PYMNTS
MAY 22, 2020
If you want to know how consumers feel about faster payments, talk to the millions of Americans who still have not received stimulus money as of mid- to late-May. The U.S. real-time payments void has hurt commerce, too, as PYMNTS research finds that close to 39 percent of small to mid-sized businesses (SMBs) have reduced payrolls to help relieve cash flow stress, and nearly 30 percent simply went under.
Abrigo
MAY 22, 2020
Key Takeaways Cannabis-related businesses have thrived during the pandemic, without help from the federal government. Despite their continued growth, CRBs remain largely underbanked. Perceptions around banking CRBs are changing as well, opening the door for more financial institutions. The coronavirus pandemic has significantly altered our day-to-day lives.
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PYMNTS
MAY 22, 2020
The government of Dubai is planning to create an $870 million free trade zone for eCommerce named Dubai CommerCity (DCC). The development project will be located next to Dubai International Airport. . The project is being developed collaboratively with two state-owned enterprises — the Dubai Airport Freezone Authority ( DAFZA ) and the property firm wasl.
Accenture
MAY 22, 2020
It would be an understatement to say that our typical ways of working have been pushed to the limit by recent events. More than ever, agility and co-creation have been essential to solve the evolving challenges organisations the world over now face—adjusting at speed to the changing needs of their people, customers and suppliers. Countless…. The post Sprinting to the ideal design solution alongside our clients appeared first on Accenture Banking Blog.
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 22, 2020
From competitors to collaborators, the FinTech boom introduced a field of opportunity for traditional financial institutions to team up with an industry newcomer to become more agile and modern with their own product offerings. While FinTechs are, in many ways, useful allies to banks, traditional FIs can also be a critical partner to FinTechs that lack the resources or opportunity to acquire their own banking license.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
MAY 22, 2020
The self-employed might regret getting one of the Paycheck Protection Program (PPP) loans from the Small Business Administration (SBA). CNBC reported these independent contractors who borrowed from the PPP face the prospect of not getting the balance forgiven. Under the terms of the CARES Act, businesses don’t have to repay the loan if they spent at least 75 percent of the proceeds on payroll and no more than 25 percent for other items.
Payments Source
MAY 22, 2020
Checkout-free stores would seem to be the perfect fit for germaphobic shoppers during the coronavirus pandemic, but until now the model has been mostly experimental.
PYMNTS
MAY 22, 2020
Boston’s Petit Robert Bistro , one of the city’s fanciest French restaurants, started 2020 with expectations that were anything but small. Mild winter weather in Boston had led to stronger-than-average performances in January and February, and owner Loic Le Garrec told Karen Webster in a recent conversation that he expected going gangbusters through his typically busy spring season.
BankBazaar
MAY 22, 2020
Airlines may resume operations soon, but with no vaccine in sight, travelling will not be the same anymore. Let’s look at some of the ways travel will change post COVID-19. . Airlines will resume operations from May 25, but with no vaccine in sight and the number of COVID-19 cases spiralling out of control, travel has come to a standstill for nations across the world.
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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 22, 2020
Amid the ongoing spread of the pandemic throughout the country, Ross Stores, Inc. reported total Q1 sales of $1.8 billion compared to $3.8 billion in the prior year. The retailer said it wasn’t reporting comparable-store sales, as its shops were open for less than seven weeks of the 13-week period, per an announcement. Ross Stores also registered a loss per share of 87 cents compared to earnings per share of $1.15 for the past year period.
Payments Source
MAY 22, 2020
The Financial Conduct Authority is pushing for a review of fintechs that provide payment technology, out of concern that the coronavirus may be harming their financial performance.
PYMNTS
MAY 22, 2020
The pandemic is accelerating the shift to digital at speeds no one could have imagined just a few months ago. But there have been gaps along with the pivot, where paper- and courier-based documents have held sway, and where signatures are required to get things done as companies and individuals interact with their financial institutions (FIs). Citibank said last week that the use of its digital banking channels soared in the first quarter (and beyond), tied to a global phenomenon where untold nu
Payments Source
MAY 22, 2020
New authentication methods make it harder to fake biometrics, argues Fingerprints' Eric Setterberg.
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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 22, 2020
It appears Hertz has run out of gas. Hertz Global Holdings Inc. could file for bankruptcy this weekend after the Florida-based car rental company failed to reach an agreement with top lenders, The Wall Street Journal reported. Hertz, which also operates the Dollar and Thrifty car rental brands, had been holding talks with creditors after skipping major car-lease payments due in April.
Payments Source
MAY 22, 2020
As the idea of central bank digital currencies starts to gain traction, the U.S. in particular needs to pay attention or risk losing a major aspect of its geopolitical power, according to JPMorgan Chase & Co.
PYMNTS
MAY 22, 2020
As the pandemic continues to disrupt everyday life the world over, many consumers want refunds on things they paid for but aren’t able to use. Rock bands are offering reimbursements for concerts. Jimmy Buffett and The Coral Reefer Band are making new dates for stops on their Slack Tide Tour, according to an announcement. The concert at Charlotte, North Carolina’s PNC Music Pavilion has been rescheduled to April 24, 2021 and the concert at the Boston, Massachusetts Xfinity Center has been resche
ATM Marketplace
MAY 22, 2020
After a long battle with the coronavirus pandemic, we could all use a little levity.
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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 22, 2020
There is a growing list of things millennials have seemingly been blamed for rendering obsolete, such as cocktail napkins, casual dining and expensive engagement rings. Part of the reason why this generation supposedly has little interest in such mainstays is that they have become used to convenience due to the use of smartphones and other digital devices.
BankInovation
MAY 22, 2020
Citibank’s Institutional Clients Group (ICG) is forming a steering committee to help the bank transition client interactions to digital channels. “We’ve had many product-driven digital initiatives for many years,” said Sandeep Arora, global head of fintech and innovation for Citi Markets. “We started a couple of years back looking at these across the ICG, and […].
PYMNTS
MAY 22, 2020
If you want to know whether stimulus checks are working to rebuild the economy, just ask the world’s largest retailer. Walmart U.S. CEO John Furner, who oversees more than 4,700 stores, says the answer is yes. “I think it helped,” Furner told The First Trade, Yahoo! Finance ’s morning market preview show. “Categories like sporting goods and bicycles, fabrics and crafts, toys, the stay-at-home categories, networking [equipment], really took off … definitely we do see a positive impact from
BankInovation
MAY 22, 2020
Plaid made headlines this week with its new open banking platform, Plaid Exchange. The company told Bank Innovation it wants to eliminate cost as a barrier for smaller banks and credit unions to sign up for the service. Barwick Bank, meanwhile, is using technology from Finastra to create brand new digital channels. The bank currently […].
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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 22, 2020
As it gears up to reopen in Las Vegas, Caesars Entertainment Corporation said it would resume its gaming and hospitality functions at Flamingo Las Vegas and Caesars Palace at “the date and time for reopening specified by the state of Nevada.” The gaming firm said it plans to follow all of the directives from the Nevada Gaming Control Board, Nevada Gov.
BankInovation
MAY 22, 2020
As questions around government economic relief flood financial institutions’ call centers, flustering customer service employees, some credit unions are stemming the tide with the help of AI-backed chatbots. The move to implement customer-facing and internal chatbots has helped Midwest-based Advia Credit Union and East Coast-based Corning Credit Union to handle the load of customer service […].
PYMNTS
MAY 22, 2020
Beijing’s Missfresh Ecommerce Co., a Chinese grocery delivery startup, is expected to receive more than $500 million in expansion financing as COVID-19 has fueled demand for fresh food at home, sources told Bloomberg News. This second round of funding promises to raise a total of about $500 million for the Tencent Holdings Ltd.-backed company. Its other high-profile investors include Goldman Sachs Group Inc. and Tiger Global Management.
CB Insights
MAY 22, 2020
As the coronavirus crisis continues to roil private capital markets, Q1’20 was one of the worst quarters in 2 years for VC-backed fintech. The quarter saw just 3 unicorn births, to a total of 67 unicorns globally worth a combined $253B (as of 4/22/20). In comparison, Q4’19 saw 8 new unicorns. The 3 additions were: Pine Labs ($1.6B valuation) , which offers a merchant platform and makes software for point-of-sale machines.
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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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