Chris Skinner
MAY 15, 2020
I just found three interesting management reports. One is a survey from Salt Edge on the lack of success of the use APIs and Open Banking, two years after the introduction of PSD2; the second is from the GSMA on the state of mobile financial services; and the third is … The post Free research: Open Banking, Mobile Money and Digital Currency appeared first on Chris Skinner's blog.
Accenture
MAY 15, 2020
Central banks’ key functions have remained largely unaltered since the first such institution was established in Sweden in the mid-17th century. These include setting monetary and financial policy, acting as lenders of last resort, ensuring the stability of the financial system and supervising the financial industry. The pace of digitally driven change throughout the financial….
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Chris Skinner
MAY 15, 2020
Things we’re reading today include … Coronavirus: Lloyd’s of London says claims to be biggest since 9/11 How will Britain dig itself out of a £300bn coronavirus hole? How to fight an economic crisis in a monetary union Goldman Sachs to buy boutique wealth management custodian Folio Washington fires its … The post Things worth reading: 15th May 2020 appeared first on Chris Skinner's blog.
Payments Dive
MAY 15, 2020
Retailers are using e-commerce and mobile to make up for lost sales at the physical store during the wave of store closings due to the COVID-19 pandemic.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
PYMNTS
MAY 15, 2020
The fact that grocery stores are comprehensively winning the race to keep the American consumer fed shouldn’t be too surprising, considering grocery stores are by and large still open for business, and restaurants have been forced by statute in most places to close their doors. In the world of retail sales, it’s hard to find a bigger advantage than being open in the face of everyone else’s closure.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
MAY 15, 2020
Amazon has filed suit against two companies that are allegedly operating a global tech support scheme targeting Alexa users, CNN reported. The lawsuit, filed last week in U.S. District Court in Seattle, alleges Washington-based Robojap Technologies and Quatic Software Solutions in Punjab, India have scammed Amazon users by offering help to install Alexa on their devices through fake websites and applications.
Abrigo
MAY 15, 2020
Key Takeaways Like other federal relief programs, the PPP has become subject to fraud. The first federal charges of PPP loan fraud have been made – and they're unlikely to be the last. While the SBA has said lenders will be held harmless, some banks fear they will still be culpable if borrowers fail to comply with PPP criteria. Banks can take additional steps to bolster customer due diligence.
PYMNTS
MAY 15, 2020
The experts were expecting a weak retail sales report when the numbers hit the wires earlier today (May 15) – but even in an environment of diminished expectations, the number reported by the Census Bureau was a disappointment. Consumer spending, which represents roughly two-thirds of the U.S. GDP, took a 16.4 percent drop in April from the prior month, according to the release – notably more than the 12.3 percent economists forecasted before the release, and double the record of the 8.3 percen
Bobsguide
MAY 15, 2020
With banks and financial services closing physical branches and large parts of the population unable to leave their homes, organisations are hoping to utilise digitalised identities – but the fact there are no industry standards or protocols is causing concerns. “We’ve always.
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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
PYMNTS
MAY 15, 2020
As the pandemic quickly transformed the labor market, layoffs in the U.S. surged to an all-time high in March. The count of individuals resigning from their positions fell to the lowest level in four and a half years, Reuters reported. In its Job Openings and Labor Turnover Survey (JOLTS) survey, the Labor Department indicated that discharges as well as layoffs rose to 11.4 million by 9.5 million in March.
Payments Source
MAY 15, 2020
Our second monthly survey found a smooth transition to remote work and digital customer access channels — but technology issues still arose. The pandemic has highlighted the importance of having a strong digital presence across all retail sectors, including financial services.
PYMNTS
MAY 15, 2020
Just when the economy can’t take any more bad news, the Federal Reserve Bank of Atlanta is predicting the national gross domestic product (GDP) is expected to drop by nearly 43 percent in the second quarter, CNBC reported. If the Atlanta Fed is correct, the drop in GDP, the sum of goods and services across the economy, would be the worst since World War II.
ATM Marketplace
MAY 15, 2020
The COVID-19 pandemic has caused frustration and economic hardship for people throughout the world and ATMs can be an attractive target for criminals. Here are three ways financial institutions and ATM operators can take steps to secure their ATMs.
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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
MAY 15, 2020
Zomato , one of India’s most popular food apps, is downsizing its workforce by 13 percent and cutting pay for its remaining employees due to the ripple effect of COVID-19. Zomato did not disclose how many workers are being laid off, but the company reportedly has about 4,000 employees, which would put the number of job cuts at around 520. Founded in 2009, Zomato describes itself as a provider of restaurant reviews and food delivery service for more than 1.5 million restaurants in two dozen coun
Payments Source
MAY 15, 2020
The Covid-19 pandemic has decimated the world’s travel industry and fatally crippled a deal calling for the Carlyle Group Inc. and Singapore sovereign-wealth fund GIC Pte to buy 20% of American Express Global Business Travel, according to unsealed lawsuits.
PYMNTS
MAY 15, 2020
Customer loyalty continues to be a recurring theme this week as retailers look to reopen and the latest monthly sales report shows another double-digit plunge. While some of the news around the topic stresses the importance of media opportunities to seal customer retention, one of the newest loyalty tactics uses emerging technology to promote in-store data capture.
CFPB Monitor
MAY 15, 2020
PayPal has filed a motion for summary judgment in its lawsuit against the CFPB seeking to invalidate the Bureau’s prepaid card rule (“Rule”). The Rule became effective on April 1, 2019. The relief sought by PayPal in the lawsuit, which was filed in December 2019 in the D.C. federal district court , includes vacating the Rule and enjoining the Bureau from enforcing the Rule.
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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
MAY 15, 2020
The on-again, off-again bankruptcy of JCPenney is back on. The company announced late Friday (May 15) that it will file for Chapter 11 and close a still-to-be-determined amount of stores, per a company press release. The announcement came as the company reached an agreement with 70 percent of its lenders, as well as a debt restructuring on the turnaround plan that is “expected to reduce several billion dollars of indebtedness, provide increased financial flexibility to help navigate through the
PopularBank
MAY 15, 2020
Small businesses are the lifeblood of our communities – and our economy. Businesses with fewer than 500 employees account for 48% of American jobs and 43.5% of GDP. As a small business owner, you understand what it’s like to operate on lean profit margins and how vulnerable you can be to even a minor financial set back. Now, the COVID-19 pandemic has completely changed the face of what it means to stay in business.
PYMNTS
MAY 15, 2020
New leases for Manhattan rentals plummeted by 70.9 percent year over year excluding renewals amid “shelter in place” measures made and enforced amid the pandemic, according to a Douglas Elliman and Miller Samuel report. The figure represents the “lowest total of new leases recorded in a decade and [the] most significant percent decline ever recorded” per the report.
BankInovation
MAY 15, 2020
KeyBank wants to help finance more energy-efficient cities. The bank’s equipment-financing arm is partnering with Itron, which modernizes utility grids, to help cities finance infrastructure upgrades. “Representatives from Key will work directly with account managers from Itron, as well as their end-user clients, to provide payment plan solutions,” said Amy Gross, executive vice president of […].
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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.
PYMNTS
MAY 15, 2020
A recent economic survey forecasts that 42 percent of layoffs will bring about permanent job losses. In a televised interview on CNBC , University of Chicago Booth School Professor Steven Davis pointed to the airline industry as one example of job losses that won’t be temporary. Davis noted that businesses are doing a lot less travel than they were before the pandemic — and they won’t go back to where they were soon.
BankBazaar
MAY 15, 2020
A lot of norms around payments and other financial dues have been eased, thanks to the lockdown. However, using these relaxations to your advantage involves making informed decisions. Read on to find out what you shouldn’t do. What a tumultuous year this has been so far. The COVID-19 pandemic has affected every aspect of lives across the globe. With the world still dealing with the virus, countries have taken steps to safeguard the well-being of their citizens.
PYMNTS
MAY 15, 2020
Customers waiting for Rakuten Inc. ’s launch of its 5G services, which were originally planned for June, will have to wait. Reuters reported that the Tokyo company’s 5G rollout will be delayed by three months due to disruptions caused by COVID-19. Software testing by the company’s vendors in India has been impacted by a lockdown that has been in place there since March 25, a Rakuten spokeswoman told the news service.
CFPB Monitor
MAY 15, 2020
The CFPB has issued a final rule amending its remittance rule. The final rule is effective July 21, 2020. The key amendments consist of the following: Safe harbor threshold. Currently, the rule’s safe harbor threshold removes from the rule’s coverage an entity that provided 100 or fewer remittance transfers in the previous calendar year and provides 100 or fewer remittance transfers in the current calendar year.
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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.
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