Payments Dive
MAY 31, 2019
The long-awaited pilot program to test tap-and-go payments in public transit in New York City is being closely watched to see if U.S. consumers will finally embrace mobile wallet and contactless card use.
Bank Innovation
MAY 31, 2019
Marcus by Goldman Sachs, Goldman's digital-only retail bank, is quickly becoming a full-service financial platform -- a threat to both challenger banks and traditional incumbent players. At an industry event in New York on Friday, the company's chief operating officer John Waldron reportedly said the company currently is building out its online retail bank Marcus to […].
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Payments Dive
MAY 31, 2019
The long-awaited pilot program to test tap-and-go payments in public transit in New York City is being closely watched to see if U.S. consumers will finally embrace mobile wallet and contactless card use.
Bank Innovation
MAY 31, 2019
New York-based Grasshopper Bancorp, which opened for business to a select group of entrepreneurs and investors earlier this month, this week raised $116 million from investors, including T. Rowe Price Group, Patriot Financial Partners and Endeavour Capital Advisors. With $131 million raised to date, the digital commercial bank expects to hold a broader rollout of […].
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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
PYMNTS
MAY 31, 2019
As part of its strategic plan, investment firm Goldman Sachs aims to win the business of more mid-sized companies. It also plans to spend $4 billion technology this year per John Waldron, the bank’s president, who made the remarks at a Bernstein conference in New York, the Financial Times reported. Companies with a worth of under $2 billion are one of the major focus areas for the company.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
MAY 31, 2019
Usually when we’re telling a story at PYMNTS about expectations for a product being radically divergent from its actual performance, it is a story about underperformance. Something comes in on a cloud of extravagant hype only to end up with merely so-so reaction from the intended audience. In more serious misalignments, something briefly billed as the next big thing in payments and commerce will fizzle out shortly thereafter , mostly unnoticed.
Bank Innovation
MAY 31, 2019
Cincinnati-based Fifth Third Bank has applied for a national bank charter as it expands its suite of products and services. On Thursday, the bank said it had filed an application with the Office of the Comptroller of the Currency to convert from an Ohio state-chartered bank to a national bank. A national charter will ensure […].
Abrigo
MAY 31, 2019
Last week, Sen. Thom Tillis (R-NC) introduced a bill, S. 1564 , calling for a delay in the implementation of the Financial Accounting Standards Board’s current expected credit loss (CECL) standard. The bill would delay CECL until a “quantitative impact study can be completed to understand its likely effects it will have on the economy.” While FASB pushed back the effective date for non-public business entities (PBEs) in October 2018, from fiscal years beginning after 12/15/2020 to 12/15/2021, FA
PYMNTS
MAY 31, 2019
A cybersecurity research team at vpnMentor has discovered that The Pyramid Hotel Group, which manages Marriott and other hotel brands, underwent a data leak exposing vulnerabilities that could potentially be used by criminals, the company said in a report. The researchers, Noam Rotem and Ran Locar, found a breach that exposed 85.4GB of security audit logs.
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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
Gonzobanker
MAY 31, 2019
Financial institutions that want to play in the small business lending sandbox need to bring their digital toys. In a recent American Banker. article , former Small Business Administration administrator Karen Mills said community banks with strong small business customer bases that don’t find new ways to serve them digitally are going to face a “reckoning.
PYMNTS
MAY 31, 2019
Two U.S. law firms have launched investigations into the U.K.’s Metro Bank on behalf of investors concerned that the institution committed securities fraud. Reports in The Guardian on Thursday (May 30) said Pomerantz and Levi & Korsinsky, both based in New York, have opened these investigations, joining Glancy Prongay & Murray, which confirmed it launched a probe earlier this month.
Payments Source
MAY 31, 2019
It's a multibillion-dollar industry in a state of payments-regulation limbo and as a result, the U.S. cannabis business has mainly operated on a cash basis.
PYMNTS
MAY 31, 2019
The chief operating officer of Goldman Sachs said the bank is working on a digital money management tool in an attempt to attract more customers from Main Street, according to a report by Reuters. “We are developing a digitally empowered mass affluent capability that will leverage our Marcus platform and customer base,” said John Waldron at a bank conference in New York.
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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.
Bobsguide
MAY 31, 2019
The International Organization of Securities Commissions (Iosco)’s attempt to harmonize crypto regulation will have no immediate impact, as national regulators are still failing to understand jurisdictional governance, says a lawyer. While the CEO of a crypto exchange says the lack of adoption.
PYMNTS
MAY 31, 2019
Some entrepreneurs are inspired to start companies because they spot unmet needs in the market: Frontdesk Co-Founder and Chief Growth Officer Jesse DePinto, for instance, saw the amateur nature of home shares but the opportunity for something better than a hotel. The company saw the need for the best of both worlds and, to tackle this challenge, it is “evolving into a 21st-century tech-enabled hospitality brand,” DePinto told PYMNTS in an interview.
Jack Henry
MAY 31, 2019
Of all the challenges facing financial institutions today, competition for commercial lenders ranks among the highest. The issue has been addressed in multiple articles, most notably the 2016 Bank Director magazine study indicating that the recruitment of loan officers was the number one issue for 40% of CEOs.
PYMNTS
MAY 31, 2019
The 2008 financial crisis gave rise to the alternative lending market as a result of a massive gap in available capital, especially for small businesses and startups. The market’s creation was a spark that ignited a slew of disruptive changes for the small business financial services space. Alternative finance , for instance, also filled the need for small business borrowers to obtain a faster, digital way to access capital.
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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
MAY 31, 2019
Digital consumers and merchants are born as well as made. Payments play a key role in driving simpler, smarter and more customized experiences, writes Stefan Merz, COO of PPRO.
PYMNTS
MAY 31, 2019
New York City has been trying to reduce traffic congestion by limiting new licenses to ridesharing drivers and making passengers pay an additional congestion fee. The moves did not stop Uber and Lyft from having their biggest month ever, according to Bloomberg. Uber completed 17,248,340 trips in March, and Lyft completed 4,699,040. Details about April and May are not yet available.
CFPB Monitor
MAY 31, 2019
The Department of Education has announced the new federal student loan interest rates for 2019-2020. For the first time in three years, interest rates on federal student loans will decrease. Rates for Direct Subsidized and Unsubsidized Loans (for undergraduate students) will fall to 4.53 percent, down from 5.05 percent for the 2018-2019 academic year.
PYMNTS
MAY 31, 2019
Clothing retailers like the Gap, Canada Goose and Abercrombie & Fitch are all experiencing troubling sales reports, the likes of which haven’t been seen since the Great Recession a decade ago, according to a report by CNBC. Many companies are blaming the weather, slow traffic at malls, bad promotions and product blunders. With the industry as a whole struggling, the S&P 500 Retail ETX was down 2 percent on Friday (May 31), and has dropped almost 13 percent in May, which sets it up to be
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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
MAY 31, 2019
The information you need to start your day, from PaymentsSource and around the Web. Today: Apple pushes its new transit technology; Pittsburgh's upgrading its transit system; Spanish biometric firm expands; PSD2 draws VC investors.
PYMNTS
MAY 31, 2019
Through a televised experience, Lacoste plans to enable French Open viewers to purchase clothing via “on-air shoppable moments.” The opportunity will come through NBCUniversal’s ShoppableTV experience, RetailDive reported. During matches highlighting the tennis star, Lacoste will offer products from its Lacoste X Novak Djokovic Collection.
Payments Source
MAY 31, 2019
American Express is following other major issuers in committing to convert its credit card portfolio to contactless as customers' cards expire.
PYMNTS
MAY 31, 2019
Say hello to the marriage of digital advertising and ride-hailing — and it seems, more potential for a bigger payday for those gig workers who provide that form of transportation. A company called Firefly reportedly has raised $30 million Series A funding, bringing its total funding to $51.5 million. According to that report, the company “works directly with ride-hailing drivers to mount ad displays on top of their cars.
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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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