Tue.Nov 26, 2019

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The real reason people don’t change banks

Chris Skinner

Interesting conversation about switching accounts. I’ve had a few people saying that banks don’t have loyal customers, but they have trapped customers. By way of example, an email from a friend: I am just exactly as loyal to my bank as they are to me, which is to say not … The post The real reason people don’t change banks appeared first on Chris Skinner's blog.

Examples 527
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Consumers will embrace mobile apps, digital wallets amid short holiday shopping season

Payments Dive

With a shorter window to complete holiday shopping this year, consumers are looking to mobile retail apps to find better deals and get ahead of jammed retail outlets. Mobile wallets could see a resulting benefit as consumers look to make their ecommerce purchases as seamless as possible.

Mobile 424
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Fintech companies use holidays to push product usage

Bank Innovation

The holiday season comes with extra expenses for consumers, and financial companies want to help customers budget. While these efforts highlight financial planning and education, they also serve an important business objective, which is to increase user adoption and engagement on platforms. Peer-to-peer payments network Zelle, which has been active in elevating its brand to […].

Company 300
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Things worth reading: 27th November 2019

Chris Skinner

Things we’re reading today include … Major banks suffer five IT glitches a week, Which? finds Factbox: Five years of Australian finance scandals China’s bank funding pressured as confidence drops Exchanges pitch alternative to IPOs for fundraising Westpac bank chief quits amid money laundering scandal Citigroup fined £44m by Bank … The post Things worth reading: 27th November 2019 appeared first on Chris Skinner's blog.

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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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Japan cashless incentives could be extended as part of stimulus

Bank Innovation

Japan’s measures for encouraging the spread of cashless payments will likely need more funding beyond the end of March and could be extended as part of a planned government stimulus package. The International Monetary Fund recommended Monday that Japan consider lengthening the time frame of its measures to support consumption after an October sales tax […].

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Ant Financial to raise a $1 billion startup investment fund

Bank Innovation

Billionaire Jack Ma’s Ant Financial is planning to raise about $1 billion for a fund that will invest in startups from Southeast Asia to India and help strengthen its foothold in fast-growing mobile internet markets, a person familiar with the matter said. The internet finance company is looking to back more startups in those regions […].

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Bank Branch Closings Take Toll On Rural Communities 

PYMNTS

More than half of the 3,114 counties in the U.S. lost bank branches between 2012 and 2017, with rural areas feeling the brunt of the closures, according to research from the Federal Reserve released on Monday (Nov. 25). . Rural communities with lower incomes or a higher percentage of minorities saw the most closures, losing 1,553 bank branches in 794 counties, a decline of 14 percent.

Community 209
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Fiserv to court basketball fans with First Data's Clover tech

Payments Source

The mobile point of sale platform Clover was a star in First Data’s attempts to diversify beyond payment processing. First Data's new owner, Fiserv, sees a similar role for Clover — with sports becoming a prime venue.

Data 107
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Google Bid Against Unnamed Firm For Fitbit Deal

PYMNTS

A recent SEC filing revealed that two companies were aggressively bidding to buy Fitbit. Although multiple firms met with the company to talk about an acquisition, it was only Google and a mystery firm that ultimately came through with serious bids, CNBC reported. The identity of the other firm was not revealed, but the report noted that UnitedHealthcare and Fitbit already had a Motion wellness partnership program, while Amazon has been aggressively looking into the health-tracking wearable

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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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How To Save For Your Short-term Goals

BankBazaar

No matter how big that dream is, here’s how you can fund it right. Have your eyes on that latest SUV or want to travel to your dream destination? No? Some other short-term goal in mind, perhaps? Whatever it is, one thing that you definitely need is—money! If you already have kept a good amount aside (thanks to your awesome planning skills), great! In case you haven’t, don’t worry!

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Netflix Reboots Iconic NYC Movie Theater For Screenings, Events

PYMNTS

Entertainment streaming giant Netflix has taken over the lease of the iconic New York City movie theater, The Paris, and plans to use it for movie screenings, events and releases, the company said Monday (Nov. 25). The theater closed in August. “After 71 years, the Paris Theatre has an enduring legacy, and remains the destination for a one-of-a-kind movie-going experience,” said Ted Sarandos, Netflix’s chief content officer in a press release.

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How financial institutions can support people with mental health issues

Payments Source

Yale researchers have recommended several consumer banking products and services that could help those with mental health challenges manage their money.

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Citigroup Fined $56M In UK For Regulatory Reporting Miss

PYMNTS

The Prudential Regulation Authority (PRA), the supervisory arm of the Bank of England (BoE), has fined Citigroup a record-breaking $56.3 million for not completing accurate returns between 2014 and 2018, according to a report by Reuters. The regulator said the data it received from Citigroup was not acceptable, and the way the bank handled the reporting processes was not effective.

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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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Why QIIB trusts IBM Safer Payments for cross-channel fraud prevention

Insights on Business

Fraud prevention is about who you can trust. For financial institutions, it’s about understanding the relative risk of a customer, a merchant and/or a transaction, as well as hundreds of different factors including location, amount, device, etc. But for customers, both actual fraud attacks as well as incorrectly blocked legitimate transactions represent a breach of that trust.

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Turning Compliance Burden Into FinTech-Regulator Collaboration

PYMNTS

Lithuania wants to become a global FinTech powerhouse. In recent years, the market has gone from one struggling with high financial illiteracy and limited card acceptance, to a bright spot in Europe for FinTech innovation. Regulation is perhaps the strongest driver of Lithuania’s FinTech-friendly environment. Particularly amid the continuing uncertainty surrounding Brexit, FinTechs are turning to Lithuania to retain their European footholds and operate in a country that supports their innovative

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Why QIIB trusts IBM Safer Payments for cross-channel fraud prevention

Insights on Business

Fraud prevention is about who you can trust. For financial institutions, it’s about understanding the relative risk of a customer, a merchant and/or a transaction, as well as hundreds of different factors including location, amount, device, etc. But for customers, both actual fraud attacks as well as incorrectly blocked legitimate transactions represent a breach of that trust.

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Startup uLesson Lands $3.1M To Improve Education In Africa

PYMNTS

Nigerian startup uLesson has raised a $3.1 million seed round led by TLcom Capital. Founded this year by Sim Shagaya, uLesson is working to lesson educational gaps in the region by integrating mobile platforms, SD cards, cultural curriculum and a network of tutors. The company is headquartered in Lagos with a production studio in Jos. It is currently in the development phase and plans to launch in February 2020 in Nigeria, Ghana, Sierra Leone and Gambia.

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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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The ABCs of bitcoin ATM regulation and compliance in the US

ATM Marketplace

If you are planning to operate a bitcoin ATM business in the U.S., there's a lot more to consider than simply buying a kiosk and setting up shop. You need to stay compliant, both on the federal level and the state level.

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Mastercard Offers Fare Discounts, Refunds For Contactless Transit Payments

PYMNTS

Mastercard has announced that it will refund cardholders up to $10 off their cab rides, every Tuesday through the end of the year (including New Year’s Eve and Day), in yellow or green taxis equipped with Curb Mobility or CMT technology systems in New York City. In addition, the company is bringing back its Fareback Friday program for the holiday season so that cardholders who tap and pay for their subway rides will get a refund on their fare.

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Morning Brief 11.26.19: Mars seeks new shelf space in checkout-free retail

Payments Source

Discover adds PayPal rewards; Nike gives Apple Card a leg up; and other information you need to start your day, from PaymentsSource and around the web.

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How Instant Busts The Myth Of Float

PYMNTS

For the person on the receiving side of an instant payment, there isn’t a lot of selling that has to happen because the concept of getting one’s money faster more or less sells itself. That’s a story the numbers more or less tell over and over, Ingo Money CEO Drew Edwards told Karen Webster in the latest edition of the PYMNTS “How to Instant” podcast.

Payments 171
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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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Fighting holiday chargebacks means 'going on record'

Payments Source

The documentation tied to disputes can be complex, but it's necessary to mitigate dispute resolutions during busy shopping periods, says PactSafe's Eric Prugh.

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Building A Digital And Subscription Community For Hockey Parents

PYMNTS

To help hockey players stay up to date on the latest sports equipment, eCommerce innovator the PenaltyBox offers subscription boxes comprised of a myriad of hockey essentials, from well-known brands to up-and-coming companies the PenaltyBox team tests themselves. They keep their business personal: the product manager is a hockey coach and hockey dad who is out on the rinks daily, thinking of new products and ideas to cater to other parents of budding young hockey stars.

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For data compliance, banks and payment firms show signs of 'getting it'

Payments Source

A sector not known for its innovation or willingness to change is actually a shining example when it comes to creating hubs of engaging content, says On24's Mark Bornstein.

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Facebook Bid Against Google In Attempt To Acquire Fitbit

PYMNTS

Facebook has been revealed as “Party A” in an attempt to acquire health tech company Fitbit, CNBC reported on Tuesday (Nov. 26) citing a Securities and Exchange Commission (SEC) filing. Facebook made several bids for Fitbit in October, including a final offer of $7.30 per share, sources told the news outlet. The filing showed that Fitbit CEO James Park met with “the chief executive officer of Party A” — Facebook CEO Mark Zuckerberg — on June 11 of this year, for a dinner to discuss the wearables

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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.