Chris Skinner
AUGUST 28, 2019
I often say that blockchain is one of the most complex areas, combining all we don’t know about technology with all we don’t understand about finance. It’s a big hole of acronyms, confusion and debate. Some things that claim to be blockchain don’t use blockchains, and some blockchains claim not … The post Who needs a blockchain? appeared first on Chris Skinner's blog.
South State Correspondent
AUGUST 28, 2019
MANAGING BANK CULTURE AND PROFITABILITY Given that strategic planning season is upon us, one key affirmation is to verify if you are targeting not the customers that you have now but the customers that you want. Chances are, at least at some level, you are attracting the wrong customers that are not profitable, not engaged, not being a raving fan, causing some level of pain, or all four.
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Chris Skinner
AUGUST 28, 2019
When did you last write a check (cheque)? When did you last receive one? Although a valid payment mechanism in some countries, it has been phased out in many. Finland stopped using checks in 1993, Poland in 2006 and the Netherlands from the start of next year. These days, in … The post America: a nation living in the 20th Century appeared first on Chris Skinner's blog.
Bank Innovation
AUGUST 28, 2019
Fresh off a $260 million Series E funding round, card issuing and processing startup Marqeta is building its team as it expands to new geographies. The Oakland-based company plans to add 175 jobs this year, bringing its total to 400 employees by 2020, CEO Jason Gardner said on Wednesday. Gardner told Bank Innovation that Marqeta […].
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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
South State Correspondent
AUGUST 28, 2019
BANK TECHNOLOGY INVESTMENT Back in the 1980s, there were more banks, smaller banks, and little technology. We were still driving checks around, there was no online banking, and networked ATMs was the latest in bank technology. At the time, the rule of thumb for bankers was that each bank employee produced about $20,000 of operating profit per year. Since each bank had about 100 employees, operating profit was about $2mm per community bank.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Abrigo
AUGUST 28, 2019
Slow lending decisions and frustrating loan application processes are among borrowers’ biggest gripes with traditional financial institutions vs competitors such as online or alternative lenders. Ask the staff of banks and credit unions about the loan application, underwriting, and onboarding processes at their respective institutions, and you’ll likely hear some complaints from them, too.
PYMNTS
AUGUST 28, 2019
While Facebook’s proposed cryptocurrency Libra hangs in regulatory limbo over concerns of money laundering and a threat to financial stability, popular social network Telegram has plans to release its own cryptocurrency by October, according to a report by The New York Times. “A whole new economy saturated with goods and services sold for cryptocurrency will be born,” the company said in 2017.
Payments Source
AUGUST 28, 2019
There are at least 250,000 software companies around the world that have the potential to become electronic payments companies, writes Infinicept's Todd M. Ablowitz.
PYMNTS
AUGUST 28, 2019
While all financial institutions (FIs) operate on customer relationships, trust and loyalty can play a larger role for credit unions. According to PYMNTS’ Credit Union Innovation Index, 65 percent of credit union members said they chose a credit union (CU) as their primary because they trusted it, as opposed to 45 percent of non-CU members who said the same.
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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
AUGUST 28, 2019
The Clearing House has been quite clear that it did not think the Federal Reserve's FedNow real-time settlement service would be necessary. But some of its executives are rethinking that stance.
PYMNTS
AUGUST 28, 2019
In China, the central bank has said that it will offer up a three-year development plan for the domestic FinTech sector. As reported by AltFi , the People’s Bank of China (PBOC) has said that the sector represents a “new” growth engine. The reports state that the FinTech firms in that country “should take the approach of [Chinese president] Xi Jinping’s socialism with Chinese characteristics in the new era as the guide.
Jack Henry
AUGUST 28, 2019
I’m tired. We just moved, and I grossly underestimated the work involved. I had prepared for the pain of packing, loading, unloading, and unpacking everything we own; but I hadn’t accounted for the real work of establishing new relationships for everything we need. Things like utilities, Internet, garbage pickup, grocery store, dry cleaners, dentist, dermatologist, pharmacist, eye doctor, doctor doctor ( sic ), barber, hair stylist, manicurist, pedicurist – don’t judge, I require a lot of prunin
PYMNTS
AUGUST 28, 2019
California-based Imperva , a principal cybersecurity provider that works to prevent website breaches, has said it was hacked, The Next Web reported on Wednesday (Aug. 28). The popular security vendor said its cloud-based firewall product exposed user data online, including email addresses, passwords, API keys and SSL certificates. The hack affects customers using the Cloud Web Application Firewall (WAF) product.
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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.
Payments Source
AUGUST 28, 2019
The information you need to start your day, from PaymentsSource and around the Web. Today: WeChat adopts facial recognition for payments; CaixaBank will issue environmentally friendly gift cards; Facebook courts external developers for Libra; Paytm adds QR codes for train payments.
PYMNTS
AUGUST 28, 2019
Among the most exciting trends of the last two decades is the evolution of payments from a focus on transactions to a strategic driver of revenue and growth. Among the most important questions to arise from that general trend is what credit unions must do to take advantage of that opportunity — more specifically, to move from in the wallet to top of wallet.
Payments Source
AUGUST 28, 2019
Alibaba has added Adyen as a processor, giving the Chinese e-commerce giant an added option to acquire merchants to feed its business for Chinese travelers.
PYMNTS
AUGUST 28, 2019
One source has revealed that Forever 21 might be filing for bankruptcy. The retailer has been looking into ways to restructure its business as it deals with struggling sales. But one person familiar with the situation told CNBC that those efforts have stalled, and bankruptcy is now a more likely option. It is unknown if the company has started to raise the loan that would fund a potential bankruptcy, and there is still a chance that the retailer could decide not to file for protection at all.
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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.
Payments Source
AUGUST 28, 2019
Just as AI technology is being leveraged by hackers to create botnet armies, it can be utilized by organizations to better detect these very attacks, writes Imperva's Terry Ray.
PYMNTS
AUGUST 28, 2019
Accounts payable automation company AvidXchange is strengthening its position in the banking and financial services sector through the acquisition of BankTEL, the company said Tuesday (Aug. 27). AvidXchange has reached an agreement to acquire BankTEL Systems, which provides accounting technology to banks. According to a press release , the company counts about 20 percent of U.S. banks as clients, and its takeover will enable AvidXchange to bridge its invoice-to-payment accounts payable technolog
Payments Source
AUGUST 28, 2019
Amaten, Japan’s largest gift card exchange platform, is expanding its current operations using blockchain in partnership with the decentralized cloud computing network and smart contract provider aelf.
PYMNTS
AUGUST 28, 2019
Forget millennials – well, at least for a moment. So-called Generation Z is also driving much of the innovation when it comes to retail. Take Target, for instance. To reach consumers on the hunt for offerings that are “clean and natural,” the retail chain rolled out its Everspring household brand. The line includes products such as dish soap, paper towels and laundry detergent.
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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.
Payments Source
AUGUST 28, 2019
With the Federal Reserve last month citing synthetic identity fraud as a growing concern for financial institutions, there's more pressure to detect fraud at the start of the relationship.
PYMNTS
AUGUST 28, 2019
U.S. challenger bank NorthOne has announced the launch of its mobile-first small business banking platform, the result of a collaboration with digital-first Radius Bank. In a press release on Tuesday (Aug. 27), the companies said their collaboration has enabled the rollout of the NorthOne small business banking solution designed for SMBs , startups and freelancers.
BankBazaar
AUGUST 28, 2019
If you’re looking for a card that’s loaded with rewards, your search ends here! Say hello to the HDFC Bank Freedom Credit Card! Love making the most of your expenses? Does cashback and reward points mean a lot to you? We’re happy to announce the launch of the HDFC Bank Freedom Credit Card. We’re here to tell you everything about it! The Freedom Credit Card by HDFC Bank is a rewards credit card that comes with a wide range of benefits and features.
PYMNTS
AUGUST 28, 2019
The latest readings on consumer confidence show a slight pull back in August. And depending on how you look at it, the U.S. consumer is still chugging along, pretty much impervious to the vagaries of trade wars and tariffs. The Conference Board reported Tuesday (Aug. 27) that consumer confidence slipped a bit as measured in August versus July (a reading that was revised upward).
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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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