Chris Skinner
MAY 27, 2020
Living in a digital world, it’s hard to imagine being disconnected. Yet, some people are. According to a recent survey by Which? Magazine, four percent of consumers don’t have a mobile phone. Personally, I cannot imagine living without a mobile phone, but some people are happy to be off the … The post What happens to customers who don’t want digital?
PYMNTS
MAY 27, 2020
Call it the great shift. We’re still navigating the pandemic — which means doing what we used to do offline, increasingly, through digital means. As PYMNTS found in a recent consumer study, 40 percent of individuals are doing more of their daily retail and transactions online, partly because, well, there’s no other way to do it. And as many as 22 percent of the population surveyed said those habits would stick.
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Chris Skinner
MAY 27, 2020
Things we’re reading today include: Data breach at Bank of America World economic prospects darken, rebound delayed: Reuters poll Speedy action by the Bank of England during Covid-19 is working | Andrew Bailey Billionaire Icahn exits Hertz with ‘significant’ loss after bankruptcy filing Billionaire Icahn exits Hertz with ‘significant’ loss … The post Things worth reading: 28th May 2020 appeared first on Chris Skinner's blog.
PYMNTS
MAY 27, 2020
More consumers are turning to the omnichannel offerings of banks and credit unions (CUs) as they follow stay-at-home mandates, and cybercriminals are eager to launch attacks that make use of these channels. Account takeovers (ATOs) rose 347 percent from 2018 to 2019 — a problem that will only worsen if financial institutions (FIs) are not vigilant. Fraudsters seek to fly under the radar by stealing information through one channel that they then use to execute ATOs or other attacks.
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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
MAY 27, 2020
Money transfer agent Remitly has launched a cash deposit service for its digital bank account holders on the Green Dot retailer network.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Source
MAY 27, 2020
The lines of white cooling trailers that silently announce the scale of the tragedy are what lockbox employees at JPMorgan Chase see on their way to work.
PYMNTS
MAY 27, 2020
The COVID-19 pandemic is accelerating the pace of digital innovation across the financial sector, and credit unions (CUs) are no exception. CU branches across the United States have temporarily closed to help slow the spread of contagion, forcing CUs to find new ways to engage with their members via connected technologies, from mobile devices to laptops and especially ATMs.
Payments Source
MAY 27, 2020
Visa’s proposed serialization of the digital dollar will further intensify the debate over privacy issues raised by central bank digital currencies, says Seccurency's Patrick Campos.
PYMNTS
MAY 27, 2020
The pandemic has accelerated the digital roadmap for everyone in financial services, giving rise to more innovation in the past few months than had been seen over the course of several years. And according to five observers across the spectrum of traditional financial institutions (FIs), payment networks and digital-only banks, opportunities are there for digital-first and hybrid models alike to succeed — so long as they harbor a relentless focus on identifying and solving customer problems.
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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
ABA Community Banking
MAY 27, 2020
For seniors, social distancing saves lives but breeds vulnerability to fraud. Here’s how banks are protecting older Americans’ finances in the COVID-19 era and beyond. The post Four Ways Banks Protect Seniors by Reducing Social Isolation appeared first on ABA Banking Journal.
PYMNTS
MAY 27, 2020
MoneyGram is partnering with Uber in order to offer discounts on money transfers to over 200 countries and territories, a press release states. The discount is available to anyone who earns money on an Uber-related gig economy app, including Uber Eats, Uber Works and Uber Freight. “The spread of COVID-19 has been hard for everyone, and it has been particularly challenging for people who drive and deliver with companies like ours.
Payments Source
MAY 27, 2020
Many companies are postponing product rollouts until the economy improves, but the Samsung Money debit card could be better suited for spending habits during the coronavirus pandemic.
PYMNTS
MAY 27, 2020
With home deliveries surging, FedEx may be looking to acquire stake in German delivery firm Hermes , according to the Handelsblatt newspaper, as reported by Reuters. FedEx has very limited presence in Europe’s delivery circuit, and Petra Scharner-Wolff , finance chief of Hermes, said the company’s efforts to find a strategic partner for parcel delivery had sparked “broad interest,” according to Reuters.
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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.
Payments Source
MAY 27, 2020
American Express began adopting cloud computing a couple of years ago and has leaned hard on the technology to help front-line and corporate employees work at home during the coronavirus crisis, its global head of infrastructure says.
PYMNTS
MAY 27, 2020
Digital-payments company i2c Inc. has unveiled a partnership to power the expansion of Crypto.com ’s end-to-end crypto ecosystem, which consists of a Visa crypto debit card and a wallet app to buy and sell crypto and earn cash-back rewards in crypto form. Crypto.com currently offers the system in the United States, Singapore and the United Kingdom, but is expanding it to 31 European countries, according to a press release.
BankDeals
MAY 27, 2020
Marion State Bank (NE Louisiana) has raised the rate on its Free Kasasa Cash account to 4.00% APY on qualifying balances. Free Kasasa Saver earns 1.00% APY up to $50k.
PYMNTS
MAY 27, 2020
Stephen Ross , chairman of Related Cos. , said bankruptcy could be the future for many retailers as the effects of the pandemic continue to play out. Ross, speaking with CNBC on Tuesday (May 26), said retail and hotel industries were the hardest-hit by the pandemic, and the closures and reduced travel would force closures and bankruptcies beyond those like J.C.
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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.
BankBazaar
MAY 27, 2020
Many of us think that you can use your Credit Card to make purchases only up to a pre-determined credit limit. While that is partially true, you can also make purchases that go over your credit limit. Let’s find out more. . When a bank issues a Credit Card to us, it also sets a limit in terms of how much we can purchase using the card. This is what is known as “credit limit” But did you know that we can, in fact, make purchases above the available credit limit?
PYMNTS
MAY 27, 2020
Among the numerous ways small businesses have been affected by the global pandemic, the sudden race to launch online operations has been among the most profound — and may ultimately be among the most long-lasting changes to the SMB community. Banks, FinTechs and small business solution providers have rallied around the effort to ease the digitization transition.
Banking Exchange
MAY 27, 2020
The Switzerland-headquartered bank is spending hundreds of millions of dollars to digitize its operations The Economy Technology Financial Trends Tech Management Online Feature3 Fintech Feature Covid19.
PYMNTS
MAY 27, 2020
To help banks bolster their trade finance business with corporate customers, LiquidX is rolling out a white-label deployment of a “next-generation” LiquidX 360 platform. The worldwide network for illiquid assets noted that the LiquidX Partner Program (LPP) lets corporate bankers provide multiple offerings — including supply chain finance, trade credit insurance and account receivables — with their own branding in one application, according to an announcement.
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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.
Banking Exchange
MAY 27, 2020
The impact of the COVID-19 pandemic has heavily impacted the two banks’ plans to combine operations Management Feature Financial Trends Lines of Business M&A Feature3 Operational Risk Covid19 Human Resources PPP.
PYMNTS
MAY 27, 2020
With so many retailers hustling to capture the digital shift, it’s easy to let the details suffer. Unanswered customer complaints is one common example, particularly for companies that are new to amplifying their online channels. A new category is starting to grow around this area of online reputation management, with Lexus one of the latest brand names to embrace it. “At Lexus, we have always held guest experience as our top priority.
SWBC's LenderHub
MAY 27, 2020
The Federal Reserve Open Market Committee (FOMC) April 29 th meeting minutes, released this past Tuesday had one rather alarming comment. "Several participants remarked that a program of ongoing Treasury securities purchases could be used in the future to keep longer-term yields low. A few participants also noted that the balance sheet could be used to reinforce the Committee’s forward guidance regarding the path of the federal funds rate through Federal Reserve purchases of Treasury securities
PYMNTS
MAY 27, 2020
The movement toward digital currencies may be a bit of an arms race of sorts, for now. But the question arises: Once they’ve been created and backed by central banks, what do you do with them once you have them? As noted in this space last week, about 80 percent of 66 central banks queried by the Bank of International Settlements (BIS) are working on central bank digital currencies (CBDC).
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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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