Chris Skinner
MARCH 26, 2020
In the next few weeks Doing Digital, my newest book, will be finally live on Amazon and all good book stores. It’s the result of two years primary and secondary research and, to pay it its due, has been featured in many interviews with me recently. I’ll share many of … The post Doing digital with big banks appeared first on Chris Skinner's blog.
Payments Dive
MARCH 26, 2020
As relief and funding packages are being debated in Washington, the National ATM Council looks to how these new laws will affect business.
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Bank Innovation
MARCH 26, 2020
The Coronavirus pandemic is posing significant challenges to the banking sector, forcing financial services providers into contingency mode and already driving cost-cutting initiatives and branch closures. What damage will the coronavirus crisis create in banking? Margins will be squeezed, credit losses will increase and, for banks in an unfavorable position, it could take years to […].
PYMNTS
MARCH 26, 2020
Cross-currency money transfer firm Western Union has announced the launch of Digital Location, a new tool that enables people to send money from home. A pilot of the new channel is being introduced in Austria, Belgium, Italy, Portugal and Oman. Users can choose phone calls or video in multiple languages to connect to a money transfer personal service assistant.
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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
MARCH 26, 2020
Despite market strains caused by the novel coronavirus, providing funds for communities shouldn’t be a major issue for banks, according to Mike McCrary, first vice president of LSBX, Lincoln Savings Bank’s innovation lab.? “The access to funds should largely be there,” McCrary said during a Zoom event today for Bank Innovation subscribers. “The strength of […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
MARCH 26, 2020
While the proposal to distribute digital dollars was struck from the new $2.2 trillion stimulus bill designed to buoy the economy, the proposal alone could accelerate a more widespread adoption of a cryptocurrency. When Maxine Waters (D-Calif.), chairwoman of the House Committee on Financial Services, “brought that concept [of digital currency] up on such a prominent stage, it gave it new credence, which is going to propel this […].
PYMNTS
MARCH 26, 2020
In the age of digital commerce, legacy financial institutions (FIs) have ceded ground to tech-savvy upstarts. To regain some of that ground, Connie Davis, senior vice president at FIS , told PYMNTS in a recent interview, FIs — particularly credit unions (CUs) and community banks — must transform the way they think about digital offerings and connected experiences.
Abrigo
MARCH 26, 2020
Key Takeaways The Fed will temporarily suspend exams for banks with less than $100 billion in assets. Banks over $100 billion in assets will have some exam activity deferred. The Fed extended time for existing remediation responses by 90 days. The Federal Reserve (Fed) announced on March 24 that they will temporarily suspend examinations for banks with less than $100 billion in assets so all can concentrate on the coronavirus pandemic, to “help financial institutions of all sizes understand the
PYMNTS
MARCH 26, 2020
What is a bank? As recently as a decade ago, that was a relatively straightforward question that the average school-age child could easily answer. But as of 2020, it is a subject upon which seasoned experts can disagree, in a world where traditional banks and FinTechs are operating in parallel in the market – and, in many cases, are offering similar services for consumers.
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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
Gonzobanker
MARCH 26, 2020
Financial institutions that are not ready to fully serve customers digitally face an existential threat. Hard as it is to fathom, we’ve just seen digital banking morph from “important” to “existential” status in one week’s time, and banks and credit unions that aren’t able to market, sell and serve their customers in an entirely mobile capacity are now facing an existential threat.
PYMNTS
MARCH 26, 2020
Consumers have stepped up their activity in eCommerce , as they are not staying in hotels, eating in restaurant dining rooms or using public transit, per a PYMNTS COVID-19 consumer survey. More affluent consumers appear to be focused on avoiding public spaces and making purchases through the web instead. And in toy retail , KiwiCo has seen a rise in orders for eCommerce subscriptions and one-off products at a time when children are home from school because of the coronavirus crisis.
Bobsguide
MARCH 26, 2020
In my previous article, I examined how effective liquidity management in treasury depends upon having a consolidated view and control of corporate cash. In this one, I consider why building dedicated connectivity is necessary to achieve this, who should build it and who will pay for it. One of.
PYMNTS
MARCH 26, 2020
To help create supplier and buyer digital collaboration, supply chain payments and marketplace company Tradeshift rolled out Tradeshift Engage. Many companies are now seeking to speed up digitization projects as social distancing measures due to the coronavirus pandemic make paper invoice processing not workable, according to an announcement from the company.
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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.
CFPB Monitor
MARCH 26, 2020
The CFPB has issued its annual Fair Debt Collection Practices Act report covering the CFPB’s and FTC’s activities in 2019. With regard to the CFPB’s debt collection rulemaking, in her opening message, Director Kraninger only references the Bureau’s May 2019 proposal. She does not mention the Bureau’s supplemental proposal issued last month that would require debt collectors to make specified disclosures when collecting time-barred debts.
PYMNTS
MARCH 26, 2020
As it works to maintain a supply of products on its shelves and keep its checkouts manned over the COVID-19 pandemic, Walmart has brought on 25,000 new workers and provided thousands with offers in the inaugural week of a hiring drive. The company has reduced its hiring procedure timeline from as much as two weeks to as short as three hours by doing away with written job offers and formal interviews, Bloomberg reported.
Payments Source
MARCH 26, 2020
Arizent, the parent company of PaymentsSource, has released a broad industry survey on both the impact of the crisis and emerging responses. Many companies are now managing remote workforces, either by choice or government mandate. Certain industries such as financial services, which are built on face-to-face interaction, are now living in an environment devoid of any human touch.
PYMNTS
MARCH 26, 2020
Each week, PYMNTS will round up some of the latest initiatives from governments, banks and FinTechs around the world to lend support for small businesses struggling as a result of the coronavirus. With U.S. lawmakers reaching an agreement on an unprecedented $2 trillion stimulus package , many small- to medium-sized businesses (SMBs) are headed for a bit of relief amid ongoing economic pressures.
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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.
Payments Source
MARCH 26, 2020
Fintech companies only think they want to be banks. Banking may seem like a natural evolution, but that doesn’t mean fintech firms should become banks, says nbkc bank's Zach Anderson Pettet.
PYMNTS
MARCH 26, 2020
Cybersecurity insurance company Chubb , which provides aid to companies affected by data breaches, has been hit by one itself, according to a report by TechCrunch. The company said it was looking into a “security incident” that involved unauthorized access with a third-party company. Jeffrey Zack, a spokesperson for the company, said there was “no evidence” that the breach had hit the company’s own network, adding that it was “fully operational.
Payments Source
MARCH 26, 2020
Payments technology is a relative bright spot as coronavirus’ economic fears hit venture capital, since an emergency can be a catalyst for early-stage innovation designed to ease digital commerce.
PYMNTS
MARCH 26, 2020
Cryptoasset data and infrastructure provider Coin Metrics has notched $6 million in funding, according to an announcement from the company. The company said the raise would be used to grow its product offering, bolster its team and offer “enhanced coverage of digital assets,” the announcement stated. Highland Capital Partners led the funding round with participation from Coinbase Ventures, Castle Island Ventures and Communitas Capital, among others.
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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.
Payments Source
MARCH 26, 2020
Arizent, the parent company of PaymentsSource, has released a broad industry survey on both the impact of the crisis and emerging responses. The survey found the pandemic has forced many companies to implement new or modified business continuity plans, appoint executive response teams and invest in new technologies to enable a remote workforce. The pandemic is also expected to lead to a greater investment in technologies that reduce the reliance on face-to-face interactions for both coworkers an
PYMNTS
MARCH 26, 2020
U.S. House of Representatives Speaker Nancy Pelosi said that she wants Americans to get another payment in addition to the $2 trillion relief package passed in the Senate on Wednesday night (March 25), according to a report by CNBC. The House is planning to vote on the measure on Friday, and the bill is the biggest rescue initiative ever in the country.
Payments Source
MARCH 26, 2020
When a business accidentally pays an invoice early, due to inaccurate due dates, a change to the delivery date or some other issue, everything changes, says Celonis' Southard Jones.
PYMNTS
MARCH 26, 2020
The Federal Reserve announced Thursday (March 26) that it’s going to give financial institutions (FIs) an extra 30 days to file their financial statements, which are due at the end of March. The Fed said in a press release that banks with under $5 billion in assets could have the extra time “in light of staffing priorities and disruptions” by the ongoing coronavirus health crisis.
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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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