Chris Skinner
JUNE 24, 2020
A friend of mine, Alessandro Hatami, wrote an interesting piece on Sifted that I shared in my news yesterday. He claims that neobanks like Monzo and Starling are not reinventing banking at all. They’re just modifying and improving it. Alessandro then goes on to cite the key things that banking … The post Is FinTech getting it wrong? Focus on needs and wants appeared first on Chris Skinner's blog.
Accenture
JUNE 24, 2020
The COVID-19 pandemic has affected every industry and banks certainly have not been spared. The situation for banks today is, however, very different than that which they faced in the 2008-09 financial crisis. Banks are generally stronger and better capitalized than they were then. And, rather than being a cause of the financial problems, banks…. The post Six ways banks should work with consumers in the COVID-19 era appeared first on Accenture Banking Blog.
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Chris Skinner
JUNE 24, 2020
Things we’re reading today include … Wirecard: Former boss arrested over €1.9bn scandal Twitter apologises for business data breach White household income in UK 63% higher than black households, ONS finds ‘You can’t pay cash here’: how our newly cashless society harms the most vulnerable New Zealand seizes £72m of … The post Things worth reading: 24th June 2020 appeared first on Chris Skinner's blog.
Perficient
JUNE 24, 2020
It’s more important than ever for brands to invest in digital channels if they want to grow and expand at the speed of business. To successfully develop a commerce site that will drive traffic while increasing sales, you need the right team and the right commerce strategy and roadmap. Join Perficient and Benchmade, a forward-thinking knife manufacturer, on Wednesday, July 15 at 2 PM ET for our webinar, Cutting Customer Experience Barriers Across B2B and B2C Channels.
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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
Accenture
JUNE 24, 2020
We all know the industry is rapidly moving to digital. Evidence from our banking market research—and echoed by the current pandemic environment—suggests that we have indeed moved into a period of volatility and industry change, and that digital maturity is at least one of the factors that will separate future winners from losers. The question…. The post Transforming core banking with the right technology appeared first on Accenture Banking Blog.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
JUNE 24, 2020
The Philippines has launched an investigation into the missing $2.1 billion that Wirecard said it deposited in two of the island nation’s banks, Reuters reported. Justice Secretary Menardo Guevarra said Wednesday (June 24) he told state investigators to coordinate with Bangko Sentral ng Pilipinas , the Philippines central bank, on the inquiry. On Monday, the German payment processor company said Jan Marsalek, its chief operating officer, was fired after BDO Unibank Inc. and the Bank of the Phili
Perficient
JUNE 24, 2020
Recently, Sean Calvillo , a director in Perficient’s financial services group, was invited to speak on Nuxeo’s Content Journeys podcast, which is a monthly discussion about the world of content in business. For those not familiar with the company, Nuxeo is the developer of a content services platform that combines enterprise content management (ECM) and digital asset management (DAM) functionality.
PYMNTS
JUNE 24, 2020
Messaging app Telegram said a data breach has exposed a database containing the personal information of millions of users, according to a Cointelgraph report. The database, which was exposed on a darknet forum, included users’ phone numbers and unique Telegram user IDs, according to the report. Telegram told Russian tech publication Kod.ru, which originally reported the information on Tuesday (June 23), that the information was exposed through the app’s built-in contact export feature whil
Payments Source
JUNE 24, 2020
Checkout.com’s $150 million funding round triples the e-commerce company’s valuation to $5.5 billion, and it follows an even larger $600 million bet on Stripe earlier this spring.
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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
PYMNTS
JUNE 24, 2020
The insurance industry is all about risk mitigation, and not only when it comes to underwriting policies. Averse to the risk of change, the property and casualty (P&C) insurance arena has been resistant to embrace electronic payments when disbursing funds to claimants. Yet when the global pandemic hit, it became clear to the insurance industry that sticking to paper processes and check payouts can be riskier than embracing digitization.
Bobsguide
JUNE 24, 2020
Insurtechs are well suited to address emerging risks ignored by traditional insurers, some market participants suggest. According to Sabine VanderLinden, chief executive and managing director at Alchemy, an insurance venture validation firm, disputes over coronavirus business interruption (BI).
PYMNTS
JUNE 24, 2020
Brazil’s Central Bank has suspended WhatsApp’s payment feature in the country, citing antitrust concerns, according to Bloomberg on Tuesday (June 23). Mastercard and Visa have been requested to stop payments and money transfer services through the app in Brazil as well, the bank said. The bank said the decision was to “preserve an adequate competitive environment that ensures the functioning of a payment system that’s interchangeable, fast, secure, transparent, open and cheap,” Bloomberg reporte
Bobsguide
JUNE 24, 2020
Innovation in the e-commerce and payments sector could slow down due to the global disruption caused by the pandemic, while businesses look to reconsider and raise their online offerings, according to JP Morgan’s Ray McDonnell, managing director and co-head of merchant services in Europe.
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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.
PYMNTS
JUNE 24, 2020
As the Wirecard scandal unfolds, SoftBank Group Corp. is facing questions about its investment in the embattled German payment services provider, CNBC reported. Last year, the Tokyo-based global conglomerate holding company paid 900 million euros ($1 billion) for a 6 percent stake in Wirecard. But even then, there were concerns about Wirecard’s accounting practices, the network reported.
Payments Source
JUNE 24, 2020
To truly bridge the gap for moving small-dollar transactions to mobile and contactless, there are still vast areas of the retail industry that will need to adapt to accept cashless transactions.
PYMNTS
JUNE 24, 2020
As the world must go increasingly digital — perhaps permanently — people who had resisted the great shift to eCommerce have had to make the leap. Ready or not. Those less tech-savvy individuals represent juicy targets for fraudsters, who have been fine-tuning card-not-present (CNP) schemes to work across all manner of channels during the pandemic as we wield smartphones to make transactions or bank over the phone.
TheGuardian
JUNE 24, 2020
Retailers and banks have been pushing us to use contactless payments and online services for hygiene reasons. But many older, abused and unbanked people still depend on cash. What will happen to them? It had taken so much for Tina to get to the supermarket; to go home empty-handed left her in tears. Tina, 47, has conditions including chronic fatigue syndrome, fibromyalgia, post-traumatic stress disorder, anxiety and depression.
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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.
PYMNTS
JUNE 24, 2020
The pandemic has spurred a shift in the payments ecosystem, as businesses of all stripes have seen the need to keep cash in the till, to eye the ripple effects that may ripple across their supply chains — especially as disputes take shape. The would-be traveler who finds a trip suddenly canceled may demand a refund. While eCommerce and card not present transactions may have their conveniences, they are also breeding grounds for fraud.
Payments Source
JUNE 24, 2020
Wirecard AG won a short reprieve from the lenders on its $2 billion revolving credit facility after banks decided to assess the embattled company’s long-term viability before telling it to repay the loan.
PYMNTS
JUNE 24, 2020
Visa and the Dutch FinTech TerraPay said they plan to develop and deliver “payment solutions to drive financial inclusion and cashless transactions for domestic payments and global remittances.”. The partnership is “the next step toward the development of sustainable and scalable interoperable payment options,” said Ambar Sur , founder and CEO of the global payments infrastructure company.
Payments Source
JUNE 24, 2020
Three years ago, Alipay began its brick-and-mortar conquest of North America, promoting acceptance of the Alibaba affiliate Ant Group's mobile wallet at shops targeting Chinese tourists, eventually reaching thousands of U.S. and Canadian stores.
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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.
PYMNTS
JUNE 24, 2020
While web users have harnessed eCommerce in numbers that haven’t been seen before amid the COVID-19 heath crisis, eMarketer forecasts the worldwide retail online shopping sales will slow down to a 16.5 percent growth rate this year down from 20.2 percent in 2019. The firm forecasts an overall $3.914 trillion in online shopping sales in 2020 per an announcement. eMarketer said nine nations are forecast to experience over 20 percent growth in retail online shopping sales in 2020, headed up by Mala
American Banker
JUNE 24, 2020
Whether they take the form of a mobile wallet or a touch-free credit card, contactless payments are poised to take off as consumers — wary of using terminals and ATMs or handing cards back and forth — change their habits.
PYMNTS
JUNE 24, 2020
The United States economy is steadily reemerging from the COVID-19 pandemic-induced shutdown. Businesses are reopening to a different reality than the one that existed just three months ago, however. Firms are adopting new safety policies concerning everything from sanitation to public occupancy limits. Many of these tasks will fall to essential workers — and this has brought to the surface an issue that has long been a priority for forward-thinking organizations: the need to prioritize employee
CFPB Monitor
JUNE 24, 2020
The CFPB has entered into a consent order with three companies to settle the Bureau’s claims that the companies violated the Dodd-Frank UDAAP prohibition and the FCRA in connection with contracts for deeds that they issued and serviced. The settlement requires one of the companies to pay a $25,000 civil money penalty and the two other companies to jointly pay a $10,000 civil money penalty.
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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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