Chris Skinner
SEPTEMBER 24, 2018
I’m often asked how I got into FinTech. It’s an interesting question as I’ve been involved in Finance and Technology all of my life. Back in the day, it wasn’t called FinTech. It wasn’t cool. It was just boring old tech in banking. Interestingly, for almost a quarter century, tech … The post Are banks serious about fintech? appeared first on Chris Skinner's blog.
Bank Innovation
SEPTEMBER 24, 2018
Varo Money has selected the Swiss software provider Temenos as its core for its new digital bank. The challenger bank has already received preliminary approval from the OCC on its application for a national banking charter and will begin the building out the digital bank soon. Bank Innovation has reached out to Varo Money about the launch date for […].
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Chris Skinner
SEPTEMBER 24, 2018
Things we’re reading today include … Top investor slashes stake in London Stock Exchange a year after board showdown Citigroup settles U.S. robo-signing case tied to consumer bankruptcies Tesco Bank faces record fine over 2016 cyber attack Deutsche Bank warned over money-laundering as auditor appointed Fears of no-deal Brexit push … The post Things worth reading: 25th September 2018 appeared first on Chris Skinner's blog.
PYMNTS
SEPTEMBER 24, 2018
Digital commerce channels are presenting new opportunities for bad actors, making cybercrime a colossal problem for companies of all sizes. All told, U.S. businesses and consumers lost more than $1.4 billion in 300,000-plus reported cyberattacks last year, according to the Federal Bureau of Investigation (FBI). Perhaps more troubling, however, is digital fraud’s projected future.
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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
Payments Source
SEPTEMBER 24, 2018
Zelle doesn't require a bank or credit union to participate in its network to allow it to receive funds; so even Zelle holdouts will see some activity on their accounts. This allows credit unions to compare members' demand to usage, and to determine whether signing up with Zelle is worth the tradeoffs.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bobsguide
SEPTEMBER 24, 2018
Much has been written about the role of application programmable interfaces or APIs, which are in ubiquitous use these days, although mention APIs to experienced Technologists professionals and you get raised eyebrows and shaking of heads in unison, decrying API novelty with a diatribe evidencing.
PYMNTS
SEPTEMBER 24, 2018
Before there was Alexa , Bixby , Siri and Google Assistant , there was Emma Nutt. Emma Nutt, born in 1860 in a small town in Maine, was hired by Alexander Graham Bell in 1878 to be the world’s first female telephone switchboard operator. When Bell’s invention — the telephone — was first introduced, phones were sold in pairs, and calls could be made between those two parties only.
Bobsguide
SEPTEMBER 24, 2018
In the back offices of banks and asset managers around the world there are multiple functional entities and processes, which in time, have grown separately and developed their own bottlenecks. The 21st century has introduced topics such as customer experience and regulatory burden, which the.
PYMNTS
SEPTEMBER 24, 2018
Before Ankush Sehgal co-founded Try.com , he saw the benefits of try-before-you-buy with his family’s luxury discount store that sold high-end designer brands in London. As was common for luxury retail shops, the store had a black book of VIP customers. Each time a new collection would come into the store, Sehgal’s family would send them VIP items that they might like.
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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
SEPTEMBER 24, 2018
The information you need to start your day, from PaymentsSource and around the Web. Today: Google counters Paytm's privacy claim; BART plans transit pay upgrade; Open banking lobby expands to North America; California bans crypto political donations.
PYMNTS
SEPTEMBER 24, 2018
After its controversial Colin Kaepernick ads appeared earlier in September, the market value of Nike has grown by $6 billion. All in, the retailer’s stock has risen by 36 percent during the year, with 5 percent of the gain occurring after the release of the ads, Fortune reported. Riley FBR Chief Market Strategist Art Hogan said of the move, according to reports, “I don’t think they just randomly decided to put this ad out, thinking, ‘Let’s commit political-correctness suicide.’ Peopl
Payments Source
SEPTEMBER 24, 2018
Online commerce is today dominated by a small handful of middlemen marketplaces that charge outsize commissions for access to a consolidated buyer pool. But new technology can change that model, writes KJ Erickson, CEO and Co-founder of Public Market.
PYMNTS
SEPTEMBER 24, 2018
Lease-to-own services are making a comeback with eCommerce retailers. Overstock.com is bringing a lease-to-own purchase option to its financial service offerings. The option, provided by Progressive Leasing , allows customers to lease products for as long as a year and is available for over three million products on the retailer’s website. Overstock.com is no stranger to offering financial services — it already provides credit cards, lending, investments and insurance services to its customers
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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
SEPTEMBER 24, 2018
Just as Green Dot leveraged partnerships with the likes of Uber and Apple to expand its reach, Netspend also is looking to its retail partners including Kroger, CVS and Kohl’s for new digital payment use cases.
PYMNTS
SEPTEMBER 24, 2018
Commercial card startup Brex is seeking unicorn status with its next funding round, The Wall Street Journal ( WSJ ) reported Friday (Sept. 21). Unnamed sources told the publication that DST Global is set to lead the firm’s next funding round, which could push its valuation to $1 billion. Brex, founded by two Brazilian entrepreneurs, emerged on the market as a FinTech issuing corporate cards to other startups.
FICO
SEPTEMBER 24, 2018
In July 2017, I wrote about the average U.S. FICO ® Score hitting a milestone of 700 , indicating that consumer credit and financial health continue to be strong. The momentum has continued, as the average FICO Score has risen again. For the first time, the average FICO Score in the U.S. has reached 704 , showing a steady upward trend in U.S. credit quality.
PYMNTS
SEPTEMBER 24, 2018
A research firm has discovered that the number of material accounting mistakes made by U.S. public companies has gone up this year. Massachusetts-based Audit Analytics looked at disclosures from more than 9,000 U.S.-listed companies since 2005, finding firms that had to reissue their financials due to errors. While the number of mistakes has declined every year since 2006, during the first six months of 2018, 65 companies found accounting mistakes that required them to restate and refile entire
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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.
CB Insights
SEPTEMBER 24, 2018
Walmart sales associates may not be able to read customers’ minds, but they soon might be able to monitor shoppers’ heart rates to get a little more insight on how they’re faring during their shopping trip. The company’s recently published patent application — titled “System And Method For A Biometric Feedback Cart Handle” — aims to equip shopping cart handles with the ability to gather biometric data to determine when customers might need help. 15-Min Flash briefin
PYMNTS
SEPTEMBER 24, 2018
Some digitizations are clearly an upgrade — consumers prefer doing their Black Friday shopping from their couch as opposed to the mall, and businesses prefer that their cross-border payments not be a source of surprise when it comes to arrival times. However, some innovations are, perhaps, a harder sale. We may live in the era of voice automation, but consumers don’t always love talking to non-human voices.
Payments Source
SEPTEMBER 24, 2018
The Face Login will enable users of the Paytm payment platform to log into the app simply by looking into their phones, a move designed to add a biometric layer to prevent phishing attacks.
PYMNTS
SEPTEMBER 24, 2018
Stripe, the digital payments startup, is reportedly testing a new cash advance service for its business customers. According to reports , the new service would provide business owners with access to funds one to two days after applying for the money. Stripe has started to alert customers about the service and issue loans. The test, noted the report, is being conducted under the Advance brand name.
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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
SEPTEMBER 24, 2018
Companies using First Data's payments network through unattended kiosks and other settings can now accept EMV payments through the ID Tech hardware and Worldnet software.
PYMNTS
SEPTEMBER 24, 2018
In the latest research of small business lending trends, researchers have found evidence to be optimistic. Across the U.S. and U.K., it appears access to bank loans is easing, with most SMBs able to obtain a bank loan. Yet across Europe, a massive SMB funding gap remains, analysts warn. The research also offers a glimpse into the struggle for alternative lending players to prove their worth as an important source of financing for small businesses that can’t access a bank loan.
CB Insights
SEPTEMBER 24, 2018
The $3.7T global wellness economy is exploding. As interest rises, consumers, startups, and corporations are placing broad bets across the space. download the 93-page wellness report. Consumers are increasingly seeking products and experiences that promote well-being and healthy habits. Get a data-driven look at the wellness economy. Email. Modern-day “wellness” refers to holistic healthy living characterized by physical, mental, social, and spiritual well-being — and the buzzy trend is gaining
PYMNTS
SEPTEMBER 24, 2018
Of the hundreds of thousands of freight carriers in the U.S. today, the vast majority are small fleets with only a handful of trucks. These companies have minimal credit histories in an industry notorious for tight cash flows, and that struggle to access traditional bank loans has emerged as a big opportunity for the invoice financing industry. The appeal of factoring services for small carriers often stems from invoice payment delays in an environment where getting paid is essential to booking
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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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