Wed.Jul 01, 2020

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McKinsey on digital transformation in banking (free research)

Chris Skinner

McKinsey I only just stumbled across this 124 page report from McKinsey. I know we can critique consulting frims, but sometimes they do produce something interesting, apart from auditing. In the case of McKinsey, building on yesterday’s free research from Deloitte, this report is all about digital transformation and replacing … The post McKinsey on digital transformation in banking (free research) appeared first on Chris Skinner's blog.

Report 542
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Perficient Included in Forrester’s Now Tech For Oracle Apps Services Providers

Perficient

Forrester has included Perficient in its Now Tech: Oracle Apps Implementation Services Providers, Q2 2020 report. The newly launched report lists implementation service providers who help global clients identify potential partners to support their shift to Oracle Cloud providing guidance though each stage of an enterprise cloud transformation. Within the report, Forrester examined implementation service providers for their work with Oracle Cloud apps including ERP Cloud, EPM Cloud, and HCM Cloud

Training 452
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Things worth reading: 2nd July 2020

Chris Skinner

Things we’re reading today include … Société Générale acquiring challenger bank Shine Banking watchdog drops threat of inquiry into overdraft charges July 4th 2020: how a tax on playing cards and a thwarted tea shipment led to US Independence Day Wirecard administrator starts to dismantle defunct payments group Can BNP … The post Things worth reading: 2nd July 2020 appeared first on Chris Skinner's blog.

Taxes 331
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Use FDM to FDMEE Migration Utility

Perficient

There are basically 2 options when upgrading FDM classic to FDMEE: rebuild all artifacts, or use FDM to FDMEE migration utility to migrate some, then build the rest. FDM to FDMEE migration utility is a helpful tool but it has its limitation, for example, the utility can not translate script from VB script to Jython. Please refer to the utility doc for the details the utility can and can not do.

Analysis 332
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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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24 Big European Banks Take On Visa, Mastercard With Their Own Payment System

PYMNTS

A group of big European banks is planning to challenge Visa ’s and Mastercard ’s positions as the world’s two largest payment processing networks, Electronic Payments International reported. . Dubbed the Pan European Payment System Initiative, or PEPSI, the group has the support of 20 French and German banks, and would handle all forms of cashless transactions. .

System 327

More Trending

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NEW DATA: The Five Subscription Features That Could Keep Millions From Clicking ‘Cancel’

PYMNTS

Stay-at-home mandates have consumers spending more on subscriptions, ranging from streaming services to buying retail products for day-to-day use. It is perhaps not surprising that merchants that are offering subscription services are flourishing. Yet, these services are still not immune to experiencing churn. Both consumers and businesses are tightening their belts in the face of the economic downturn caused by the pandemic, and many are actively considering plans to cancel their subscriptions.

Data 289
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DevSecOps – Canary Deployment Pattern

Perficient

The Canary Deployment Pattern , or canary release, is a DevSecOps deployment strategy that minimizes risk by targeting a limited audience. As with all deployment patterns, the goal is to introduce the newly deployed system to the users with as least risk and in as secure a manner as possible. As noted below, the motivation of this particular approach is to identify a small segment of the user community that can act as an initial response group.

Groups 309
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U.S. Bank: How Legacy Systems Impede Open Banking Adoption

PYMNTS

B2B payments account for $25 trillion in the United States each year, but these transactions are often fraught with frustrations and challenges. Studies have found that B2B invoices take an average of 37.4 days to settle , a pace that is largely due to the business world’s lingering reliance on analog payment methods like paper checks. Digitizing these payments has been a top priority for banks, payments processors and businesses for several years, but this digitization has its own fair share of

System 287
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Argus Safety, Oracle Clinical & RDC Release Notes [July 2020]

Perficient

Perficient’s Life Sciences practice regularly monitors the software release notes for several Oracle Health Sciences applications, including: Argus Safety. Oracle Clinical/Remote Data Capture (OC/RDC). Thesaurus Management System (TMS). Generally speaking, we review release notes at the beginning of each month for the previous month. On occasion, there are no new releases and, therefore, nothing to review; however, we post a fresh version monthly to eliminate confusion.

Software 309
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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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Cloud Banking Gives Legacy Systems A Lift

PYMNTS

Is it surprising to know that 55 percent of legacy financial institutions (FIs) report lacking maturity in core systems? Or that, on average, 15 percent of an FI’s annual operating costs go toward maintaining core banking systems that are outmoded? It’s true, but not for long. “Migrating to cloud- and AI-based solutions could help FIs handle growing calls for faster banking tools during the COVID-19 pandemic, and recent trends show they are beginning to do so,” according to PYMNTS’ June 2020 Dig

System 268
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How the COVID-19 crisis is impacting branch banking

Accenture

The rise in popularity of online banking in the last several years had already precipitated a downward trend in branch banking and had forced financial institutions to start adjusting their networks. The disruption caused by the global COVID-19 crisis did not cause the trend but has certainly accelerated it. Though banks, building societies and credit….

Trends 223
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Police Raid Wirecard’s Offices In Two Countries

PYMNTS

A team of investigators raided Wirecard AG’s offices in two countries as part of the probe into the 1.9 billion euros ($2.1 billion) that went missing from the payments company’s accounts, Bloomberg News reported. According to the report, a dozen Munich prosecutors and 33 police officers searched the company’s headquarters in Aschheim, Germany and two offices in Austria.

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Advances in sustainable finance, but more needed

Accenture

Sustainable opportunities Clear progress has been made on the UN Global Compact’s Sustainable Development Goals (SDG), however, companies must do more. Only 21 percent of the CEOs in our 2019 UNGC Study said they felt business was making a critical contribution to the global goals. While the goals embody an enormous challenge that requires transformation….

Study 195
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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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Tokenization And Getting A 360-Degree View Into Consumer Spending

PYMNTS

Tokens are incredibly powerful tools to secure data and safely transport it from one point to another. Now is the time to take a broader look at them in the pandemic’s wake and the emphasis on touchless and digital commerce, CyberSource Vice President of Global Acceptance and Processing Mark Norris told PYMNTS in a MasterClass discussion. He said tokens are capable of providing a wide world of possibilities beyond their traditional use as just security tools.

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Open banking trends show which tech will outlast the pandemic

Payments Source

An obscure-sounding statistic gives a fresh look at how dramatic the move to digital finance has been the past few months — and how permanent the move will be.

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Credit Unions, ATMs And The Great Digital Banking Shift

PYMNTS

COVID-19 showed up unbidden, unwanted and unexpected, frustrating the best-laid plans of companies, financial institutions (FIs) and more with little warning. But for credit-union servicer CO-OP Financial Services , an 18-month effort to stand up a 150,000-person call center came to fruition in mid-March, just days before shutdowns began going into effect nationwide.

ATM 250
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Banks Must Rapidly Seize The New Digital Reality

Banking Exchange

“Digital sales have increased to 75% of total sales from 25% earlier in the year." The Economy Technology Financial Trends Tech Management Online Mobile Feature3 Feature.

Trends 148
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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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How Pandemic Disruption Exposed The Value Of Data Integration

PYMNTS

In a frenzy, organizations dove headfirst into their digital transformations as a result of the global pandemic. For many companies that had been laggards in their modernization efforts, this digitization process wasn’t simply about business continuity — it was about business survival. Now that the dust has (somewhat) settled, firms are beginning to take stock of their progress and understand what has worked, and what hasn’t, in their accelerated digitization efforts.

Data 250
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America's economy won't recover without open banking

Payments Source

During the wave of fintech innovation that has occurred over the past decade or so, innovators have gone without meaningful and reliable access to the financial data and processing ecosystem.

America 144
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Walgreens Adds To Digital 3.0 Momentum

PYMNTS

The digital shift at retail continued its momentum this week as Walgreens and Lululemon both made significant moves to embrace the online consumer experience. While Lululemon bought an entire company to get closer to consumers at home, Walgreens expanded a partnership with Microsoft and Adobe to launch a new customer insights platform the company says will deliver personalized healthcare and shopping offerings.

Exercises 249
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A global recession pushes decentralized finance to maturity

Payments Source

For the next several decades, more and more assets will be managed through blockchain, and the world of digital assets will thrive, says DeFiner.org's Jason Wu.

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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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Pandemic Continues To Dull Allure Of Luxury Goods

PYMNTS

COVID-19 continues to take the shine off luxury goods. Despite some signs of improvement this month, LVMH , the world’s biggest luxury goods group, admitted that its brick-and-mortar sales were erased by lockdowns across Europe and the United States in recent months, and that an immediate turnaround was unlikely. “We can only hope at this point for a gradual recovery,” LVMH Chairman Bernard Arnault told investors on an online call Tuesday (June 30).

Branding 246
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PayPal expands small-biz installment payments to France

Payments Source

PayPal has launched a new online installment lending product in France geared to serving small and medium sized businesses.

Lending 154
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IFC, Citi Launch $800M Fund To Support Trade Finance In Emerging Markets

PYMNTS

The International Finance Corp. ( IFC ) and Citigroup Inc. have established an $800 million fund to boost trade finance in emerging markets. IFC, the Washington, D.C.-based global financial institution that offers investment services to encourage private investment in developing countries, and Citi, the New York-based international investment bank, said the mission of the initiative is to support trade and help businesses cope with the devastation caused by COVID-19.

Marketing 232
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How the U.K.’s rollout of Confirmation of Payee combats fraud despite delays

Payments Source

The U.K.’s six major banking groups are now required to have implemented the new Confirmation of Payee (CoP) scheme for Faster Payments and Chaps as part of a regulatory push to tackle the rampant rise in Authorized Push Payment (APP) fraud.

Fraud 117
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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.