Wed.Mar 27, 2019

article thumbnail

If banks provide no advice, what do they provide?

Chris Skinner

For many years, banks have talked about moving away from transactions and towards advice. The branch is for advice. We will become trusted advisors. We see the value-add of banking is the information we can analyse around your data to offer advice. Complete rubbish. I’m sorry, but I’ve towed that … The post If banks provide no advice, what do they provide?

Data 417
article thumbnail

Hong Kong Permits Virtual Banks in Test to Traditional Lenders

Bank Innovation

Hong Kong’s traditional banks are set to face one of their biggest challenges yet: a new breed of financial technology firms estimated to snare as much as 30% of their revenue. The Hong Kong Monetary Authority has granted three virtual bank licenses and is processing five more, Deputy Chief Executive Arthur Yuen said in a […].

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

If banks provide no advice, what do they provide?

Chris Skinner

For many years, banks have talked about moving away from transactions and towards advice. The branch is for advice. We will become trusted advisors. We see the value-add of banking is the information we can analyse around your data to offer advice. Complete rubbish. I’m sorry, but I’ve towed that … The post If banks provide no advice, what do they provide?

Data 285
article thumbnail

Lack of IT Talent Hurting Banks’ Ability to Innovate, Report Says

Bank Innovation

Many banks agree that a hybrid cloud infrastructure can facilitate innovation and digitalization. But achieving this can prove challenging. In addition to security and compliance concerns, a lack of expertise can be a major roadblock when pursuing a transformation, according to one report. The Enterprise Cloud Index Report, published today by software company Nutanix, shows […].

article thumbnail

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

article thumbnail

Things worth reading: 28th March 2019

Chris Skinner

Things we’re reading today include … Hong Kong hands out new digital banking licences Digital banking puts small lenders’ stability at risk, report finds Lloyd’s of London makes £1bn loss as it vows to tackle sexual harassment claims Swedish authorities widen Swedbank inquiry to include suspected fraud Turkey may be … The post Things worth reading: 28th March 2019 appeared first on Chris Skinner's blog.

More Trending

article thumbnail

Exploring the payments landscape in Asia

Payments Dive

This guide shines the spotlight on payment infrastructure in India, Vietnam, and Indonesia and provides the essential information businesses need as they consider scaling into these lands of opportunity.

Payments 170
article thumbnail

Things worth reading: 28th March 2019

Chris Skinner

Things we’re reading today include … Hong Kong hands out new digital banking licences Digital banking puts small lenders’ stability at risk, report finds Lloyd’s of London makes £1bn loss as it vows to tackle sexual harassment claims Swedish authorities widen Swedbank inquiry to include suspected fraud Turkey may be … The post Things worth reading: 28th March 2019 appeared first on Chris Skinner's blog.

article thumbnail

Worldpay To Open Offices In New Zealand, Australia

PYMNTS

U.K.-based payments company Worldpay said it will expand to Australia and New Zealand in an effort to take on more established payments services like Visa, Mastercard and American Express, according to report by Reuters. The move to Australia is an effort to capitalize on the country’s thriving eCommerce industry, which is worth almost $30 billion and rising.

Online 172
article thumbnail

Leonard Chanin joins FDIC

CFPB Monitor

The FDIC has announced that Leonard Chanin joined the agency on March 18 as Deputy to the Chairman. In that capacity, he will advise Chairman Jelena McWilliams on consumer protection issues, including further expanding access to banking services for unbanked and underbanked consumers, strengthening consumer research functions at the FDIC, and building upon the activities of the FDIC Advisory Committee on Economic Inclusion.

FDIC 113
article thumbnail

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

article thumbnail

First Three Digital Banking Licenses Awarded In Hong Kong

PYMNTS

Hong Kong has issued its first digital banking licenses, in a move toward strengthening the city’s financial sector, according to reports. The Hong Kong Monetary Authority (HKMA) gave the licenses to three outfits: the first went to Livi VB, a joint venture between the Bank of China (Hong Kong), JD Digits and Jardines. The second license went to SC Digital Solutions, a company that includes Standard Chartered, HKT, PCCW and Ctrip Financial, and the third was given to ZhongAn Virtual Finance, whi

article thumbnail

Why FIS chose IBM Safer Payments for payment fraud prevention

Insights on Business

With new payments products surfacing regularly, unpredictable threats also continue to increase with these new platforms and services. Balancing the need for adequate antifraud measures without impacting the customer experience has never been more important. In the emerging world of real-time person-to-person (P2P) payments, establishing a frictionless (and “ fraudless ”) experience is even more critical since a bad experience early on will lead consumers to the many competitive alternatives in

Fraud 93
article thumbnail

Is P2P A (Good) Trojan Horse For Banks?

PYMNTS

In mythology, the Trojan Horse is a symbol of hidden intent — a gift hiding warriors ready to slash and burn. In tech, the Trojan Horse delivers malware. In financial services, might the Trojan Horse deliver a bit of good fortune to both the financial institution (FI) and customer alike? Consider the scenario of a payments service that, upon embrace, keeps the customer relationship sticky, and opens the door to new products to be offered and used.

article thumbnail

Regnosys: Isdaâ??s CDM 2.0 to â??force the convergenceâ?? of DLT interoperability

Bobsguide

The International Swaps and Derivatives Association (Isda)’s latest common domain model (CDM) will force much-needed convergence of distributed ledger technology (DLT) looking to assist in the derivatives market, according to Leo Labeis, co-founder and CEO of Regnosys, the firm responsible for.

article thumbnail

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.

article thumbnail

Smartwatch And AI Startup Mobvoi Close To $1B Valuation With Google’s Help

PYMNTS

Mobvoi, a China-based artificial intelligence (AI) startup, has almost secured funding to value the company at upwards of $1 billion before an initial public offering, according to a report by Bloomberg. The company, which was started by former Google employees and is backed by the company, wants to raise $100 million. Mobvoi was Google’s first direct China investment following the exit of its search engine from the country in 2010.

Google 152
article thumbnail

IBM hosting two day Sales Performance Management Summit in New York City

Insights on Business

IBM is excited to be hosting the 2019 Sales Performance Management Summit, being held in New York City for sales executives and compensation leaders. Highlights include customers who tell their stories from implementation, to go-live, to next steps on the sales performance management journey. Topics covered include the transformation of sales performance and approaches to motivate the sales team to achieve extraordinary business results.

article thumbnail

How Lime Is Using Payments To Win The Global Scooter Race

PYMNTS

Trust keeps the sharing economy afloat. It’s what makes sellers feel comfortable with lending their personal properties to buyers whom they have never met. It’s also what keeps buyers feeling assured that suppliers will not take their hard-earned cash without delivering the services they promise. In the March edition of the Payments and the Platform Economy Playbook , PYMNTS focuses on how sellers use digital platforms to reach new customers, and how those platforms help suppliers and buyers bui

Payments 145
article thumbnail

In AI era, CEOs must put people first

Payments Source

There’s currently a focus on investing in technology and data to remain competitive, but financial firms also need to ensure they are helping workers adapt, argues Synchrony’s Margaret Keane.

Data 81
article thumbnail

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.

article thumbnail

A Tale of Two IPOs

PYMNTS

Part of the breathless anticipation over initial public offerings (IPOs) ties into seeing how they will perform right out of the gate. The headlines have been a-swirl with news about pricing ranges and over-subscriptions — both rough barometers of demand. The names? Well, they are marquee names, such as Uber, Lyft, Pinterest and … Levi Strauss.

Examples 145
article thumbnail

Russia's richest man plans crypto tokens backed by palladium

Payments Source

MMC Norilsk Nickel PJSC and its billionaire chief Vladimir Potanin are planning several digital platforms, including using crypto tokens for trading palladium.

article thumbnail

For Suppliers, Buyer Risk Goes Beyond Late Payments

PYMNTS

Late payments may dominate the headlines as the biggest worry for suppliers — especially smaller vendors. But lengthy payment terms and missed invoice payments are not the only risk that B2B suppliers face, as recently showcased in the U.K. supermarket sector. The nation’s Groceries Code Adjudicator, Christine Tacon, announced earlier this week that a probe has found grocery chain Co-operative Group (Co-op) breached the Groceries Supply Code of Practice.

Payments 141
article thumbnail

6 Fascinating Ways Numbers Influence Retail Sales

NCR

The numbers used in different brand names and prices can have a big impact on shoppers? psychology. Appeal to your customers by using numbers that relate to birthdays, reinforce basic mathematics or convey a sense of exclusivity.

Retail 84
article thumbnail

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.

article thumbnail

Bitcoin Daily: Rakuten Secures Crypto Exchange License; LVMH Launches Luxury Retail Blockchain

PYMNTS

Louis Vuitton label owner LVMH is reportedly gearing up to roll out a crypto provenance platform that has the code name AURA, CoinDesk reported. AURA is said to come online in May or June with Louis Vuitton, along with Parfums Christian Dior. As it stands, the crypto provenance platform has reportedly been created via a version of the Quorum ethereum blockchain.

article thumbnail

Consumers need more institutional help to combat mobile malware

Payments Source

Users don’t have all the tools they need to ensure the security of their mobile devices, so it’s all the more important for providers of mobile financial services to help users by hardening mobile apps with technology, writes Samuel Bakken, senior product manager at OneSpan.

Mobile 72
article thumbnail

Why Restaurants Are All In On Kiosks, AI Tech

PYMNTS

To present brands that allow them to stand out from retail competitors, merchants in the hospitality space are turning to innovations. The need to stay competitive remains a top reason for companies in the $1 trillion accommodations and food services market to look to innovate as they seek to distinguish themselves from other market participants. According to the PYMNTS Retail Innovation Readiness Index , nearly eight in 10 accommodation and food services merchants — or 77.4 percent — cite innov

article thumbnail

3.27.19 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: Square adds invoicing in the U.K.; Wayfair plans brick and mortar store; Tandem's developing PSD2-specific products; McDonald's acquires AI for drive through lanes.

71
article thumbnail

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.