Payments Dive
OCTOBER 16, 2020
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.
PYMNTS
OCTOBER 16, 2020
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. Only if, he says, there’s better alignment between the bank bill-pay model and the biller-direct model. Here’s why. .
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Payments Source
OCTOBER 16, 2020
Amid the disruption of the coronavirus pandemic, many companies are taking a chance on innovative new technologies to keep their customers engaged.
PYMNTS
OCTOBER 16, 2020
Mastercard has teamed with portable-benefits platform Stride to make it easier for gig workers to buy healthcare coverage. Jess Turner, Mastercard’s executive vice president for North America Products and Innovation, tells PYMNTS the venture is just one part of the firm’s push to help gig workers get benefits. With gig-economy participation rising and U.S. healthcare costs soaring, anything that can reduce the burden of medical expenses on the often-overlooked freelancers who are driving the dig
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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
Payments Source
OCTOBER 16, 2020
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.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Source
OCTOBER 16, 2020
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.
PYMNTS
OCTOBER 16, 2020
Harnessing consumers’ digital information is critical to the success of any business, and data analytics and artificial intelligence (AI) can be especially powerful tools. Numerous quick-service restaurants (QSRs) have deployed these technologies to support their operations, tailor their customer service approaches and even boost sales, but many players, including several big names, have been reluctant to invest in such innovations.
ATM Marketplace
OCTOBER 16, 2020
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.
PYMNTS
OCTOBER 16, 2020
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. London is in second place globally with those numbers, the release stated, with first place going to San Francisco with $5.1 billion in investments.
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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 Source
OCTOBER 16, 2020
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.
PYMNTS
OCTOBER 16, 2020
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. “Eventually, without further government support or significant labor market improvements, jobless workers may exhaust their accumulated savings buffer, leaving them with a choice to further cut spending or fall behind on debt or rent payments,” the researchers wrote.
Payments Source
OCTOBER 16, 2020
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?
PYMNTS
OCTOBER 16, 2020
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. The PYMNTS Weekender is here to catch you up on the latest news at the end of another busy work week. We have deep dives on connected devices, instant payments and what the digital shift means for customer expectations of card issuers.
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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.
ATM Marketplace
OCTOBER 16, 2020
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.
PYMNTS
OCTOBER 16, 2020
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. In this month’s Preventing Financial Crime Playbook, Armistead explains how artificial intelligence (AI) can offer a bird's eye view of suspicious transactions and stop fraudsters from exploiting legitimate customer vulnerabilities.
BankInovation
OCTOBER 16, 2020
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. Bank of America’s CashPro platform — used by businesses to manage payments, invest and receive funds — gained digital traction, with CashPro mobile app logins jumping 54% […].
PYMNTS
OCTOBER 16, 2020
An approximate $2.2 billion all-stock merger deal between First Citizens and CIT Group will result in the creation of the 19 th biggest U.S. bank, with over $100 billion in assets, the companies announced on Friday (Oct. 16). The boards of directors at both companies voted unanimously for the agreement, which gives First Citizens stockholders about 61 percent ownership and CIT stockholders 39 percent of the combined company.
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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.
BankInovation
OCTOBER 16, 2020
In its first product launch since receiving its national bank charter in July, Varo Bank is targeting the small dollar lending market with the debut of Varo Advance. Varo Advance instantly advances up to $100 to customers who have made at least $1,000 in qualifying direct deposits within the previous 31 days, Chief Technology Officer […].
PYMNTS
OCTOBER 16, 2020
In today’s top news in digital-first banking, Mizuho Bank, JCB and Fujitsu will pilot a blockchain-based identification system, while BBVA participated in an instant payments experimental effort in the U.K. Plus, The Libra Association has named a former HSBC executive as Libra Networks’ new chief financial officer and chief risk officer. Japan's Fujitsu, JCB, Mizuho Bank Test Blockchain-Based ID System.
Payments Source
OCTOBER 16, 2020
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.
PYMNTS
OCTOBER 16, 2020
Facebook’s Ireland and United Kingdom unit has agreed to change the way Instagram works to “make it much harder for people to post an (advertisement) on Instagram without labelling it as such,” Britain’s top antitrust regulator announced Friday (Oct. 16). “The Competition and Markets Authority has been investigating hidden advertising on Instagram over concerns that too many social media influencers are posting content about businesses without making clear where they have been paid or incentiviz
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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.
BankDeals
OCTOBER 16, 2020
Dort Financial Credit Union's (MI) Boost Checking currently earns a very competitive rate on qualify balances up to $10k and is available to all Michigan residents.
PYMNTS
OCTOBER 16, 2020
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. How consumer packaged goods (CPG) brands and subscription-based businesses respond to this important trend will be make-or-break for many.
TheGuardian
OCTOBER 16, 2020
Allegations over documents used for repossessions and to recover other debts MPs are pressing for answers about allegations that some banks may have faked signatures on UK court documents used to repossess homes and recover debts. Guardian Money revealed in February 2019 that a group called the Bank Signature Forgery Campaign was claiming there had been “alleged industrial-scale forgery” of signatures.
PYMNTS
OCTOBER 16, 2020
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 Information Commissioner’s Office (ICO) said on Friday (Oct. 16). “People entrusted their personal details to BA and BA failed to take adequate measures to keep those details secure,” said Information Commissioner Elizabeth Denham.
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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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