Fri.Dec 20, 2019

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Four digital banking trends to watch in 2020

Payments Dive

The growing phenomenon of direct, digital banking and Silicon Valley's entry into the payments business are posing a series of challenges to traditional banking institutions. NCR's Doug Brown explores the landscape for 2020 to determine how these trends will impact the global banking business moving forward.

Trends 440
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Core banking startup Neocova to serve challenged niche of small banks

Bank Innovation

The popular refrain in the industry is “innovate or die,” but community banks face added obstacles resulting from the costs and structural limitations of working with core tech providers. A recent Bank Director survey of industry executives found that just 21% were “completely satisfied” with their core providers, and among institutions with $500 million to […].

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Hackers Access Unsecured Facebook Database With 267M Users’ Info 

PYMNTS

Security researcher Bob Diachenko and Comparitech discovered that a Facebook database with 267 million user IDs, phone numbers and names was left unsecured and accessed by hackers, who uploaded it to a downloadable format, according to a report. . Diachenko said he thinks the breach is because of an illegal bot scraping operation or even criminals who figured out how to abuse Facebook’s API.

Security 178
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Denmark Caps Consumer Loan Rates After Some Charge 800%

Bank Innovation

Denmark moved to limit interest payments on consumer loans after annual rates charged by some companies climbed to as high as 800%. The government and a broad coalition of parties in the parliament agreed to impose a cap of 35%, Business Minister Simon Kollerup said in a statement. The measure is targeted at products often […].

Payments 221
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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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Booking.com Will Change Sales Tactics At EU’s Request

PYMNTS

Booking.com has agreed to change the way it sells on its site, including ending time limits for offers and claiming that a room is the last one available, according to a report by Reuters. The European Commission said Booking.com would end its “manipulative techniques.” The EU executive, as well as the Netherlands Authority for Consumers and Markets, have been working with Booking.com for the whole year, and they said the company was going to put its practices in alignment with EU consumer law.

Meeting 162

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News from Leasing Life

Accenture

It was our honor to represent Accenture at the 2019 Leasing Life Convention in Barcelona and facilitate the panel on data. Reflecting on this year’s event, we have seen these emerging trends: Players are going beyond their current role as financiers of the economy and actively moving into sustainability at scale. As an example, BNPP…. The post News from Leasing Life appeared first on Accenture Banking Blog.

Trends 150
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Risk reduction, API connectivity to gather steam in 2020, say DTCC executives

Bank Innovation

While industry players have noted the emergence of fintech “ecosystems” to lock in customer relationships, others point to embedded “experiences” based on data. Executives at the New York-based Depository Trust & Clearing Corporation (DTCC) suggest 2020 will see both of these developments take shape, supported by API connectivity and a heightened sense of security.

New York 243
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Amazon’s Delivery Fleet Reaches 30K Cargo Vehicles

PYMNTS

Amazon’s van-buying spree is bringing in holiday joy to the automotive industry. A boon to automakers, the e-commerce leader’s push for home-delivery has boosted van sales. Car manufacturer’s sales to fleets, are on pace for a record year, having already exceeded 2.6 million units through November, according to Cox Automotive. Since developing its own delivery network in 2018, Amazon has built a growing fleet of 30,000 last-mile delivery vans and trucks.

NV 150
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Professional Guides on the Path to Digital Change

Jack Henry

Commercial lending is no longer immune to the digital transformation that has forever changed the world of banking. Now business borrowers, like consumer borrowers before them, are demanding faster access to capital and a better customer experience. Yet many commercial lending teams still have no technology in place to satisfy those demands. Why?

Lending 138
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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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Merchants Prepare For $40B-Plus In Holiday Returns

PYMNTS

Bigger sales mean more returns as retailers ready themselves for a flood of unwanted merchandise that is anticipated to top $40 billion, CNBC reported on Friday (Dec. 20). A study by commercial realtor CBRE and returns specialists Optoro indicated that online sales in November and December would likely trigger record returns, more than the $37 billion that was forecasted last year.

Retail 142
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Almost 70% Of Bankbazaar Consumers Have A Healthy Credit Score

BankBazaar

Let’s take a close look at the takeaways from a heartening consumer insight around credit reports performed by BankBazaar. BankBazaar.com , India’s leading personal finance marketplace, shared a heartening consumer insight around credit reports. Let’s explore some of the key inferences made from the study. The study showed that about 68% of the people who checked their Credit Score on BankBazaar have a score of above 750.

Metro 78
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Ant Financial Buys Stake In Vietnamese eWallet eMonkey

PYMNTS

China’s Ant Financial has negotiated an unannounced strategic investment in Vietnam’s eWallet startup eMonkey , Reuters reported on Friday (Dec. 20) citing sources. Ant’s parent Alibaba kept the deal hushed over possible anti-China sentiment among the Vietnamese, three sources familiar with the matter told the newswire. Spun-off from the Vietnamese FinTech M-Pay , eMonkey is selling less than 50 percent of its company to Ant.

Retail 139
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Open banking's security isn't ready for prime time

Payments Source

Open banking transactions are not initiated by a consumer but are coming from another financial services company. This could make some fraud detection models in place today obsolete.

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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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Digital Fraud And AI Battle To The Death

PYMNTS

All in all, cybercriminals had a pretty good year. In Q3 2019 alone they made off with cryptocurrency valued at almost $4.5 billion. More than one-third of Americans surveyed report being victims of cybercrime in 2019, and 41 percent of those incidents involved the theft of credit or debit card information. Despite the efforts of law enforcement and the financial community, bad actors are on track to steal more than $35 billion in just the next five years.

Fraud 137
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How JCB's fintech collaborations battle Japan's cash habit

Payments Source

Tokyo-based credit card brand JCB faces a domestic battle to automate Japanese B2B payments that remain mired in old-school cash and paper, while it also tries to grow an international e-commerce network. It's a diverse set of challenges that have led the company to bring on a pair of technology partners.

Fintech 77
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Giving Layaway A Digital Reboot

PYMNTS

In the 1930s, in the era of the Great Depression, when consumers had little extra cash, retailers nationwide came up with an innovation to make it easier for people to shop without having to pony up cash right away. It was called layaway. Though different shops had different nuances in how they ran their programs, structurally, they were all similar.

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Facebook acquired a startup to build a live shopping feature

Payments Source

Facebook acquired a small video-shopping startup earlier this year to help build a live shopping feature inside the company’s Marketplace product, according to a person familiar with the plans.

Video 73
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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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Why Rent The Runway Wants To Become The Amazon Prime Of Retail

PYMNTS

A decade ago, the concept of building a retail operation around shopping in other people’s closets was something of a hard sell. In 2009, the sharing economy was in its earliest days — Uber had just been founded, Airbnb was less than a year old, and the conversation about how to make anything and everything shareable (instead of owned) had not quite begun.

Retail 133
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Curve branches out into cross-border P2P

Payments Source

U.K. all-in-one card firm Curve has launched an international no-fee transfer service called Curve Send that supports account-to-account remittances through its mobile app.

Cards 69
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Facebook, Alphabet Scammer To Serve Five Years In Prison

PYMNTS

A Lithuanian man who scammed Facebook and Google into sending him hundreds of millions of dollars has been sentenced to five years in prison, according to published reports Thursday (Dec. 19). Evaldas Rimasauskas, 50, and two accomplices, engaged in a scheme in which they pretended to be employees of a Taiwanese hardware maker that was a business partner of both Facebook and Google.

Google 133
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Happy 21st birthday for UK's independent ATMs? Not exactly

ATM Marketplace

ATMIA Europe's Ron Delnevo takes us back to when the first independent ATM was installed in the U.K. Consumers were thrilled at the time, but the country still has a long way to go in ensuring convenient access to cash for all of its communities, he says.

ATM 62
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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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Uber, Lyft Push Back Against California Gig Worker Law

PYMNTS

Uber and Lyft are organizing and pushing back against a California law that takes effect on Jan. 1 and would force them to classify their drivers as employees rather than independent contractors, a move that would compel the companies to provide things like a minimum wage and health benefits, according to a report by The Wall Street Journal. The law created a test that a company has to pass to figure out whether workers can be classified as contractors or not.

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Alibaba reshuffles management as Ant Financial names new CEO

Payments Source

Ant Financial, the online finance giant that operates Alipay, said veteran Simon Hu, 49, would become CEO. He will take over the role from Eric Jing, 47, who will remain executive chairman.

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Amazon To Charge Merchants 3 Pct More

PYMNTS

Amazon has announced that it’s going to charge merchants about 3 percent more in fulfillment fees, which include things like warehousing and shipping goods, according to a report by Reuters. The eCommerce giant said it is facing higher costs in infrastructure as well as the costs associated with one-day delivery. Amazon’s changes will go into effect on Feb. 18.

Analysis 132
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Ripple draws $200 million from investors to expand blockchain payments

Payments Source

The San Francisco-based Ripple, which launched in 2012, will use the funding to add personnel to its global organization and enrich its services that power payments using blockchain technology with its XRP platform.

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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.