Bank Innovation
DECEMBER 27, 2019
With the rise of Alipay and WeChat in Asia, and the growth of e-commerce and banking capabilities within platforms like Uber and Grab, banks and bank-type platforms are following suit by adding new functions. If 2019 saw the growth of new e-commerce solutions within mobile banking apps, 2020 may be the year banking platforms iron […].
Payments Dive
DECEMBER 27, 2019
The 2019 holiday shopping season proved to be a record setting season for e-commerce, and demonstrated the changing patterns in global commerce that will impact retail and payments for the future.
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Bank Innovation
DECEMBER 27, 2019
In 2019, a chorus of digital investment platforms branched out into checking and savings accounts. Throughout the year, Wealthfront continued on its trajectory of becoming a central hub for all of its customers’ financial needs. Co-founder and CEO Andy Rachleff said the company is on pace to automate all of its customers’ financial needs, a […].
PYMNTS
DECEMBER 27, 2019
Daniel Pinto, the co-president and chief operating officer of JPMorgan Chase , told CNBC in an interview that 2020 will likely see sturdy economic growth of about 1.5 percent or 1.8 percent in the United States. That, he said, signaled an economy that is strong on consumer spending. He said things were not so solid in the realm of corporate spending as U.S. and China relations deteriorated this year amid a trade war and tariffs.
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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
CFPB Monitor
DECEMBER 27, 2019
While banks, community groups, and regulators all seem to agree that there is a need to reform the Community Reinvestment Act (the “CRA”), which was signed into law by Jimmy Carter back in 1977 and hasn’t received a major update since the Clinton administration, there is significant disagreement over whether or not the recently proposed changes represent a path forward toward modernization and simplicity or a path backward toward discrimination and exclusion.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Source
DECEMBER 27, 2019
Royal Bank of Scotland and Mastercard are targeting value-added merchant services with a £60 million investment in London-based Pollinate Networks.
PYMNTS
DECEMBER 27, 2019
Sales taxes empower governments to maintain critical public services, but they can also make medical essentials too expensive for those who need them. Campaigns against taxing obligatory items are spreading across the United States, forcing states to rethink their revenue generation decisions. Many governments historically lower or remove taxes on items they wish to make easier to purchase.
ATM Marketplace
DECEMBER 27, 2019
Now that the year is winding to a close, we can look back and see what stories got the most attention. Contactless cards, ATM security, Win10 and bitcoin ATMs were among some of the more popular topics.
PYMNTS
DECEMBER 27, 2019
Up until recently, business travel and hospitality would take a few general forms. Perhaps a fancy hotel downtown. Or less fancy digs near the airport. Or maybe a relatively bland extended-stay operation right off the interstate. But digital technology and the sharing economy, already the disrupters of so much, are now challenging the status quo when it comes to corporate housing.
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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
Payments Source
DECEMBER 27, 2019
The Competition and Markets Authority said Friday it’s opening an in-depth investigation of Amazon’s investment of about $500 million, saying it risked a “substantial lessening” of competition “in the supply of online food platforms in the U.K. and in the supply of online convenience groceries.”.
PYMNTS
DECEMBER 27, 2019
Daniel Pinto, the co-president and chief operating officer of JPMorgan Chase , told CNBC in an interview that 2020 will likely see sturdy economic growth of about 1.5 percent or 1.8 percent in the United States. That, he said, signaled an economy that is strong on consumer spending. He said things were not so solid in the realm of corporate spending as U.S. and China relations deteriorated this year amid a trade war and tariffs.
Payments Source
DECEMBER 27, 2019
By adding strong authentication to the “tap,” consumers can benefit from greater security without harming the user experience of contactless. Or slowing throughput time for merchants, says Fingerprints’ Lina Aondolf-Orup.
PYMNTS
DECEMBER 27, 2019
Danske Bank is facing another lawsuit from about 60 investors over alleged money laundering, according to a report by Reuters. . It’s the third lawsuit by investors against the bank, and the plaintiffs are seeking 1.5 billion crowns ($224 million). The other two lawsuits involve 232 pension funds, and separate investors are seeking claims of almost $800 million.
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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.
American Banker
DECEMBER 27, 2019
Intense scrutiny from poker-faced CEO Charlie Scharf is prompting executives at the bank to ponder their units’ strategies — as well as what’s in store for their own careers.
PYMNTS
DECEMBER 27, 2019
In the coming year, the relatively new CEO of JCPenney , Jill Soltau, has much work ahead of her. Soltau has to stop a stretch of losses and sales declines at the company and prove to investors that it could compete as well as belong in the 2020s, Yahoo Finance reported. “JCPenney has had a tough run,” said former Saks CEO Stephen Sadove. “They have now got to figure out how to generate some growth.
American Banker
DECEMBER 27, 2019
Lenders have until the end of 2021 to phase out their use of the London Interbank Offered Rate in setting interest rates, but ServisFirst Bancshares and its CEO Tom Broughton see little reason to wait when a replacement is already available.
PYMNTS
DECEMBER 27, 2019
With regulations surrounding data ownership, privacy and open banking now in full swing in multiple markets around the globe, opening up account data is now a requirement for many financial institutions (FIs). This past year, however, the open banking model flexed its muscles in markets like the U.S., where even without a regulatory mandate, it gained traction and intensified competition.
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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.
American Banker
DECEMBER 27, 2019
Morgan Stanley is the latest firm to make a year-end efficiency push, eliminating about 1,500 jobs, according to people familiar with the matter.
PYMNTS
DECEMBER 27, 2019
The president of Switzerland, Ueli Maurer, said Facebook ’s proposed cryptocurrency Libra cannot exist in its current form and will need to be altered if it’s going to be able to work as a viable currency, according to a report by Reuters. The Libra project is currently seeking regulatory consent in the country, and it has been scrutinized by other regulators around the world, with some countries like Germany and France flat out saying they will not allow it.
American Banker
DECEMBER 27, 2019
Now is not the time for the government to cut Federal Housing Administration premiums and enter new segments of the housing market.
PYMNTS
DECEMBER 27, 2019
Retailers are designing brick-and-mortar spaces around experiences to attract and keep customers. Chinese eCommerce retailer JD.com , in one case, has just rolled out its inaugural SEVEN FUN lifestyle space in Galaxy SOHO in Beijing. It is described as “one of a kind in China” and “pioneers a unique combination of dining + drinking + social,” along with daily groceries, according to a post from the company.
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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.
American Banker
DECEMBER 27, 2019
Tom Lopp abruptly suspended a program that accounted for 83% of Sterling Bancorp's mortgage production this year. An ongoing audit of the program and pressure to diversify beyond mortgages are reasons to watch Lopp and Sterling in 2020.
PYMNTS
DECEMBER 27, 2019
B2B payments innovation continued to heat up in 2019, with an ecosystem focused on transaction speed and data integration finding new opportunities to build innovative solutions that address some of the biggest B2B payment friction points. Accelerating transaction speeds, the migration to the cloud, and an emphasis on data integration were major forces for B2B payments innovation in 2019.
PYMNTS
DECEMBER 27, 2019
Manual expense management tools had their time in the spotlight, largely because they were the only options available for employee reimbursements and cash flows. Today’s corporations are happy to bid goodbye to these time-consuming, paper-based processes and turn to online, automated expense tracking products for their spend management needs. One such firm is management and distribution company Sysco , which distributes food and beverage products to restaurants, healthcare and educational facili
PYMNTS
DECEMBER 27, 2019
The U.K.’s so-called Big Four accounting giants — PwC, Deloitte, KPMG and EY — have reportedly set aside more than $212 million in preparation for potential fines ahead as auditing scrutiny grows. Reports in the Financial Times said the U.K. Financial Reporting Council’s ongoing investigation of the accountancy firms is focusing on about 30 suspected auditing fails, with investigators ramping up scrutiny of the firms after several high-profile corporate collapses in recent years, inc
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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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