Wed.Aug 05, 2020

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How to drive the in-vehicle payments experience

Accenture

Consumer spending over connected-car platforms is expected to reach $265 billion by 2023. But will that benefit all players—or just the ones that carve out a definitive competitive advantage? Picture this: It’s a sunny Saturday morning and you and your family are buckled into the car for a day out. “Find the nearest gas station,”…. The post How to drive the in-vehicle payments experience appeared first on Accenture Banking Blog.

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Coinstar CEO On The Ongoing Journey To Digitize Cash (And Turn It Into Crypto)

PYMNTS

The great digital shift, along with the pandemic, has brought all manner of activities into the virtual realm — most notably, of course, commerce itself. To that end, as Coinstar CEO Jim Gaherity told PYMNTS, the stage is becoming increasingly set for currency — the literal cold, hard stuff of bills and coins — to be rendered in bits and bytes. The evolution — beyond sorting coins stored in proverbial piggy banks and coffee cans and toward bill pay and commerce, all in a self-service environment

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Best Practices for Managing Credit Risk in Recession

Abrigo

Key Takeaways This recession is significantly different than the 2008 financial crisis, creating a unique credit environment for financial institutions. Economic downturns alter the credit memo's content and process to capture credit risk. Loan grading will need to be tweaked and specific sectors may need to be treated differently in the face of a recession.

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Western Union CFO On Q2 And The New-To-WU Consumers’ Big Digital Shift

PYMNTS

Western Union (WU) reported Tuesday (Aug. 4) that while second-quarter revenues fell for much of its business, WesternUnion.com’s average monthly active customers shot up 45 percent year over year. Chief Financial Officer Raj Agrawal told PYMNTS that Q2’s digital growth was “unbelievable.”. Agrawal said the company’s digital operations have grown not just in terms of dollar amounts, but also in terms of how many new customers the pandemic has brought in.

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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

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

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Tracking the accelerating technology transformation

Bobsguide

It’s rapidly become a platitude that financial services will look utterly different post-crisis. At Broadridge we wanted to understand in more detail the views of financial services leaders at this juncture. We surveyed c-suite executives and their direct reports from 500 financial.

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Square revenue rises even as coronavirus hurts seller volume

Payments Source

Square's gross payment volume tumbled by 15% year-over-year due to COVID-19’s impact, but revenue jumped as online selling rose, Cash App doubled in users and Square enabled almost $900 million in PPP loans.

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Uber Will Let Employees Work From Home Until June 2021

PYMNTS

Uber will let employees work from home through June of next year, according to CNBC. The decision comes after Google made a similar choice, showing the newfound acceptance of remote work amid the pandemic. CEO Dara Khosrowshahi made the announcement at an employee meeting. The measure is not a mandate, so employees could be allowed to return to work offices if they reopen before June 2021.

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The coronavirus recovery should push new payment security standards

Payments Source

It’s likely that our dependence on digital channels will have become the norm, which means that security protocols like EMV 3-D Secure should also become part of the new status quo, says Entersekt's Simon Armstrong.

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Study: COVID-19 Fraud Reaches $100M

PYMNTS

SocialCatfish.com, the identity verification nonprofit, reported U.S. losses from COVID-19 fraud and ID theft have reached nearly $100 million since the pandemic emerged in March, according to Reuters. A report by the California-based agency, whose mission is to prevent consumers from being defrauded online by learning the identity of individuals or organizations, revealed the number complaints about coronavirus scams has doubled in most states.

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The State of Automation in Financial Services 2024 Report

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

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Coronavirus pandemic puts Ingenico, Diebold digital strategies to the test

Payments Source

The point of sale terminal industry was already under pressure to go digital before the coronavirus pandemic made this transition much more crucial to its survival.

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Report: Skillz Takes Bowling Online — And Strikes Out Bad Actors

PYMNTS

Consumers today are looking for new avenues of at-home entertainment as many continue to lay low during the ongoing pandemic. While video streaming services remain popular, research indicates more consumers are also turning to online gaming and gambling platforms. Fraudsters looking for their own enrichment are also populating these platforms, however, making it imperative that both consumers and the companies providing these digital bowling, poker or roleplaying games take security seriously.

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Sound can give voice to payments tech

Payments Source

While challenges to broader adoption remain, a strategy-centered approach to sound and voice can address consumer needs and represent brand experience, says Listen's Steve Milton.

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The Digital Shift In Retail And Payment Methods

PYMNTS

Social shopping is the newest hot trend fueled by the pandemic, as new startups are emerging and established brands such as Macy’s are catching up to capture this area. In retail technology, Yotpo is helping brands capture the digital shift by making a compressed marketing stack for online shopping. And in payment methods, consumers are changing how they pay for items to decrease contact amid the pandemic, while BBVA is one of the six banks that will work with Google to deliver “smart”

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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

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.

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Smarter Lending for a Better Economy

ABA Community Banking

How community banks can help small business owners in the current crisis and build their resilience for tomorrow. The post Smarter Lending for a Better Economy appeared first on ABA Banking Journal.

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Rocket Trims IPO By 39 Pct From $3.3B To $2B After Investors Reject Valuation

PYMNTS

Rocket Companies, the parent of mortgage lending giant Quicken Loans , reduced its terms to go public, Bloomberg reported. The company, founded by billionaire Dan Gilbert, is seeking to raise about $2 billion in an initial public offering (IPO). The Detroit-based company is expected to market a reduced number of shares at about $18 to $20 apiece, Bloomberg reported, citing sources.

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Government stimulus spending boosts Green Dot’s earnings

Payments Source

The prepaid card company benefited during the second quarter from payments that were designed to offset the pandemic’s impact on U.S. consumers.

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eBay, LendingPoint Partner On US Seller Financing

PYMNTS

eBay is teaming up with LendingPoint to give the eCommerce giant’s U.S. sellers access to funding to help them build up and sustain their businesses. The companies dubbed the initiative “eBay Seller Capital powered by LendingPoint,” according to press release. The program, launched during the global COVID-19 economic downturn, will provide “eligible sellers with a fast, flexible and transparent funding experience.”.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

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.

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CB Insights: Fintech funding rebounds in Q2

BankInovation

Fintech funding rebounded in the second quarter, after suffering a dip due to the pandemic, according to “The State of Fintech Q2’20″ report by CB Insights. Funding increased 17% quarter-over-quarter to $9.3 billion from $7.9 billion in the first quarter, and the second quarter saw multiple fintech companies filing to go public, including nCino , […].

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Square Lands Hard On Cryptocurrency

PYMNTS

Lost in the excitement of Square’s big earnings announcement Wednesday (Aug. 5) was its prowess in cryptocurrency. In addition to its significant revenue increase from seller fees and user deposits, the company’s Cash App generated $875 million of bitcoin revenue and $17 million of bitcoin gross profit during the second quarter of 2020, up 600 percent year over year.

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People: The one constant in an ever-evolving time of change

BankInovation

Today, there’s no question the financial services industry, along with the entire global economy, is being disrupted by unprecedented amounts of change triggered by the COVID-19 pandemic. The pressure for businesses to digitally transform is insurmountable, and rapid adaptations have become essential for survival and success. Amidst this pressure, financial institutions continue to value working […].

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Walmart Exec Who Lead Health Clinic Push To Exit

PYMNTS

Sean Slovenski , who led Walmart ‘s healthcare initiative, will step down from his position, according to a report by The Wall Street Journal (WSJ). Slovenski serves as senior vice president and president of health and wellness for the retail giant. Walmart confirmed he is leaving, and people familiar with the matter said that would happen as soon as this week, WSJ reported.

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Top 10 Benefits of Automating Loan Modifications for Commercial Lenders

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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Biggest U.S. banks have more than $150 billion of deferred loans

American Banker

Deferrals on residential mortgages and home-equity loans have been a common theme at JPMorgan Chase, Bank of America, Wells Fargo and Citigroup since the start of the coronavirus pandemic.

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Cash App Drives Square Strong Q2 Results

PYMNTS

Square saw its shares skyrocket Tuesday (Aug. 4) night after the San Francisco-based financial services company posted better-than-expected quarterly results for its mobile payment app. CNBC reported the company had $1.92 billion in net revenue for the second quarter (Q2) — that’s a 64 percent increase compared to the same period one year ago. Adjusted earnings per share were 18 cents.

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The State Of Fintech Q2’20 Report: Investment & Sector Trends To Watch

CB Insights

After a pronounced pullback in investor activity during the early days of Covid-19, Q2’20 has seen renewed signs of activity as funding increased after 2 straight quarters in decline. In this report, we also explore examples of embedded fintech, the integration of financial products by non-financial companies into their service offerings, a key evolution that will help shape the future of fintech.

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Volante Nets $35M To Expand Cloud Tech

PYMNTS

Volante Technologies , which works in cloud payment processing, announced a $35 million growth equity funding round led by Wavecrest Growth Partners , according to a press release. The round was also financed by strategic participation from BNY Mellon , Citi Ventures , PostePay and Visa Inc, the release added. This is the first time the company has gotten an outside investment after almost 20 years of business.

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

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.