EU could defray the costs of cash usage and access. European Central Bank Compliance European Union U.K. Brexit Cash

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This Week in Fintech ending 16 October 2020

Daily Fintech

This week our experts brought you the following insights based on their experience as investors, entrepreneurs & executives.

Direct-To-Consumer Surges As Physical Stores Languish

PYMNTS

Direct-to-consumer (D2C) selling has taken wing with the ascendance of eCommerce to retail’s throne. What was once a small but meaningful constituency — online shoppers — suddenly seem to be holding all the cards.

Discover CEO sounds a warning on U.S. white-collar job losses

Payments Source

The prospect of a spate of white-collar job losses in the U.S. is a growing concern for the CEO of one of the country’s largest credit-card providers. Discover Financial Services Economy

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Data: London FinTechs Netted $3.6B In VC Investments So Far In 2020

PYMNTS

London's FinTech sector has been going strong this year, even in spite of the pandemic, with $3.6 billion in venture capital investments between January and September 2020, according to a press release from London & Partners emailed to PYMNTS.

The Best Sales Forecasting Models for Weathering Your Goals

Every sales forecasting model has a different strength and predictability method. It’s recommended to test out which one is best for your team. This way, you’ll be able to further enhance – and optimize – your newly-developed pipeline. Your future sales forecast? Sunny skies (and success) are just ahead!

Real-time payments' migration is the start of a marathon

Payments Source

We’re just at the beginning of what will be a period of significant, lasting changes to the world of real-time payments, says FIS' Raja Gopalakrishnan. Mobile payments Digital payments Faster payments Payment processing

Mastercard: New Stride Partnership Is Just ‘First Step’ In Helping Gig Workers

PYMNTS

Mastercard has teamed with portable-benefits platform Stride to make it easier for gig workers to buy healthcare coverage.

Using AI to find credit-worthy bank customers

ATM Marketplace

For the unbanked, being able to establish credit is almost unattainable. The unfortunate scenario is many of those classified as a bad risk could be among some some of the most credit-worthy and loyal customers.

Why Payments Orchestration Is Becoming A ‘Must-Have’ For Platform Merchants

PYMNTS

The pandemic is accelerating the great migration of merchants to online channels, and particularly online platforms.

The Empowered Consumer

When it comes to working with the empowered consumer, AI has the power to help your business thrive by leveraging your own data to better understand your customers. Read our ebook, The Empowered Consumer, to learn more about how AI can help you connect with your customers.

The Current State of Cybersecurity for ATMs

ATM Marketplace

ATMs have now become a popular point of exploitation for cybercriminals. Read on to find out how banks can use effective countermeasures with the Lookwise Device Manager (LDM) security solution to stop current and future types of cyberattacks

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Zelle: The Role Of AI In Stopping COVID-Related P2P Payment Scams

PYMNTS

COVID-era fraudsters use scams that range from impersonating tax officials to selling fake PPE on P2P payment apps. Fighting these threats requires an equally wide range of defenses, says Jamie Armistead, Zelle vice president.

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Plaid ‘surprised’ by TD Bank trademark suit, denies allegations

Payments Source

Plaid said it has been in discussions with TD Bank over allegations of trademark infringement and false advertising and was caught off-guard by the lawsuit the bank filed Wednesday. Litigation Data sharing Plaid Technologies TD Bank

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UK Watchdog Hits British Airways With $25.8M Fine Over Data Breach

PYMNTS

British Airways (BA) must pay a $25.8 million fine for lacking the proper security measures that might have prevented a hacker in 2018 from exposing the financial details of more than 400,000 customers, the U.K.'s s Information Commissioner’s Office (ICO) said on Friday (Oct.

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B2B Pocket Playbook: End-to-End Guide to Sales Enablement

Sales enablement is the strategic process of providing sales teams with the content, guidance, and mentorship needed to engage targeted buyers. It’s all about equipping sales professionals with the tools they need to put their best-selling foot forward. And if sales teams want to continuously sell better -- and faster -- their sales enablement process must have a game-winning strategy. It's time for you to start selling smarter - and hitting your sales number - with the best B2B database in the market. Get started today.

First Citizens to buy CIT for $2.2 billion

American Banker

The combined company would be the nation's 19th-largest bank with roughly $110 billion of assets. M&A Consumer banking Commercial banking CIT Group Women in Banking Ellen Alemany

Study Shows Americans Struggling As Savings Dry Up

PYMNTS

Seven months into the worldwide pandemic, Americans are facing empty savings accounts, reduced unemployment benefits and no relief in sight, according to an Oct. 16 (Friday) J.P. Morgan Chase Institute analysis and media reports.

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The Most Powerful Women in Banking 2020: Women do support other women

Payments Source

Jane Fraser, President of Citigroup and CEO of Global Consumer Bank, shares her thoughts on becoming the firm’s next CEO, expresses her gratitude for the outpouring of support she’s received, and pays homage to all the women who have paved the path before her. Diversity and equality Gender issues Leaders Citigroup

Connected Devices, Instant Payments, Digital Shift Top This Week’s News

PYMNTS

It was a busy week for commerce and payments, as consumers are harnessing connected devices for digital-first shopping and firms are looking to harness tools to speed up business-to-business (B2B) disbursements and payments.

Data Science Fails: Building AI You Can Trust

The new DataRobot whitepaper, Data Science Fails: Building AI You Can Trust, outlines eight important lessons that organizations must understand to follow best data science practices and ensure that AI is being implemented successfully.

The Most Powerful Women in Banking 2020: The future of consumer banking

Payments Source

The events of 2020 have only served to accelerate a number of potentially disruptive trends among consumers when it comes to banking and financial services — What does the emerging future of consumer and retail banking now look like? Digital banking Comerica Bank Deloitte Leaders Mobile banking Consumer banking BMO Private Bank

China Drafts Updates To Commercial Bank Regulations

PYMNTS

As it aims to bolster methods of market exit and risk disposal for institutions that loan money, the central bank of China introduced a draft of updates to legislation applicable to commercial banks, Reuters reported.

Weekly Wrap: BofA’s CashPro gains traction, Chase launches kid-friendly product 

BankInovation

Third-quarter earnings kicked off this week and, despite the acceleration in digital banking in light of the COVID-19 pandemic, year-over-year adoption of mobile and digital was relatively flat.

Port Data Show Inventory Boom – Or Bust? – Ahead Of Holiday Season

PYMNTS

In the United States, imports are surging, indicating that retailers are getting ready to stock their (real and virtual) shelves in anticipation of the holiday shopping season.

Pressure Points: How to Ensure Your B2B Pipeline Passes Inspection

This eBook highlights best practices for developing a pipeline management process that helps sales leaders and their team C.L.O.S.E (you’ll see what we mean in this eBook) more revenue through data-driven prospecting, stage analysis, and subsequent sales enablement.