Payments Dive

MARCH 6, 2020

Digital banking is poised to take off as incumbent banks move much of their business to mobile channels to compete against a new generation of digital-only startups.

Digital Banking 540

Digital Banking Mobile 540

Bank Innovation

MARCH 6, 2020

Iwoca, a London-based small business lender, announced a debt financing round of 100 million euros ($112 million) last week to fund new loans in Germany.? “We have seen considerable growth in the [German] market,” said Oliver Schmid, general manager of Iwoca. “What sets us apart from banks is we built the system from scratch geared […].

Lending 300

Lending US System Management 300

PYMNTS

MARCH 6, 2020

Real-time payments are imperative for running successful operations in today’s global ecosystem. Digital payments sent internationally are expected to move past $1 trillion in 2025, but getting to that point will require support from payment providers, regulators and other such firms still building out the necessary infrastructure. Many of these providers are particularly competing for small- to medium-sized businesses (SMBs) to join their faster payments network over another, which can be trick

Payments 304

Payments New York Metro New York City 304

Bank Innovation

MARCH 6, 2020

The inability to reach someone outside of business hours is a source of friction for some digital bank customers, but Rising Bank wants to set itself apart through one-on-one attention. Rising Bank, which is Midwest BankCentre’s digital-only brand, goes to pains to ensure customers get routed to a real person, even if the CEO is […].

Digital Banking 293

Digital Banking Branding Customer Experience Innovation Strategies 293

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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

Lending

PYMNTS

MARCH 6, 2020

San Francisco-based Empower Finance, a mobile banking app aimed at helping millennials save wealth, has raised $20 million in a Series A funding round led by Defy Ventures and Icon Ventures, according to a report. The Founder and CEO of Nubank David Velez also participated in the funding round. The company, which was founded in 2017, is run by a former Sequoia Capital partner named Warren Hogarth.

Millennials 251

Millennials Digital Banking San Francisco Capital 251

PYMNTS

MARCH 6, 2020

FinTechs are helping banks focus on the customer experience through accounts payable (AP) automation. AvidXchange Senior Vice President of Financial Services Boyce Adams Jr. told PYMNTS in an interview that banks foundationally value “the relationship they have with the customer” and “they understand the customer.” These financial institutions are providing lines of credit, and he says it’s the company’s job as a leader in FinTech to provide banks with the products and solutions that are going

Customer Experience 251

Customer Experience Fintech United States Fraud 251

Bank Innovation

MARCH 6, 2020

Welcome to the latest episode of our Weekly Wrap series, for the week ending Friday, March 6, 2020. In this episode, editors discuss the following news developments: How embedded finance can expand into new areas; How banks are taking inspiration from startups in developing customer experience; and How nonbank lenders are tailoring their offerings for […].

Innovation 273

Innovation Customer Experience Video Management 273

Accenture

MARCH 6, 2020

Today’s incumbent commercial banks are facing new, hyper-agile competitors powered by next-generation infrastructures. To respond effectively, they need to attain a similar degree of agility throughout their onboarding and customer lifecycle management (CLM) processes—enabling them to protect their revenue base, bring innovative products to market faster and deliver market-leading customer experiences.

Customer Experience 195

Customer Experience Innovation Management Marketing 195

Bank Innovation

MARCH 6, 2020

Iwoca, a London-based small business lender, announced a debt financing round of 100 million euros ($112 million) last week to fund new loans in Germany.? “We have seen considerable growth in the [German] market,” said Oliver Schmid, general manager of Iwoca Germany. “What sets us apart from banks is we built the system from scratch […].

Lending 221

Lending US System Management 221

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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

Report

PYMNTS

MARCH 6, 2020

A lull in venture capital funding has only a few B2B FinTechs this week securing new investment rounds. Even so, funds continue to fill their coffers in anticipation of more investments ahead. Just this week, RTP Global announced a a fund, with the venture capital firm planning to deploy that cash for early-stage technology companies in areas like FinTech and Software-as-a-Service (SaaS).

Capital 202

Capital Fintech New York City Security 202

Bank Innovation

MARCH 6, 2020

The inability to reach someone outside of business hours is a source of friction for some digital bank customers, but Rising Bank wants to set itself apart through one-on-one attention. Rising Bank, which is Midwest BankCentre’s digital-only brand, goes to pains to ensure customers get routed to a real person, even if the CEO is […].

Digital Banking 221

Digital Banking Branding Customer Experience Innovation Strategies 221

PYMNTS

MARCH 6, 2020

The earnings are out, the early moves are made and the race for the consumer’s whole paycheck in 2020 is officially underway and moving full speed ahead. Thus far the advantage seems to be tipping toward Amazon, which got out of the gate with a stronger than expected earnings showing , one-day shipping yielding dividends, 150 million prime members and series of expansions, introductions and leaps outward as it seeks to stake out a larger share of average American consumers.

Seattle 192

Seattle Retail Marketing Data 192

Bank Innovation

MARCH 6, 2020

Marqeta, a card issuing and processing startup, is partnering with installment lender Afterpay to provide payments solutions for merchants in North America. Australia-based Afterpay operates in several countries, including the U.S., and allows merchants to give shoppers a digital layaway option through installment payments. Shoppers only pay a fee if they do not pay off […].

Strategy 221

Strategy US America Cards 221

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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.

Lending

PYMNTS

MARCH 6, 2020

Even a decade ago it was obvious that the rise of mobile and the expansion of eCommerce was going to have a transformative effect on retail. But very few people, when asked where the biggest investments, biggest swings, biggest changes and biggest players were going to pile up to fight it out, would have immediately thought of grocery retail as being the segment that emerged.

Innovation 175

Innovation Retail Digital Strategies Mobile 175

Bank Innovation

MARCH 6, 2020

Welcome to the latest episode of our Weekly Wrap series, for the week ending Friday, March 6, 2020. In this episode, editors discuss the following news developments: How embedded finance can expand into new areas; How banks are taking inspiration from startups in developing customer experience; and How nonbank lenders are tailoring their offerings for […].

Innovation 195

Innovation Customer Experience Video Management 195

PYMNTS

MARCH 6, 2020

Venture capital firm Sequoia Capital warned in an email to entrepreneurs on Thursday that the coronavirus could potentially be the herald of a “prolonged” global economic slow-down. Sequoia, known as a soothsayer of sorts for the industry, said the virus outbreak may fundamentally alter the business landscape of the world. The editorial is titled “Coronavirus: The Black Swan of 2020” and recommended that companies start looking at saving cash, revising sales forecasts and slashing costs for prod

Capital 174

Capital Apple Google Software 174

Gonzobanker

MARCH 6, 2020

Addressing common loan and deposit operations process inefficiencies can help financial institutions deliver optimized value to customers and stockholders. In recent years, many financial institutions have been focused on improving their digital delivery capabilities, often at the expense of their operational groups. Traditionally viewed as non-revenue contributing “back office” functions with little customer facing or delivery responsibilities, loan and deposit operations units have been largel

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Operations System Groups Technology 117

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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.

US

PYMNTS

MARCH 6, 2020

For banks of any size, the message is clear: Digitize or risk losing customers — or even risk failure. But for financial institutions (FIs), some of which have been around for decades, understanding how to take the first steps in the digitization process can be an overwhelming task. That’s even more true for community banks, which lack the resources larger FIs have to support modernization initiatives and technology investment efforts.

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Community Bank Community How To Lending 173

Payments Source

MARCH 6, 2020

Companies that give employees early access to earned pay don't want to be lumped in with payday lenders, so they are putting a new spin on their pitch: It's a tool to lure and retain valuable workers.

Tools 102

Tools Company Payments 102

PYMNTS

MARCH 6, 2020

The Indian government has seized control of its fourth-largest private bank as it organizes a bailout plan and temporarily limits how much depositors can withdraw, according to reports on Friday (March 6). The Reserve Bank of India (RBI) said that “it had no alternative” but to step in with a rescue plan for Yes Bank and replace the lender’s entire board. .

ATM 169

ATM Capital System Security 169

Payments Source

MARCH 6, 2020

The challenge has been aligning the data-sharing ecosystem in a way that simplifies access and enhances consumer control while ensuring a high level of security, says Finicity's Steve Smith.

Big Data 104

Big Data Data Security Risk Management 104

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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.

Compliance

PYMNTS

MARCH 6, 2020

For digital payments, for eCommerce, when a bank gets interrupted … the impact is instantaneous and disruptive. To get a sense of the ripple effects, in India, tens of millions of financial system stakeholders, merchants and consumers among them, were unable to complete transactions after the RBI, India’s central bank, seized control of Yes Bank , among the top lenders in that country.

Payments 160

Payments Capital Report Software 160

Payments Source

MARCH 6, 2020

Wells Fargo hopes to anchor its debit card at the top of customers’ digital wallets with a promotion offering users a $5 credit.

Cards 104

Cards Mobile 104

PYMNTS

MARCH 6, 2020

Kathy Kraninger, the director of the U.S. Consumer Financial Protection Bureau (CFPB), has asked Congress for the ability to pay whistleblowers in an attempt to incentivize them to speak out, according to a report by Reuters. The authority would require a change in legislation, but Kraninger argues that it would help the agency spot wrongdoing more quickly, especially when it comes to fair lending practices.

Compliance 156

Compliance Lending US Report 156

Bobsguide

MARCH 6, 2020

Reports that 80 percent of capital markets participants said they would rather buy in a trading data integration solution, rather than build one in house, reflect the way banking IT is going, and this is a good thing. The findings, from a qualitative study undertaken by Inforalgo, are discussed.

Study 78

Study Capital Data Marketing 78

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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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